ASX Announcement
Renascor Awarded $5m Government Grant
Australian critical minerals grant to co-fund Purified Spherical Graphitedemonstration facility
Highlights
· Renascor Resources hasbeen awarded a $5 million grant under the Australian Government’s InternationalPartnerships in Critical Minerals Program for its planned vertically integratedBattery Anode Material graphite mine and manufacturing operation in SouthAustralia (BAM Project).
· The grant has beenawarded to Renascor to co-fund up to 49.9% of the capital cost of a $10 milliondemonstration processing plant that will produce battery-grade PurifiedSpherical Graphite (PSG) for use in lithium-ion battery anodes.
· Renascor’s grantapplication was supported by South Korean conglomerate POSCO International andJapanese trading company Hanwa Co. Ltd. Renascor has previously entered intonon-binding offtake agreements with both POSCO and Hanwa Co. Ltd.
· The PSG demonstrationfacility, which will process Graphite Concentrates from Renascor’s 100%-ownedSiviour Graphite Deposit in South Australia, will incorporate previouslycompleted design work undertaken as part of Renascor’s definitive feasibilitylevel Battery Anode Material Study completed in August 2023 and isintended to demonstrate the commercial viability of Renascor’s eco-friendly,hydrofluoric acid-free PSG process.
· Renascor is currentlyprogressing a competitive Early Contractor Involvement (ECI) process forits proposed Siviour Mine and Concentrator, the upstream portion of the BAMProject, as part of its strategy to first accelerate the production of GraphiteConcentrates prior to producing PSG as the first ex-China integrated producerof PSG for lithium-ion battery anodes.
· In parallel with the ECIworks on the upstream, Renascor is in discussions with lithium-ion batterymarket participants regarding both potential binding offtake terms, as well aspotential equity investments to help meet the BAM Project’s initial capitalrequirements.
Commenting on the grant award, Renascor Managing Director David Christensenstated:
“The award of this grantrecognises the strategic significance of the Siviour Battery AnodeMaterial Project and its potential to become a long-term producerof Purified Spherical Graphite for the lithium-ion battery sector.
With this grant funding, we will now be able to build upon the significantwork already completed on our downstream processing designs andfurther demonstrate that our eco-friendly, Hf-free purification technologycan deliver a globally competitive PSG production operation.
Renascor thanks both the Australian Government and our international partners,POSCO International and Hanwa Co Ltd. for their support in helping tounlock critical minerals processing capability in Australia.”
Greatings
brunobravo
