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Highlights
- Renascor Resources is an ASX-listed diversified miner which identifies and develops graphite, gold, uranium and other mineral assets
- In 1HFY24, RNU witnessed 214.80% YoY increase in its revenue to AUD 2.44 million
- Keevers (Richard Edward) has the highest stake in RNU with a shareholding of nearly 1.96%
Renascor Resources Limited (ASX: RNU) is a diversified miner engaged in identification and development of copper, graphite, gold, uranium and other mineral assets. The flagship project of RNU includes Siviour Graphite and Battery Anode Material Project.
In the first half of the financial year 2024 (1HFY24), the company reported 214.80% YoY jump in its revenue to AUD 2.44 million and 1.5% YoY growth in total assets to AUD 169.1 million.
In the reported period, profit after tax stood at AUD 0.96 million, compared to a net loss of AUD 0.39 million in previous corresponding period.
Top 10 shareholders of RNU
The top 10 shareholders of RNU have around 12.06% shareholding in the company, while the top four have nearly 7.15% shareholding. Keevers (Richard Edward) and Bizzell (Stephen Grant) have maximum stake in the company with a shareholding of ~1.96% and ~1.93%, respectively.
Recent business update
On 30 April 2024, the company released quarterly update for the period ended 31 March 2024. During the quarter, the company reported significant progress across its flagship project. RNU was granted a loan facility of AUD 185 million under Australia’s critical minerals facility scheme, to boost the construction of its planned graphite mining and processing operation.
During the three months period, the company progressed its advanced engineering designs, entered in to an agreement to upgrade SA Power Network’s present substation, revised the projected product mix for the upstream, processing plant and established an indigenous land use agreement, including the proposed operation of RNU.
At the end of quarter, RNU had cash position of AUD 114 million.
Outlook
The focus of RNU is on development of its flagship project, Siviour Graphite Project and exploration of uranium, graphite, gold, copper and other minerals.
The recently secured government financial support of AUD 185 million is expected to accelerate the vertically integrated battery anode material manufacturing initiative.
The company is in discussion with its existing non-binding offtake partners and other participants in the battery anode market to finalise binding offtake terms.
Share performance of RNU
RNU shares closed 2.27% higher at AUD 0.11 apiece on 28 May 2024. Including this gain, RNU’s share price has declined by almost 42.31% in the past one year and has gained 30.81% in the past three months.
The 52-week high of RNU is AUD 0.215, recorded on 17 July 2023, and the 52-week low is AUD 0.074, recorded on 23 January 2024.
RNU Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 29 May 2024. The reference data in this report has been partly sourced from EODHD/Others.
Disclaimer
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