# RNU: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146610 Publisher: asx Original announcement: 2026-09-30T07:46:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:16:36.925Z Atlas analysis updated: 2026-09-30T08:16:36.925Z - Company: Renascor Resources Limited - Ticker: RNU - Exchange: ASX - Region: South Australia - Primary commodity: Graphite - Secondary commodities: Copper, Uranium, Cobalt - Document categories: Resource update, Metallurgy, Drill results - Extracted: 2026-09-30 08:16:37 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Renascor Resources Limited's 2026 Annual Report details significant advancements in its Battery Anode Material \(BAM\) Project, including the commissioning of its Purified Spherical Graphite \(PSG\) demonstration facility and bulk processing results exceeding DFS assumptions for graphite concentrate. The company also reported on early-stage exploration for copper, uranium, and cobalt, while maintaining stable graphite resource and reserve estimates. A strong cash position supports ongoing development and exploration activities. Reasoning: Renascor Resources Limited has made significant progress in de-risking its Battery Anode Material \(BAM\) Project with the commissioning of its PSG demonstration facility and positive metallurgical test work results. The company also highlights early-stage exploration potential for other critical minerals, supported by a strong financial position, although binding offtake and financing for the commercial project are still pending and resource estimates are unchanged. - Positive factor: PSG demonstration facility commissioned - Positive factor: HF-free purification process validated - Positive factor: Bulk processing results exceeded DFS assumptions for Siviour graphite concentrate grade and recovery - Positive factor: Purification operating costs estimated at US$459/tonne, supporting competitiveness - Positive factor: Identification of substantial copper mineralization and uranium exploration opportunity at Marree - Positive factor: Cobalt-bearing horizon identified at Bulloo Creek - Positive factor: Strong cash position of A$94 million - Positive factor: Australian Government support through grants and loan facility - Negative factor: Graphite markets remain challenging - Negative factor: Binding offtake agreements and financing for commercial operation not yet secured - Negative factor: Resource and reserve estimates are unchanged from prior year, indicating no growth - Negative factor: Historical drill results are being re-highlighted, not new assays - Negative factor: Exploration results are early stage Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 15 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an 'Annual review of Ore Reserves and Mineral Resources statement' for the year ended 30 June 2026. Evidence · text > Annual review of Ore Reserves and Mineral Resources **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources and Ore Reserves estimates are prepared in accordance with the 'JORC Code, 2012 Edition'. Evidence · text > JORC Code, 2012 Edition **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document names Mr G.W. McConachy, Mrs Christine Standing, and Mr Ben Brown as Competent Persons responsible for the exploration results, Mineral Resources, and Ore Reserves respectively. Evidence · text > Mr G.W. McConachy who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McConachy 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 \(the JORC Code, 2012 Edition\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Siviour Mineral Resource includes an 'Inferred' category of 50.5 Mt at 6.5% TGC. Evidence · table > 50.5 Context: Inferred **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Siviour Mineral Resource includes a 'Measured' category of 16.9 Mt at 8.6% TGC. Evidence · table > 16.9 Context: Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Siviour Mineral Resource includes an 'Indicated' category of 56.2 Mt at 6.7% TGC. Evidence · table > 56.2 Context: Indicated **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Siviour Ore Reserve includes a 'Proven' category of 16.8 Mt at 8.2% TGC. Evidence · table > 16.8 Context: Proven **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Siviour Ore Reserve includes a 'Probable' category of 45.0 Mt at 6.6% TGC. Evidence · table > 45.0 Context: Probable **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: Renascor completed construction and commenced processing graphite through its 'PSG demonstration facility', which is a large-scale test facility. Evidence · text > completed construction of our Purified Spherical Graphite \(PSG\) demonstration facility in Adelaide and commenced processing graphite through our integrated hydrofluoric acid \(HF\)-free purification flowsheet. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The bulk processing program achieved a graphite recovery of 96.5%, which is above the DFS assumption of 95.5%. Evidence · text > graphite recovery of 96.5%, exceeding the respective Siviour definitive feasibility study assumptions of 95.0% and 95.5%. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The bulk processing program achieved a graphite recovery of 96.5%, 'exceeding the respective Siviour definitive feasibility study assumptions' of 95.5%. Evidence · text > graphite recovery of 96.5%, exceeding the respective Siviour definitive feasibility study assumptions of 95.0% and 95.5%. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The company used an 'optimised flotation flowsheet' for bulk processing, indicating a mill-based processing route. Evidence · text > using its optimised flotation flowsheet at a commercial graphite facility. **Strong Intercept** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The historical intercept at Breaden Hill of 18m @ 1.57% Cu is considered strong for copper mineralization. Evidence · text > Breaden Hill: 18m @ 1.57% Cu from surface **Strong Intercept** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The historical intercept at Boorloo of 134m @ 0.57% Cu, including 28m @ 1.11% Cu, is considered strong for copper mineralization. Evidence · text > Boorloo: 134m @ 0.57% Cu from 26m, including 28m @ 1.11% Cu from 128m **Strong Intercept** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The historical intercept at Breaden Hill South of 9m @ 0.99% Cu is considered strong for copper mineralization. Evidence · text > Breaden Hill South: 9m @ 0.99% Cu from 39m **Weak Intercept** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The intercept at Bulloo Creek of 16m at 901 ppm cobalt is considered weak based on rubric thresholds for cobalt. Evidence · text > 16 metres at 901 ppm cobalt from 85 metres in drillhole 25BCRC007. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The historical drill results for copper at Marree are given as downhole lengths without true width or drill orientation information. Evidence · text > Breaden Hill: 18m @ 1.57% Cu from surface **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The drill result for cobalt at Bulloo Creek is given as a downhole length without true width or drill orientation information. Evidence · text > 16 metres at 901 ppm cobalt from 85 metres **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The copper drill results for the Marree Project are explicitly stated as 'Historical results'. Evidence · text > Historical results included: **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document does not disclose QA/QC procedures or certified labs for the historical Marree copper drill results. Evidence · text > Historical results included: **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document does not disclose QA/QC procedures or certified labs for the Bulloo Creek cobalt drill results. Evidence · text > Drilling identified a cobalt-bearing horizon with associated copper mineralisation at the Eastern Anomaly, including 16 metres at 901 ppm cobalt from 85 metres in drillhole 25BCRC007. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("Falcon"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### WP018 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-9) Marree · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: WP018 - Project: Marree - Commodity: copper - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 1.57 - Grade Unit: % - Intercept: 18 m - From: 0 m - To: 18 m - Intercept Depth: 0 m #### Classification - Program: exploration - Sample Type: drill - Group ID: WP018:0-18 #### Location - Location: Breaden Hill - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drilling at Breaden Hill returned a strong copper intercept of 18m at 1.57% Cu from surface, including a higher-grade sub-interval, indicating significant mineralization potential, though it is not new data and lacks true width disclosure. - Positive factor: Strong copper grade \(1.57% Cu\) - Positive factor: Significant intercept length \(18m\) - Positive factor: Higher-grade sub-interval \(6m @ 2.5% Cu\) - Negative factor: Historical result, not new data - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure Evidence · text > Breaden Hill: 18m @ 1.57% Cu from surface, including 6m @ 2.5% Cu from 2m \(WP018\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### WP018 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-10) Marree · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: WP018 - Project: Marree - Commodity: copper - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 2.5 - Grade Unit: % - Intercept: 6 m - From: 2 m - To: 8 m - Intercept Depth: 2 m #### Classification - Program: exploration - Sample Type: drill - Group ID: WP018:2-8 #### Location - Location: Breaden Hill - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A historical high-grade sub-interval of 6m at 2.5% Cu within a broader intercept at Breaden Hill highlights bonanza-grade copper mineralization, despite being old data and lacking true width information. - Positive factor: Very strong copper grade \(2.5% Cu\) - Positive factor: Good intercept length for a sub-interval \(6m\) - Negative factor: Historical result, not new data - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure Evidence · text > including 6m @ 2.5% Cu from 2m \(WP018\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### WP015 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-11) Marree · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: WP015 - Project: Marree - Commodity: copper - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 0.57 - Grade Unit: % - Intercept: 134 m - From: 26 m - To: 160 m - Intercept Depth: 26 m #### Classification - Program: exploration - Sample Type: drill - Group ID: WP015:26-160 #### Location - Location: Boorloo - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drilling at Boorloo revealed a very long copper intercept of 134m at 0.57% Cu, including a strong sub-interval, indicating bulk tonnage potential, though it is not new data and lacks true width disclosure. - Positive factor: Very long intercept length \(134m\) - Positive factor: Moderate copper grade \(0.57% Cu\) - Positive factor: Higher-grade sub-interval \(28m @ 1.11% Cu\) - Negative factor: Historical result, not new data - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure Evidence · text > Boorloo: 134m @ 0.57% Cu from 26m, including 28m @ 1.11% Cu from 128m \(WP015\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### WP015 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-12) Marree · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: WP015 - Project: Marree - Commodity: copper - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 1.11 - Grade Unit: % - Intercept: 28 m - From: 128 m - To: 156 m - Intercept Depth: 128 m #### Classification - Program: exploration - Sample Type: drill - Group ID: WP015:128-156 #### Location - Location: Boorloo - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A historical strong-grade sub-interval of 28m at 1.11% Cu within a broader intercept at Boorloo further highlights significant copper mineralization, despite being old data and lacking true width information. - Positive factor: Strong copper grade \(1.11% Cu\) - Positive factor: Significant intercept length for a sub-interval \(28m\) - Negative factor: Historical result, not new data - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure Evidence · text > including 28m @ 1.11% Cu from 128m \(WP015\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MWRC-9 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-13) Marree · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: MWRC-9 - Project: Marree - Commodity: copper - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 0.99 - Grade Unit: % - Intercept: 9 m - From: 39 m - To: 48 m - Intercept Depth: 39 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MWRC-9:39-48 #### Location - Location: Breaden Hill South - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drilling at Breaden Hill South returned a strong copper intercept of 9m at 0.99% Cu, indicating mineralization potential, though it is not new data and lacks true width disclosure. - Positive factor: Strong copper grade \(0.99% Cu\) - Positive factor: Moderate intercept length \(9m\) - Negative factor: Historical result, not new data - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure Evidence · text > Breaden Hill South: 9m @ 0.99% Cu from 39m \(MWRC-9\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25BCRC007 [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-drill-facts-14) Bulloo Creek, Olary · cobalt #### Identity - Hole ID: 25BCRC007 - Project: Bulloo Creek, Olary - Commodity: cobalt - Region: australia\_sa - Reported Region: australia\_sa - Ticker: RNU #### Geometry - Grade: 901 - Grade Unit: ppm - Intercept: 16 m - From: 85 m - To: 101 m - Intercept Depth: 85 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25BCRC007:85-101 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: New RC drilling at Bulloo Creek identified a cobalt-bearing horizon with associated copper mineralization, including 16m at 901 ppm cobalt, which is a weak but novel intercept for exploration. - Positive factor: New drill program identified cobalt mineralization - Positive factor: Moderate intercept length \(16m\) - Positive factor: Associated copper mineralisation noted - Negative factor: Weak cobalt grade \(901 ppm\) - Negative factor: Apparent width only, true width not stated - Negative factor: No QA/QC disclosure for this specific result Evidence · text > including 16 metres at 901 ppm cobalt from 85 metres in drillhole 25BCRC007. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (7) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-0) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: reserve - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ben Brown - Resource group id: resource:35bc2d8c8b045dd611cc #### Resource Data - Category: proven - Tonnes: 16800000 - Grade: 8.2 - Grade Unit: %TGC - Contained Metal: 1.4 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 16800000 - Prior Grade: 8.2 - Prior Contained Metal: 1.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Proven Ore Reserve for Siviour graphite remains unchanged from the previous year, indicating stability but no growth in this high-confidence category. - Positive factor: High confidence Proven Reserve category - Negative factor: No change from prior estimate Evidence · table > 16.8 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-1) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: reserve - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ben Brown - Resource group id: resource:50f0fdef50e9dd3eb560 #### Resource Data - Category: probable - Tonnes: 45000000 - Grade: 6.6 - Grade Unit: %TGC - Contained Metal: 3 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 45000000 - Prior Grade: 6.6 - Prior Contained Metal: 3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Probable Ore Reserve for Siviour graphite remains unchanged from the previous year, indicating stability but no growth. - Positive factor: Probable Reserve category provides reasonable confidence - Negative factor: No change from prior estimate Evidence · table > 45.0 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-2) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: reserve - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ben Brown - Resource group id: resource:46f34dcd888fc10a45bd #### Resource Data - Category: probable - Tonnes: 61800000 - Grade: 7 - Grade Unit: %TGC - Contained Metal: 4.3 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 61800000 - Prior Grade: 7 - Prior Contained Metal: 4.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total Ore Reserve for Siviour graphite remains unchanged from the previous year, indicating stability but no growth. - Positive factor: Total Ore Reserve provides a significant resource base - Negative factor: No change from prior estimate Evidence · table > 61.8 Context: Total #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-3) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mrs Christine Standing - Resource group id: resource:a93318b725555106952e #### Resource Data - Category: measured - Tonnes: 16900000 - Grade: 8.6 - Grade Unit: %TGC - Contained Metal: 1.4 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 16900000 - Prior Grade: 8.6 - Prior Contained Metal: 1.4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Measured Mineral Resource for Siviour graphite remains unchanged from the previous year, indicating stability but no growth in this high-confidence category. - Positive factor: High confidence Measured Resource category - Negative factor: No change from prior estimate Evidence · table > 16.9 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-4) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mrs Christine Standing - Resource group id: resource:c1c09c57e3ba9ca6d810 #### Resource Data - Category: indicated - Tonnes: 56200000 - Grade: 6.7 - Grade Unit: %TGC - Contained Metal: 3.8 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 56200000 - Prior Grade: 6.7 - Prior Contained Metal: 3.8 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Indicated Mineral Resource for Siviour graphite remains unchanged from the previous year, indicating stability but no growth. - Positive factor: Indicated Resource category provides good geological confidence - Negative factor: No change from prior estimate Evidence · table > 56.2 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-5) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mrs Christine Standing - Resource group id: resource:a3e652db4f28568faf67 #### Resource Data - Category: inferred - Tonnes: 50500000 - Grade: 6.5 - Grade Unit: %TGC - Contained Metal: 3.3 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 50500000 - Prior Grade: 6.5 - Prior Contained Metal: 3.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Inferred Mineral Resource for Siviour graphite remains unchanged from the previous year, indicating stability but no growth in this lower-confidence category. - Negative factor: Inferred Resource is a speculative category - Negative factor: No change from prior estimate Evidence · table > 50.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-resource-facts-6) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mrs Christine Standing - Resource group id: resource:28630163a97025261185 #### Resource Data - Category: inferred - Tonnes: 123600000 - Grade: 6.9 - Grade Unit: %TGC - Contained Metal: 8.5 - Contained Unit: mt - Cutoff Grade: 2.3 - Cutoff Unit: %TGC #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 123600000 - Prior Grade: 6.9 - Prior Contained Metal: 8.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total Mineral Resource for Siviour graphite remains unchanged from the previous year, indicating stability but no growth. - Positive factor: Total Mineral Resource provides a substantial resource base - Negative factor: No change from prior estimate Evidence · table > 123.6 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-metallurgical-facts-7) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation - Sample: 730 tonnes of Siviour ore #### Recovery - Recovery: 96.5 % - Recovery Basis: actual\_test - Conc. Grade: 96.8 - Conc. Grade Unit: % Carbon #### Lab - Laboratory: commercial graphite facility #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Bulk processing of Siviour ore achieved high graphite recovery and concentrate grade, both exceeding definitive feasibility study assumptions, which is a significant positive for the project's economics and de-risking. - Positive factor: High recovery achieved \(96.5%\) - Positive factor: Concentrate grade exceeded DFS assumptions \(96.8% vs 95.0%\) - Positive factor: Recovery exceeded DFS assumptions \(96.5% vs 95.5%\) - Positive factor: Bulk processing scale \(730 tonnes\) provides high confidence Evidence · text > The program achieved an average concentrate grade of 96.8% Carbon and graphite recovery of 96.5%, exceeding the respective Siviour definitive feasibility study assumptions of 95.0% and 95.5%. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### purification cost study [Link to this fact](https://atlas-staging.minestarters.com/news/rnu-annual-report-to-shareholders--03947fbc-96d9-4467-ade3-528afb3e9bbd#fact-metallurgical-facts-8) Siviour Project · graphite #### Identity - Project: Siviour Project - Commodity: graphite - Region: australia\_sa - Reported Region: South Australia - Ticker: RNU #### Test Work - Program Status: optimization - Test Type: purification cost study - Processing Route: HF-free purification #### Recovery - Conc. Grade: 99.95 - Conc. Grade Unit: % C #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A purification cost study indicates competitive operating costs for the HF-free PSG process, which is a positive step towards commercial viability and market differentiation for Renascor's battery anode material. - Positive factor: Purification costs are competitive \(US$459/tonne\) - Positive factor: HF-free process offers environmental advantages - Positive factor: Aims to produce high-purity battery-grade PSG \(99.95% C\) Evidence · text > estimating purification operating costs of approximately US$459 per tonne \(2026 dollars\), supporting the potential competitiveness of Renascor’s HF-free purification process relative to HF-based purification methods being developed in Western jurisdictions. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.