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Highlights

  • Renascor Resources is an ASX-listed group engaged in the discovery and development of graphite, copper, gold, uranium and other mineral assets
  • In 1HFY24, RNU’s revenue increased by 214.8% YoY to AUD 2.44 million
  • Keevers (Richard Edward) has the maximum stake in the firm with a shareholding of around 1. 96%

Renascor Resources Limited (ASX: RNU) focuses on mineral exploration, development, and evaluation endeavors within Australia. Its primary project is the Siviour Graphite and Battery Anode Material Project. Additionally, the company has a variety of prospects in its portfolio for the development of copper, gold, rare earth, cobalt, and other mineral resources.

In the first half of the financial year 2024 (1HFY24), the revenue of the firm jumped 214.80% YoY to AUD 2.44 million. Profit during the period stood at AUD 0.96 million, compared to a loss of AUD 0.39 million in the previous corresponding period. The period saw progress at its Siviour Project, and drilling work suggests a significant extension to the Siviour Graphite deposit.

Cash and cash equivalents at the end of the half year was AUD 94.92 million, up 6.33% over the previous corresponding period.

Top 10 shareholders of RNU

The top 10 shareholders of RNU have around 12.06% shareholding in the company while the top four have around 7.15% of the shareholding. The highest stakes in the firm are held by Keevers (Richard Edward) and Bizzell (Stephen Grant) with a shareholding of ~1.96% and ~1.93%, respectively.

Recent business update

RNU released its March quarter update on 30 April 2024. In the latest quarter, the company secured a loan facility of AUD 185 million under Australia’s Critical Minerals Facility scheme. The funds obtained will be used to boost the operations and development of the graphite concentrate operation at the Siviour graphite project of RNU, located in South Australia. At the end of the quarter, its cash reserve stood at AUD 114 million.  

Outlook

The focus is on advancing the Siviour graphite project and the focal point is the upstream graphite concentrate operations.

The company is advancing engineering designs for the mineral processing plant and in discussion with potential partners for binding offtake agreements. The company informed that it has a pipeline of targets for development of cobalt, copper, gold rare earth and other minerals assets.

Share performance of RNU

RNU shares closed 1.020% higher at AUD 0.099 apiece on 30 April 2024 with a market cap of AUD 249.05 million. RNU’s share price has dropped by 52.86% in the past 12 months and has surged by 16.47% in the past three months. 

The 52-week high of RNU is AUD 0.225, recorded on11 May 2023, while the 52-week low is AUD 0.074, recorded on 23 January 2024.

RNU Daily Technical Chart, Source: REFINITIV

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 30 April 2024. The reference data in this report has been partly sourced from REFINITIV.