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Renascor Resources Ltd

Renascor Resources raises over $7.7 million to fast-track Siviour Graphite Project

The company’s pre-feasibility study for Siviour has confirmed robust project economics.

AUSTRALIAN CURRENCY
Renascor is advancing offtake discussions

Renascor Resources (ASX:RNU) has closed its share purchase plan, with valid applications received for about $1.2 million worth of shares at 2.7 cents each.

The share purchase plan, in conjunction with the recent share placement, is raising over $7.7 million and will allow Renascor to continue advancing its Siviour Graphite Project in South Australia.

READ: Renascor Resources reveals robust economics for its graphite project in South Australia

The company’s pre-feasibility study (PFS) for Siviour has confirmed robust project economics, with post-tax net present value of US$500 million or US$407 million based on two different development options.

Renascor’s PFS is based upon developing a single graphite deposit, the Siviour Graphite Deposit, to produce natural flake graphite concentrates over a 30-year mine life.

Accelerated development plan

Notably, the Siviour Graphite Deposit has an ore reserve of 45 million tonnes at 7.9% TGC (total graphitic carbon) for 3.6 million tonnes of contained graphite.

Renascor intends to continue the accelerated development of Siviour, with upcoming work programs expected to include the commencement of the definitive feasibility study (DFS).

The company is also planning to advanced offtake discussions with potential end-users of Siviour graphite products.

Renascor managing director David Christensen said: “As our dialogue continues with potential offtake partners, it is increasingly clear that Renascor’s Siviour Project has a number of qualities that position it to compete on the world-stage with the best graphite projects globally, and as a result, we are increasingly confident of driving strong returns for shareholders as we move along the development curve towards production.”

Quick facts: Renascor Resources Ltd

Price: $0.02

Market: ASX
Market Cap: $19.61 m
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