#1Renascor Resources The Siviour Graphite Project: The first integrated in-country mine and battery anode material operation outside of China Investor Presentation April 2021 RENASCOR RESOURCES Critical minerals for a secure future#2Section 1: Executive Summary#3Renascor Resources: Corporate Overview Capital Structure Share Chart - RNU:ASX Shares on issue (20 April 2021) Listed Options (20 April 2021) Performance rights (20 April 2021) 1,666M 0.180 182M 0.160 12M Share price (20 April 2021) $0.09/sh Market Cap (at $0.09/sh) Cash (31 Dec 2020) $143.9M $4.6M Debt (31 Dec 2020) Enterprise Value (20 April 2021) Nil $139.3M Share Price (A$/share) 0.140 0.120 0.100 0.080 0.060 Shareholder Breakdown (20 Apr 2021) General/Other, 84% Directors, 8% Renascor Resources Ltd | ASX: RNU 0.040 0.020 Clarke 0.000 Family, 7% Apr-20 May-20 Volume Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Share Price European Capital Markets Exposure with Renascor shares also traded on the Börse Frankfurt (Ticker RU8) renascor.com.au 0 300 250 200 150 100 50 Volume (Million Shares) 3 3#4I | Renascor's Battery Anode Material Project in the Graphite Supply Chain Renascor is developing a vertically integrated operation consisting of a Mine and Concentrator plus a downstream manufacturing operation to produce PSG via eco-friendly chemical purification route for sale to anode makers. Renascor's Integrated Battery Anode Material Manufacturing Operation SOUTH AUSTRALIA SIVIOUR PSG Graphite mining Graphite Concentrates Purified Spherical Graphite (PSG) Anodes Li-ion cells Graphite-containing ore is mined, crushed and processed through floation to 94-96% total carbon (TC) Graphite Concentrates are micronised, spheronised and purified to >99.95% TC China, Korea, Japan Emerging production in Europe and USA PSG coated and treated to create anode material China, Korea, Japan, Europe, USA Anode and other components are assembled into Li-ion cells Renascor Resources Ltd | ASX: RNU renascor.com.au 4#5Siviour: Among the World's Lowest Cost Sources of Battery Anode Material RENASCOR RESOURCES ☐ Renascor is developing a vertically integrated Battery Anode Material Manufacturing Operation in South Australia¹ including: a A$118m Siviour Graphite Mine and Concentrator located on the Eyre Peninsula, 15 km west of Arno Bay; and a A$90m Purified Spherical Graphite ("PSG") Manufacturing Facility nominally located in Port Adelaide. Renascor's Siviour Graphite Deposit is the world's second largest Proven Reserve of Graphite and the largest Graphite Reserve outside of Africa (3.8Mt of Contained Graphite Reserves)². The favourable geology and location of the Siviour Graphite Deposit will allow Renascor to produce Graphite Concentrate at globally low-cost. Renascor has developed a proven eco-friendly, HF-free purification process endorsed by leading global anode companies. Low-cost Graphite Concentrate feedstock enables the eco-friendly 28ktpa PSG manufacturing facility to be: amongst the lowest cost in the world, competitive with current Chinese production and advantaged over other developments outside of China; and shipped directly to lithium-ion battery anode manufacturers over a project life of 40 years. 1. Financing and production targets sourced to ASX 1 July 2020 "Renascor Announces Battery Anode Manufacturing Operation", 2. See Slide 25 for Reserve category breakdown Renascor Resources Ltd | ASX: RNU renascor.com.au 5#6Section 2: Graphite Market#7Global EV Growth is Creating a Paradigm-Shifting Event for Battery Minerals Start of a global mega trend that will drive demand for minerals needed for lithium-ion batteries. Million units sold EV sales as share of total cars 120 110 105 106 112 111 110 109 107 114 114 114 114 115 115 115 116 116 117 117 99 99 100 96 98 100 102 96 83% 92 90 80 72% 70 60 50 40 17% 30 We are here 20 15% 31% 23% 58% 35% 51% 61% 46% EV penetration rate by scenario 10 2% 13% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Total vehicle sales world - Passenger car, light duty vehicles, buses and coaches Total Electric Vehicles Sold - Base Total Electric Vehicles Sold - Upside Total Electric Vehicles Sold - Downside Source: Benchmark Mineral Intelligence Renascor Resources Ltd | ASX: RNU renascor.com.au 7#8Graphite is an Essential Part of the Transition to Lithium-Ion Batteries Increasing amounts of natural graphite will be needed to meet projected lithium-ion battery growth. Million MWh 6.0 Battery Chemistry Chemical Symbol Raw Materials 5.5 NMC 111 NCA LFP LiFePO4 Cathode: Lithium - Iron - Phosphate Anode: Graphite NCM 532 5.0 NCM LiNiMnCoO2 Cathode: Nickel Cobalt Manganese Anode: Graphite NCM 622 NCM 811 4.5 NCA LiNiCOAIO2 Cathode: Lithium Nickel Cobalt Aluminium Oxide LCO LMO LMNO LFP Other Anode: Graphite 4.0 3.5 3.0 2.5 2.0 1.5 T T T T T T LTO Li4Ti5O12 Anode: Titanate LMO LiMn2O4 LMNO/ LiNiMnCoO2 LMCO LCO LiCoO2 Cathode: LMO or NCM Cathode: Lithium - Manganese Oxide Anode: Graphite Cathode: Lithium Nickel Manganese Cobalt Oxide Anode: Graphite Cathode: Lithium - Cobalt Oxide Anode: Graphite 1.0 0.5 00 0.0 T We are here 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Source: Benchmark Mineral Intelligence Renascor Resources Ltd | ASX: RNU renascor.com.au 8#9Graphite is an Essential Part of the Transition to Lithium-Ion Batteries (cont.) Battery demand is growing at 19% annually (versus 2% for other uses). Battery demand Other demand 2018 139,000 554,000 2023 2,049,000 694,000 666,000 2028 758,000 In 2018, use of Graphite Concentrates was primarily industrial Source: Benchmark Mineral Intelligence By 2023, battery demand is projected to increase by five times By 2028, battery share of market is expected to grow +2 million tonnes Renascor Resources Ltd | ASX: RNU renascor.com.au 9#10EV Momentum is Driving Unprecedented Demand for Purified Spherical Graphite PSG is used exclusively in lithium-ion battery applications and therefore provides more direct exposure to growth in the EV sector. Purified Spherical Graphite Demand Million tonnes 3.0 2.5 2.0 1.5 PSG demand 1.0 has increased 2.5x from 2015 to 2019 0.5 0.0 2016 CAGR of +29% to 2030 +29% 2018 2020 2022 2024 2026 2028 2030 Source: Benchmark Mineral Intelligence Renascor Resources Ltd | ASX: RNU 90x Siviour Globally - over 90 new Siviour-sized projects are needed in the next 10 years to supply the EV industry renascor.com.au 10#11Section 3: The Siviour Battery Anode Material Project#12Mine to Market Supply Chain Security Mine to Market supply chain located from South Australia lowers lowers logistics costs and ensures security of supply. Graphite is a 'Critical Mineral' as defined by Australian Trade and Investment Commission. High-value PSG is required for battery anode manufacture to service the rapidly growing Electric Vehicle market. Currently, 100% of PSG is produced from natural flake graphite is produced in China. Renascor's vertically integrated operation offers global supply chain security from South Australia. The Siviour Graphite Deposit, Mine and Concentrator is located on the Eyre Peninsula in South Australia. Concentrate produced on the Eyre Peninsula will be transported to a PSG manufacturing facility in Port Adelaide and shipped to anode manufacturers around the world. The operation benefits from established infrastructure with the logistics supply chain to gain a competitive cost advantage in the production of PSG. South Australia Port Augusta Siviour Graphite Deposit, Mine & Concentrator Port Lincoln State Highways Whyalla Port Pire Lucky Bay Arno Bay Renascor Resources Ltd | ASX: RNU Port Adelaide Port Adelaide PSG Facility renascor.com.au 12#132.0 Global Graphite Proven Reserve¹ The Siviour Graphite Deposit is World-Class Siviour is unique - in both its near-surface, flat-lying orientation and its scale as one of the world's largest graphite Resources. The deposit is flat, shallow and large, resulting in low- cost mining and consequently low-cost production of Graphite Concentrate. Integration of the downstream PSG production facility with the Siviour low-cost graphite concentrate feedstock allows for globally competitive PSG production costs. Contained tonnes (Mt) 2.5 20 1.5 1.0 10 0.5 0 0 Nachu Siviour Molo Bunya Lac Gueret Lindi Jumbo Epanko Tanzania Australia Madagascar Tanzania Canada Malawi Lola Malingunde Lac Knife Guinea Canada Uley Australia Kookaburra Gully (Lincoln Minerals) Uley pit 2 (Quantum Graphite) Cross-section of Siviour Deposit (shown in red) compared to other Australian graphite projects 50 metres 100 Renascor Resources Ltd | ASX: RNU Tanzania Tanzania Project / Country Campoona shaft (Archer Materials) 1. See Slide 25 for Reserve category breakdown. High-grade graphite zone Open 0 -100 renascor.com.au 13#14Siviour Graphite Concentrate: Among the World's Lowest Cost Production Graphite Concentrate DFS confirms lowest quartile OPEX, underpinning globally competitive PSG production. USD per tonne 900 850 800 750 700 RENASCOR RESOURCES RENASCOR RESOURCES 650 Notes: Excludes capital repayments, sustaining capital and royalties Different operations on the cost curve produce material with different flake and mesh sizes and carbon content, and will not receive the same prices for all material sold. 600 550 Siviour Stage 2 (Year 5-10) DFS cost of US$325/t* Siviour Stage 1 (Year 1-4) DFS cost of US$345/t* 500 450 400 350 300 250 200 150 100 50 0 0 200,000 Mozambique Tanzania 400,000 600,000 China 800,000 China 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 Canada Mozambique Brazil China Tanzania 2,400,000 2,600,000 China Australia Madagascar Madagascar Madagascar Tanzania Namibia Brazil Madagascar Brazil Canada Canada Mozambique Canada Madagascar Mozambique Madagascar Madagascar Vietnam Mozambique Tanzania Mozambique Tanzania China Russia Ukraine China India India India * Costs provided by Renascor from the Siviour DFS document. The cost assessment from the Siviour DFS may not use the same methodology as the Benchmark Minerals cost model. Source: Benchmark Mineral Intelligence. Renascor Resources Ltd | ASX: RNU 2,800,000 3,000,000 Norway Canada Sweden United States of America Brazil Australia renascor.com.au 14#15Strong Comparative Advantage in PSG Production Vertical Integration underpins low-cost PSG production. Graphite Concentrate feedstock a significant cost input to the PSG manufacturing process. Renascor's PSG operation benefits from obtaining Siviour Graphite Concentrate feedstock at the cost of production rather than buying the feedstock at market price. The difference in feedstock price has an exaggerated impact on PSG operating costs because only half of the Graphite Concentrates used as feedstock are spheronised to PSG during the milling process (i.e., PSG production can be at a 50% yield). Renascor's market data suggests an average operating costs of US$2,000/t PSG for existing PSG market (100% China). Renascor's gross operating cost of US$1,989/t PSG is favourable by comparison. US $/t PSG 3,500 3,000 2,500 2,000 1,500 1,000 500 Siviour PSG cost saving of US$406/t at current market prices for graphite concentrate US$406/t 0 Feedstock valued at Renascor cost Feedstock valued at current market Other PSG Operating Costs Siviour PSG cost saving of US$1,154/t over life of operation US$1,154/t Feedstock valued at life of mine market Graphite Concentrate Feedstock Cost Renascor Resources Ltd | ASX: RNU Source: Benchmark Mineral Intelligence renascor.com.au 15#16Battery Anode Material Study Results¹ Low graphite concentrate feedstock costs drives Renascor's low PSG production costs, high margins and strong cash generation. Item Average annual LOM production of Graphite Concentrate Average annual LOM production of PSG Life of mine/project Start-up capital cost of mine and concentrator Start-up capital cost of battery anode material operation Total start-up capital NPV (after tax) of integrated operation 10 Cost of Feedstock per tonne PSG production Value 105,000t 28,000t 40 years US$79m US$63m US$142m US$499m US$775/t Cost of Feedstock Conversion to PSG per tonne PSG production US$1,214/t Total Cost Project Operating cost per tonne PSG production US$1,989/t Operating cost (with by-product credit) US$1,398/t Projected PSG sales price US$4,312/t Net revenue of integrated operation US$6,686m EBITDA of integrated operation Project cashflow of integrated operation 1. ASX release 1 July 2020 "Renascor Announces Battery Anode Manufacturing Operation" Renascor Resources Ltd | ASX: RNU US$4,387m US$2,878m Renascor has commenced work to investigate a substantial increase in Stage 1 production capacity beyond the currently planned 28,000tpa of PSG. Renascor has also brought forward feasibility work for the Stage 2 expansion. renascor.com.au 16#17Strong Environment, Social and Governance (ESG) credentials RENASCOR RESOURCES South Australia is a Tier-1 jurisdiction with low sovereign risk and a robust and transparent regulatory framework. South Australia's Minister for Energy and Mining granted a Mineral Lease for Siviour April 2019,1 the first step in the South Australian government's two-stage assessment and approval process. Renascor's purification process is eco-friendly. Over the last five years, Renascor had developed a purification process that avoids the use of Hydrofluoric ("HF") acid, offering a cleaner HF-free alternative to prevailing process used in China. Renascor's eco-friendly graphite purification technology achieved outstanding results of 99.98% C purity in recent testing at leading German independent battery mineral consultancy group Dorfner Anzaplan. By vertically integrating the mine and downstream processing operation in South Australia, Renascor optimises the use of local resources to lessen costly and inefficient transport of raw materials for intermediate processing and ensures strong ESG oversight of entire supply chain. 1. ASX 8 April 2019, "Mineral Lease Granted"1 July 2020 "Renascor Announces Battery Anode Manufacturing Operation" HF-free Social Environment ESG Governance Renascor Resources Ltd | ASX: RNU renascor.com.au 17#18Offtake Strategy: Aligned with Global Leading Battery Anode Manufacturers China is the leader in existing and future PSG demand. The production of lithium-ion battery anodes is largely concentrated in China, which accounts for approximately 85% (600,000tpa) of current lithium-ion battery anode capacity. The remaining 15% of lithium-ion battery anode capacity is centered in South Korea and Japan, with emerging anode production sources being developed in Europe and North America. China is also the highest growth market for lithium-ion battery anodes, with over 90% (560,000tpa) of new capacity currently under construction. Renascor is advancing offtake negotiations with existing and potential new offtake partners, including with anode manufacturers and lithium-ion battery companies headquartered in north-east Asia and Europe. Renascor Resources Ltd | ASX: RNU '000 tonnes Anode capacity update Existing China 812,000 tpa Japan South Korea In construction Asia (other) 3,000 2500 2,000 1,500 1,000 500- 0+ Existing In construction 680,500 tpa Planned Planned 1,174,100 tpa 2020 2021 2022 2023 2024 2025 2026 2027 Source: Benchmark Mineral Intelligence (January 2021) N America Europe Other 2028 2029 2030 renascor.com.au 18#19Offtake Strategy: Aligned with Global Leading Battery Anode Manufacturers (cont.) 2 10 Potential commitments for 100% of Stage 1 PSG capacity of 28ktpa 福建三钢 • 山西闽光 FUJIAN SANGANG SHANXI MINGUANG 正拓能源 ZETO Zheng Tuo Energy Technlogy HK HANWA.CO., LTD. Minguang: First stage product qualification achieved with Chinese anode company Minguang as part of a non-binding PSG Offtake MOU covering up 10ktpa for 10 years. Minguang is a subsidiary of Fujian Metallurgical Holding Co. Ltd. - one of China's largest battery material suppliers (total assets ˆ US$13b). ~ Zeto: First stage product qualification achieved with Chinese anode company Zeto as part of a non-binding PSG Offtake MOU covering up to 10ktpa for 10 years. Zeto is a top-ten anode producers globally and is a major supplier of anodes to the world's largest battery makers, including Hong Kong listed BYD Co. Ltd, the world's second largest manufacturer and retailer of EVs (market cap ~US$100b). Hanwa: Access to Japanese market through non-binding PSG Offtake MOU covering up to 10ktpa for 10 years. Hanwa is a leading Japanese-based global trading company long history of trading with some of the world's largest metal and chemical producers and operates a dedicated Battery Team focussed on supplying graphite and other metals across the global battery value chain. Increasing demand has led Renascor to bring forward feasibility work on potential Stage 1 expansion and larger Stage 2 production Renascor Resources Ltd | ASX: RNU 19 renascor.com.au#20Australian Government Support Identified by Australian Government as a "Selected Australian critical minerals project" Mineral Lease grant by South Australia's Minister for Energy and Mining in Siviour April 2019.1 Reduced royalty for first five years of production with grant of 'New Mine' status by South Australian Government Treasury. In principle financial support from the Clean Energy Finance Corporation and Export Finance Australia. Strong local support, including District Council of Cleve and Regional Development of Australia Eyre Peninsula. export finance cefc australia SOUTH PAL Deputy Prime Minister Michael McCormack with Renascor Chairman Richard Keevers (February 2021) 1. ASX 4 April 2019, "Mineral Lease Granted" Australian Government Renascor Resources Ltd | ASX: RNU Government of South Australia AUS TRADE AUSTRALIAN TRADE COMMISSION DISTRICT COUNCIL OF CLEVE Regional Development Australia EYRE PENINSULA INC. renascor.com.au 20 20#21Project Development Indicative Timeline The Company's indicative timeline targets: ■ Q1 2022 Final Investment Decision. ■ Q2 2022 Commencement of Construction. Q3 2023 Commencement of Production. Marketing and Offtake PSG Optimisation Tests Product Qualification PSG Engineering Final Regulatory Approvals Early Works and Long Lead Procurement Project Financing and Due Diligence Final Investment Decision Detailed Design and Procurement Construction Commissioning Production Start Renascor Resources Ltd | ASX: RNU Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 renascor.com.au 21#22Renascor Resources: Multiple Near-Term Value Drivers Siviour Battery Anode Material Project: ☐ Advancing to binding offtakes with three world-leading battery anode and trading companies. Increasing demand has led Renascor to bring forward feasibility work on potential Stage 1 expansion and larger Stage 2 production Completion of technical studies to capture synergies of the integrated Battery Anode Material Project. Final environmental and regulatory approvals. RENASCOR RESOURCES Renascor Resources Ltd | ASX: RNU Lender due diligence and execution of a binding credit approved terms sheets. Critical minerals for a secure future renascor.com.au 22#23Renascor Resources Limited 36 North Terrace Kent Town, South Australia 5067 Phone: +61 8 8363 6989 Email: [email protected] Website: www.renascor.com.au ASX Code: RNU Proud members of: EUROPEAN BATTERY ALLIANCE EBA250 EUROPEAN RAW MATERIALS ERMA ALLIANCE RENASCOR RESOURCES Critical minerals for a secure future#24Appendix#25Siviour Mineral Resources and Ore Reserves Mineral Resource Estimate (April 2019)¹ Category Tonnes (Mt) Grade (% TGC) Graphite (Mt) Measured 15.8 8.8% 1.4 Indicated 39.5 7.2% 2.8 Inferred 32.1 7.2% 2.6 Total 87.4 7.5% 6.6 Ore Reserve Estimate( July 2020)² Category Tonnes (Mt) Grade (% TGC) Graphite (Mt) Proven 15.8 8.4% 1.3 Probable 35.8 6.9% 2.5 Total 51.5 7.4% 3.8 1. ASX release 30 April 2019 "High-Grade Measured Resource in Upgraded JORC Resource", 2. ASX release 21 July 2020 "Updated Mineral Ore Reserve Estimate" Renascor Resources Ltd | ASX: RNU renascor.com.au 25#26Forward Looking Statements This Presentation may include statements that could be deemed "forward-looking" statements. Although Renascor Resources Limited (the "Company") believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or may not take place at all. No Offer to Sell or Invitation to Buy This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in the Company, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. The Company does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction. Disclaimer Whilst care has been exercised in preparing and presenting this Presentation, to the maximum extent permitted by law, the Company and its representatives make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation; accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and accept no responsibility for any errors or omissions from this Presentation. Competent Persons Statement The results reported herein, insofar as they relate to exploration activities and exploration results, are based on information provided to and reviewed by Mr G.W. McConachy (Fellow of the Australasian Institute of Mining and Metallurgy) who is a director of the Company. Mr McConachy has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr McConachy consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears. Bibliography Renascor confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted below and referenced in this presentation and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Renascor confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. 1. Renascor ASX announcement dated 10 April 2019, "In Principle Project Finance Support from Dutch ECA" 2. Renascor ASX announcement dated 30 April 2019, "High-Grade Measured Resource in Upgraded JORC Resource" 3. Renascor ASX announcement dated 11 November 2019, "Siviour Definitive Feasibility Study" 4. Renascor ASX announcement dated 3 March 2020, "In Principle Finance Support from Australian ECA" 5. Renascor ASX announcement dated 24 June 2020, "Siviour Graphite Project Financing Update" 6. Renascor ASX announcement dated 1 July 2020, "Renascor Announces Battery Anode Manufacturing Operation" 7. Renascor ASX announcement dated 21 July 2020, "Updated Mineral Ore Reserve Estimate" 8. 9. 10. 11. 12. Renascor ASX announcement dated 15 February 2021, "SA Govt. Grants Reduced Royalty Rate for Siviour" 13. Renascor ASX announcement dated 29 September 2020, "MOU with one of China's largest battery material suppliers" Renascor ASX announcement dated 12 January 2021, "First Stage Product Qualification with Offtake Partner" Renascor ASX announcement dated 27 January 2021, "Further Offtake MOU with Leading Battery Anode Manufacturer" Renascor ASX announcement dated 11 February 2021, "First Stage Offtake Qualification of 2/3 of PSG Production" Renascor ASX announcement dated 22 February 2021, "Renascor's Eco-Friendly Graphite Purification Technology Achieves Outstanding Results" Renascor Resources Ltd | ASX: RNU renascor.com.au 26