Renascor Resources (ASX:RNU) executed an option agreement to secure a site for an accommodation facility to support its proposed upstream graphite mining and processing operation in South Australia, the upstream part of its battery anode material project, according to a Thursday Australian bourse filing.

The site is located near the Siviour graphite deposit, per the filing. The company secured an option exercisable within the next three years to purchase the site for the accommodation facility from a private company that is active in the agriculture and livestock sector.

The company said it does not consider that the consideration potentially payable under the agreement would be expected to have a material effect on the price or value of Renascor's securities. It also conducted stakeholder engagement and preliminary site investigations to allow it to submit a development application this quarter.

Renascor Resources' shares jumped almost 4% in recent trading on Thursday.