Renascor Clears Legal Hurdle to Drill Copper and Uranium Targets at Marree

Native title agreement unlocks path to exploration at Marree

Renascor Resources (ASX: RNU) has executed a binding Native Title Mining Agreement (NTMA) with the Arabana Aboriginal Corporation RNTBC (AAC), covering the exploration tenements that make up the Marree Project in South Australia. The agreement covers two highly prospective target areas: Flat Hill, a sediment-hosted copper prospect, and Mulgaria, a stand-out uranium radiometric anomaly. This is a formal regulatory milestone, not a discovery or commercial event, but it clears the critical path toward cultural heritage clearance surveys and eventual on-ground exploration.

Renascor is primarily known as the developer of the Siviour Battery Anode Material (BAM) project, one of the most advanced graphite projects globally. The Marree Project represents a separate but complementary exploration portfolio within the company’s South Australian holdings.

Managing Director David Christensen

“The NTMA with the Arabana Aboriginal Corporation establishes a collaborative partnership built on mutual transparency and respect, ensuring that our activities are fully aligned with the vital preservation and respect of Arabana cultural heritage. This agreement provides our project teams with the clear, structured mechanisms required to advance our regulatory approvals. Recent geophysical modelling from our VTEM survey at Flat Hill has highlighted exceptional, shallow copper targets that represent drill-ready targets, alongside our regional uranium prospects at Mulgaria. We are eager to work constructively alongside the AAC to progress field assessments safely, enabling us to responsibly satisfy regulatory conditions and begin on-ground testing across this prospective mineralised district.”

What a Native Title Mining Agreement means for investors

In South Australia, an NTMA is a legally binding agreement between a mining or exploration company and the relevant Native Title body. It is a mandatory regulatory precursor before any on-ground exploration activities can commence. Without one, a company cannot legally conduct cultural heritage clearance surveys or progress to field programs, regardless of how technically compelling a target may be.

The NTMA establishes a structured framework to protect Arabana cultural heritage and sets out a systematic process for executing site-specific clearance surveys. Think of it as the legal foundation upon which all subsequent approvals are built. For investors, it signals that the project has moved from desktop analysis into an active regulatory pathway.

The exploration pathway unlocked by this NTMA follows these steps, noting that lodging the agreement with the Mining Registrar and coordinating cultural heritage clearance surveys will occur concurrently:

1. NTMA executed (completed — this announcement)
2. Agreement lodged with the South Australian Mining Registrar (next step)
3. Cultural heritage clearance surveys conducted in collaboration with the AAC (in planning, concurrent with Step 2)
4. Final Department for Energy and Mining (DEM) approvals secured
5. On-ground exploration commences

Flat Hill and Mulgaria — what makes these targets compelling

Flat Hill — shallow copper with VTEM-defined drill targets

Flat Hill sits within South Australia’s Adelaide Rift Complex and hosts widespread strata-bound copper prospects across a 3km strike zone. Historical drilling has already confirmed near-surface copper mineralisation at the prospect, with significant intersections including 18m @ 1.57% Cu from surface at Breaden Hill and 134m @ 0.57% Cu from 26m at Boorloo.

To sharpen the targeting picture, Renascor recently completed a high-resolution airborne Versatile Time Domain Electromagnetic (VTEM) geophysical survey over the tenement. VTEM is an airborne electromagnetic technique that detects conductive bodies beneath the surface, making it well suited to identifying buried sulphide or oxide copper mineralisation. The survey identified multiple high-priority conductive targets modelled at relatively shallow depths of 150m to 300m, including features directly adjacent to the historical mineralisation at Boorloo and Breaden Hill, as well as large, previously untested conductive anomalies further south at Mayflower and West Willouran.

The combination of confirmed surface copper mineralisation and newly defined subsurface conductors positions Flat Hill as a drill-ready target with genuine scale potential.

Mulgaria — a standout uranium radiometric anomaly

Mulgaria was captured in South Australia’s Gawler Craton Airborne Survey. Subsequent reprocessing of the radiometrics data produced a striking result: a 2km by 1km uranium radiometric anomaly returning values up to an estimated 10 ppm uranium. That is approximately five times the regional background response, and two to three times stronger than any other relief in the survey area, including the nearby Seaham uranium prospect located approximately 10km southeast.

For context, Seaham is an approximately 8km long east-west trending zone of Tertiary silcrete returning values of up to 490 ppm U₃O₈. Renascor considers Seaham to provide evidence of a broader system of uranium mineralisation in the area, and the comparably stronger radiometric response at Mulgaria suggests meaningful prospectivity. Within the broader eastern Gawler Craton survey area, only BHP’s Olympic Dam deposit records a higher uranium radiometrics profile than Mulgaria.

Renascor considers Mulgaria to offer drill-ready targets for near-surface silcrete-calcrete Tertiary sediment-hosted uranium. The prospect area also presents additional conceptual targets, including Zambian Copper Belt-style copper-uranium and paleochannel-hosted uranium targets.

Next steps toward on-ground exploration

With the NTMA formally executed, Renascor’s immediate priorities are to lodge the agreement with the South Australian Mining Registrar and to coordinate cultural heritage clearance surveys at both Flat Hill and Mulgaria in collaboration with the AAC. Completion of those surveys will satisfy the core regulatory conditions required to secure final DEM approvals and allow on-ground exploration to begin.

Renascor enters this phase from a position of financial strength. As at 30 June 2026, the company held a cash balance of approximately $94 million, alongside a conditionally approved $185 million loan facility from the Australian Government’s Critical Minerals Facility. These resources underpin both the flagship Siviour BAM project and the company’s ability to progress Marree concurrently.

For investors, the NTMA represents a meaningful de-risking step. Marree has moved from a portfolio of desktop-identified targets into an active regulatory process, with drill-ready targets at both Flat Hill and Mulgaria now within reach of field-level testing.

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