Renascor (ASX:RNU) Advances BAM and PSG Projects, Extends Major Project Status
Project Progress
Renascor has made substantial advancements in its Battery Anode Material (BAM) project. The Early Contractor Involvement (ECI) phase for the upstream portion is nearing completion, with final designs received. Additionally, engineering design for the Purified Spherical Graphite (PSG) demonstration plant is well advanced, and tendering for long lead equipment has commenced. The first graphite concentrate production run from the Siviour bulk sample exceeded targets, achieving a grade of 97.1% total carbon and a graphite recovery rate of 96.0%.
Regulatory Approvals
The Hon Ed Husic MP, Minister for Industry and Science, has approved an extension of Major Project Status for Renascor’s BAM project through November 2027. This extension underscores the strategic importance of the BAM project to Australia’s Critical Minerals and National Battery Strategies. Renascor has also lodged a draft Response Document with the South Australian Department for Housing and Urban Development for its commercial-scale PSG facility, marking a key step in the regulatory approval process.
Financial Performance
As of 31 December 2024, Renascor maintained a strong cash position of approximately A$108 million. The company issued 19,704,627 Performance Rights and 202,484 Shares to management, reinforcing its commitment to performance-based incentives.
Corporate Updates
During the quarter, Renascor held its Annual General Meeting, where all resolutions were approved. The company also terminated its farm-in agreement with Rio Tinto Exploration Pty Limited, resulting in the EL6549 tenement reverting to 100% Renascor ownership.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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