Syrah Resources Limited · ASX:SYR
Syrah Resources — Q4 2025 Earnings Presentation
19 slides from Syrah Resources's earnings presentation, Jan 28, 2026
Slide 1: Q4 2025 Quarterly Activities Report
Q4 2025 Quarterly Activities Report 28 January 2026 syrahresources.com.au Q4 2025 Quarterly Activities Report Syrah Resources | ASX: SYR1 28 January 2026
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 New Balama Community 0.9 TRIFR1 Female employment National employment in Vidalia regional Development Agreement signed 20% across 98% Mozambique 90% employment under which
Slide 5: Q4 2025 Quarterly Performance
Q4 2025 Quarterly Performance Balama production up 34% quarter on quarter with high recovery and quality Operational Highlights Financial Highlights Balama production Natural graphite sales Cash balance 34kt 29kt US$77m 76% recovery and 95% grade 89% fine to coarse sales mix as at 31 December 20251
Slide 6: Q4 2025 Cash Flow Bridge
Q4 2025 Cash Flow Bridge Cash flow from operations impacted by higher working capital Cash flow bridge – 30 September 2025 to 31 December 2025 (US$m) (31) 87 13 0 77 7 1 (0) Restricted cash for DOE/DFC loan 32 US$(18)m reserves Cash outflow from operations Restricted cash for 10 (including sales, ma
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) 350 10 5 300 0 Feb 24 Feb 25 Nov 24 Dec 24 Nov 25 Dec 25 Jan 24 Mar 24 Jun 24 Jan 25 May 24
Slide 8: Trade and tax policies support near-term purchasing of Syrah's products
Trade and tax policies support near-term purchasing of Syrah’s products US AAM pricing basis with import tariffs on Chinese AAM Tariffed US- landed price • Recent global policy developments have the AD/CVD are durable 6 potential to be positive for Syrah of Chinese AAM2 5 graphite specific tariffs t
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 Q4 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 (2025) composition (2029) Integrated 1 Ex-China (Vidalia) Ex-China China Integrated 1 Customers Custo
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: Vidalia AAM Technical Performance
Vidalia AAM Technical Performance ▪ 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 using Vidalia AAM ma
Slide 14: US import tariffs on Chinese graphite AAM products
US import tariffs on Chinese graphite AAM products Overview Status US Department of Commerce preliminary anti-dumping duty of at least Graphite AAM 11 93.5% on graphite AAM products to protect domestic industry from unfair Cash deposit of AD/CVD duties at preliminary rates due on all graphite antidu
Slide 15: 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 16: 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 despite moderation over the last 12 months Global EV Sales (Millions) Lithium-ion Battery Capacity (GWh) Natural Graphite Demand (kt) 90 9,000 4,000 8
Slide 17: Qualifying for 45X tax credits is crucial for US battery makers
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 18: 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% 11% Natural Graphite- 17% Silicon 13% Metal Composition % Mass Synthetic 60% Syn
Slide 19: Thank you
Thank you Q4 2025 Quarterly Activities Report 19