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Note: Renascor Resources Ltd | ASX: RNU 300 USD/t of concentrate 400 500 MALAWI 600 700 700 MOZAMBIQUE 800 AUSTRALIA TANZANIA Low OPEX Lowest quartile operating costs globally in mining friendly Australia MADAGASCAR TANZANIA AUSTRALIA Cash cost of production per tonne of product MOZAMBIQUE NEXT MINERAL SOVEREIGN BATTERY MINERALS RENASCOR Malingunde Montepuez Siviour-Expansion WALKABOUT Lindi SOURCE* Molo BLACKROCK Mahenge (LOM) COMMODITIES Munglinup SYRAH Balama BATTERY MINERALS Balama Central GRAPHEX MASON* Chilalo Lac Gueret MOZAMBIQUE TANZANIA CANADA 323 337 344 347 376 397 398 400 425 479 484 499 550 559 572 634 664 747 200 CANADA The operating cost estimates in the graph above are compiled based on publicly available information from graphite development companies that are in operation (in the case-of Syrah Resources only) or have publicly available feasibility studies, as compared to Renascor's stage-one operation (based on the information provided in Renascor Optimised Development Study) (ASX announcement dated 3 May 2019, pp 3 and 19). * These companies are listed in TSX (as opposed to Renascor and the remaining comparable companies which are listed in the ASX). Based on our observation of the best information available to us, the cash cost estimation as set out above may not have included costs for logistics (except for Mason). NOUVEAU MONDE* Matawinie LINCOLN MAGNIS Kookaburra Gully Nachu KIBARAN Epanko TRITON Ancuabe AUSTRALIA TANZANIA Note: Cash cost of production (FOB) per tonne of product VOLT Namangale renascor.com.au 17 HEXAGON Macintosh TANZANIA MOZAMBIQUE TANZANIA AUSTRALIA

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