RENASCOR RESOURCES LIMITED — Capital/Financing Update 2018

Nov 13, 2018

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ASX: RNU
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ASX Release

November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341

Further Shallow, High-Grade Graphite from DFS Drilling

• New drill assays from DFS drill program confirm additional near-surface, high-grade graphite, with results including:

• 35m @ 13.2% from 26m (18SIVAC216)

Head Office

• 24m @ 14.2% from 11m (18SIVAC184)

36 North Terrace Kent Town, SA 5067 Australia

• 37m @ 9.4% from 45m (18SIVAC187)

• 27m @ 12.4% from 16m (18SIVAC205)

CONTACT

T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au

ASX CODE RNU

Developing Australia’s Largest Graphite Deposit

• 39m @ 8.4% from 11m (18SIVAC202)

• 25m @ 12.8% from 11m (18SIVAC195)

• 38m @ 8.2% from 17m (18SIVAC189)

• 22m @ 11.5% from 12m (18SIVAC197)

• 22m @ 12.1% from 14m (18SIVAC209)

• 38m @ 7.3% from 41m (18SIVAC211)

• These new assays, from an additional 44 holes of the 99 hole RC and air core drill program, further support continuity of widespread, high-grade graphite within the Siviour Indicated Resource

• Results also demonstrate potential for improved mining schedule in Siviour DFS, with multiple wide intersections of near-surface, high-grade graphite recorded in between and at the margins of initial pit designs from Siviour PFS

• Remaining RC and air core results, as well as results from 15 diamond holes, will be reported in the coming weeks and will be used in an updated mineral resource estimate and reserve determination

Renascor Resources Limited (ASX: RNU) (Renascor) is pleased to report further assay results from its recently completed Definitive Feasibility Study (DFS) drilling program.

The drill assays received from this second batch of holes intersected additional near-surface, high-grade graphite, further demonstrating the continuity of widespread, shallow and highgrade graphite within the Siviour Indicated Resource.

The results also include several wide intersections of near-surface, high-grade graphite recorded in between and at the margins of initial pit designs from Siviour Pre-Feasibility (PFS), suggesting potential for an improved mining schedule in the Siviour DFS.

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ASX: RNU
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ASX Release

November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341

Head Office

36 North Terrace Kent Town, SA 5067 Australia

CONTACT

T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au

ASX CODE

RNU

Developing Australia’s Largest Graphite Deposit

Commenting on the drill results, Renascor Managing Director stated:

“These additional near-surface, high-grade drill results offer further evidence of the world-class quality of the Siviour ore body.

The continued wide intervals of high-grade, near-surface graphite has the potential to further improve our mining schedule and lower our overall operating costs, as we proceed with the Siviour DFS.”

Discussion

Renascor recently completed an infill drill program undertaken to support the Siviour DFS.

The primary aim of the drill program was to confirm the Indicated Resource for the Siviour DFS by undertaking close-spaced drilling to test the continuity of graphite mineralisation within the Indicated Resource area.

The program comprised two phases. The first phase consisted of 99 reverse circulation (RC) and air core drill holes for 4,631 metres. The second phase consisted of 15 diamond holes drilled for 837 metres.

As previously reported, results from the initial 36 holes assayed from the first phase of drilling were consistent with earlier drill results across the mineralised zones, supporting the continuity of widespread and high-grade graphite within the Siviour Indicated Resource. See Renascor’s ASX Announcement dated 7 November 2018.

Renascor has now received assay results from an additional 44 holes from the RC and air core drilling. See Figure 1.

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Figure 1. Siviour Graphite Project, showing recently drilled holes in relation to previously drilled holes, Indicated and Inferred Resource outlines and proposed pit design

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ASX: RNU
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ASX Release

November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341

Head Office

36 North Terrace Kent Town, SA 5067 Australia

CONTACT

T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au

ASX CODE

RNU

Developing Australia’s Largest Graphite Deposit

These new results similarly suggest the widespread continuity of high-grade graphite within the Siviour Indicated Resource.

The results also include multiple wide intersections of near-surface, high-grade graphite recorded in between and at the margins of the initial pit designs from Siviour PFS. See Figure 2.

These additional areas of high-grade graphite provide opportunities to link the initial pits and provide further efficiencies in mine scheduling in the on-going Siviour DFS.

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Figure 2. Siviour Graphite Project, showing significant drill intercepts from newly available assays (in yellow) in relation to PFS initial pit designs

Complete results from available assays from the current program are included in Table 1 (next page).

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ASX: RNU
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ASX Release		Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)	Table 1. Available drill results from current program (see Appendix 1 for drill hole parameters of all holes drilled in the current program)
November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341 Head Office 36 North Terrace Kent Town, SA 5067 Ali			Collar (MGAE)	Collar (MGAN)	From (metres)	To (metres)	Interval (metres)	TGC %*
		18SIVAC177	631887	6245625		Hole abandoned
		18SIVAC178	631953	6245702		Hole abandoned
		18SIVAC179	631961	6245749	27	28	1	3.7
		18SIVAC180	631968	6245843	30	54	24	9.4
					56	62	6	6.7
ustraa CONTACT T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au					65	66	1	6.0
		18SIVAC181	631920	6245680	9	28	19	11.0
		18SIVAC182	631947	6245700		Hole abandoned
		18SIVAC183	632043	6245698	8	9	1	8.0
					11	19	8	3.8
					22	24	2	4.2
					31	48	17	11.5
ASX CODE RNU Developing Australia’s Largest Graphite Deposit		18SIVAC184	632050	6245659	6	9	3	5.4
					11	35	24	14.2
		18SIVAC185	632147	6245649	14	17	3	3.4
					19	26	7	4.1
					29	47	18	9.5
		18SIVAC186	632256	6245649	17	34	17	5.0
					36	58	22	9.6
		18SIVAC187	632256	6245697	31	33	2	7.6
					35	36	1	4.4
					38	43	5	4.0
					45	82	37	9.4
		18SIVAC188	632256	6245747	38	46	8	3.2
					53	57	4	10.0
					59	62	3	6.6
					64	87	23	8.7
		18SIVAC189	632302	6245650	8	15	7	4.7
					17	55	38	8.2
		18SIVAC190	632299	6245696	30	37	7	5.6
					39	40	1	3.1
					42	46	4	3.5
					48	72	24	8.1
		18SIVAC191	632350	6245608	13	40	27	82
								.
		18SIVAC192	632347	6245699	44	49	5	4.2
					51	69	18	8.8
		18SIVAC193	631949	6245583		Hole abandoned
		18SIVAC194	632152	6245547	11	21	10	10.0
		18SIVAC195	632243	6245580	11	36	25	12.8
					38	39	1	5.6
		18SIVAC196	632251	6245549	12	21	9	116
								.
		18SIVAC197	632311	6245607	12	34	22	11.5
					37	38	1	4.3
		18SIVAC198	632351	6245546	11	14	3	9.2

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ASX Release	ASX Release							3.8 3.7	3.8 3.7
					18	19	1	3.8
		18SIVAC199	632401	6245652	22	24	2	3.7
November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341 Head Office 36 North Terrace Kent Town, SA 5067 Atli					31	33	2	5.3
					36	41	5	8.9
					43	63	20	9.5
					66	67	1	4.4
		18SIVAC200	632400	6245700	41	50	9	3.7
					52	74	22	7.3
		18SIVAC201	632441	6245548	12	13	1	3.7
usraa CONTACT T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au					15	37	22	11.0
		18SIVAC202	632440	6245600	10	14	4	8.2
					16	55	39	8.4
		18SIVAC203	632441	6245649	26	32	6	5.2
					34	37	3	12.6
					43	44	1	5.3
					47	72	25	8.3
ASX CODE RNU Developing Australia’s Largest Graphite Deposit		18SIVAC204	632440	6245696	41	48	7	5.6
					54	76	22	9.6
		18SIVAC205	632500	6245549	6	13	7	5.8
					16	43	27	12.4
		18SIVAC206	632494	6245598	24	34	10	5.3
					38	58	20	9.5
		18SIVAC207	632501	6245650	37	43	6	5.1
					46	48	2	8.1
					51	73	22	8.6
		18SIVAC208	632499	6245701	46	48	2	3.5
					50	51	1	4.9
					56	57	1	3.4
		18SIVAC209	632547	6245551	5	6	1	3.1
					12	13	1	3.7
					14	36	22	12.1
		18SIVAC210	632549	6245600	32	37	5	5.7
					40	41	1	7.1
					43	63	20	10.0
		18SIVAC211	632549	6245648	41	79	38	7.3
		18SIVAC212	632650	6245552	3	4	1	3.8
					7	10	3	3.2
					14	17	3	4.9
		18SIVAC213	632651	6245601	25	32	7	5.4
					37	40	3	6.7
					42	43	1	14.5
					45	64	19	10.4
		18SIVAC214	632649	6245651	42	56	14	4.9
					60	84	24	9.1
		18SIVAC215	632700	6245551	2	3	1	37
								.
					6	7	1	3.1
		18SIVAC216	632699	6245598	14	20	6	6.2
					22	23	1	4.2

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ASX: RNU
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ASX Release

November 14, 2018 Renascor Resources Ltd ABN 90 135 531 341

Head Office

36 North Terrace Kent Town, SA 5067 Australia

CONTACT

T: +61 8 8363 6989 F: +61 8 8363 4989 info@renascor.com.au www.renascor.com.au

			26	61	35	13.2
18SIVAC217	632688	6245651	54	66	12	4.8
			70	71	1	8.9
			73	89	16	7.8
18SIVAC218	632751	6245550	No significant intercept
18SIVAC219	632751	6245648	65	73	8	4.5
			76	78	2	3.6
			81	93	12	8.0
18SIVAC220	632860	6245551	5	17	12	10.8
18SIVAC221	632900	6245550	6	22	16	9.9
18SIVAC222	632899	6245602	7	8	1	3.4
			14	15	1	3.3
			19	41	22	11.4
			43	45	2	3.6
* Unless otherwise indicated, TGC based on a			3% cut-off, with maximum intervals of 1m internal waste

ASX CODE

RNU

Developing Australia’s Largest Graphite Deposit

Next steps

The results from the remaining RC and aircore holes, as well as a second phase of diamond drilling, will be reported as results become available in the coming weeks.

These new data, upon completion, will be used in conjunction with previous drill results to update the mineral resource estimate and reserve determination.

Competent Person’s Statement – Exploration Results

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.

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.

For further information, please contact:

David Christensen Managing Director +61 8 8363 6989 info@renascor.com.au

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Appendix 1

Drill hole parameters

	Hole ID	Drilling Method	Easting	Northing	RL	Total Depth (m)	Azimuth	Dip
	18SIVAC140	AC/RC	631555	6245703	22.8	19	0	-90
	18SIVAC141	AC/RC	631531	6245739	23.7	33	0	-90
	18SIVAC142	AC/RC	631589	6245676	22.2	21	0	-90
	18SIVAC143	AC/RC	631649	6245690	22.5	21	0	-90
	18SIVAC144	AC/RC	631709	6245687	22.9	21	0	-90
	18SIVAC145	AC/RC	631747	6245665	22.7	42	0	-90
	18SIVAC146	RC	631891	6245796	27.1	33	0	-90
	18SIVAC147	RC	631893	6245851	301	44	0	90
					.			-
	18SIVAC148	RC	631888	6245896	32.6	36	0	-90
	18SIVAC149	AC/RC	631846	6245946	32.6	63	0	-90
	18SIVAC150	RC	631798	6245946	32.2	60	0	-90
	18SIVAC151*	RC	631746	6245945	31.2	30	0	-90
	18SIVAC152	RC	631697	6245948	30.9	48	0	-90
	18SIVAC153*	RC	631647	6245950	30.9	33	0	-90
	18SIVAC154	RC	631696	6245898	29.9	45	0	-90
	18SIVAC155	RC	631747	6245899	30.1	48	0	-90
	18SIVAC156	RC	631846	6245895	32.4	39	0	-90
	18SIVAC157*	RC	631849	6245879	31.6	21	0	-90
	18SIVAC158	RC	631797	6245849	29.5	37	0	-90
	18SIVAC159	RC	631827	6245884	31.3	36	0	-90
	18SIVAC160	RC	631748	6245850	28.5	36	0	-90
	18SIVAC161	RC	631697	6245850	27.9	38	0	-90
	18SIVAC162	RC	631647	6245850	28.6	33	0	-90
	18SIVAC163	RC	631599	6245850	29.7	38	0	-90
	18SIVAC164	RC	631549	6245851	30.7	45	0	-90
	18SIVAC165	RC	631498	6245852	29.3	44	0	-90
	18SIVAC166	RC	631699	6245802	26.4	30	0	-90
	18SIVAC167	RC	631601	6245755	24.7	27	0	-90
	18SIVAC168	RC	631647	6245747	24.1	21	0	-90
	18SIVAC169	RC	631698	6245747	24.9	22	0	-90
	18SIVAC170	RC	631752	6245748	25.3	39	0	-90
	18SIVAC171	RC	631796	6245748	25.2	50	0	-90

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								-90 -90	-90 -90
	18SIVAC172*	RC	631886	6245746	25.4	24	0	-90
	18SIVAC172A	RC	631880	6245750	240	69	0	-90
					.
	18SIVAC173*	RC	631852	6245721	25.3	9	0	-90
	18SIVAC173A	RC	631874	6245721	23.9	60	0	-90
	18SIVAC174*	RC	631851	6245798	27.4	10	0	-90
	18SIVAC174A	RC/AC	631850	6245809	28.2	49	0	-90
	18SIVAC175	AC/RC	631850	6245602	22.8	24	0	-90
	18SIVAC176	RC/AC	631901	6245603	22.6	24	0	-90
	18SIVAC177*	RC	631887	6245625	22.4	5	0	-90
	18SIVAC178*	RC	631953	6245702	23.4	11	0	-90
	18SIVAC179	AC/RC	631961	6245749	25.8	31	0	-90
	18SIVAC180	AC/RC	631968	6245843	29.7	72	0	-90
	18SIVAC181	AC/RC	631920	6245680	22.4	29	0	-90
	18SIVAC182*	AC/RC	631947	6245700	22.4	12	0	-90
	18SIVAC183	AC/RC	632043	6245698	24.2	48	0	-90
	18SIVAC184	AC/RC	632050	6245659	22.1	35	0	-90
	18SIVAC185	AC/RC	632147	6245649	22.3	50	0	-90
	18SIVAC186	AC/RC	632256	6245649	23.4	60	0	-90
	*	AC/RC
	18SIVAC187		632256	6245697	25.5	83	0	-90
	18SIVAC188	AC/RC	632256	6245747	27.5	87	0	-90
	18SIVAC189	AC/RC	632302	6245650	23.5	59	0	-90
	18SIVAC190	AC/RC	632299	6245696	25.4	72	0	-90
	18SIVAC191	RC	632350	6245608	22.4	42	0	-90
	18SIVAC192	RC	632347	6245699	25.5	72	0	-90
	18SIVAC193*	RC	631949	6245583	21.6	18	0	-90
	18SIVAC194	RC	632152	6245547	23.1	24	0	-90
	18SIVAC195	RC	632243	6245580	22.4	41	0	-90
	18SIVAC196	RC	632251	6245549	23.1	28	0	-90
	18SIVAC197	RC	632311	6245607	22.4	41	0	-90
	18SIVAC198	RC	632351	6245546	215	23	0	-90
					.
	18SIVAC199	RC	632401	6245652	24.0	57	0	-90
	18SIVAC200	RC	632400	6245700	25.8	75	0	-90
	18SIVAC201	RC	632441	6245548	22.3	42	0	-90
	18SIVAC202	RC	632440	6245600	22.9	57	0	-90
	18SIVAC203	RC	632441	6245649	24.0	75	0	-90
	18SIVAC204	RC	632440	6245696	26.1	79	0	-90
	18SIVAC205	RC	632500	6245549	23.8	45	0	-90
	18SIVAC206	RC	632494	6245598	23.6	63	0	-90

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								-90 -90	-90 -90
	18SIVAC207	RC	632501	6245650	24.9	75	0	-90
	18SIVAC208	RC	632499	6245701	273	60	0	-90
					.
	18SIVAC209	RC	632547	6245551	24.4	36	0	-90
	18SIVAC210	RC	632549	6245600	24.6	66	0	-90
	18SIVAC211	RC	632549	6245648	25.9	81	0	-90
	18SIVAC212	RC	632650	6245552	27.1	27	0	-90
	18SIVAC213	RC	632651	6245601	28.4	66	0	-90
	18SIVAC214	RC	632649	6245651	29.3	87	0	-90
	18SIVAC215	RC	632700	6245551	28.8	15	0	-90
	18SIVAC216	RC	632699	6245598	29.9	63	0	-90
	18SIVAC217	RC	632688	6245651	30.6	91	0	-90
	18SIVAC218	RC	632751	6245550	29.7	21	0	-90
	18SIVAC219	RC	632751	6245648	32.4	95	0	-90
	18SIVAC220	RC	632860	6245551	31.7	27	0	-90
	18SIVAC221	RC	632900	6245550	32.7	29	0	-90
	18SIVAC222	RC	632899	6245602	32.5	49	0	-90
	18SIVAC223	RC	632899	6245656	31.4	96	0	-90
	18SIVAC224	RC	632948	6245553	32.6	33	0	-90
		RC
	18SIVAC225		632947	6245603	31.3	47	0	-90
	18SIVAC226	RC	632949	6245661	29.9	99	0	-90
	18SIVAC227	RC	632859	6245640	32.4	69	0	-90
	18SIVAC228	RC	632251	6246100	35.5	42	0	-90
	18SIVAC229	RC	632402	6246518	28.0	120	0	-90
	18SIVAC230	RC	632548	6245698	28.1	91	0	-90
	18SIVAC231	RC	631938	6246101	33.1	54	0	-90
	18SIVAC232	RC	632061	6245839	30.2	84	0	-90
	18SIVAC233	AC/RC	632245	6246250	32.6	54	0	-90
	18SIVAC234	RC	632241	6246426	31.5	84	0	-90
	18SIVAC235	RC	632594	6246608	29.6	72	0	-90
	18SIVDD125	DD	632001	6245710	245	81	0	-60
					.
	18SIVDD126	DD	631853	6245617	22.7	31	180	-60
	18SIVDD127	DD	631751	6245698	23.2	54	180	-60
	18SIVDD128	DD	631651	6245699	23.0	23	0	-60
	18SIVDD129	DD	631636	6245699	22.7	22	210	-60
	18SIVDD130	DD	631851	6245750	25.4	77	30	-60
	18SIVDD131	DD	631751	6245799	26.8	38	180	-60
	18SIVDD132	DD	631650	6245798	26.4	57	0	-60
	18SIVDD133	DD	631549	6245797	27.2	60	240	-60

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	18SIVDD134	DD	631953	6245795	27.6	84	180	-60 -60	-60 -60
	18SIVDD135	DD	632840	6245590	328	100	0	-60
					.
	18SIVDD136	DD	632746	6245600	31.3	46	180	-60
	18SIVDD137	DD	632322	6245571	21.7	34	180	-60
	18SIVDD138	DD	632201	6245651	22.9	57	180	-60
	18SIVDD139	DD	632349	6245649	23.7	75	0	-70

• Hole not completed to target depth

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ASX: RNU
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Appendix 2

JORC Table 1

Section 1 Sampling Techniques and Data

	Criteria	JORC Code explanation	Commentary
	Sampling techniques	• Nature and quality of sampling. • Include reference to measures	• RC drill samples were collected at one-metre
		taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	intervals. • All graphitic intervals were submitted for analyses. Approximately 50% of drill samples were not submitted for assay due to the visual non-mineralised nature of the
			material collected. • Duplicate and standards have been submitted. • All samples have been sent to Bureau Veritas laboratory in Adelaide for preparation and for Total Graphitic Carbon TGC l
			() anayses. • All samples were pulverised using an LM5 mill, 90% passing 75μm. • Sampling was guided by Renascor Resources Limited’s protocols and QA/QC rocedures
			p. • Samplingfor DD is inprogress
	Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, dth f did til f	• RC drilling using 4 3/4" RC Hammer was undertaken by Bullion Drilling. • DD drilling (HQ) was undertaken by MJ Drilling
		ep o amon as, ace- sampling bit or other type, whether core is oriented and if so, bywhat method,etc).
	Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. M k ii	• One-metre drill chip samples, weighing approximately 3 kg were collected throughout the RC dill i
		• easures taen to maxmse sample recovery and ensure representative nature of the samples.	r programme n sequentially numbered bags. Samples were generally collected from the drill rigand

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			Commentary	Commentary
	Criteria	JORC Code explanation	Commentary
		• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	riffle split however in some instances samples were collected by spear technique. • Every interval drilled is represented in an industry standard chip tray that provides a check for sample
			continuity down hole.
	Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation,	• Primary data was captured into spreadsheet format by the supervising geologist, and subsequently loaded into the Renascor Resources Limited’s
		mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage	database. • No adjustments have been made to any assay data.
		of the relevant intersections logged.
	Sub-sampling techniques and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the	• All samples were marked with unique sequential numbering as a check against sample loss or omission. • At the Bureau Veritas
		sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the	laboratory sample preparation involved the original sample being dried at 105° for up to 24 hours on submission to laboratory. • Sample is split to less than 3 kg through linear splitter and
		in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.	excess retained. • Pulverising was completed using LM5, 90% passing 75 μm in preparation for analysis using the Bureau Veritas network.
	Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is	• All samples were sent to Bureau Veritas laboratory in Adelaide for preparation and for TGC analyses.

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			Commentary	Commentary
	Criteria	JORC Code explanation	Commentary
		considered partial or total. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of	• Sampling was guided by Renascor Resources Limited’s protocols and QA/QC procedures. • Duplicate analysis is currently underway.. • A portion of the sample is
		accuracy (i.e. lack of bias) and precision have been established.	dissolved in weak acid to liberate carbonate carbon. • The residue is then dried at 420°C driving off organic carbon and then analysed by its sulphur-carbon analyser to give TGC.
			• Bureau Veritas Minerals has adopted the ISO 9001 Quality Management Systems. All Bureau Veritas laboratories work to documented procedures in accordance with this standard.
	Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data	• QA/QC protocols were adopted for the drill programs. • Field duplicates and standards were inserted at a rate of 5% and 3%, respectively.
		verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.
	Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches,	• 2018 drillholes were surveyed by a licenced surveyor. • The collar coordinates were
		mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	entered into the drillhole database. • The degree of accuracy of drillhole collar location and RL is estimated to be within 0.1m for DGPS and 5m error level for the hand-held GPS.
			• The grid system for the project was Geocentric Datum of Australia (GDA) 94, Zone 53.

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					Commentary	Commentary
	Criteria	JORC Code explanation			Commentary
	Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore			• RC Holes were drilled on sections on either, 50m, 100m or 200m spacing • Geological interpretation and mineralisation continuity analysis indicate that data spacing is sufficient for
		Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.			definition of a Mineral Resource. • All of the samples were taken over a 1m interval of 1m.
	Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures			• Interpretation of the relationship between the drilling orientation and the
		and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have			orientation of key mineralised structures indicates that mineralisation is likely to be perpendicular to strike continuity. • The orientation of drilling is not expected to introduce
		introduced a sampling bias, this should be assessed and reported if material.			sampling bias.
	Sample security	• The measures taken to ensure sample security.			• Unique sample number was retained during the whole process. • Samples were delivered to
					Bureau Veritas Minerals as theywere collected.
	Audits or reviews	• The results of any audits or reviews of sampling techniques and data.			• All data collected was subject to internal review.
	Section 2 Reporting of Exploration Results
	Criteria		JORC Code explanation		Commentary
	Mineral tenement and land tenure status		• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding		• All drilling was entirely within Exploration Licence EL5618 (formerly EL4430) granted on 29 January 2015, expiring 28 January 2020. EL5618 is 100% owned by Ausmin Development
			royalties, native title interests, historical sites, wilderness or nationalpark and		Pty Ltd and is in good standing with no known impediments. • The drillingwas carried out on

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			Commentary	Commentary
	Criteria	JORC Code explanation	Commentary
		environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	agricultural freehold land.
	Exploration done by other	• Acknowledgment and	• Several companies have carried
	parties	appraisal of exploration by other parties.	out historic exploration over many years, but without any focus on graphite prospectivity. Cameco Ltd, as part of a uranium exploration program, acquired EM data across the tenement in 2006 and 2007.
			Cameco drilled hole CRD0090, without testing for graphite. • During 2014, Eyre Peninsula Minerals Pty Ltd carried graphite-focused exploration and drilled a further six RC holes and one diamond core hole
			reporting graphite intersections in all holes.
	Geology	• Deposit type, geological setting and style of mineralisation.	• Mineralisation within Meso- proterozoic sediments of the Hutchison Group. Graphite is hosted by graphitic pelitic schists.
	Drillhole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the	• See Appendix 1. See main text for intercept depths received to date.
		drillhole collar • elevation or RL (elevation above sea level in metres) of the drillhole collar • dip and azimuth of the hole • down hole length and
		interception depth • hole length.
	Data aggregation methods	• In reporting Exploration	• Exploration laboratoryassay

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			Commentary	Commentary
	Criteria	JORC Code explanation	Commentary
		Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	results have been reported using weighted average techniques and a 3% TGC grade cut. • No significant intercepts have been reported within this report for DD
	Relationship between mineralisation widths and intercept lengths	• If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are	• Vertical RC Drill holes intersected mineralisation at a slightly oblique angle. • DD holes were orientated at various angles to gain geological and structural data.
		reported, there should be a clear statement to this effect.
	Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These	• Relevant diagrams have been included within the report main body of text.
		should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.
	Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable,	• All holes with assays received in this program have been reported in Table 1 of the main
		representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	report.
	Other substantive	• Other exploration data, if	• The company has previously
	exploration data	meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment;	reported a Mineral Resource in accordance with JORC (2012) guidelines at the Siviour deposit.
		metallurgical test results; bulk density, groundwater, geotechnical and rock

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			Commentary	Commentary
	Criteria	JORC Code explanation	Commentary
		characteristics; potential deleterious or contaminating substances.
	Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-	• Assays in progress, with Mineral Resource update to follow.
		_out drilling). _

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