Syrah Resources Limited · ASX:SYR
Syrah Resources — Q3 2025 Earnings Presentation
18 slides from Syrah Resources's earnings presentation, Oct 28, 2025
Slide 1: Q3 2025 Quarterly Activities Report
Q3 2025 Quarterly Activities Report 28 October 2025 syrahresources.com.au Q3 2025 Quarterly Activities Report Syrah Resources | ASX: SYR1 28 October 2025
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, Investor Relations invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. Thi
Slide 3: Our Investment Proposition
Our Investment Proposition Syrah is the leading natural graphite and active anode material producer outside China Vertically Unique Low-Cost Leading ESG Clear Integrated Operating Position Position Expansion Assets Options Syrah is well positioned to supply customers as global demand for its product
Slide 4: Safety and Sustainability
Safety and Sustainability Committed to operating sustainably for our people, community and other stakeholders Group Performance 1.1 TRIFR1 Female employment National employment in Vidalia regional 19% across 98% Mozambique 75% employment Syrah Group in USA2 Investment in Mozambique US$568m Total eco
Slide 5: Q3 2025 Quarterly Performance
Q3 2025 Quarterly Performance Balama operations recommenced and large-volume breakbulk shipments Operational Highlights Financial Highlights Balama production Natural graphite sales Cashflow from operations 26kt 24kt US$(3)m 68% recovery and 95% grade 84% fine to coarse sales mix vs. US$(21)m in pri
Slide 6: Q3 2025 Cash Flow Bridge
Q3 2025 Cash Flow Bridge Cash flow from operations supported by higher product sales and 45X tax credit during the quarter Cash flow bridge – 30 June 2025 to 30 September 2025 (US$m) 4 (0) 87 US$3m Cash outflow from operations Restricted cash for (including sales, marketing and corporate costs) 32 D
Slide 7: Market developments
Market developments China AAM production continues to trend higher China natural graphite exports (kt)1 although capacity utilisation is low 20 15 Monthly China AAM production (kt) and global EV sales (‘000) 300 10 5 250 0 Feb 24 Feb 25 Nov 24 Dec 24 Jan 24 Mar 24 Jun 24 Jan 25 May 24 Mar 25 Jun 25
Slide 8: Trade and tax policies are supportive of near-term purchasing of Syrah's natural graphite and AAM products
Trade and tax policies are supportive of near-term purchasing of Syrah’s natural graphite and AAM products US AAM pricing basis with import tariffs on Chinese AAM Tariffed US- landed price • Recent global policy developments have the 6 potential to be positive for Syrah of Chinese AAM2 5 AD/CVD are
Slide 9: Syrah's value drivers and milestones
Syrah’s value drivers and milestones Natural graphite breakbulk sales to ex-China AAM customers Graphite AAM AD/CVD final determinations Commercial sales from Vidalia Syrah expects to deliver on multiple catalysts to drive shareholder value Strategic partner and investment Commitments for Vidalia’s
Slide 10: Appendix
Appendix Q3 2025 Quarterly Activities Report 10
Slide 11: 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 composition (2022) composition (2024) composition (2029) Integrated1 Ex-China (Vidalia) Ex-China China Integrated 1 Customers Custom
Slide 12: 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 Asia (ex-China) Joint Venture / Tolling (>20ktpa) Technology Support to Third-Party (ex-China) Partners (>50ktpa) Europe/Middle East JVs (>20ktpa) Production Ba
Slide 13: US import tariffs on Chinese graphite AAM products
US import tariffs on Chinese graphite AAM products Overview Status US Department of Commerce preliminary countervailing duty of at least Graphite AAM Collection of cash deposit of duties commenced. Final issuance of 11 11.58% on graphite AAM products to countervail unfair subsidies that Chinese coun
Slide 14: 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 210 America 190 LOCATION: TN LOCATION: KY LOCATION: IL LOCATION: Ontar
Slide 15: Battery and natural graphite fines demand growth is maturing
Battery and natural graphite fines (-100mesh) demand growth is maturing – driven by EV adoption End-market demand growth forecasts remain significant following moderation over the last 12 months Global EV Sales (Millions) Lithium-ion Battery Capacity (GWh) Natural Graphite Demand (kt) 90 9,000 4,000
Slide 16: Qualifying for 45X tax credits
Qualifying for 45X tax credits, which requires non-Prohibited Foreign Entity AAM sourcing, is crucial for US battery makers US battery/auto OEM 45X credits (US$bn; 2025 annualised exit rate)1 “OB3” direct material assistance cost ratio analysis for battery cells 2 1.5 100% Thousands 2030+ Proportion
Slide 17: 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 Other 100% 14% Natural Graphite- 17% Silicon 9% Metal Composition % Mass Synthetic 61% Synt
Slide 18: Thank you
Thank you Q3 2025 Quarterly Activities Report 18