Syrah Resources Limited · ASX:SYR
Syrah Resources — Equity Raising & Strategic Funding Proposals Presentation
62 slides from Syrah Resources's investor presentation, Mar 26, 2026
Slide 1: Equity Raising and US Government Strategic Funding Proposals
Equity Raising and US Government NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Strategic Funding Proposals 26 March 2026 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES syrahresources.com.au Syrah Resources | ASX: SYR1
Slide 2: Important Notice and Disclaimer (1/4)
Important Notice and Disclaimer (1/4) Important Notice and Disclaimer IMPORTANT: You must read the following carefully before continuing or making use of the information contained in this presentation. By attending an investor presentation or briefing, or accepting, accessing or reviewing this prese
Slide 3: Important Notice and Disclaimer (2/4)
Important Notice and Disclaimer (2/4) No new information or data This presentation contains references to exploration results, Mineral Resource and Ore Reserve estimates, and feasibility study results including production targets, all of which have been cross referenced to previous ASX market announ
Slide 4: Important Notice and Disclaimer (3/4)
Important Notice and Disclaimer (3/4) Future performance and forward-looking statements This presentation contains certain forward-looking statements. The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan", “likely”, “may”,
Slide 5: Important Notice and Disclaimer (4/4)
Important Notice and Disclaimer (4/4) Disclaimer To the maximum extent permitted by law, the Company, the Lead Manager and their respective affiliates and related bodies corporate, and their respective directors, officers, partners, employees, agents and advisers (the “Extended Parties”): (i) exclud
Slide 6: Positioning Syrah for long-term success
Positioning Syrah for long-term success NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 1 2 3 4 Syrah is the first mover in Balama is the largest and Upon completion, the DFC is expected to have graphite with the only highest-grade graphite non-binding Strategic a 20% shareh
Slide 7: Strategic Funding Proposals to reset Syrah's balance sheet
Strategic Funding Proposals to reset Syrah’s balance sheet Step 1: Equity raising, DFC debt- Step 2: Additional DFC debt-for- US Government support for Syrah for-equity swap and DFC loan equity swap and convertible loan disbursement1 notes1 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE
Slide 8: Syrah is the Western leader in graphite and anode materials
Syrah is the Western leader in graphite and anode materials First mover advantage as Geopolitically strategic Growing graphite market NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ex-China partner of choice critical minerals assets driven by the battery boom Syrah is the l
Slide 9: US Government interventions are reshaping markets in Syrah's favour
US Government interventions are reshaping markets in Syrah’s favour >US$1bn p.a. ✓ NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 45X Production Credits accruing to each Tier 1 US battery maker that will require minimum levels of non-PFE (i.e. non-Chinese) input materials,
Slide 10: Transaction Overview
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 1 Transaction Overview 10
Slide 11: Step 1: Equity raising, DFC debt-for-equity swap and DFC loan disbursement
Step 1: Equity raising, DFC debt-for-equity swap and DFC loan disbursement Equity Raising and non-binding key terms1 Source of funds1 A$m US$m NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ Syrah is undertaking a fully underwritten accelerated non-renounceable entitlement
Slide 12: Step 2: Additional DFC debt-for-equity swap and convertible loan notes
Step 2: Additional DFC debt-for-equity swap and convertible loan notes Source of funds (pro forma as at 31 December 2025)1 A$m US$m Non-binding key terms1 ▪ Step 2 of the non-binding Strategic Funding Proposals contemplates the following to DFC debt-for-equity swap (Tranche 2) 35 25 NOT FOR RELEASE
Slide 13: Strategic Funding Proposals key non-binding terms
Strategic Funding Proposals key non-binding terms1 ▪ DFC to convert up to US$31m (across two tranches) of its existing loan into Syrah shares at A$0.105/sh (Equity Raising offer price)5 – Tranche 1 to be issued utilising Syrah’s unutilised placement capacity under ASX Listing Rule 7.1 DFC debt-for-
Slide 14: Simplified and robust pro forma capital structure
Simplified and robust pro forma capital structure Step 1: Step 2: Equity raising, Tranche 1 DFC Financial information as at Additional DFC debt-for-equity swap debt-for-equity swap and DFC loan and convertible loan notes1 US$m1,11 31 December 2025 disbursement4,1 Share price A$0.145/sh (last close)
Slide 15: US Government pathway to substantial ownership
US Government pathway to substantial ownership ▪ Syrah is exploring a secondary listing in the US in response to strong investor interest in the critical minerals sector ▪ AustralianSuper remains supportive of the current Board and its strategy of ramping up production at Balama and achieving commer
Slide 16: Syrah investment thesis
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 2 Syrah investment thesis 16
Slide 17: World class Balama resource supports Syrah's strategy
World class Balama resource supports Syrah’s strategy World class operation underpinned by the largest and highest- grade graphite resource (ex-China) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES +50-year JORC Ore Reserve-backed mine life 1 In 2H 2025 following restart, B
Slide 18: Vidalia producing AAM and ready for ramp-up
Vidalia producing AAM and ready for ramp-up Only commercial-scale AAM production facility in North America, with deep technical competencies in AAM qualification NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES and integrated production developed over a 10-year period Full re
Slide 19: FY25 full year financial results
FY25 full year financial results Syrah 2H FY25 highlights and financials Key observations NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ▪ 2H FY25 reflects campaign operations at Balama and ongoing qualification at BALAMA PRODUCTION VIDALIA OPERATIONS Vidalia 67kt (half yea
Slide 20: Operational and financial outlook
Operational and financial outlook Balama Vidalia Corporate NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Syrah expects Balama production and sales of ~23kt and ~20kt in Q1 2026, Forecast cash of US$51m expected as Vidalia is producing high-quality AAM including a recent br
Slide 21: Market Context: Graphite and Anode
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 3 Market Context Graphite and Anode 21
Slide 22: Balama's position in an undersupplied ex-China market
Balama’s position in an undersupplied ex-China market Balama is well-positioned to capitalise on increasing ex-China natural graphite demand NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Ex-China battery market growing 14% per year1 supported by commercial and geopolitical
Slide 23: Demand for Syrah's products is forecast to grow significantly
Demand for Syrah’s products is forecast to grow significantly The energy transition and battery deployment underpins growth in natural graphite demand NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Higher prices required for new supply to close expected future Energy transi
Slide 24: Syrah's end-markets are scaling
Syrah’s end-markets are scaling Global EV market growth, including in the US, has driven substantial recent growth in Syrah’s end markets NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Global EV Adoption Accelerating Natural Graphite Demand Rising US Imports of Ex-China Nat
Slide 25: Graphite is fundamental to battery production
Graphite is fundamental to battery production Lithium-ion batteries used in EV and stationary storage are highly reliant on graphite materials Critical mineral composition of batteries1 Global AAM forecast demand for batteries2 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 26: Next Steps: Equity Raising Timetable
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES 4 Next Steps Equity Raising Timetable & 26
Slide 27: Equity Raising overview
Equity Raising overview Fully underwritten ~US$72m Equity Raising ▪ Syrah is undertaking a fully underwritten 1-for-1.32 pro-rata non-renounceable entitlement offer to raise approximately ~A$104m (~US$72m1) (“Entitlement Offer”) Offer Structure ▪ Approximately 994 million new fully paid ordinary sha
Slide 28: Equity raising timetable
Equity raising timetable Equity raising timetable1 Date (Melbourne time) Trading halt Wednesday, 25 March 2026 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Announcement of Equity Raising and Institutional Entitlement Offer opens Thursday, 26 March 2026 Institutional Entit
Slide 29: Strategic Funding Proposals next steps
Strategic Funding Proposals next steps ▪ Tranche 2 debt-for-equity swap subject to FIRB approval and Syrah shareholder NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES approval ▪ Syrah and its financial adviser, Macquarie Capital, continue to progress the strategic partnering
Slide 30: Key terms of the Strategic Funding Proposals
NOT FOR RELEASE NOT FOR RELEASE TO WIRE SERVICES US WIRE TO US SERVICES OR DISTRIBUTION IN OR DISTRIBUTION THE UNITED IN THE STATES UNITED STATES 5 Funding Proposals Key terms of the Strategic 30
Slide 31: Summary of DFC/AustralianSuper non-binding proposals (1/2)
Summary of DFC/AustralianSuper non-binding proposals (1/2) Following initial engagement by Syrah, Syrah has received strategic funding proposals from DFC and AustraliaSuper (Strategic Funding Proposal), the key terms of which are set out below. These matters are subject to, among other things, agree
Slide 32: Summary of DFC/AustralianSuper non-binding proposals (2/2)
Summary of DFC/AustralianSuper non-binding proposals (2/2) ▪ DFC Notes and AustralianSuper Notes will convert into Syrah ordinary shares at the conversion price of A$0.1982 per share, being the 30-day volume weighted average price of Syrah shares up to 24 March 2026 ▪ Each of DFC and AustralianSuper
Slide 33: Summary of DOE non-binding proposals (1/2)
Summary of DOE non-binding proposals (1/2) osals from DOE (“Strategic Funding Proposals”) the key terms of which are set out below. These matters are subject to, among other things, agreement of binding documentation, regulatory approvals, DFC and DOE approvals and shareholder approval. Accordingly,
Slide 34: Summary of DOE non-binding proposals (2/2)
Summary of DOE non-binding proposals (2/2) ▪ Face value: Approximately US$40m ▪ Maturity Date: 3-year term from Issuance Date (which is subject to the satisfaction of the conditions to the Extended Forbearance Effective Date) ▪ Interest rate: 11.00% p.a. capitalised quarterly ▪ Conversion terms: NOT
Slide 35: Pro forma adjustments to Syrah capital structure
Pro forma adjustments to Syrah capital structure Indicative pro-forma capital structure (US$m unless otherwise stated)1 The Strategic Funding Proposals are non-binding and subject to execution of binding documentation, DFC and DOE approvals, Mozambique and Australian government Subject and regulator
Slide 36: Potential Syrah shareholdings (financial close of CLNs)
Potential Syrah shareholdings (financial close of CLNs) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Equity DFC DOE AustralianSuper Pro Forma Shares in millions Current Raising Amendments Amendments Amendments (Financial Close) Free float 863 - 863 AustralianSuper1 449 99
Slide 37: Potential Syrah shareholdings (at maturity of CLNs)
Potential Syrah shareholdings (at maturity of CLNs) NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Equity DFC DOE AustralianSuper Pro Forma Shares in millions Current Raising Amendments Amendments Amendments (Financial Close) Free float 863 - 863 AustralianSuper1 449 994 1,
Slide 38: Key Risks
NOT FOR RELEASE NOT FOR RELEASE TO WIRE SERVICES US WIRE TO US SERVICES OR DISTRIBUTION IN OR DISTRIBUTION THE UNITED IN THE STATES UNITED STATES 6 Key Risks 38
Slide 39: Key risks (1/19)
Key risks (1/19) 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 constitute an exhaustive list of all risks involved with an investme
Slide 40: Key risks (2/19)
Key risks (2/19) The demand for, and the price of, natural graphite flake and natural graphite Active Anode Material products (“Products”) is highly dependent on a variety of factors, including international supply and demand of graphite and substitutes, the price and availability of substitutes, ac
Slide 41: Key risks (3/19)
Key risks (3/19) Mineral production involves risks, which even a combination of experience, knowledge and careful evaluation may not be able to adequately mitigate. No assurance can be given that the anticipated tonnages or grade of minerals will be achieved during production or that the indicated l
Slide 42: Key risks (4/19)
Key risks (4/19) Details of the sources and uses of the funds to be raised under the Offer are set out on slide 11 of this presentation. The funds raised under the Offer, together with Syrah’s existing cash reserves, are currently expected to be sufficient, and will be used to fund operations and ca
Slide 43: Key risks (5/19)
Key risks (5/19) Post implementation of the Strategic Funding Proposals, the Liquidity and Capital Management Financial Risk will continue and there remains a risk for investors that Syrah cannot issue the Secondary CLNs and the company cannot repay or refinance its senior loan and Primary and Secon
Slide 44: Key risks (6/19)
Key risks (6/19) Balama Graphite Operation At Balama, there is a risk that difficulties may arise as part of the processing and production of minerals, including failures in plant and equipment, difficulties in obtaining and importing NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED
Slide 45: Key risks (7/19)
Key risks (7/19) Other risks include, and are not limited to, weather, availability of materials, availability and productivity of skilled and experienced workers and contractors, industrial and environmental accidents, industrial disputes and unexpected shortages or increases in the costs of labour
Slide 46: Key risks (8/19)
Key risks (8/19) Syrah’s ability to comply with regulatory requirements in the areas of occupational health and safety, environment and product security; competition; anti bribery; corruption; sanctions; and taxation is critical to retaining our licenses to operate and the strength of its balance sh
Slide 47: Key risks (9/19)
Key risks (9/19) 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 Graphite Operation, and will seek to renew or replace contracts in order to match an
Slide 48: Key risks (10/19)
Key risks (10/19) Further, while Syrah will seek to secure other offtake agreements in respect of the excess production capacity not taken by Tesla and Lucid, there is no certainty that Syrah will be able to enter into such agreements in a timely manner, with acceptable parties, for sufficient volum
Slide 49: Key risks (11/19)
Key risks (11/19) As with any mining operation, Syrah is also at risk of adverse impact from natural disasters, both to the Balama Graphite Operation and the Vidalia Active Anode Material Facility and also to the 18. Natural Disasters logistics chain, which may include among other matters, abnormal
Slide 50: Key risks (12/19)
Key risks (12/19) Mining, construction, production and logistics are potentially hazardous activities. There are numerous occupational health risks associated with mining and production operations and associated supporting activities such as logistics. If any injuries or accidents occur, this could
Slide 51: Key risks (13/19)
Key risks (13/19) Investors who do not participate in the Offer, or do not take up all of their entitlement under the Entitlement Offer, will have their percentage security holding in Syrah diluted. Investors may also have their investment diluted by future capital raisings by Syrah. Syrah may issue
Slide 52: Key risks (14/19)
Key risks (14/19) Syrah relies on IT software and technology service providers to support its business operations, including its manufacturing operations. Syrah also holds sensitive employee and customer data, including such individuals’ and entities’ financial data. Syrah’s IT systems may be advers
Slide 53: Key risks (15/19)
Key risks (15/19) The synthetic graphite AAM production overcapacity in China misaligned with demand has continued to result in intense competition and non-market, destructive pricing behaviour. Prices for synthetic graphite AAM, especially low-grade products, remain below estimated production costs
Slide 54: Key risks (16/19)
Key risks (16/19) 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 general economic conditions, inflation rates, interest rates, changes in governme
Slide 55: Key risks (17/19)
Key risks (17/19) The maintaining of tenements, obtaining renewals, and grant of tenements or permits depends on Syrah being successful in maintaining and, where appropriate, renewing statutory approvals for 34. Security Of its activities and proposed activities. There can be no assurance that such
Slide 56: Key risks (18/19)
Key risks (18/19) ▪ Syrah alters its share capital or its constitution without the prior written consent of the Lead Manager; ▪ other than as set out in the Offer Documents or otherwise disclosed to ASX prior to the date of the underwriting agreement, an adverse change occurs in the business, assets
Slide 57: Key risks (19/19)
Key risks (19/19) ▪ Syrah alters its share capital or its constitution without the prior written consent of the Lead Manager; ▪ the Entitlement Offer cleansing notice is or becomes defective (within the meaning of the Corporations Act), or any amendment or update to the cleansing notice is issued or
Slide 58: International Offer Restrictions
NOT FOR RELEASE NOT FOR RELEASE TO WIRE SERVICES US WIRE TO US SERVICES OR DISTRIBUTION IN OR DISTRIBUTION THE UNITED IN THE STATES UNITED STATES 7 Restrictions International Offer 58
Slide 59: International Offer Restrictions (1/3)
International Offer Restrictions (1/3) 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 may not be offered or sold,
Slide 60: International Offer Restrictions (2/3)
International Offer Restrictions (2/3) 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 t
Slide 61: International Offer Restrictions (3/3)
International Offer Restrictions (3/3) 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
Slide 62: Syrah Contact Information
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Investor Relations Media Enquiries Syrah Contact Information Viren Hira NWR Communications Level 7, 477 Collins Street T: +61 3 9670 7264 Nathan Ryan Melbourne VIC 3000 E: v.hira@syrahresources.com.au T: 0420 582 887 T: +61 3 9
Syrah Resources — Equity Raising & Strategic Funding Proposals Presentation on 6ix