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Highlights
- Renascor Resources is advancing its Battery Anode Material (BAM) Project in South Australia to capitalise on increasing demand for graphite driven by energy storage and electric vehicles.
- In FY24, Renascor saw a 68.76% increase in revenue to AUD 5.01 million and a 302.07% YoY jump in profit after tax to AUD 1.71 million.
- In FY24, the company formed partnerships with Mitsubishi Chemical and Dorfner ANZAPLAN GmbH, and finalised its drilling activities and feasibility study for the Siviour deposit.
Renascor Resources Limited (ASX:RNU) specialises in mineral exploration, development, and evaluation across Australia. The company is primarily focused on advancing its Battery Anode Material (BAM) Project in South Australia. The company is positioning itself to take advantage of the increasing demand for graphite which is driven by the increase in energy storage and electric vehicles. A draft response document has been submitted to the South Australian Department for housing and Urban Development for its proposed Purified Spherical Graphite (PSG) manufacturing facility. It is a crucial part of the RNU’s vertically integrated BAM project. The facility is planned to process graphite from the company’s Siviour deposit.
In the financial year 2024 (FY24), the company recorded a 68.76% rise in its revenue to AUD 5.01 million and a 302.07% YoY jump in profit after tax to AUD 1.71 million.
During the reported period, RNU achieved several milestones in its BAM Project in South Australia. The key developments include the finalisation of drilling activities, conclusion of the feasibility study, and the formation of partnerships with Mitsubishi Chemical and Dorfner ANZAPLAN GmbH. Moreover, the period saw updated ore reserve and mineral resource estimate for the Siviour deposit.
Outlook
The company is focused on advancing and maintaining social licence to develop its flagship BAM project. Furthermore, early contractor involvement is progressing for the non-process infrastructure and upstream processing plant.
The company seeks a favourable determination from South Australia's Planning Minister to gain development approval for its state-of-the-art PSG manufacturing facility. Notably, this facility can produce up to 100,000 tonnes annually for lithium-ion battery anodes.
Top 10 shareholders of RNU
The top 10 shareholders of RNU hold approximately 11.07% of the company’s total shares. Richard Edward Keevers and Stephen Grant Bizzell are the largest individual stakeholders, owning around 1.95% and 1.93%, respectively.
Share performance of RNU
RNU shares closed at AUD 0.063 per share on 7 January 2025. Over the past one year, RNU’s share price has dropped by almost 45.22%, and in the past three months, it has decreased by 21.25%.
52-week high of RNU is AUD 0.13, recorded on 16 May 2024 and 52-week low is AUD 0.054, recorded on 19 December 2024.
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 07 January 2025. The reference data in this report has been partly sourced from EODHD/Others.
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