• Substantial progress on construction of Australian Government co-funded PSG demonstration facility
• Upstream works advancing to de-risk development and improve project execution
• Exploration activities focused on drilling, re-assaying and early-stage work

Renascor has made substantial progress on the construction of its Australian Government co-funded PSG demonstration facility, with key milestones achieved including completion of major equipment installation, commencement of on-site commissioning, and advancement of piping, mechanical, and electrical works. The project remains on schedule with a zero lost-time injury record. Renascor has also progressed optimisation and value-enhancing workstreams for the proposed upstream mining operation, including groundwater investigations, geotechnical drilling, accommodation planning, tailings studies, and site enabling and power supply design. Exploration activities during the quarter focused on drilling at Bulloo Creek, re-assaying at Tumby Bay, and early-stage work at the Marree Project, with assay results pending for the Bulloo Creek drilling program. Renascor's cash position as of 31 December 2025 was approximately A$97 million.