RENASCOR RESOURCES LIMITED - AGM Information 2020

Renascor Resources

Annual General Meeting Presentation

26 November 2020

David Christensen, Managing Director

Forward Looking Statements

This Presentation may include statements that could be deemed "forward-looking" statements. Although Renascor Resources Limited (the "Company") believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or may not take place at all.

No Offer to Sell or Invitation to Buy

This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in the Company, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. The Company does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction

Disclaimer

Whilst care has been exercised in preparing and presenting this Presentation, to the maximum extent permitted by law, the Company and its representatives make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation; accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and accept no responsibility for any errors or omissions from this Presentation.

Competent Persons Statement

The results reported herein, insofar as they relate to exploration activities and exploration results, are based on information provided to and reviewed by Mr G.W. McConachy (Fellow of the Australasian Institute of Mining and Metallurgy) who 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.

Bibliography

Renascor confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted below and referenced in this presentation and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Renascor confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Renascor ASX announcement dated 30 April 2019, “High-Grade Measured Resource in Upgraded JORC Resource”
Renascor ASX announcement dated 11 November 2019, “Siviour Definitive Feasibility Study”
Renascor ASX announcement dated 1 July 2020, ”Renascor Announces Battery Anode Manufacturing Operation”
Renascor ASX announcement dated 21 July 2020, ”Updated Mineral Ore Reserve Estimate”
Renascor ASX announcement dated 4 August 2020, ”Shallow Gold Drill Intercepts of up to 16 g/t”
Renascor ASX announcement dated 10 August 2020, ”Expansion of Carnding Gold Project in Central Gawler Craton”
Renascor ASX announcement dated 28 August 2020, ”New Shallow IP Gold Targets at Soyuz”

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Section 1: Overview

Company Overview

Exploration and development company with a portfolio of 100%owned assets in key minerals districts in South Australia

Development assets include Siviour Battery Anode Material Project in South Australia, the second largest reported Proven Reserve of graphite globally and the largest outside of Africa

DFS compete; seeking finance and offtake

Exploration assets include Carnding Gold Project in Central Gawler Craton

Multiple drill–ready targets for shallow, high grade gold. Previous drilling[1] includes:
7m @ 5.14g/t Au from 26m to EOH, including 2m @ 16.42 g/t Au from 30m, and
6m @ 4.94g/t Au from 14m

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Strong cash position: $5.2m (30 Sep 20)

1 Renascor ASX announcement dated 4 August 2020

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Highlights

High-upside assets in South Australia

Siviour Battery Anode Material Project

✓ Battery anode material - Advanced (DFS-completed) graphite project, progressing finance and offtake

✓ Gold - Drill-ready, high-grade, near-surface gold prospects in emerging gold province

✓ Second largest reported Proven Reserve of graphite globally and the largest outside of Africa[1] ✓ DFS confirms lowest quartile OPEX graphite concentrate operation[2]
✓ Renascor planning downstream Battery Anode Material operation for direct exposure to high growth lithium-ion battery market

✓ South Australia’s Central Gawler Craton – emerging active gold province

✓ Active companies include: Barton Gold (www.bartongold.com.au), Marmota Energy (ASX: MEU), Tyranna Resources (ASX: TYR), Indiana Resources (ASX: IDA)
✓ Pipeline of shallow gold targets

Carnding Gold Project

Soyuz prospect - up to ✓ Previous drilling includes: 7m @ 5.14g/t Au from 26m to end of hole, including 2m @ 16.42 g/t Au from 30m, and 6m @ 4.94g/t Au from 14m[3] 16 g/t gold near✓ Open at shallow depth and along-strike surface ✓

✓ Drill-ready for Proterozoic granite-associated, near-surface, high-grade gold deposits
✓ Strong cash position: $5.2m (30 Sep 20)

Active news flow

1 Renascor ASX announcement dated 21 July 2020

✓ Ground geophysics and soil geochemistry at Soyuz
✓ Reverse circulation drilling of Soyuz and other gold targets is planned immediately after ✓ Continued development and offtake activities from Siviour Graphite Project

2 Renascor ASX announcement dated 11 November 2019

3 Renascor ASX announcement dated 4 August 2020

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Section 2: Siviour Battery Anode Material Project

Renascor’s Battery Anode Material project in the graphite supply chain

Renascor is developing a vertically integrated operation consisting of a mine and concentrator plus a downstream operation to produce Purified Spherical Graphite (PSG) for sale to anode manufacturers

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Graphite Concentrates are only starting to become a battery mineral

Battery demand is growing at 19% annually (versus 2% for other uses).

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2028
Battery demand
Other demand
2023
758,000
2018
2,049,000
139,000 694,000 666,000
554,000
Current use of Graphite By 2023, battery demand is By 2028, battery share of market is
Concentrates is primarily industrial projected to increase by five times expected to grow +2 million tonnes
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Source: Benchmark Mineral Intelligence

Renascor Resources Ltd | ASX: RNU

renascor.com.au

EV momentum is stronger in market for Purified Spherical Graphite

PSG is used exclusively in lithium-ion battery applications and thus provides more direct exposure to growth in the EV sector.

Purified Spherical Graphite Demand

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PSG demand
has increased
2.5x from 2015
to 2019
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Source: Benchmark Mineral Intelligence

SOUTH AUSTRALIA

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Renascor’s Siviour Graphite Deposit

Siviour is unique - in both its near-surface, flat-lying orientation and its scale as one of the world’s largest graphite Resources

The Siviour deposit was discovered by Renascor in 2016.
The deposit is flat, shallow and large resulting in low-cost mining and consequently low-cost production of Graphite Concentrate.
Integration of the downstream PSG production facility with the Siviour low-cost graphite concentrate feedstock allows for globally competitive production costs.

Global Graphite Proven Reserves[(1)]

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(1) Source: company reports.

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Cross-section of Siviour Deposit
(shown in red) compared to other
Australian graphite projects
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Graphite Concentrate feedstock at industry leading costs

Graphite Concentrate DFS confirms lowest quartile OPEX

(Source: Benchmark Mineral Intelligence. See Renascor ASX announcement dated 11 November 2019, p 27)

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Comparative advantage in PSG production

Vertical Integration underpins low cost PSG production.

Graphite Concentrate feedstock a significant cost input to the PSG manufacturing process.
Renascor’s PSG operation benefits from obtaining Siviour Graphite Concentrate feedstock at the cost of production rather than buying the feedstock at market price.
The difference in feedstock price has an exaggerated impact on PSG operating costs because only half of the Graphite Concentrates used as feedstock are spheronised to PSG during the milling process (i.e., PSG production can be at a 50% yield).

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Battery Anode Material Study financial results

Low OPEX drives high margins and strong cash generation

Average annual LOM production of PSG	28,000t	28,000t
Life of mine/project	40 years
Start-up capital cost of mine and concentrator	A$114m	US$79m
Start-up capital cost of battery anode material operation	A$90m	US$63m
Total start-up capital (integrated operation)1	A$204m	US$142m
Payback of total start-up capital	4.5 years
NPV10 (after tax) of integrated operation	A$713m	US$499m
IRR (after tax) of integrated operation	33%
Average cost of Graphite Concentrate feedstock per tonne PSG	A$1,107/t	US$775/t
Average cost of converting Graphite Concentrates to PSG	A$1,735/t	US$1,214/t
Average gross PSG cash operating cost	A$2,842/t	US$1,989/t
Average net PSG cash operating cost (with by-product credit2)	A$1,998/t	US$1,398/t
Projected PSG salesprice	A$6,160/t	US$4,312/t
Net revenue of integrated operation	A$9,552m	US$6,686m
EBITDA of integrated operation	A$6,267m	US$4,387m
Project cashflow of integrated operation	A$4,112m	US$2,878m

(Source: Renascor ASX announcement dated 1 July 2020, p 3)

Renascor Resources Ltd | ASX: RNU

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China currently produces 100% of natural Purified Spherical Graphite

Graphite Concentrate feedstock is obtained both domestically and internationally before being converted to PSG and used in China or exported to Japan and South Korea.

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Emerging
Emerging
Existing and emerging
anode markets
Supplier
Supplier and anode market
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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Renascor is a secure alternative source of PSG for anode makers

Renascor offers a viable alternative to Chinese PSG supply through an integrated in-country mine and PSG operation.

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Emerging
Emerging
Existing and
emerging
anode markets
Renascor to mine and process Graphite
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Renascor to mine and process Graphite
Concentrates before converting into PSG for
export to global anode markets
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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Offtake and finance status

Renascor is seeking long term, binding offtake and finance agreements with reputable counterparties.

Renascor has executed a non-binding PSG Offtake Agreement covering +30% of production with Chinese anode company Shanxi Minguang New Material Technology Co. Ltd., a subsidiary of Fujian Metallurgical Holding Co. Ltd., one of China’s largest battery supplier groups
Renascor is actively garnering counterparties to engage with on executing PSG Offtake Agreements covering the remaining 70% of production.
In-principle finance support from Export Finance Australia and Atradius (European ECA) increases viability of project and offers a broader range of potential offtakers from Europe, United States and Asia

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Battery Testing of Siviour PSG

Ongoing testing of Siviour PSG demonstrates its suitability for use in battery anodes

The addition of silicon in graphite anodes offers the potential to improve the storage capacity of lithium-ion batteries.
Preliminary half-cell trials of Renascor’s Siviour PSG in next generation silicon-composite anodes developed by Sicona Battery Technologies Pty Ltd (Sicona) have delivered exceptional electrochemical performance results.
Siviour PSG returned significantly higher initial discharge capacity (the amount of charge delivered by a battery during its initial use) than graphite-only anodes (up to 81% higher).
Siviour PSG exceeded the performance of all reference natural graphite previously tested by Sicona.
Successful testwork using emerging Silicon composite technology builds on Renascor’s previously demonstrated performance in conventional graphite battery anode technology testing.

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Section 3: Carnding Gold Project

Renascor’s Carnding Project

Strategically-located and underexplored

Approximately 20km from Tarcoola gold mine

Multiple high priority gold targets identified from shallow drilling over coincident geochemical and magnetic anomalies

Prospects are open at shallow depths and along strike

Drill-ready targets for Proterozoic granite-associated, near-surface, highgrade gold deposits associated with Hiltaba Suite intrusions

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Central Gawler Craton

Emerging gold province in South Australia

Area hosts multiple shallow, high-grade gold mines and deposits, including Challenger and Tarcoola gold mines and Tunkillia gold deposit

Currently experiencing increased gold activity, including:

Redevelopment of Tarcoola and Tunkillia by Barton Gold Limited (private)
Exploration of Aurora Tank by Marmota Limited (ASX: MEU) and Weedanna by Cobra Resources plc (LON: COBR)
Acquisition of Boomerang and Earea Dam by Indiana Resources (ASX: IDA) and sale of Jumbuck by Tyranna Resources (ASX: TYR)

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Soyuz Prospect

High-grade, shallow drill intercepts of up to 16 g/t Au[1]

Coincident 2km by 1km magnetic and gravity anomalies along the northern margin of a Hiltaba-type granite.

Within anomalous gold zones defined by, soil leach sampling, limited drilling has intersected significant gold, including:

7m @ 5.14g/t Au from 26m to EOH, including 2m @ 16.42 g/t Au from 30m, and
6m @ 4.94g/t Au from 14m

Multiple drill-ready targets for shallow high-grade gold deposits

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Soyuz Prospect drill holes with anomalous Au highlighted, over part of vertical gradient aeromagnetic image

1 Renascor ASX announcement dated 4 August 2020

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Soyuz Prospect

Significant and anomalous gold intersections[1]

Several significant and anomalous gold intersections over two cross-sections separated by 100m

Gold target zone remains open both at shallow depth and along-strike

Significant exploration upside yet to be assessed by drilling at depth

Future survey assessments and drilling designed to increase understanding of the geology and potential gold mineralisation

1 Renascor ASX announcements dated 4 and 10 August 2020

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Soyuz Prospect

Untested REE and Uranium anomalies present are potential gold pathfinders[1]

Initial soil geochemical data show Rare Earth Element (REE) and Uranium anomalies

Anomalies are untested to date and offers potential as pathfinder for gold mineralisation

Two of the anomalies are coincident with Soyuz gold mineralisation, suggesting that the third, largest and still open of the REE/uranium anomalies also represents a vector to priority gold drill targets

Previous soil geochemistry did not assay for gold

Upcoming workstream will include drilling to target these areas and provide physical confirmation of mineralogy and chemistry

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Soyuz prospect drill traces on local gravity image with soil geochemical Cerium

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1 Renascor ASX announcement dated 4 August 2020

Renascor Resources Ltd | ASX: RNU

renascor.com.au

Soyuz Prospect

Large, shallow IP anomaly along-strike from shallow, high-grade drilling[1]

Induced Polarisation ( IP ) survey has identified shallow, untested anomalous zone approximately 500m along strike of previous Soyuz drilling.

IP target zone is coincident with the Soyuz magnetic high and significant in scale (up to 8 mV/V times background).

Chargeability and resistivity signatures typical of sulphide-bearing mineralisation .

IP anomaly’s position as currently defined, between the north-south orientated magnetic feature and the granite margin to the south, is consistent with a significant hydrothermal gold system.

1 Renascor ASX announcement dated 28 August 2020

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Soyuz Prospect showing IP target zone and previous drilling overlying vertical gradient magnetic image

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IP Section 433250E showing IP chargeability target zone and previous nearby drilling from Section 433280E

Renascor Resources Ltd | ASX: RNU

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Other gold prospects

Multiple untested gold targets in Carnding project area[1]

Drill-ready targets include large calcrete gold geochemical anomalies with coincident magnetic highs :

Sunshine: Limited drilling intersected quartz vein-hosted gold within Challenger host lithology
Mir: Anomalous surface geochemical gold in calcrete distribution covering an area of approximately 2.5km[2] over intense magnetic high

Project area also includes several untested geochemical gold anomalies defined by broadscale (800m x 1,600m) and subsequent infill (50m x 50m) calcrete sampling.

Renascor considers these areas to offer further prospects for shallow, high-grade and graniteassociated gold deposits.

1 Renascor ASX announcements dated 4 and 10 August 2020

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Carnding Project, Reduced to Pole (RTP) magnetic image

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Section 3: Other Projects

Project pipeline

In addition to Siviour and Carnding, Renascor retains a strong exploration position in key South Australian mineral provinces

Maree. Binding farm-in agreement with Rio Tinto Exploration on EL 5586, with Renascor retaining 100% of remaining licences.

Arno Bay. Significant tenement holding in southern portion of Eyre Peninsula. Exploration targets include graphite, kaolin, rare earths and base metals.

Eastern Eyre. Iron-oxide copper-gold targets in Southern Gawler Craton. Olary. Large tenement holding in Olary Province. Previous exploration targeted shallow gold near White Dam gold mine.

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

Section 4: Next steps

Multiple near-term value drivers

Strong cash position ($5.2m as of 30 Sep 20) to fund active exploration and development programs

✓ Product qualification tests on Siviour graphite
✓ Offtake and finance developments at Siviour
✓ Infill surface gold sampling at Carding gold targets
✓ Regional surface gold sampling at magnetic anomalies
✓ Detailed IP survey at Soyuz gold prospect
✓ Reverse circulation drill-testing of Soyuz, Sunshine and Mir gold prospects
✓ Follow-up drilling with Soyuz and other defined gold prospects

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Renascor Resources Ltd | ASX: RNU

renascor.com.au

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Renascor Resources Limited 36 North Terrace Kent Town, South Australia 5067 Phone: + 61 8 8363 6989 Email: [email protected] Website: www.renascor.com.au ASX Code: RNU

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RENASCOR RESOURCES LIMITED — AGM Information 2020

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