RENASCOR RESOURCES LIMITED — Investor Presentation 2021

Apr 20, 2021

Renascor Resources

The Siviour Graphite Project: The first integrated in-country mine and battery anode material operation outside of China

Investor Presentation April 2021

Section 1: Executive Summary

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Renascor Resources: Corporate Overview

Capital Structure

Share Chart – RNU:ASX

Shares on issue (20 April 2021) 1,666M Listed Options (20 April 2021) 182M Performance rights (20 April 2021) 12M Share price (20 April 2021) $0.09/sh Market Cap (at $0.09/sh) $143.9M Cash (31 Dec 2020) $4.6M Debt (31 Dec 2020) Nil Enterprise Value (20 April 2021) $139.3M

Shareholder Breakdown (20 Apr 2021)

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Directors, Clarke
8% Family , 7%
General/Other,
84%
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European Capital Markets Exposure with Renascor shares also traded on the Börse Frankfurt (Ticker RU8)

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Renascor’s Battery Anode Material Project in the Graphite Supply Chain

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Renascor is developing a vertically integrated operation consisting of a Mine and Concentrator plus a downstream manufacturing operation to produce PSG via eco-friendly chemical purification route for sale to anode makers.

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Siviour: Among the World’s Lowest Cost Sources of Battery Anode Material

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• Renascor is developing a vertically integrated Battery Anode Material Manufacturing Operation in South Australia[1] including:

• a A$118m Siviour Graphite Mine and Concentrator located on the Eyre Peninsula, 15 km west of Arno Bay; and

• a A$90m Purified Spherical Graphite (“PSG”) Manufacturing Facility nominally located in Port Adelaide.

• Renascor’s Siviour Graphite Deposit is the world’s second largest Proven Reserve of Graphite and the largest Graphite Reserve outside of Africa (3.8Mt of Contained Graphite Reserves)[2] .

• The favourable geology and location of the Siviour Graphite Deposit will allow Renascor to produce Graphite Concentrate at globally low-cost.

• Renascor has developed a proven eco-friendly, HF-free purification process endorsed by leading global anode companies.

• Low-cost Graphite Concentrate feedstock enables the eco-friendly 28ktpa PSG manufacturing facility to be :

• amongst the lowest cost in the world, competitive with current Chinese production and advantaged over other developments outside of China; and

• shipped directly to lithium-ion battery anode manufacturers over a project life of 40 years.

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1. Financing and production targets sourced to ASX 1 July 2020 ”Renascor Announces Battery Anode Manufacturing Operation”, 2. See Slide 25 for Reserve category breakdown

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Section 2: Graphite Market

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Global EV Growth is Creating a Paradigm-Shifting Event for Battery Minerals

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Start of a global mega trend that will drive demand for minerals needed for lithium-ion batteries.

EV sales as share of total cars

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We are here
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Source: Benchmark Mineral Intelligence

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Graphite is an Essential Part of the Transition to Lithium-Ion Batteries

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Increasing amounts of natural graphite will be needed to meet projected lithium-ion battery growth.

We are here

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Source: Benchmark Mineral Intelligence

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Graphite is an Essential Part of the Transition to Lithium-Ion Batteries (cont.)

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
In 2018, use of Graphite By 2023, battery demand is By 2028, battery share of market is
Concentrates was primarily industrial projected to increase by five times expected to grow +2 million tonnes
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By 2028, battery share of market is
expected to grow +2 million tonnes
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Source: Benchmark Mineral Intelligence

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EV Momentum is Driving Unprecedented Demand for Purified Spherical Graphite

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

Purified Spherical Graphite Demand

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CAGR of +29%
to 2030
PSG demand
has increased
2.5x from 2015
to 2019
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Source: Benchmark Mineral Intelligence

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Section 3: The Siviour Battery Anode Material Project

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Mine to Market Supply Chain Security

Mine to Market supply chain located from South Australia lowers lowers logistics costs and ensures security of supply.

• Graphite is a ‘Critical Mineral’ as defined by Australian Trade and Investment Commission.

• High-value PSG is required for battery anode manufacture to service the rapidly growing Electric Vehicle market.

• Currently, 100% of PSG is produced from natural flake graphite is produced in China.

• Renascor’s vertically integrated operation offers global supply chain security from South Australia.

• The Siviour Graphite Deposit, Mine and Concentrator is located on the Eyre Peninsula in South Australia.

• Concentrate produced on the Eyre Peninsula will be transported to a PSG manufacturing facility in Port Adelaide and shipped to anode manufacturers around the world.

• The operation benefits from established infrastructure with the logistics supply chain to gain a competitive cost advantage in the production of PSG.

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South
Port Augusta
.
Australia
Whyalla .
. Port Pire
Siviour Graphite
Deposit, Mine
& Concentrator . Lucky Bay
.
Arno Bay
Port Lincoln .
Port Adelaide
Port Adelaide
PSG Facility
State Highways
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The Siviour Graphite Deposit is World-Class

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

Global Graphite Proven Reserve[1]

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• The deposit is flat, shallow and large, resulting in lowcost 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 PSG production costs.

1. See Slide 25 for Reserve category breakdown.

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Cross-section of Siviour Deposit
(shown in red) compared to other
Australian graphite projects
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Siviour Graphite Concentrate: Among the World’s Lowest Cost Production

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Graphite Concentrate DFS confirms lowest quartile OPEX, underpinning globally competitive PSG production.

Source: Benchmark Mineral Intelligence.

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Strong Comparative Advantage in PSG Production

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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).

• Renascor’s market data suggests an average operating costs of ~US$2,000/t PSG for existing PSG market (100% China).

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• Renascor’s gross operating cost of US$1,989/t PSG is favourable by comparison.

Source: Benchmark Mineral Intelligence

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Battery Anode Material Study Results[1]

Low graphite concentrate feedstock costs drives Renascor’s low PSG production costs, high margins and strong cash generation.

Item	Value
Average annual LOM production of Graphite Concentrate	105,000t
Average annual LOM production of PSG	28,000t
Life of mine/project	40 years
Start-up capital cost of mine and concentrator	US$79m
Start-up capital cost of battery anode material operation	US$63m
Total start-up capital	US$142m
NPV10 (after tax) of integrated operation	US$499m
Cost of Feedstock per tonne PSG production	US$775/t
Cost of Feedstock Conversion to PSG per tonne PSG production	US$1,214/t
Total Cost Project Operating cost per tonne PSG production	US$1,989/t
Operating cost (with by-product credit)	US$1,398/t
Projected PSG sales price	US$4,312/t
Net revenue of integrated operation	US$6,686m
EBITDA of integrated operation	US$4,387m
Project cashflow of integrated operation	US$2,878m

• Renascor has commenced work to investigate a substantial increase in Stage 1 production capacity beyond the currently planned 28,000tpa of PSG.

• Renascor has also brought forward feasibility work for the Stage 2 expansion.

1. ASX release 1 July 2020 ”Renascor Announces Battery Anode Manufacturing Operation”

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Strong Environment, Social and Governance (ESG) credentials

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• South Australia is a Tier-1 jurisdiction with low sovereign risk and a robust and transparent regulatory framework .

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• South Australia’s Minister for Energy and Mining granted a Mineral Lease for Siviour April 2019,[1 ] the first step in the South Australian government’s two-stage assessment and approval process.

• Renascor’s purification process is eco-friendly.

• Over the last five years, Renascor had developed a purification process that avoids the use of Hydrofluoric (“ HF ”) acid, offering a cleaner HF-free alternative to prevailing process used in China.

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• Renascor’s eco-friendly graphite purification technology achieved outstanding results of 99.98% C purity in recent testing at leading German independent battery mineral consultancy group Dorfner Anzaplan.

• By vertically integrating the mine and downstream processing operation in South Australia, Renascor optimises the use of local resources to lessen costly and inefficient transport of raw materials for intermediate processing and ensures strong ESG oversight of entire supply chain.

1. ASX 8 April 2019, “Mineral Lease Granted”1 July 2020 ”Renascor Announces Battery Anode Manufacturing Operation”

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Offtake Strategy: Aligned with Global Leading Battery Anode Manufacturers

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China is the leader in existing and future PSG demand.

• The production of lithium-ion battery anodes is largely concentrated in China, which accounts for approximately 85% (600,000tpa) of current lithium-ion battery anode capacity.

• The remaining 15% of lithium-ion battery anode capacity is centered in South Korea and Japan, with emerging anode production sources being developed in Europe and North America.

• China is also the highest growth market for lithium-ion battery anodes, with over 90% (560,000tpa) of new capacity currently under construction.

Renascor is advancing offtake negotiations with existing and potential new offtake partners, including with anode manufacturers and lithium-ion battery companies headquartered in north-east Asia and Europe.

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Source: Benchmark Mineral Intelligence (January 2021)

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Offtake Strategy: Aligned with Global Leading Battery Anode Manufacturers (cont.)

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Potential commitments for 100% of Stage 1 PSG capacity of 28ktpa

Minguang: First stage product qualification achieved with Chinese anode company Minguang as part of a non-binding PSG Offtake MOU covering up 10ktpa for 10 years. Minguang is a subsidiary of Fujian Metallurgical Holding Co. Ltd. - one of China’s largest battery material suppliers (total assets ~ US$13b).

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Zeto : First stage product qualification achieved with Chinese anode company Zeto as part of a non-binding PSG Offtake MOU covering up to 10ktpa for 10 years. Zeto is a top-ten anode producers globally and is a major supplier of anodes to the world’s largest battery makers, including Hong Kong listed BYD Co. Ltd, the world’s second largest manufacturer and retailer of EVs (market cap ~US$100b).

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Hanwa: Access to Japanese market through non-binding PSG Offtake MOU covering up to 10ktpa for 10 years. Hanwa is a leading Japanese-based global trading company long history of trading with some of the world’s largest metal and chemical producers and operates a dedicated Battery Team focussed on supplying graphite and other metals across the global battery value chain.

Increasing demand has led Renascor to bring forward feasibility work on potential Stage 1 expansion and larger Stage 2 production

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Australian Government Support

• Identified by Australian Government as a “Selected Australian critical minerals project”

• Mineral Lease grant by South Australia’s Minister for Energy and Mining in Siviour April 2019.[1]

• Reduced royalty for first five years of production with grant of ‘New Mine’ status by South Australian Government Treasury.

• In principle financial support from the Clean Energy Finance Corporation and Export Finance Australia.

• Strong local support, including District Council of Cleve and Regional Development of Australia Eyre Peninsula.

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Deputy Prime Minister Michael McCormack with Renascor Chairman Richard Keevers (February 2021)

1. ASX 4 April 2019, “Mineral Lease Granted”

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Project Development Indicative Timeline

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The Company’s indicative timeline targets:

• Q1 2022 – Final Investment Decision.

• Q2 2022 – Commencement of Construction.

• Q3 2023 – Commencement of Production.

	Q1’21	Q2’21	Q3’21	Q4’21	Q1’22	Q2’22	Q3’22	Q4’22	Q1’23	Q2’23	Q3’23
Marketing and Offtake
PSG Optimisation Tests
Product Qualification
PSG Engineering
Final Regulatory Approvals
Early Works and Long Lead Procurement
Project Financing and Due Diligence
Final Investment Decision
Detailed Design and Procurement
Construction
Commissioning
Production Start

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Renascor Resources: Multiple Near-Term Value Drivers

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• Siviour Battery Anode Material Project:

• Advancing to binding offtakes with three world-leading battery anode and trading companies.

• Increasing demand has led Renascor to bring forward feasibility work on potential Stage 1 expansion and larger Stage 2 production

• Completion of technical studies to capture synergies of the integrated Battery Anode Material Project.

• Final environmental and regulatory approvals.

• Lender due diligence and execution of a binding credit approved terms sheets.

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Renascor Resources Limited

36 North Terrace Kent Town, South Australia 5067 Phone: + 61 8 8363 6989 Email: info@renascor.com.au Website: www.renascor.com.au ASX Code: RNU

Proud members of:

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Appendix

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Siviour Mineral Resources and Ore Reserves

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Mineral Resource Estimate (April 2019)[1]

Category	Tonnes (Mt)	Grade (% TGC)	Graphite (Mt)
Measured	15.8	8.8%	1.4
Indicated	39.5	7.2%	2.8
Inferred	32.1	7.2%	2.6
Total	87.4	7.5%	6.6

Ore Reserve Estimate( July 2020)[2]

Category	Tonnes (Mt)	Grade (% TGC)	Graphite (Mt)
Proven	15.8	8.4%	1.3
Probable	35.8	6.9%	2.5
Total	51.5	7.4%	3.8

1. ASX release 30 April 2019 “High-Grade Measured Resource in Upgraded JORC Resource”, 2. ASX release 21 July 2020 ”Updated Mineral Ore Reserve Estimate”

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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.

1. Renascor ASX announcement dated 10 April 2019, ”In Principle Project Finance Support from Dutch ECA”

2. Renascor ASX announcement dated 30 April 2019, “High-Grade Measured Resource in Upgraded JORC Resource”

3. Renascor ASX announcement dated 11 November 2019, “Siviour Definitive Feasibility Study”

4. Renascor ASX announcement dated 3 March 2020, ”In Principle Finance Support from Australian ECA”

5. Renascor ASX announcement dated 24 June 2020, ”Siviour Graphite Project Financing Update”

6. Renascor ASX announcement dated 1 July 2020, ”Renascor Announces Battery Anode Manufacturing Operation”

7. Renascor ASX announcement dated 21 July 2020, ”Updated Mineral Ore Reserve Estimate”

8. Renascor ASX announcement dated 29 September 2020, ”MOU with one of China’s largest battery material suppliers”

9. Renascor ASX announcement dated 12 January 2021, ”First Stage Product Qualification with Offtake Partner”

10. Renascor ASX announcement dated 27 January 2021, ”Further Offtake MOU with Leading Battery Anode Manufacturer”

11. Renascor ASX announcement dated 11 February 2021, “First Stage Offtake Qualification of 2/3 of PSG Production”

12. Renascor ASX announcement dated 15 February 2021, “SA Govt. Grants Reduced Royalty Rate for Siviour”

1. Renascor ASX announcement dated 22 February 2021, ”Renascor’s Eco-Friendly Graphite Purification Technology Achieves Outstanding Results”

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