Renascor Resources (ASX: RNU) is pleased to announce an upgraded JORC Ore Reserve estimate for its 100%-owned Siviour Graphite Project in South Australia.

The expanded Ore Reserve estimate includes a Proven Reserve of 16.8Mt at 8.2% TGC for 1.4Mt of contained graphite, the largest reported estimate of total Ore Reserve of graphite outside of Africa, and the second largest Proven Reserve of graphite in the world4 .

Commenting on the Ore Reserve estimate, Managing Director David Christensen stated: 'These results confirm Siviour's status as amongst the most significant graphite deposits in the world, as underscored by our recently completed Battery Anode Material Study that delivered a globally competitive estimated operating cost for producing Purified Spherical Graphite from Siviour. The Siviour project has already attracted conditional funding support from the Australian Government and non-binding commitments from leading anode manufacturers. The upgraded Ore Reserve announced today, and, in particular, the significant Proven Reserve, adds further confidence to Siviour. We look forward to using these results to assist in securing binding offtake and funding and advancing into construction and operation of an important new supply line for the lithium-ion battery industry.'

The Siviour Ore Reserve was prepared by independent mining consultancy Optima Consulting & Contracting Pty Ltd based on a Mineral Resource that was announced in August 2022. Renascor's Battery Anode Material Study5 (BAM Study) has been used as the basis to estimate Ore Reserves for the project in accordance with the JORC Code 2012

Additional details of the material assumptions are set out below and in The Ore Reserve was estimated from the Mineral Resource after consideration of the level of confidence in the Mineral Resource and taking into account material and relevant modifying factors. The Ore Reserve is as based on Measured and Indicated Resources only. No Inferred Mineral Resources have been included in the Ore Reserve.

Competent Person Statements

The information in this document that relates to exploration activities and exploration results is based on information compiled and reviewed by Mr G.W. McConachy who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McConachy is a director of the Company. Mr McConachy has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr McConachy consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

The information in this document that relates to Ore Reserves is based on information compiled and reviewed by Mr Ben Brown, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Brown is an employee of Optima Consulting & Contracting Pty Ltd and a consultant to the Company. Mr Brown has sufficient experience relevant to the type of deposit under consideration to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Brown consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

Contact:

Tel: 61 8 8363 6989

The information in this document that relates to Mineral Resources has been extracted from Renascor's ASX announcements dated 18 August 2022. Renascor has commissioned a Competent Person to prepare a revised Mineral Resources estimate following additional drilling to the north of the existing Mineral Resource. This report may contain forward-looking statements. Any forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a number of factors could cause actual results, or expectations to differ materially from the results expressed or implied in the forward-looking statements

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