Renascor Resources Ltd

Graphite is now being processed with reagents through the demonstration plant's HF-free purification flowsheet, including the caustic bake circuit. This starts the operating phase expected this quarter. Larger runs and customer qualification samples follow next quarter.

production update

Processing of the roughly 730 tonne Siviour bulk sample in China is finished, giving concentrate at 96.8% carbon and 96.5% recovery, above the 95.0% and 95.5% in the feasibility study. It completes the earlier first run (97.1% C, 96.0% recovery) and feeds the PSG demonstration plant.

drilling result

South Australia's Planning Minister granted provisional development authorisation for the Bolivar facility, up to 100,000tpa of PSG, resolving the pending approval. It is conditional on final detailed design approval. This is the main planning approval for the downstream plant.

regulatory community update

ECI submissions from the EPC contractors raise the processing plant capital estimate 4.7% (2.8% of the $214.5m stage one total) versus the 2023 study. They lift coarse flake share from 17% to 27%, grade to 95.3% and recovery to 96.7%. Preferred contractor not yet chosen.

contract award

Equipment trials of the planned purification process produced battery-grade graphite up to 99.99% carbon, against the 99.95% industry standard. This supports the PSG process ahead of the grant-funded demonstration plant, still on schedule for commissioning in Q2 2025.

drilling result

Renascor won a $5m federal grant to co-fund up to 49.9% of a $10m demonstration plant for purified spherical graphite, supported by POSCO International and Hanwa. Equipment procurement is planned this quarter, with commissioning in Q2 2025.

material agreement

Renascor started a competitive Early Contractor Involvement process with GR Engineering and Primero to design and price the Siviour processing plant, aiming for an executable EPC contract. Completion is expected late Q4 2024. Offtake and equity talks continue in parallel.

contract award

Kathryn Presser AM, former CFO and Company Secretary of Beach Energy for twenty years, joined as independent non-executive director, filling a casual vacancy. She stands for re-election at the November 2024 AGM. This is the first board addition since the chair flagged renewal.

director officer appointment

Renascor signed an Indigenous Land Use Agreement with the Barngarla native title holders, giving consents for the desalination plant and pipelines and satisfying a key requirement for construction. Shares worth $35,000 will be issued once the ILUA is registered.

material agreement

Export Finance Australia confirmed the A$185m loan (A$150m term, A$35m cost overrun), conditionally approved in February 2022, can be used for the upstream graphite concentrate operation. Drawdown still needs due diligence and documentation; no fatal flaws found so far.

debt financing

Renascor agreed to buy the freehold land under the Siviour deposit (ML 6495) from the Siviour family, following an earlier option. Completion is expected January 2024, funded from cash; price not stated. It supports on-ground works ahead of construction.

asset acquisition disposition

Siviour Mineral Resource rises 25% to 123.6Mt at 6.9% TGC (8.5Mt graphite), from 93.5Mt, after the northern drilling. 61% is Measured or Indicated. Measured and Indicated rose to 73.1Mt; it is not yet in the Ore Reserve or BAM Study.

resource reserve update

Updated Siviour Ore Reserve is 61.8Mt at 7.0% TGC (4.3Mt graphite), a 13% increase on the 2020 reserve of 51.5Mt, including Proven 16.8Mt at 8.2%. Based on the new BAM Study; the company says it is the largest graphite reserve outside Africa.

resource reserve update

The optimised BAM Study shows post-tax NPV10 of A$1.5bn (up from A$713m in 2020), IRR 26%, and average EBITDA of A$363m. Upstream start-up capex is A$214.5m, with A$394.6m for the later PSG plant; funding is to come from A$129m cash and debt.

investor presentation

Renascor signed a non-binding strategic cooperation MOU with Mitsubishi Chemical, Japan's largest chemical company, covering possible purchase of graphite concentrate and purified spherical graphite from Siviour and a possible commercial partnership. Terms, volumes and prices remain to be negotiated; adds to POSCO, Minguang, Zeto and Hanwa MOUs.

material agreement

Drilling confirmed high-grade graphite over more than 3km immediately north of the Siviour resource, including 47m at 7.6% TGC from 78m. Of 26 holes, 6 were abandoned before reaching mineralisation. An updated resource estimate is expected this quarter and could enlarge the 93.5Mt resource.

drilling result

Renascor started long-lead procurement for the Siviour mine, commissioning SA Power Networks to upgrade electrical infrastructure for the grid connection. It also began tendering for early contractor involvement in mine FEED. The BAM Study is still due July 2023.

contract award

Renascor says the optimised BAM Study is nearing completion, now expected July 2023. Upstream engineering is done, and long-lead procurement and mine FEED tendering are starting. Capital costs are expected to rise with inflation. A final investment decision is still targeted later this year.

investor presentation

Renascor completed the A$70m placement of about 254.5m shares at $0.275, with domestic and offshore institutions taking part. Pro-forma cash is A$140m before costs. Management says it allows earlier construction of the Siviour mine, with a final investment decision targeted for 2023.

capital raising announcement

Renascor launched a fully underwritten institutional placement of about 254.5m shares at $0.275 to raise roughly A$70m, a 14.1% discount to the last close. Funds bring forward construction of the Siviour mine and concentrator after the PEPR approval; pro-forma cash is A$140m.

capital raising announcement

South Australia approved Renascor's environmental and rehabilitation program (PEPR) for the Siviour mine, allowing up to 1.65Mtpa processing and 150,000t of concentrate a year. It follows the 2019 mineral lease, satisfies a key condition of the A$185m EFA loan, and resolves a long-pending permit.

regulatory community update

Renascor signed a 40-year option-to-lease with SA Water over a 20-hectare site at Bolivar, north of Adelaide, for its graphite purification plant. Rent is set at market rates; the option can be exercised before 30 June 2025. This resolves the open downstream site selection.

material agreement

Siviour Mineral Resource upgraded after the infill drilling: Measured plus Indicated rose 14% to 62.8Mt at 7.5% TGC (4.7Mt graphite); total resource is 93.5Mt at 7.3% TGC (6.9Mt). It will feed an improved pit design and reserve in the optimised study.

resource reserve update

Final assays from the 38-hole program include 25 metres at 13.7% TGC and 45 metres at 9.4% TGC, west of the current pit design. A revised Mineral Resource Estimate is expected this quarter, building on the June results.

drilling result

Drilling at Siviour returned wide graphite intersections, such as 28 metres at 8.2% TGC and 25 metres at 8.4% TGC. Assays cover about half the program; the company expects they could support a higher resource confidence and a larger reserve.

drilling result

Renascor raised $65m through a placement of about 241m shares at $0.27, a 12.9% discount to last close, plus a Share Purchase Plan of up to $10m. Funds go to engineering, long-lead items and an expanded Stage 1; pro-forma cash is $80m.

capital raising announcement

Export Finance Australia conditionally approved an A$185m loan facility for Siviour under the $2bn Critical Minerals Facility, following 2020 in-principle support. Conditions, including EFA due diligence, are to be met alongside a planned 2022 final investment decision. It is not yet binding funding.

debt financing

Commercial-scale milling trials gave spherical graphite yields above 60%, versus the 50% assumed in the July 2020 study. Locked-cycle purification again reached up to 99.99% carbon. POSCO due diligence is progressing, though nothing is binding yet.

other

Renascor lodged its mining program (PEPR) for Siviour, seeking approval for up to 1.65Mtpa processing, or up to 150,000t of concentrate a year. It is the second step after the 2019 Mineral Lease; the State expects a review of up to four months.

regulatory community update

The Australian Government granted Major Project Status to the Siviour Battery Anode Material project, giving a single entry point for federal approvals and coordination with State approvals. Renascor says it supports binding offtake talks and project financing. No funding is announced.

regulatory community update

Renascor signed a non-binding MOU with South Korea's POSCO to supply 20,000-30,000tpa of purified spherical graphite, with a possible POSCO equity investment. Offtake MOUs now total up to 60,000tpa against ~30,000tpa Stage 1, supporting expansion work. Nothing is binding yet.

material agreement

Renascor raised about $15m via an institutional placement of 187.5m shares at $0.08, an 11.1% discount to the last close. The company says this funds Siviour through to a final investment decision, with construction targeted for 2022. Cash was just $4.1m at March.

capital raising announcement

Soyuz RC assays: 13 of 14 holes hit gold, best 11m @ 0.9 g/t including 4m @ 2.0 g/t, about 100m below the earlier 2m @ 16.4 g/t. The company says the mineralised system extends further, but size and continuity remain undefined; no resource.

drilling result

Renascor has started work on a substantial increase in Stage 1 capacity beyond the planned 28,000tpa of purified spherical graphite, and is bringing forward Stage 2 feasibility work, citing inbound anode-maker enquiries. Offtake MOUs remain non-binding; no new capacity figure is given.

other

Renascor signed a third non-binding MOU, with Japanese trader Hanwa, for up to 10,000tpa of purified spherical graphite for up to ten years. With Minguang and Zeto, MOUs now exceed 100% of the 28,000tpa Stage 1. It is considering an expanded Stage 1 or a Stage 2.

material agreement

Renascor received a letter of in-principle support from the Clean Energy Finance Corporation, adding to Export Finance Australia and Atradius support. Flotation tests improved graphite purity and recovery; PEPR submission is being prepared. No funding amount or binding terms are given.

debt financing

Renascor says its purified spherical graphite passed first-stage qualification with Zeto, following Minguang in January. Up to 20,000tpa, over two-thirds of planned Stage 1 output, is now first-stage qualified under non-binding MOUs. Binding offtake negotiations can proceed; none is signed.

material agreement

A reverse circulation drill program of up to 2,000m starts this week at Soyuz, testing extensions of earlier high-grade gold (7m @ 5.14g/t) and the IP anomaly 500m along strike. A rig is on site; about two weeks of drilling is expected. Carnding is Renascor's first drilling in this gold project.

drilling spud

Renascor signed a second non-binding MOU, with Chinese anode maker Zeto, for up to 10,000tpa of purified spherical graphite over ten years. With Minguang, MOUs now cover about two-thirds of planned 28,000tpa output. Price and terms remain subject to validation tests.

material agreement

Renascor says Siviour purified spherical graphite passed first-stage qualification with Minguang New Material, whose September 2020 MOU covers up to 10,000tpa. This allows binding offtake negotiations to begin, but no binding agreement or price is yet announced.

other

Renascor signed a binding farm-in with Rio Tinto Exploration on EL 5586 (Marree Project, Adelaide Fold Belt). Rio can earn 80% by paying $200,000 and funding $3m of exploration within five years. Renascor keeps 100% of the other Marree licences, EL 6170 and EL 6403.

farm in farm out agreement

Renascor signed its first non-binding MOU to supply up to 10,000tpa of purified spherical graphite for ten years to Chinese anode maker Minguang New Material, about one-third of planned 28,000tpa output. Further validation tests must precede any binding agreement.

material agreement

Renascor has firm commitments for a $3.6m placement at 1.1 cents a share, a 14.4% discount to the 5-day VWAP, with one free option per two shares (2 cents, two-year expiry). Funds go to Siviour graphite work, Carnding gold exploration and working capital. Directors plan to join, subject to shareholder approval.

capital raising announcement

Siviour Ore Reserve upgraded to 51.5Mt at 7.4% TGC (3.8Mt contained graphite), including Proven 15.8Mt at 8.4%. Previously the Probable Reserve was 45.2Mt at 7.9%, with no Proven category. The company says it is the largest reported graphite reserve outside Africa.

resource reserve update

Study of an integrated mine plus battery anode material plant at Siviour shows post-tax NPV10 of A$713m, IRR 33% and start-up capex of A$213m (A$114m mine, A$90m anode plant), producing about 28,000t a year of spherical graphite. Further funding will likely be required; this is an extension of the November 2019 DFS.

resource reserve update

Renascor engaged Nordic investment bank ABG Sundal Collier to manage proposed debt financing for the integrated Siviour concentrate and spherical graphite project. It is meant to work alongside the Export Finance Australia and Atradius support already received. It is not a funding commitment.

debt financing

Half-year accounts to 31 December 2019 carry a BDO review report with an emphasis of matter on material uncertainty about the company's ability to continue as a going concern. The conclusion is not modified. Financial figures are not shown in the excerpt.

half year report

Export Finance Australia issued a letter of support saying it will consider financing Siviour and the spherical graphite project, subject to due diligence. This adds to Atradius's earlier interest in about 60% of capex. It is not a funding commitment.

debt financing

The share purchase plan closed with valid applications for $500,000, bringing the total raised with the December placement to $1.883m at $0.011. Directors applied for $137,000 of placement shares, which still need shareholder approval. This resolves the raising.

capital raising announcement

South Australia's mining department approved the plan to extract a 60 tonne bulk sample from Siviour. Ore will go to a pilot plant in China to make large marketing samples for potential buyers. Drilling is expected next month. This supports the offtake push.

regulatory community update

Raising $1.4m through a placement of 125.7m shares at 1.1 cents, a 15.4% discount to the last close, to fund FEED, bulk samples and offtake work. A share purchase plan will offer up to $0.5m more at the same price. This addresses falling cash ($1.8m at 30 September).

capital raising announcement

Siviour DFS delivered: post-tax NPV10 A$388m, IRR 33%, start-up capex A$114m, 80ktpa in Stage 1. Value is well below the Feb 2019 spherical PFS (A$889m) as prices were cut 22%. Up to 60% of capex may get Atradius support; extra funding is still needed.

resource reserve update

placeholder

other

Siviour resource upgraded to 87.4Mt at 7.5% TGC (6.6Mt contained graphite), including a first Measured resource of 15.8Mt at 8.8% TGC. 64% is now Measured or Indicated. This follows the late-2018 infill drilling; DFS results are expected near end of June quarter.

resource reserve update

Dutch export credit agency Atradius issued a non-binding Letter of Interest for cover on up to about 60% of Siviour's initial capex. This is a first step: further due diligence and committee approval are needed, and no loan is committed.

debt financing

South Australia's minister granted the Siviour Mineral Lease, resolving the application lodged in August 2018. A mining program (PEPR) must still be approved before mining, and is to be submitted later this year. DFS is due towards end of June quarter.

regulatory community update

BurnVoir Corporate Finance appointed financial adviser to arrange a development funding package for Siviour, working with Royal IHC. Follows the Royal IHC partnership and the pending DFS; no funding is yet committed.

material agreement

Spherical graphite PFS projects a combined concentrate and spherical operation with post-tax NPV10 of A$889m, IRR 53% and total capital A$221.5m. Spherical plant capex is A$89.9m. These are prefeasibility-level projections that depend on an assumed A$4,800/t spherical price.

resource reserve update

Independent tests upgraded Siviour concentrate to 99.95-99.96% carbon using caustic roasting, rather than hydrofluoric acid, reaching battery grade. Renascor expects lower costs and will update the spherical graphite PFS, due this quarter. These were early sighter tests only.

drilling result

Renascor completed the 100% acquisition of Ausmin, which holds the Siviour project, by issuing about 187.6m shares to Ausmin shareholders. This closes the deal approved on 3 September and gives full ownership of Siviour.

asset acquisition disposition

Strategic partnership with engineering contractor Royal IHC Australia, which commits $1m of early works (as discounted feasibility services) and intends to be EPC contractor and help arrange project finance. If financing isn't secured within three months of final approvals, IHC may convert its contribution to shares.

material agreement

Non-executive director Chris Anderson resigned immediately, and Geoff McConachy will move from executive to non-executive director from the start of next year. Chair says the board is being realigned as Renascor moves from explorer toward development.

director officer appointment

Siviour Mining Lease Application lodged with South Australia's energy and mining department, in Ausmin's name, after two years of studies. This delivers the permitting step expected this quarter. Renascor says it is funded ($8.2m cash at 30 June) through the feasibility study. Ausmin acquisition meeting set for 3 September.

regulatory community update

Renascor agreed with the Siviour family, owners of the land hosting the Siviour deposit, to keep access for drilling and bulk sampling and gained the right to acquire an option to buy the land, priced after an independent appraisal next year. Dean Siviour joins a new advisory board.

material agreement

Board resolved to exercise the option to buy 100% of Ausmin, owner of Siviour, for about 189.6m shares, subject to shareholder approval at a meeting expected in August. Continues the April option deal.

asset acquisition disposition

Share Purchase Plan closed with about $1.2m of valid applications, taking the April placement plus SPP to over $7.7m, at 2.7 cents. Tranche 2 (~$2.2m) awaits a general meeting on 22 June 2018. Less than the $2m SPP maximum.

capital raising announcement

Firm commitments for a $6.5m placement at 2.7 cents per share, to fund the definitive feasibility study (due Q1 2019) and Olary cobalt drilling. A Share Purchase Plan of up to $2m at the same price follows. Tranche 2 (about $2.2m) needs shareholder approval.

capital raising announcement

First offtake MOU, non-binding, with China's Qingdao Chenyang Graphite: up to 10,000t a year of concentrate from Stage 1 and up to 30,000t from Stage 2 of Siviour. Price and other terms are still to be negotiated; talks continue in May.

material agreement

New option agreement to buy 100% of Ausmin, owner of Siviour, for about 187.6m Renascor shares (notionally 22%), subject to shareholder approval. Replaces the earlier option and removes the $2.5m expenditure condition, replacing the 30 September 2018 vesting deadline with a fixed share price-free consideration.

asset acquisition disposition

Prefeasibility study completed with a maiden Ore Reserve of 45.2Mt at 7.9% TGC. Large-scale case: US$500m NPV10, 62% IRR, US$335/t cost. Staged case: US$29m start-up capital, 47% IRR. Renascor moves straight to the definitive feasibility study and funding talks.

resource reserve update

Spherical graphite scoping study: 30,000tpa of spherical graphite, A$77.1m start-up capital, stand-alone NPV10 A$307.5m and IRR 59.9%. Combined with the 123,000tpa concentrate case, NPV10 is A$740.5m. Preliminary; more funding is likely needed and may dilute shareholders.

other

Independent laboratory tests turned Siviour graphite concentrate into 99.98% pure spherical graphite, above the 99.95% battery-anode standard, with first-pass yields of 51-60%. Spherical graphite sells above US$3,000/t. Early step toward the spherical scoping study, due imminently.

other

Staged development study for Siviour: stage one of 10,800tpa for A$15.9m capital from 2019, then 123,000tpa for A$138m from 2022. Offers a lower-cost entry than the May scoping study's A$144m single stage; more funding is likely needed and may dilute shareholders.

other

Placement of about $3m at $0.017 per share (up to about 179.5m shares) with one free option per two shares, exercisable at $0.03 until 31 Oct 2019. $2.05m comes first; $1m from directors and others needs shareholder approval. Funds advance Siviour studies.

capital raising announcement

The Ausmin option terms are amended: exercise now requires $2.5m of project spend from 1 July 2017, replacing the earlier need for a completed definitive feasibility study. This sets a clearer, spend-based path to acquiring Siviour; the 22% equity consideration and 30 Sep 2018 deadline are unchanged.

material agreement

Scoping study (BatteryLimits) for a 20-year, 123,000tpa open pit and plant: after-tax NPV10 of A$551m, IRR 59%, capex A$144m, cash cost A$450/t. Preliminary; extra funding likely needed, possibly dilutive. Resolves the open scoping study thread; feasibility work follows.

resource reserve update

Metallurgical tests gave concentrate averaging 94% TGC at 85% recovery, with 48% of flake above 150 microns. Recovery is below the earlier 91% on a single sample, now on 14 holes' core. Company says this is enough to finish the scoping study next month.

well test result

Siviour resource upgraded to 80.6Mt at 7.9% TGC for 6.4Mt contained graphite (from 60.8Mt, 4.7Mt); Indicated 51.8Mt. Higher-grade 30.1Mt at 10.0% (from 22.2Mt). Now ranked ninth largest Indicated graphite resource reported worldwide, per the company.

resource reserve update

Assays confirm the eastern extension, e.g. 27m at 11.6% TGC (Siv080) and 22m at 10.5% TGC (Siv098); northeast holes include 44m at 8.2%. A resource upgrade is expected next week, with metallurgical results later in March.

drilling result

A 34-hole, 1,800m drill program finished at Siviour. Visible graphite in 12 eastern holes suggests the shallow +10% TGC zone extends at least another 1km east of the Indicated Resource. Assays due in 2-3 weeks; revised resource expected in March.

drilling result

Final assays show a shallow +10% TGC zone about 1km long along the southern edge of the Indicated Resource, with potential to extend at least 1km east. Ten of eleven holes hit graphite. A follow-up drill program of up to 2,000m has started.

drilling result

First assays from the 11-hole program confirm a shallow +10% TGC zone along the southern edge of the Indicated Resource, e.g. 32m at 9.6% from 13m, under about 8m of cover. It extends southeast and remains open. The scoping study is expanded to a large-scale case.

drilling result

Richard (Dick) Keevers, a director since July and former chair of EPM, becomes Non-Executive Chairman from 1 January 2017. Stephen Bizzell steps down as chair but stays on the board as a non-executive director. Keevers has over 40 years' resource experience.

director officer appointment

Renascor completed the purchase of the remaining 51% of Eyre Peninsula Minerals, taking it to 100%, by issuing about 42.07m shares and 15m $0.05 options expiring 5 December 2019. This resolves the AGM-approval condition; the Ausmin option still requires a bankable feasibility study.

farm in farm out completion

Metallurgical tests on Siviour core SIV035 produced 99% TGC graphite concentrate by simple flotation, with 91% recovery, building on the earlier 87% recovery and 93% purity. Also made 94% TGC jumbo flake. Company stresses these are limited, preliminary tests. BatteryLimits appointed to manage pre-feasibility work.

well test result

Siviour resource nearly quadrupled from 16.8Mt at 7.4% TGC to 60.8Mt at 7.8% TGC, holding 4.7Mt of contained graphite, including 22.2Mt at 10.0%. Resolves the pending upgrade after the drilling. Company says it is funded with about $2.7m cash; the deposit remains open.

resource reserve update

Bizzell Capital Partners will use its right to place up to 20m shares at $0.03 to raise up to $600,000. BCP, linked to chair Stephen Bizzell, intends to take part, subject to shareholder approval at the AGM. Funds go to Siviour and working capital.

capital raising announcement

72% of the listed 3-cent options were exercised, raising $1,394,633 from 46.5m options. The underwriter placed the 17.87m-share shortfall at $0.03, adding $536,151, for about $1.93m total to accelerate Siviour development and working capital.

capital raising announcement

Renascor signed an underwriting deal with Bizzell Capital Partners, linked to chair Stephen Bizzell, guaranteeing $1.9m from the 3-cent options expiring 30 September. BCP may also place up to $600,000 of shares by 14 October, with fees of 6% and 5%. This resolves the open question of funding after option expiry.

capital raising announcement

Renascor exercised its option to buy the remaining 51% of Eyre Peninsula Minerals, which holds the option over the Arno graphite project, taking it from 49% to 100%. Payment is 42.07m shares (valued $2.04m) and 15m $0.05 options, subject to shareholder approval at the AGM.

asset acquisition disposition

Final assays from the 31-hole program show thick shallow graphite east of the Indicated Resource (e.g. 35m at 8.7% TGC) and confirm at least 1km of continuity to the west. A revised JORC resource is expected after modelling, which could expand the current 16.8Mt.

drilling result

First assays from 14 western holes at Siviour give the highest grades yet, up to 26.0% TGC, and confirm the graphite body extends at least 1km west of the Indicated Resource. Remaining assays are due within two weeks, then resource modelling begins.

drilling result

Diamond core assays at Siviour confirm shallow, high-grade graphite, up to 20.5% TGC, including 27m at 13.3% (SIV035). Hole SIV034 in the Inferred zone graded above the resource average of 6.9%, suggesting a possible upgrade. Follows the June diamond program whose assays were pending.

drilling result

Renascor completed its $400,000 earn-in for 20% of Eyre Peninsula Minerals and exercised the option for a further 29% via 38.67m shares, taking it to 49% subject to the 30 June meeting. A final 51% option, about $2.04m of shares plus 15m options, runs to 21 Dec 2016.

farm in farm out completion

Raises $1.1m at $0.015 per share, with one free $0.03 option (expiring 30 Sep 2016) per four shares. $711,000 is placed now and $389,000 is conditional on shareholder approval. Funds Siviour expansion drilling and metallurgical work; addresses the low cash flagged in the April quarterly.

capital raising announcement

Large-diameter diamond core drilling at Siviour to start this month for metallurgical samples, plus resource expansion drilling. Renascor plans to lift its Eyre Peninsula Minerals stake to 49% next month by issuing 38.67m shares, subject to shareholder approval. Scoping study still due next quarter.

drilling scheduled

Maiden JORC resource for Siviour, Arno: 16.8Mt at 7.4% TGC for 1,243,200t contained graphite, including 5.9Mt at 10.0% TGC at an 8% cut-off. Company calls it Australia's largest reported graphite resource. Resolves the resource thread; a scoping study is expected in the third quarter.

resource reserve update

Final assays from the 24-hole program found graphite at Siviour West (23m at 8.0% TGC) and Paxtons (27m at 7.8% TGC). Company says the zone may extend over 3km east-west. Next stage planned: more drilling and metallurgical testing to assess resource potential.

drilling result

First assays from the 24-hole Arno program, which began in January: 10 holes at Siviour hit shallow graphite, best 19m at 14.8% TGC from 12m (Siv014). Suggests a flat-lying body over 600m strike, which the company says looks unique in the Eyre Peninsula. Remaining assays due in 2-3 weeks.

drilling result

Binding option to buy Eyre Peninsula Minerals, which holds an option over 78% of the Arno graphite project in South Australia (1,372 sq km). Earlier drilling hit graphite in all eight holes, including 19m at 11.14% TGC. This adds a second graphite project alongside Munglinup, with drilling due this month.

asset acquisition disposition

Binding agreement to acquire the Munglinup graphite and nickel sulphide project in Western Australia (579 sq km) for 8m shares, 4m options ($0.03) and $100,000 cash, with a $140,000 co-funded drilling grant. It adjoins the Halbert's graphite deposit; no resource at Munglinup itself. Drilling is expected later this year.

asset acquisition disposition

Nine-hole, 1,609m program at Extension Tank found mafic meta-basalts with red-rock alteration but only low-level sulphides in the main anomalies. The company downgraded Extension Tank in its pipeline, a setback for the prospect; assays are due in three to four weeks.

drilling result

Raising completed at $1.5m: $1.0m through the entitlement offer (retail $284,012, institutional $630,000, rest from underwriters) plus Acorn's $500,000, all at $0.02. A shortfall of 19.1m shares remains, which the company may place until 3 October. Drilling has begun.

capital raising announcement

The institutional part of the one-for-two entitlement offer raised $630,000 at $0.02 a share, with shares issued 12 June. It forms part of the up to $1.883m raising with Acorn's $500,000 placement; Extension Tank drilling is due later in June.

capital raising announcement

Raising up to $1.883m at $0.02 per share: $500,000 placement of 25m shares to Acorn Capital plus a one-for-two rights offer to raise up to $1.383m, underwritten to $1m. Every two new shares carry a free $0.03 option. Funds the Extension Tank drilling due this month.

capital raising announcement

Renascor agreed to sell four non-core Olary tenements to unlisted companies for $250,000 cash, with $77,500 already received and the rest after regulatory approvals. It intends to use the money to accelerate Eastern Eyre drilling.

asset acquisition disposition

Final assays confirm the first Extension Tank hole hit 8m at 0.45% copper from 64m with hematite; the second hole, 300m north, found 42m of hematite alteration with trace copper sulphide. Both tested only the upper part of the 6 MGal gravity target; follow-up drilling due this quarter.

drilling result

First drilling at Extension Tank found visible sulphide including chalcopyrite over 8 m from 64 m, and 42 m of hematite alteration in a second hole 300 m north. Management calls it a possible iron-oxide copper-gold system; assays due in two to three weeks.

drilling result

Rig mobilised for up to 1,000 m of diamond drilling at 1050 East, starting next week, to test for thicker massive sulphides below earlier hits. Soil sampling along the fault also starts. Resumes drilling after the earlier EM work.

drilling scheduled

Nine shallow holes east of the high-grade zone found only low-grade copper over 1,200 m, based on field XRF readings (e.g. 38m at 507 ppm Cu). Management says the intercepts are not economic. Next drilling targets porphyry to the south and massive sulphides.

drilling result

Share Purchase Plan closed with applications for 9.91m shares, raising $495,500 at $0.05. Combined with the $584,500 placement, total raised is $1.08m, for Eastern Eyre drilling. Completes the raising launched in April.

capital raising announcement

Placement of 11.69m shares at $0.05 to raise about $0.6m, plus a Share Purchase Plan capped at $861,000 at the same price. Funds are for accelerated Eastern Eyre drilling from May 2014 and working capital. Confirms the raising flagged by falling cash (earlier inference); directors take $0.17m, subject to shareholder approval.

capital raising announcement

A detailed IP survey shows a shallow sulphide zone east of the 1050 East copper hits, about 1,400 m by 400 m, under 40 m deep and 40-70 m thick. Drilling of near-surface copper targets is planned this month, aiming at a possible open-pit resource.

drilling scheduled

Assays confirm high-grade copper at 1050 East: 13 m at 1.45% Cu, 66 ppm Ag and 0.17% Co in EEDD012, including 8 m at 2.2% Cu. All five holes on the main section hit, open in all directions. Next-stage drilling is being planned.

drilling result

Diamond hole EEDD012 hit 8 m of massive sulphide with chalcopyrite (assays pending); EEDD008 assayed 14 m at 0.61% Cu. Sulphide is now shown over at least 150 m east-west, open north and south. Full assays are expected mid-January.

drilling result

Renaissance Uranium plans to rename itself Renascor Resources at its 29 November AGM, to reflect a multi-commodity focus led by the Eastern Eyre copper-cobalt-silver discovery. New name effective about 9 December if shareholders approve.

other

Assays confirm a copper-cobalt-silver zone at 1050 East: 44 m at 0.61% Cu, 311 ppm Co and 24 ppm Ag to end of hole in EERC003 (including 2 m at 3.5% Cu). Two other holes also hit. Grade and width rise with depth; diamond drilling is planned. Resolves the earlier wait for assays.

drilling result

Renaissance took a two-year option over two licence applications held by Currie Resources, covering 314 sq km north and east of Eastern Eyre and the northern Roopena Fault extension. It pays $25,000 and issues 500,000 shares; exercise is worth $175,000 in cash or shares, less the initial shares' value.

asset acquisition disposition

First Eastern Eyre program finished: seven RC holes, 1,150 m. Four holes at 1050 East hit a sulphide zone about 300 m by 30-50 m, up to 50% pyrite with some chalcopyrite. Copper grades await assays; Malachite was not conclusively tested due to groundwater.

drilling result

All approvals are now in hand and a rig is contracted to start next week on a 1,400 m initial Eastern Eyre program, led by 1050 East. This ends the wait for state work program approval flagged since June.

drilling scheduled

Renaissance signed a Deed of Access with the Department of Defence allowing exploration on Eastern Eyre's EL 5012. This clears a long-standing access hurdle; drilling is hoped for early next quarter, after final approvals, later than the April-May target.

material agreement

Drilling began 31 May at Kokatha, about a week late due to weather and rig availability, before moving to Sherrys and Tanners Dam; 1,200 m total through mid-June. A new IP survey showed a possible conductor south of the earlier Kokatha holes.

drilling spud

Gravity surveying at Eastern Eyre found a standout anomaly at Nilginee (at least 3 milliGal over about 3 sq km), now a first-priority target. Drilling there and at 1050 East, 1050, Quondong and Malachite is scheduled for April-May 2013. Follows the gravity survey flagged earlier.

drilling scheduled

Gairdner's maiden drilling found copper with IOCGU-style hematite alteration at Kokatha, anomalous silver at Freshwater and elevated nickel at Border. Follow-up is planned: deeper Kokatha holes, soil work and airborne EM. This is a partial positive after the earlier magnetic-target setback; no grades are shown in the extract.

drilling result

Gairdner's nine holes (about 1,200 m) are finished. Holes at the magnetic targets hit magnetite-bearing mafic volcanics with limited sulphides, which the company says discounts the likelihood of finding iron-oxide copper-gold-uranium deposits there. Silver-target holes showed epithermal-style alteration; assays are due early December.

drilling result

Drilling about to start at Gairdner on the Kokatha and Border iron-oxide copper-gold-uranium targets: eight reverse circulation holes, about 2,000 m, with approvals and a rig in place. This is the 'company maker' test flagged in earlier updates.

drilling spud

Exploration licence EL 5012 granted in the Eastern Eyre Peninsula after a long delay tied to the Defence Department's Cultana Training Area; it was first applied for in March 2009. A gravity survey comes next, with drilling of iron-oxide copper-gold-uranium targets targeted for early 2013.

regulatory community update

Binding deal to acquire EL 4570, covering most of the historic Warrior uranium project in the Central Gawler Craton, from a Stellar Resources subsidiary (the same group behind the Pirie Basin JV), in return for a 1% net smelter royalty. Seven mineralised zones were drilled in the 1970s; work starts with a data review.

asset acquisition disposition

Gairdner gravity surveys show large-volume IOCGU-style targets at Border and Kokatha, and infill sampling lifts the Kokatha soil silver peak to 970 ppb. Reverse circulation drilling of copper-gold-uranium targets is planned later this quarter, then air core or rotary air blast drilling for silver.

drilling scheduled

Binding agreement to acquire eleven exploration licences, about 4,000 km2 of the Frome Basin, from Callabonna Uranium's subsidiary for 800,000 shares (about 0.7% of issued shares). Adds sandstone-hosted uranium ground near the Beverley and Four Mile deposits, subject to ministerial consent.

asset acquisition disposition

Cutana scout drilling (29 holes, 3,134 m) returned gold at Pinery, up to 6 m at 0.73 g/t in oxide and 2 m at 0.89 g/t in primary rock, and 8 m at 0.32 g/t at Tepco. Follows the 2011 Heinrichs results; the company says potential remains high, with sampling and geophysics next.

drilling result

First Gairdner soil results show five silver anomalies (peaks of 150 to 330 ppb, up to about 2.5 km2) over inferred Gawler Range Volcanics, which the company says compares favourably with Investigator's Paris discovery. Infill sampling comes first, with drilling possible this or next quarter.

drilling result

Renaissance elects to continue the EL 3978 joint venture with Hiltaba Gold (Stellar), having spent over $500,000, and will issue 750,000 shares and 750,000 options. It can then earn 75% by spending about $2.5m more within four years.

farm in farm out completion

Joint venture with SAEX gives an option to earn 80% of EL 4836 (164 km2), directly north of the 100%-owned Gairdner Project. Costs $10,000 for a two-year option; exercise is 750,000 shares or $75,000, then $500,000 spend over up to three years. Targets are IOCGU and silver.

farm in farm out agreement

Chairman David Macfarlane retired effective 31 January 2012 owing to his family's move to the UK. Director Stephen Bizzell becomes Non-Executive Chairman, and consultant geophysicist Chris Anderson joins the board as a Non-Executive Director.

director officer appointment

Duffers Dam and Bulloo Mag drilling found no significant mineralisation, a negative for two of the five original gold targets. Separately, new soil sampling at Cutana's eastern block defined a Pinery gold anomaly (up to 37 ppb, 1,500 by 300 m); infill sampling is planned.

drilling result

Drilling starts at 100%-owned Cutana: a 4,000 m reverse circulation program of about 50 holes across the five gold targets near White Dam. All approvals, including heritage clearance, are in hand. Two prospects start this week, three in December or January. Resolves the pending clearances.

drilling spud

A Pirie Basin rotary hole at the Glensea Prospect returned 12 metres at 0.42% copper from 186 m to end of hole, with some gold, uranium and rare earths. Company sees possible iron-oxide copper-gold-uranium style mineralisation, a new copper angle. Core drilling is planned.

drilling result

Pirie Basin's first program (31 rotary holes, ~4,300 m) found thick Eocene sands suited to in situ recovery in all 26 target-area holes. Best uranium readings were 11 m at 102 ppm eU3O8 in basement clay and 0.44 m at 84 ppm in sands. Closer-spaced drilling is next; no discovery yet.

drilling result

First Pirie Basin drill results: all nine rotary holes hit thick Eocene sands (up to 60 metres), the same host as nearby Mullaquana, with gamma readings up to 0.010% eU3O8 at about 120 metres. A further 2,000 metres is planned to find mineralised traps. Early encouraging, not yet a discovery.

drilling result

Renaissance began a 3,500 metre drilling program at Pirie Basin, including 30 rotary mud holes to test whether UraniumSA's Mullaquana uranium extends southwest, plus up to six holes on iron-oxide copper-gold-uranium targets. This is its first drilling since listing.

drilling spud

South Australian regulator consented to the Cowell JV over EL 3978, resolving the pending approval. Renaissance issued Hiltaba 750,000 shares and 750,000 options at $0.24. It can earn 75% of the 840 km2 licence; Pirie Basin drilling expected this quarter.

farm in farm out completion

Renaissance Uranium was admitted to the ASX official list on 13 December 2010, with 49.7 million shares issued at 20 cents to begin quotation on 15 December.

other

Renaissance Uranium issued its IPO prospectus to raise $8.0 million via 40 million shares at $0.20, underwritten. It holds 8 uranium projects in South Australia and the Northern Territory covering about 14,600 km2; pro forma cash is $9.5 million.

capital raising announcement