RENASCOR RESOURCES LIMITED — Interim / Quarterly Report 2012

Oct 30, 2012

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Quarterly Report

FOR THE PERIOD ENDING 30 SEPTEMBER 2012

Significant Events

• Geophysical surveys and infill sampling confirm multiple targets at Gairdner Project, with drilling of iron-oxide, copper-gold-uranium (IOCGU) targets commencing in October

• Exploration licence granted over strategic holding in Eastern Eyre Peninsula covering multiple untested geophysical anomalies targeting IOCGU deposits

• Binding agreement entered to acquire rights to historic Warrior uranium project in Central Gawler Craton of South Australia

• Multiple zones of anomalous gold identified from soil geochemistry at Olary Project

• Multiple zones of strong conductivity identified from airborne electromagnetic survey at Cowell graphite prospect

• As of 30 September 2012, Renaissance had approximately $4.481 million cash on hand

Exploration

GAIRDNER PROJECT

At the Gairdner Project in the Central Gawler Craton, Renaissance completed a detailed gravity survey and infill geochemical soil sampling program over previously identified IOCGU and silver targets, confirming multiple prospects for first pass drilling. Subsequently, Renaissance sought and obtained all necessary approvals to commence drilltesting of confirmed targets, with initial drill testing of the high priority Kokatha and Border IOCGU prospects commencing on 24 October 2012. Drilling will occur over EL 4675, which includes the Kokatha prospect and portions of the Border prospect, and EL 4836, which includes the remainder of the Border prospect. Renaissance has a 100% interest in EL 4675 and an option to earn an 80% interest in EL 4836 pursuant to an agreement with SAEX Pty Ltd.

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Figure 1. Gairdner Project

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Overview

The Gairdner Project sits within a host rock succession of Mesoproterozoic Gawler Range Volcanics and co-magmatic Hiltaba intrusions that Renaissance considers prospective for economic mineral deposits. The project tenements are located on the northwestern boundary of the large, circular Gawler Range Volcanic centre shown on Figure 2. The margins of this volcanic centre are the setting of several major mineral deposits, including the Olympic Dam and Carrapateena IOCGU deposits, the Menninnie Dam base metal prospect, the recently discovered Paris silver prospect and the Tunkillia gold project. Renaissance considers this geologic zone, which extends throughout the Gairdner Project and includes the eastern margin of the large Hiltaba granite intrusion and extensive areas of subcropping Lower Gawler Range Volcanics (see Figure 3), to be prospective for similar discoveries.

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Figure 2. Gairdner Project, showing extent of Gawler Range Volcanics and major mineral occurrences along margins

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Figure 3. Gairdner Project tenements (EL 4675 and EL 4836), showing regional geology and location of Kokatha and Border prospects

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IOCGU prospects

Renaissance initially identified geophysical IOCGU targets within the Gairdner Project from regional aeromagnetic data, which indicated a large complex of increased magnetic response over multiple zones covering both EL 4675 and EL 4836. To better identify potential for sufficient volume to support economic IOCGU mineralisation, Renaissance completed detailed magnetic and, during the recently completed quarter, gravity surveys across identified aeromagnetic targets and confirmed high amplitude magnetic signatures with significant excess mass at the Kokatha and Border prospects.

Kokatha

The Kokatha prospect is defined by a prominent coincident magnetic and gravity anomaly of approximately 800 metres by 300 metres, comprising a linear northern magnetic zone and a more circular southern magnetic zone. See Figure 4. Magnetic relief in excess of 1000nTs is present on both zones, indicating moderate to high magnetite levels. Gravity relief of approximately 1.5 mGals is coincident with the northern magnetic zone and marginally to the east of the southern magnetic zone. Renaissance intends to drill test both the magnetic and gravity positions.

Border

The Border prospect includes two linear parallel magnetic zones of approximately 700 metres strike length and 600 nTs to 800 nTs in amplitude, within an interpreted northeasterly trending fault zone. See Figure 5. Gravity relief shows a more circular high-density zone over the central portion of the two magnetic trends. Renaissance’s interpretation of the gravity data suggests there is a reasonable possibility of high-density non-magnetic material in the centre of the gravity high, between the magnetic positions. This is consistent with a hematite dominant zone producing a significant portion of the observed gravity relief, a situation that is commonly observed in mineralised IOCGU systems. Renaissance intends to drill test across the two magnetic trends and the gravity high.

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Figure 4. Kokatha IOCGU prospect and proposed drill sections, showing magnetic contours (100nTs) over gravity image

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Figure 5. Border IOCGU prospect and proposed drill sections, showing magnetic contours (100nTs) over gravity

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Silver prospects

Renaissance’s exploration for silver at the Gairdner Project is focused on identifying areas of anomalous silver geochemistry in extensive areas of inferred Lower Gawler Range Volcanics. Earlier this year, Renaissance identified silver prospect areas in the Gairdner Project through a program of wide-spaced (300 metre interval) soil sampling. During the recently completed quarter, Renaissance undertook 100 metre-spaced infill sampling over these prospect areas, identifying multiple clusters of elevated silver, interspersed with silver values at or near detection levels. See Figure 6. In some cases, infill and subsequent check assays did not substantiate significant silver values that were returned from the initial, regional survey. In other cases, the infill silver assays were anomalous and spatially associated with major interpreted structures. Renaissance considers the anomalous silver zones as prospective, subject to additional geochemical sampling or scout drilling. In connection with the planned drilling program on IOCGU targets at Gairdner, pending rig availability, Renaissance intends to undertake scout drilling in silver prospect areas to test the relationship between silver geochemistry from the soil sampling program and potential underlying silver.

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Figure 6. Gairdner Project, showing geochemical sampling results

Next steps

Renaissance recently concluded all necessary land access and regulatory approvals to commence drill testing over targets at the Gairdner Project, including over the Kokatha and Border IOCGU prospects. Drilling commenced on 24 October 2012, with results expected to be released during the current quarter.

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EASTERN EYRE PROJECT

At its 100%-owned Eastern Eyre Project in the Eastern Eyre Peninsula of South Australia, Renaissance was granted an exploration licence over a strategic holding with multiple untested geophysical anomalies targeting IOCGU deposits. In recent years, exploration in the area had been limited due the proposed extension of Department of Defence’s Cultana Training Area. With the licence now obtained, Renaissance intends to commence a gravity survey in anticipation of drill-testing in early 2013.

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Figure 7. Renaissance’s Eastern Eyre Project (ELs 5012 and 4721, shown

in yellow), over regional geological map

During the quarter, South Australia’s Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) informed Renaissance of its decision to grant exploration licence 5012 (EL 5012). EL 5012, together with EL 4721, forms Renaissance’s Eastern Eyre Project, where Renaissance is targeting IOCGU and shear-hosted copper-uranium deposits. The granting of EL 5012 had previously been restricted as the Department of Defence and the Government of South Australia considered procedures for conducting exploration within the Cultana Training Area and proposed extensions into areas covered by EL 5012. With these procedures now clarified, DMITRE approved Renaissance’s exploration licence application, permitting Renaissance to proceed with its proposed exploration activities in the project area.

Overview

Renaissance’s exploration at the Eastern Eyre Project is targeting large IOCGU and shear-hosted copper-uranium deposits within the southern portion of the Olympic Dam IOCGU corridor. The project area includes the Roopena Fault and Kalinjala Mylonite structures, which offer potential sites for economic deposits sourced from Hiltaba granites to the north and in the eastern portion of the project area. Of particular interest to Renaissance are several untested magnetic and gravity anomalies located within or near the fault structures. See Figure 8. Renaissance considers these geophysical anomalies, the majority of which have not been previously drill-tested, to represent drill targets for IOCGU-style deposits.

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Historical exploration in the project area identified several prospects to the east of Renaissance’s target zone with anomalous levels of copper mineralisation. See Figure 8. The majority of these prospects were targeted from the late 1960s through the 1980s using geochemical surface sampling, followed by shallow drilling. The presence of these multiple zones of elevated copper mineralisation suggests to Renaissance that the Roopena Fault zone may be the controlling fluid pathway for the known copper mineralisation to the east.

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Figure 8. Renaissance’s Eastern Eyre Project, showing historical copper occurrences and identified magnetic and gravity anomalies (EL 5012 in yellow; EL 4721 in orange)

Within the Roopena Fault zone, some limited modern exploration was undertaken using geophysical targeting in recent years. This exploration work includes wide-spaced magnetic and gravity surveys that identified several anomalies within or near the fault system. Access for drill testing, however, was impeded, as the Department of Defence considered expansions of its Cultana Training Area westward over EL 5012 and covering the fault zone. Some limited drill testing near the fault system resulted in intersections of copper mineralisation, including, most notably, at the Mallee Rise Prospect, where drilling intersected 2.0 metres at 4.29% copper. Additionally, at the Spencer Prospect in the northern portion of the Roopena Fault zone, drilling returned multiple copper intercepts of up to 12.5 metres @ 0.31% copper, within a broad zone of IOCGU-style alteration. Renaissance considers these results to offer strong support for the likelihood that additional geophysical features within the area, and particularly within the Roopena Fault zone, represent priority targets for economic deposits.

Recently, the Department of Defence and the State of South Australia entered into a Memorandum of Understanding that clarifies procedures for conducting exploration activities within areas that may be impacted by the Cultana Training Area. As a result, DMITRE has begun granting exploration licences over areas covered by the proposed expansion area. In September, DMITRE informed Renaissance that its exploration application over EL 5012, which was originally lodged on 17 March 2009, was available for grant. Renaissance has accepted the grant and may now proceed with its proposed exploration activities provided it conforms to the Department of Defence’s procedures and other standard regulatory approvals. In the event the Cultana expansion takes place over EL 5012,

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the Department of Defence has informed Renaissance that Renaissance would be required to execute a Deed of Access specifying exploration parameters. In view of its proposed activities in EL 5012, Renaissance understands that the Deed of Access requirement will not prevent it from pursing its planned programs.

As an initial step, Renaissance intends to commence a detailed gravity survey to complement existing geophysical coverage and assist in drill target definition. Upon assessing the survey data, Renaissance expects to commence planning for first-pass drilling.

OLARY PROJECT

At Renaissance’s 100%-owned Olary Project in eastern South Australia, multi-element soil sampling resulted in the identification of three zones of strongly anomalous gold geochemistry, with soil gold levels to a maximum of 161 parts per billion (ppb) within Proterozoic gneiss and Adelaidean metasediments.

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Figure 9. EL 4399 of Olary Project, showing soil gold geochemistry over regional geology

Overview

Renaissance’s exploration at the Olary Project is targeting gold and copper mineralisation, including near-surface oxide-gold deposits, similar in style to the nearby White Dam gold mine, owned by Polymetals Mining Limited (ASX: PLY) and Exco Resources Limited (ASX: EXS). In the Olary project area, which includes EL 4394 (Cutana) and EL 4399 (Outalpa), there are several significant gold deposits, including White Dam and Havilah Resource NL’s (ASX: HAV) Kalkaroo and Portia prospects, as well as multiple historic gold occurrences scattered throughout the area. See Figure 10. As large portions of the Olary Province, including within Renaissance’s project areas, have not been subject to extensive exploration, Renaissance considers the area to offer potential for additional economic gold and copper deposits using modern reconnaissance exploration methodologies.

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Figure 10. Olary Projects, showing nearby gold occurrences

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Oxide gold targets

Renaissance’s exploration strategy includes utilising relatively inexpensive soil geochemical sampling to identify drill targets for potentially economic, near-surface oxide gold deposits. Earlier this year, Renaissance completed a reconnaissance drill program over soil gold targets identified from soil geochemical sampling in the Cutana tenement. This initial scout program resulted in multiple anomalous, near-surface gold intercepts over wide areas, with values of up to 6 metres at 0.73 g/t gold in the oxidized zone, suggesting that soil geochemical sampling is an effective technique to identify underlying gold and merits additional application in other prospective areas, including within the Outalpa tenement.

At Outalpa, Renaissance completed regional sampling program (at 300 metre intervals) during the quarter and identified three anomalous zones for follow-up testing. See Figure 9. At Duckpond, sampling returned a peak gold response in Proterozoic gneiss of 161 parts ppb, the highest gold value to date from Renaissance’s soil sampling program within the Olary Project. Within Proterozoic gneiss at Ameroo and Adelaidean metasediments at Mulkulpara, target zones are supported by multiple elevated gold assays, with the peak response of 126 ppb at Mulkulpara. The tenor of all three anomalous zones is significantly higher than the anomalous results returned from gold prospects identified in the Cutana area, suggesting to Renaissance that these targets zones merit follow-up exploration.

IOCGU targets

Renaissance’s initial drilling of oxide-gold targets within the Olary Project included drill testing of its Heinrich Prospect within EL 4394. See Figure 10. The geochemical targets at Heinrichs are associated with more extensive zones of magnetic anomalism and situated within a regional shear zone that Renaissance considers potentially prospective for IOCGU deposits. The magnetic target zone at Heinrichs has not previously been tested at depth, however, a nearby historic drill hole has intersected IOCGU-alteration with low levels of copper at depths below the level of near surface oxidation. This suggests to Renaissance that the magnetic complex at Heinrichs merits consideration for IOCGU-style mineralisation at similar depths.

Next steps

To prioritise anomalies within the defined anomalous zones, Renaissance plans to conduct closespaced, infill geochemical sampling over each of the three anomalies identified in the Outalpa tenement. Subsequently, Renaissance intends to perform first pass drilling over defined targets. Additionally, Renaissance intends to drill test the magnetic basement at Heinrichs for IOCGU-style alteration.

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COWELL PROSPECT

At the Cowell graphite prospect in the Eastern Eyre Peninsula of South Australia, an airborne electromagnetic (AEM) survey performed by Renaissance during the quarter resulted in the identification of multiple zones of strong conductivity, including two target zones that Renaissance interprets as along-strike from Archer Exploration Limited’s (ASX: AXE) Wilklow graphite prospect. The prospective graphite target zones are located within EL 3978, which forms part of Renaissance’s Pirie Basin Project. Renaissance has a right to earn a 75% interest in EL 3978 pursuant to an agreement with a subsidiary of Stellar Resources Limited (ASX: SRZ).

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Figure 11. Cowell Prospect (EL 3978, earning 75%), showing priority target conductors over late time AEM image (red zones representing zones of high conductivity)

Overview

The Cowell Prospect is located 15 kilometres northwest of the coastal town of Cowell in the Eastern Eyre Peninsula of South Australia. The district has recently been the subject of significant exploration for graphite, including exploration programs conducted by Archer Exploration on EL 4693, which is adjacent to Renaissance’s EL 3978. See Figure 11. Of particular interest to Renaissance, Archer has reported high-grade graphite (39.25% carbon) and flake size of up to 0.5 millimetres in length on its nearby Wilklow Prospect. See Archer’s Annual Report for the year-end 30 June 2012.

To further investigate the prospects for economic occurrences of graphite within its own tenements, earlier this year, Renaissance undertook a comprehensive review of available data related to graphite prospectivity within EL 3978. This review suggested to Renaissance that there is potential for

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graphite prospects within untested regional shear zones in Lower Proterozoic sediments across portions of EL 3978. As indicated in Figure 11, the prospective zones include an extensive area to the immediate north of Archer’s Wilklow Prospect, where the regional aeromagnetic and existing geological outcrop data suggest there may be a continuation of the Wilklow host sequence position. Within Renaissance’s project area, there is only limited outcropping of the target Lower Proterozoic sequence, which Renaissance considers consistent with the existence of potential areas of recessive weathering and associated with regional sheer structures, creating a prospective environment for graphite development.

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Figure 12. Renaissance’s Cowell Prospect (EL 3978), showing proximity to Archer Exploration’s Wilklow graphite prospect and interpreted trend line for Wilklow graphite host through EL 3978

AEM survey

As an initial step to test for graphite, during the quarter, Renaissance completed an AEM survey over prospective zones within the Cowell Prospect. Graphitic rocks are good electric conductors and are often detectable through AEM surveys. In particular, AEM offers an opportunity to define graphite within areas where shallow cover sequences obscure the host Lower Proterozoic metasediments.

The results of the survey indicate that there are multiple zones of high conductivity within the Cowell prospect area. Of particular interest, two strong conductors are located within the interpreted position along-strike from the Wilklow graphite prospect. The conductive zones are highlighted in the late time decay windows from the AEM survey, indicating strong electrical conductivity levels associated with graphite.

Next steps

As a follow-on exploration program, Renaissance intends to drill test the primary target conductive zones located along the interpreted stratigraphic boundary from Wilklow. Drilling is expected to commence in 2013 in conjunction with Renaissance’s exploration at its nearby Eastern Eyre Project.

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Corporate

WARRIOR ACQUISITION

During the quarter, Renaissance entered into a binding agreement with Hillment Pty Ltd (Hillment), a wholly-owned subsidiary of Stellar Resources Limited (ASX: SRZ), to acquire a 100% interest in EL 4570, subject to a residual net smelter royalty of 1%, which Renaissance is granting to Hillment as consideration for the acquired tenement. EL 4570 covers the majority of the historic Warrior uranium project in the Central Gawlor Craton of South Australia, over which extensive drilling by PNC Exploration Pty Ltd (PNC) in the 1970s resulted in the definition of seven discrete zones of uranium mineralisation in the acquired tenement.

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Figure 13. Map of significant uranium occurrences (from Geoscience Australia), showing Warrior project and other South Australian uranium projects

Exploration Potential

The Warrior uranium project was discovered in the late 1970s by PNC, the former Japanese government sponsored uranium exploration company. In total, PNC completed 514 open, rotary mud holes and 29 diamond core holes over an interpreted palaeochannel extending over approximately 15 kilometres from north to south. PNC identified eight discrete zones of elevated uranium mineralisation, seven of which fall within EL 4570. See Figure 14.

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Figure 14. Warrior paleochannel, showing uraniummineralised zones (A through G), as identified by PNC, over AEM image

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Within the uranium-mineralised zones, PNC estimated uranium content by utilising traditional downhole radiometric gamma logging and calibration in off-site test pits. More recent uranium exploration in sandstone, including, in particular, programs overseen in South Australia at the Beverley and Four Mile uranium deposits by Renaissance personnel while employed at Heathgate and Quasar Resources, suggest this method may produce inaccurate grade assessment due to inherent difficulties in gamma logging in sandstone uranium environments, as well as problems with calibrating gamma logs against actual uranium assays. A particular problem that often exists with gamma logging in sandstone environments is “disequilibrium”. Gamma logging detects uranium decay products and permits an estimation of actual uranium content. If uranium is mobile, the detectable uranium decay products may be in disequilibrium with the fissile isotope uranium-235, causing inaccuracies in uranium grade estimates. While useful as an exploration tool to identify the prospective presence of uranium, Renaissance considers the methodology employed at Warrior to be incomplete to establish accurate grade levels. The prospect for higher, ore-grade uranium suggests that the project merits assessment with more accurate modern drilling and logging techniques applied in both the historic uranium zones, as well as interpreted extensions to the identified palaeochannel.

Subsequent to PNC relinquishing the Warrior project in the early 1980s during a period of historically low uranium prices, only one notable exploration program occurred over the acquired project area. In 2005, Stellar established, through an airborne electromagnetic survey, potential for extensions to the interpreted uranium-bearing palaeochannel, suggesting prospectivity for additional uraniummineralised zones in areas outside of those previously identified by PNC. From 2006 to 2008, Stellar and its then-joint venture partner Toro Energy Limited (ASX: TOE) completed approximately 473 air core holes and 4 sonic core holes over the interpreted paleochannel, focusing mainly on two of the eight zones (Areas A and G) originally identified by PNC. See Figure 14. While this program confirmed the presence of elevated uranium throughout the project area (and in particular in Areas A and G), uranium grade estimates relied upon gamma logging measured within air core drill rods and assays obtained from composites samples extracted during air core drilling. In Renaissance’s experience, an increased proportion of core assays is necessary to provide a more reliable understanding of uranium grade, potential disequilibrium and stratigraphic control. As a result, Renaissance believes that there is significant potential to build upon the 2005 to 2008 program.

In particular, to obtain a more accurate understanding of uranium grade levels within the Warrior project area, Renaissance plans to assess uranium grade through a combination of drill-core analysis and the use of a prompt fission neutron (PFN) tool in logging rotary mud drill holes. In Renaissance's view, the existing exploration data for Warrior is insufficient to establish a resource due in part to inadequate calibration of gamma logging against actual core obtained from the drilled areas. Additional core drilling will greatly assist in assessing actual grade distribution in the project area. In addition, the PFN tool, which directly measures uranium-235, may be employed as more accurate alternative to gamma logging and a cost effective alternative to extensive core drilling. In recent years, the PFN tool has been successfully employed in sandstone uranium environments (including at the Beverley and Four Mile uranium deposits) to provide more accurate grade measurements. Renaissance personnel have extensive experience with PFN logging and consider its potential use would greatly enhance exploration in the Warrior environment.

Through the use of additional coring and the PFN tool, in both the elevated uranium zones discovered by PNC, as well as extensions to the paleochannels suggested by later exploration work, Renaissance considers Warrior to offer significant prospects for the delineation of an economic uranium ore body. Renaissance’s initial assessment of the existing drill data suggests a significant variation between air core results and results obtained from the limited core sampling available from adjacent holes. As an initial work program, Renaissance intends to assess all historic drill data available over the project area to delineate targets for testing using core drilling and rotary mud

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drilling with a PFN probe. Subsequently, Renaissance anticipates drill testing in both the uranium zones delineated by PNC, as well as new uranium zones within the Warrior palaeochannel.

Agreement with Hillment

Pursuant to its agreement with Hillment, Renaissance will acquire EL 4570 in exchange for a residual net smelter royalty of 1%. The tenement transfer is subject to ministerial consent under the South Australian Mining Act (1971) and is expected to be concluded during the current quarter.

OTHER CORPORATE INFORMATION

Set forth below is a brief summary of other key information relating to corporate events for the quarter.

• Renaissance completed the acquisition of a major strategic land position in South Australia consisting of ten tenements in the Frome Basin and an additional tenement located in the Northern Gawler Craton. The tenements were acquired from Frome Uranium Pty Ltd, a subsidiary of Callabonna Uranium Limited (ASX: CUU), in exchange for 800,000 ordinary shares in Renaissance (representing approximately 0.7% of Renaissance’s issued and outstanding shares), which were issued on 31 August 2012. The tenements, which cover approximately 4,000 km[2] , are primarily prospective for sandstone-hosted uranium, similar in style to the nearby Beverley uranium mine, as well as the high-grade uranium deposits at Four Mile, Beverley North and Pepagoona.

• An exploration licence was granted over EL 5012 (the Eastern Eyre Project) and exploration licence application ELA 2012/141 (in the Olary Project) was accepted.

• As of 30 September 2012, Renaissance had approximately $4.481 million cash on hand. Please refer to Renaissance’s Quarterly Cashflow Report for the period ending 30 September 2012 for further information.

COMPETENT PERSON STATEMENT

The results reported herein, insofar as they relate to exploration results, are based on information compiled 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 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 Edition). Mr McConachy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. It should be noted that the above-mentioned exploration results are preliminary.

BACKGROUND INFORMATION

Renaissance Uranium is an Australian-based company focused on the discovery and development of economically viable deposits containing uranium, gold, copper and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in projects in key mineral provinces of South Australia and the Northern Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr David Christensen Mr Angelo Gaudio Managing Director Company Secretary +61 8 8363 6989 info@renaissanceuranium.com.au

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