The Renascor Resources Ltd (ASX: RNU) share price has been on a massive bull run this month and is showing no signs of slowing down.

Shares of the mineral explorer opened for 21.5 cents each on 1 November and closed for 31.5 cents apiece on Tuesday for a 46.5% gain. That includes a gain of 5% on Tuesday alone.

Renascor, which can be classified as an ASX energy share, is also beating the aggregate performance of its peers month to date by a substantial margin.

The S&P/ASX 200 Energy Index (ASX: XEJ) opened at 11,214 on 1 November and edged higher to close at 11,591 this afternoon, recording a 3.4% increase. That’s nothing to complain about but also pales in comparison to the Renascor’s extreme performance over the same timeframe.

So why has Renascor been on such a hot value climb in November? Let’s take a look.

What happened?

Some important developments unfolded for Renascor this month and at the very end of October, which is just before its share price rally kicked off.

Most recently, Renascor managing director David Christensen gave a presentation at the International Mining and Resources Conference held in Sydney at the start of November.

There, Christensen gave an overview of Renascor’s plans to produce purified spherical graphite (PSG) from its projects located within South Australia and noted that its sites hold the largest verified reserves of graphite in the world.

Strong demand forecasts for lithium-ion batteries and PSG were also presented, with the major tailwind being the world’s transition to electric vehicles.

Renascor releases strong results via quarterly activities report

On 31 October, Renascor released its quarterly activities report. Some of the report’s highlights included the company securing approval to construct its battery anode material (BAM) manufacturing plant north of Adelaide. The initial production capacity of the site is expected to be 28,000 tonnes per annum of PSG.

Additionally, upgrades were given for its Siviour graphite deposit by Snowden Optiro mining consultants. The experts said the site contained 17% more indicated resources and 14% measured and indicated resources than previously estimated.

And finally, Renascor announced that its annual general meeting would be held on 30 November in Adelaide.

Renascor Resources share price snapshot

The Renascor share price is up 110% year to date. That’s a massive gain over the S&P/ASX 200 Index (ASX: XJO), which has lost 3.5% of its value over the same period.

The company’s market capitalisation is around $657 million.