Renascor Resources Limited announced the approval of the Program for Environment Protection and Rehabilitation (PEPR) for the proposed Siviour Graphite Mine and Concentrator, the upstream component of Renascor's vertically integrated Siviour Battery Anode Material Project (BAM Project), located wholly in South Australia. South Australian legislation consists of a two-part assessment and approval process for mining operations, first requiring the granting of a Mineral Lease, and, secondly, the approval of a PEPR, before mining and processing operations may commence. The South Australian Minister for Energy and Mining granted a Mineral Lease for the proposed Siviour Graphite Mine and Concentrator in April 2019.

The grant of the Mineral Lease followed comprehensive environmental impact studies and stakeholder engagement commencing in 2016 and detailed the conditions that were to be addressed in the PEPR. Renascor subsequently undertook further stakeholder engagement and comprehensive studies to incorporate designs and management plans to comply with conditions outlined in the Siviour Mineral Lease and submitted a proposed PEPR to the Department of Energy and Mining (DEM) in September 2021. The PEPR preparation process was managed internally by Renascor and environmental consultancy JBS&G, with input from external consultants, including independent expert audits to confirm that Renascor's proposed management and operational strategies are effective to comply with the Mineral Lease conditions.

Following the completion of its internal review, DEM has now approved the PEPR for Renascor's proposed Siviour Graphite Mine and Concentrator. The conditions of the approved PEPR are in line with Renascor's expectations after a period of consultation with the DEM since submission of the PEPR in September 2021. Under the terms of the PEPR, Renascor may process up to 1.65 million tonnes per annum, which would permit Renascor to produce up to 150,000 tonnes of Graphite Concentrates per year 10.

Renascor intends to integrate the Siviour Graphite Mine and Concentrator operation with a downstream Battery Anode Material (BAM) manufacturing facility that will use Graphite Concentrates from the Siviour mining and concentrator operation to produce Purified Spherical Graphite (PSG) for use in lithium-ion battery anodes. In connection with the BAM project, Renascor is currently undertaking multiple concurrent workstreams, including: Optimised BAM study. Renascor is currently undertaking an updated, optimised BAM study building on previous detailed feasibility work for the planned vertically integrated BAM project .

The optimised BAM study is assessing an increase to the previously planned PSG production capacity of 28,000tpa, as well as a staged expansion to meet projected increasing demand for PSG. The BAM study is being designed to utilise the maximum processing capacity of 1.65 million tonnes approved in the PEPR. Resource expansion drilling.

Renascor is currently undertaking resource expansion drilling within the Siviour project area. The current drilling is focussing on areas outside of the proposed mining plan for the production stages being considered in the optimised BAM study. Drilling is these areas is expected to support future capacity expansions beyond those considered in the optimised BAM Study.

Offtake. Renascor is progressing negotiations on binding PSG offtake agreements with Renascor's existing offtake partners, including active discussion on PSG price and other material contract terms 12. Renascor continues to have discussions with other leading anode, battery and electric vehicle manufacturers in Northeast Asia, Europe and the United States concerning potential PSG offtake.

Renascor has provided PSG samples to support customer qualification and commenced offtake discussions with these parties concerning potential offtake from the initial or subsequent stages of production. Finance. The Australian Government, through Export Finance Australia (EFA), has conditionally approved a loan facility of AUD 185 million (Loan Facility) to fund the development of the Siviour BAM Project.

The Loan Facility was approved through Export Finance Australia under the Australian Government's $2 billion Critical Minerals Facility. The PEPR approval satisfies a fundamental condition of this loan facility.