Syrah Resources Limited · ASX:SYR
Syrah Resources — Equity Capital Raising & Loan Developments Presentation
64 slides from Syrah Resources's investor presentation, Jul 30, 2025
Slide 1: Equity Capital Raising and US Government Loan Developments
Equity Capital Raising and US Government Loan Developments 30 July 2025 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES syrahresources.com.au Syrah Resources | ASX: SYR1 30 July 2025
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Important notice and disclaimer IMPORTANT: You must read the following carefully before continuing or making use of the information contained in this Investor Relations presentation. By attending an investor presentation or briefing, or accepting, accessing or reviewi
Slide 3: JORC Reporting (continued)
Important Notice and Disclaimer JORC Reporting (continued) Investors should note that while the Company’s Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Inst
Slide 4: Past performance
Important Notice and Disclaimer Past performance Past performance and any pro forma information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company's views, nor anyone else’s, on its future performance, financi
Slide 5: Diagram, charts, graphs and tables
Important Notice and Disclaimer Diagram, charts, graphs and tables Any diagrams, charts, graphs and tables appearing in this presentation are illustrative only and may not be drawn to scale. Not an offer NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES This presentation is no
Slide 6: Our position
Our position NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Vertical Integration Operating & Development Cost Position ESG Position Expansion Potential ✓ Syrah is the only ✓ Balama is an up to ✓ Cost competitive AAM ✓ Leading ESG standards ✓ Natural graphite and operating,
Slide 7: Key messages and Equity Raising
Company Update & Equity Raising NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Geopolitical policy and tariff tailwinds are supporting Syrah’s position and demand for its products, as well as driving industry repositioning, as there are limited ex-China graphite and AAM sup
Slide 8: US import tariffs countering low Chinese AAM prices and supporting Vidalia and Balama
US import tariffs countering low Chinese AAM prices and supporting Vidalia and Balama US AAM pricing basis with import tariffs on Chinese AAM Key benefits to Syrah Antidumping and NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES countervailing tariffs are Tariffed US- ✓ durab
Slide 9: Q2 2025 Highlights
Q2 2025 Highlights Balama & Vidalia Corporate & Market Health & Safety – Production recommenced at Balama with high – Quarter end cash balance of US$43m, including 7 product quality and good recovery4 US$31m restricted cash NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 1.7
Slide 10: Q2 2025 Cash Flow Bridge
Q2 2025 Cash Flow Bridge Cash flow bridge – 31 March 2025 to 30 June 2025 (US$m) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES – Cash balance at Q2 2025 66 1 (22) end of US$43m, including US$12m unrestricted cash3 and US$31m 1 (2) restricted cash4 (2) 2 43 US$21m cash outf
Slide 11: Loan Update & Equity Raising
Loan Update & Equity Raising NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ DOE will not exercise nor enforce remedies in connection with existing and certain future events of default for a period of two years from 30 July 2025 (“Forbearance Equity Raising Period”) DOE lo
Slide 12: Raising Overview
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 1 Raising Overview Company Update and Equity 12
Slide 13: Syrah leads ex-China industry in development and operations
Syrah leads ex-China industry in development and operations Bankable NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Balama feasibility Balama study production Construction and +2 years recommenced commissioning Natural graphite production +7 years Natural graphite sales +7
Slide 14: Syrah's future targets will further embed our unique position
Syrah’s future targets will further embed our unique position Key future targets Capital Structure Further large-volume shipments to ex-China destinations NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Commercial and offtake sales from 11.25ktpa AAM facility at Vidalia
Slide 15: Equity Raising overview
Equity Raising overview ▪ Syrah is undertaking a fully underwritten equity raising of ~A$70m (US$46m) consisting of a ~A$20m institutional placement (the “Placement”) and a ~A$50m 1- NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES for-5.42 pro-rata accelerated non-renounceab
Slide 16: Equity Raising sources and uses
Equity Raising sources and uses Overview Sources and Uses1 ▪ A$28m (US$19m)1 of Offer proceeds and existing cash will fund Vidalia operating costs Sources A$m US$m NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ‒ These funds have been and are available from restricted accou
Slide 17: US DOE loan amended to match longer qualification process and timeline
US DOE loan amended to match longer than planned qualification process and timeline to commercial sales commencement NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ DOE loan fully advanced and invested in the Vidalia AAM facility. US$98m balance (excl. accrued interest) as
Slide 18: Extended defaults waiver and further disbursements of DFC loan support Balama operations
Extended defaults waiver and further disbursements of DFC loan support Balama operations ▪ First DFC loan disbursement of US$53m was completed in November 2024 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ ~US$6m restricted cash held in Syrah accounts associated with DFC
Slide 19: Operational Update
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 2 Operational Update 19
Slide 20: Balama production recommenced and product shipments started
Balama production recommenced and product shipments started NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Production ramping up with initial operating campaign targeting 25-30kt natural graphite Restocking Pemba and Nacala inventory for product shipments 1st breakbulk
Slide 21: Balama is the premier graphite resource and operation
Balama is the premier graphite resource and operation Ex-China natural graphite reserves and reserve grade1 Balama operating costs (US$/t FOB) at different production rates 25 BALAMA CUT-OFF 10kt 15kt 20kt 25kt ~30kt NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES GRADE2 Afr
Slide 22: Syrah changing Balama sales composition
Syrah changing Balama sales composition Driving toward higher and more stable utilisation of Balama’s production capacity Balama sales Balama sales Target Balama sales NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES composition (2022) composition (2024) composition (2028) In
Slide 23: Vidalia is producing high quality AAM and in the final stages of product testing
Vidalia is producing high quality AAM and in the final stages of product testing NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Only commercial scale AAM production facility in North America 11.25ktpa AAM facility producing high quality AAM meeting contractual and targe
Slide 24: Vidalia AAM technical performance is meeting targets
Vidalia AAM technical performance is meeting targets ▪ Physical, chemical and electro-chemical properties of Vidalia AAM production are meeting contractual and targeted specifications ▪ Vidalia AAM quality is validated by Syrah, third-party laboratory and customer test results ▪ Cycle life testing u
Slide 25: Update on material offtake agreement
Update on material offtake agreement NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ As previously disclosed, Syrah has an offtake agreement with Tesla Inc (“Counterparty”) to supply natural graphite AAM from the 11.25ktpa AAM Vidalia facility (the “Offtake Agreement”)1 ▪
Slide 26: Vidalia is the cornerstone of Syrah's downstream strategy
Vidalia is the cornerstone of Syrah’s downstream strategy Downstream expansion is underpinned by Balama’s world-class resource Vidalia, USA NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Asia (ex-China) Joint Venture / Tolling (>20ktpa) Technology Support to Third-Party (ex
Slide 27: Market, Supply Chain and Policy Update
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 3 Policy Update Market, Supply Chain and 27
Slide 28: China market conditions have been challenging, impacting natural graphite sales
China market conditions have been challenging, negatively impacting Syrah’s natural graphite sales to China and spot fines prices Global EV sales1 vs. China anode production2 China natural graphite production vs. China anode production2 280 2,400 200 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTI
Slide 29: North American battery market requires significant natural graphite quantities
North American battery market requires significant natural graphite quantities far exceeding onshore supply and capacity North America monthly EV sales (000s) Location and status of planned battery manufacturing capacity in North America (as at June 2025) 200 NOT FOR RELEASE TO US WIRE SERVICES OR D
Slide 30: China natural graphite exports
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 10 15 20 25 0 5 50 0 100 150 Jan-Sep 2023¹ Oct 2023 Nov 2023 India Other Dec 2023 Japan 2021 Jan 2024 Feb 2024 1. Average monthly exports Mar 2024 Apr 2024 May 2024 2022 Jun 2024 USA Jul 2024 Germany Aug 2024 Sep 2024 Oct 2024
Slide 31: Intersection of Government and Market Factors
Intersection of Government and Market Factors Developments in any one of these factors could materially change near-term demand for Syrah’s products, as there are limited other ex-China suppliers that can meet near-term demand NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 32: Transaction Details
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 4 Transaction Details 32
Slide 33: Equity Raising overview
Equity Raising overview ▪ Syrah is undertaking a fully underwritten Equity Raising of ~A$70m (US$46m1) consisting of: ‒ A fully underwritten Placement to raise approximately A$20m; and Offer Structure ‒ A fully-underwritten 1-for-5.42 pro-rata non-renounceable Entitlement Offer of New Shares to elig
Slide 34: Equity Raising timetable
Equity Raising timetable NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Event Date Trading Halt Wednesday, 30 July 2025 Announcement of Offer Wednesday, 30 July 2025 Placement and Institutional Entitlement Offer opens Wednesday, 30 July 2025 Placement and Institutional Enti
Slide 35: Summary of DOE Loan Forbearance Agreement
Summary of DOE Loan Forbearance Agreement NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ Syrah Technologies LLC, Syrah US Holdings Pty Ltd, Syrah Resources Limited (Syrah) (together the Syrah Parties), FTI Consulting, INC, Citibank, N.A., and the United Parties States Dep
Slide 36: Summary of DOE Loan Forbearance Agreement (cont'd)
Summary of DOE Loan Forbearance Agreement (cont’d) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ The Loan Agreement and related financing documents will be amended with respect to certain matters including: Related Loan − providing that the failure to satisfy certain his
Slide 37: Summary of DFC Loan Default Waiver
Summary of DFC Loan Default Waiver Parties ▪ Twigg Exploration & Mining, Limitada (Twigg), Syrah Resources Limited (Syrah) and the United States Development Finance Corporation (DFC). NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ DFC agrees to waive, until 30 September 2
Slide 38: Syrah pro forma capital structure and financial position
Syrah pro forma capital structure and financial position NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Pro forma metrics Status Quo1 Equity Raising8 Pro Forma for Equity Raising Ordinary shares on issue (m) 1,042 269 1,311 Market capitalisation (A$m) 3962 70 466 Cash balan
Slide 39: AustralianSuper pro forma shareholding in Syrah
AustralianSuper pro forma shareholding in Syrah NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Syrah shares held by % Syrah shareholding held All Syrah shares AustralianSuper and associates by AustralianSuper and (millions) (millions)5 associates5 Syrah fully paid ordinary
Slide 40: Appendix
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 5 Appendix 40
Slide 41: Summary of US import tariffs on Chinese graphite AAM products
Summary of US import tariffs on Chinese graphite AAM products Overview Status NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES US Department of Commerce preliminary countervailing duty of at least Graphite AAM Collection of cash deposit of duties commenced. Final issuance of
Slide 42: Battery and natural graphite fines demand is in the early stages of growth
Battery and natural graphite fines (-100mesh) demand is in the early stages of growth – driven by EV adoption Global EV Sales (Millions) Lithium-ion Battery Capacity (GWh) Natural Graphite Demand (kt) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 90 90% 9,000 4,000 80 80%
Slide 43: Graphite is a high intensity material in EV batteries
Graphite is a high intensity material in EV batteries, with costs / emissions expected to drive shift towards natural graphite Battery Mineral Composition of Batteries1 2040 Global Anode Demand for Batteries2 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 100% Other Graphit
Slide 44: Balama Ore Reserves and Mineral Resources
Balama Ore Reserves and Mineral Resources Balama Ore Reserves (at 7.2% TGC cut-off grade)1 Balama Mineral Resources (at 5% TGC cut-off grade)1 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Tonnes (Mt) TGC (%) Graphitic carbon (Mt) Tonnes (Mt) TGC (%) Graphitic carbon (Mt)
Slide 45: Key Risks
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 6 Key Risks 45
Slide 46: Key risks
Key risks NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES This section discusses some of the key risks associated with any investment in Syrah, which may affect the value of Syrah shares. The risks set out below are not necessarily listed in order of importance and do not co
Slide 47: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Mineral Resources and Ore Reserves are estimates of mineralisation that have reasonable prospects for eventual economic extraction in the future, as defined by the 2012 Edition of the Australasian Code for
Slide 48: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Details of the sources and uses of the funds to be raised under the Offer are set out on slide 16 of this presentation. The funds raised under the Offer, together with Syrah’s existing cash reserves, are c
Slide 49: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Under Syrah’s loan facilities with DOE and DFC, and the forbearance agreement with DOE (Forbearance Agreement), it must comply with financial and other covenants including holding minimum cash in certain l
Slide 50: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Vidalia Active Anode Material Facility At Vidalia, there is a risk that difficulties may arise as part of the production of nature graphite active anode material, including failures in plant and equipment,
Slide 51: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Syrah’s businesses are subject, in each of the countries in which it operates, or the countries into which it sells its Products, to various national and local laws and regulations relating to, among other
Slide 52: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES The ability of Syrah to achieve its stated objectives will depend on the performance of contractual counterparties. Syrah has entered into sales, marketing and distribution agreements for the Balama Graphi
Slide 53: Key risks (continued)
Key risks (continued) As announced to ASX on 23 December 2021 and 29 December 2021, Syrah entered into an offtake agreement with Tesla, Inc. to supply 8kt per annum of natural graphite Active Anode Material from Syrah’s production facility in Vidalia. The offtake obligation is subject to the satisfa
Slide 54: Key risks (continued)
Key risks (continued) Environmental regulations in the jurisdictions in which Syrah has operations impose significant obligations on companies that conduct the exploration for and mining of commodities. These regulations also cover the processing of ores into final products and subsequent transporta
Slide 55: Key risks (continued)
Key risks (continued) Syrah’s operations could be affected by political instability in Australia, Mozambique, the USA, UAE, China or other countries or jurisdictions in which it has operations, investment interests, conducts exploration NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNIT
Slide 56: Key risks (continued)
Key risks (continued) Syrah’s activities may generate revenues, and Syrah may incur expenses, in a variety of different currencies, meaning its financial performance and position are impacted by fluctuations in the value of relevant currencies and exchange rates. In particular, Syrah is required to
Slide 57: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES The market price of the Company’s shares will fluctuate due to various factors, many of which are non-specific to Syrah, including recommendations by brokers and analysts, Australian and international gene
Slide 58: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Syrah has entered into an underwriting agreement with Jarden Australia Pty Ltd ("Lead Manager"). The Lead Manager has agreed to act as sole lead manager and underwriter in relation to the Entitlement Offer
Slide 59: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ the Offer Documents contain (whether by omission or otherwise) any statement which is false, misleading or deceptive, or any material statement or estimate in an Offer Document which relates to a future
Slide 60: Key risks (continued)
Key risks (continued) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ there is a change (other than a change which has been disclosed prior to the date of the underwriting agreement) in the Board, the Chairman, the Chief Executive Officer or the Chief Financial Officer of
Slide 61: International Offer Restrictions
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 7 International Offer Restrictions 61
Slide 62: International Offer Restrictions
International offer restrictions International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares m
Slide 63: International Offer Restrictions
International offer restrictions European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the Eur
Slide 64: International Offer Restrictions
International offer restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in co
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