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Renascor Resources Limited (ASX: RNU) is a mineral exploration company based in Australia. It is into the business of exploration of gold, copper, uranium and other minerals. The company has four subsidiaries which are Astra Resources Pty Ltd, Eyre Peninsula Minerals Pty Ltd., Kurilpa Uranium Pty Ltd, and Sol Jar Property Pty. Ltd.

As per an ASX announcement on 20th December 2018, the company released major update on the Siviour Graphite Project, located near Eyre Peninsula. Renascor continues to make advancement, with an aim to make the project development ready in 2019.Â

The definitive feasibility study of the project includes the below key highlights:

  1. Earlier in this quarter, Renascor completed digging a hole, which is of 5,468 metre. This infill drill program is a confirmation of the continuity of widespread, high-grade graphite within the Siviour Indicated Resource area. The company has completed geotechnical modelling. The developed models are now used to update the Siviour Mineral Resource and Reserve determination.
  2. The company will commence the process for testing of key mineral, including comminution, scrubber, cyclone and primary and regrind test programs.
  3. At the end of the DFS, Royal IHC is expected to propose Renascor to undertake project works necessary to construct a graphite processing plant for Siviour. If, however, the company accepts the proposal and the project proceeds, Royal IHC may assist the company in obtaining project finance commitments and supports towards its funding.

Spherical graphite is used to produce lithium-ion battery anodes. The company is into the production of spherical graphite from Siviour so that it can offer the potential to attract further partners and unlock value from Siviour which may be significant in magnitude.

On the financing front, the company has continued its discussions with potential offtake and finance partners. Renascor in the recent past had completed initial testing of a plant to produce graphite concentrates from Siviour graphite. It is continuously dispatching sample material to potential offtake partners for testing purposes. The company recently made significant efforts on marketing and have scheduled meetings with potential partners in China, Europe, and the United States. Moreover, Renascor has also started its discussion with debt advisors as well regarding potential financing options through debt.

The company continued its planning for the lease of mines after it lodged a Mining Lease Application (MLA) last quarter for Siviour. Renascor recently completed the public consultation process for the application and had submitted a document to the South Australia Department of Energy and Mining (DEM) including its response. It has also continued its discussions with the DEM and local and regional government representatives regarding the lease application. The company expects South Australia’s Minister for Energy and Mining to make a final decision on the application early next year.

The stock is currently trading at its day’s low of $0.016 with an approximate decline of almost 6.7% (as at 12:47 PM, 21st December 2018). The stock offers a YTD return of -52.94% till date and has generated a negative return of 34.78% over the past six months. The 52-week high and low for the company stands at $0.051 and $0.015 respectively. The current market capitalization for the company stands at 17.3 million.


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