Syrah Resources Limited · ASX:SYR
Syrah Resources — Q1 2025 Earnings Presentation
29 slides from Syrah Resources's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Quarterly Activities Report
Q1 2025 Quarterly Activities Report 29 April 2025 syrahresources.com.au Q1 2025 Quarterly Activities Report Syrah Resources | ASX: SYR1 28 April 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 Position
Our Position Syrah is a major ex-China natural graphite and active anode material (AAM) supplier for global customers, with upstream and downstream expansion potential underpinned by its world-class Balama resource Natural graphite and Syrah is the only Balama is an up to Ramping up AAM demand is op
Slide 4: Syrah's Positive ESG Profile
Syrah’s Positive ESG Profile Strong ESG Performance Guided by best practice Low carbon footprint Auditable back to source sustainability frameworks ✓ Initiative for Responsible Mining ✓ Sustainability frameworks guided ✓ Independent life cycle assessment ✓ Fully integrated by Syrah from Assurance (“
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights Balama & Vidalia Corporate & Market Health & Safety – Multi-year binding offtake agreement with Lucid for Vidalia – Global EV sales in Q1 2025 up 36% 0 kt AAM supply4 – No production at Balama due to protest actions impeding compared to Q1 2024 to ~4.0 million units7, biased to gr
Slide 6: Clear path to Balama resuming production and sales
Path to Balama resuming production and sales Agreement signed between farmers, Mozambique Government, and Syrah with commitment to resettlement compensation process and implementation Syrah is actively engaging with Government representatives to ensure alignment on next steps and continued progr
Slide 7: Q1 2025 Cash Flow Bridge
Q1 2025 Cash Flow Bridge Cash flow bridge – 31 December 2024 to 31 March 2025 (US$m) 4 (20) – Cash balance at Q1 2025 87 end of US$66m, including US$22m unrestricted 1 (2) (2) (2) 66 cash3 and ~US$44m Restricted cash for restricted cash4 US$16m 24 DOE/DFC loan reserves Cash outflow from operations –
Slide 8: Market Overview
Market Overview Q1 2025 Quarterly Activities Report 8
Slide 9: China anode production continues to grow
China anode production continues to grow Global monthly EV sales (‘000 Units)1 China monthly AAM production (kt)2 Q1 2025 220 Q1 2025 2,000 1,800 1,600 +34% +36% on Q1 2024 200 180 +45% on Q1 2024 160 1,400 140 1,200 +26% +50% 120 1,000 100 800 80 600 60 400 40 200 20 0 0 Sep 21 Sep 23 Sep 22 Sep 24
Slide 10: Market conditions remain challenging
Market conditions remain challenging Global EV sales1 vs. China anode production2 China natural graphite production vs. China anode production2 240 2,400 200 2,000 200 160 1,600 160 120 1,200 120 800 80 80 400 40 40 0 Jul-22 0 Jul-21 Jul-23 Jul-24 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Sep-21 Sep-23 Sep
Slide 11: High capacity natural graphite AAM is price competitive with synthetic AAM
High capacity natural graphite AAM is price competitive with synthetic AAM for ex-China battery markets High capacity AAM price (US$/t) Medium capacity AAM price (US$/t) Low capacity AAM price (US$/t) 12,000 12,000 12,000 Synthetic Graphite Synthetic Graphite Synthetic Graphite Natural Graphite Natu
Slide 12: China graphite exports to Indonesia increasing
China graphite exports to Indonesia increasing China natural graphite exports (kt) China spherical graphite exports (kt) China natural graphite AAM exports (kt) Japan USA South Korea Japan USA South Korea Japan USA South Korea 150 India Germany Indonesia Hungary Other Indonesia Other Other 100 75 10
Slide 13: China graphite anode export prices have declined
China graphite anode export prices have declined Average Chinese spherical graphite export price (US$/kg)1 Average Chinese AAM export prices (US$/kg)1 $4.50 $6.00 $5.50 $3.50 $5.00 $2.50 $4.50 $1.50 $4.00 Mar-23 Jul-23 Mar-24 Jul-24 Mar-25 May-23 May-24 Sep-23 Nov-23 Sep-24 Nov-24 Jan-23 Jan-24 Jan-
Slide 14: Short-term headwinds for North American battery market
Short-term headwinds for North American battery market North America EV sales (000s) Location and status of planned battery manufacturing capacity in North America 200 LOCATION: TN LOCATION: KY LOCATION: IL LOCATION: OH LOCATION: TN LOCATION: Ontario SIZE: 10 GWh SIZE: 30 GWh SIZE: 50 GWh SIZE: 90 G
Slide 15: Intersection of Government and Market Factors
Intersection of Government and Market Factors Developments in any one of these factors could materially change near-term requirements for Syrah’s products, as there are limited other ex-China suppliers that can meet near-term demand Permanent and discretionary Chinese Government Non-FEOC graphite tr
Slide 16: Syrah Position
Syrah Position Q1 2025 Quarterly Activities Report 16
Slide 17: Syrah fundamentally changing Balama sales composition
Syrah fundamentally changing Balama sales composition Driving toward higher and more stable utilisation of Balama’s production capacity Balama sales Balama sales Target Balama sales composition (2022) composition (2024) composition (2027) 1 Ex-China Integrated Ex-China Chinese 1 Customers Integrated
Slide 18: Balama is the premier graphite resource and operation
Balama is the premier graphite resource and operation Ex-China natural graphite reserves and reserve grade1 Balama operating costs (US$/t FOB) at different production rates 25 BALAMA CUT-OFF 10kt 15kt 20kt 25kt ~30kt GRADE2 Africa per month per month per month per month per month 800 North America 2
Slide 19: Vidalia is the cornerstone of Syrah's downstream business
Vidalia is the cornerstone of Syrah’s downstream business 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 Joint Ventures (>20ktpa) Production Bas
Slide 20: Vidalia AAM Technical Performance
Vidalia AAM Technical Performance ▪ Physical, chemical and electro-chemical properties of Vidalia AAM production are meeting specification requirements ▪ Vidalia AAM quality is validated by Syrah, third-party laboratory and customer test results ▪ Cycle life testing using Vidalia AAM mass production
Slide 21: Vidalia's attractive economics are built on cost and price experience
Vidalia’s attractive economics are built on cost and price experience Potential for significant margin upside as new project inducement drives marginal pricing Economics of Vidalia facility (45ktpa AAM capacity)1 Long-term natural graphite AAM price assumption (US$/kg)3 AAM prices shown exclude 25%
Slide 22: Syrah's ESG position provides lower emissions & traceability
Syrah’s ESG position provides lower emissions & traceability Global warming potential of graphite products (kg CO2 eqv./kg product)1 Syrah Major Chinese ESG element (as proxy for ex-China suppliers) suppliers Vidalia AAM 7.3 >3x ~2x Chinese natural graphite AAM 14.2 Responsible Mining IRMA5 50 level
Slide 23: Syrah's targets embedding unique advantages
Syrah’s targets embedding unique advantages Recent milestones Key targets Dec-21 – Binding offtake agreement with Tesla for Vidalia AAM supply Capital Structure Jul-22 – US$102m binding loan from US DOE for the initial expansion of Vidalia Resumption of Balama production and start of product shipm
Slide 24: Our Valuation Proposition
Our Valuation Proposition Syrah is leading ex-China natural graphite and anode material production capacity and sales growth Vertical Operating and Cost Position ESG Position Expansion Integration Development Potential ▪ Natural graphite ▪ Largest integrated ▪ Cost competitive ▪ Leading ESG ▪ Signif
Slide 25: Appendix
Appendix Q1 2025 Quarterly Activities Report 25
Slide 26: Vidalia AAM Facility Areas
Vidalia AAM Facility Areas Furnace Area Milling Area Purification Area Nitrogen Plant Q1 2025 Quarterly Activities Report 26
Slide 27: Battery and natural graphite fines demand in 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) 90 90.0% 9,000 4,500 80 80.0% 8,000 4,000 70 70.0% 7,000 3,500 60 60.0% 6,000 3,000 50 50.0% 5,000
Slide 28: 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 Natural Graphite Demand for Batteries2 100% 2024 Silicon Other 1% 6% Natural 18% Metal Composition % Mass Synthetic 76% 2040 Other
Slide 29: Syrah's global business to supply growing battery anode demand
Syrah’s global business to supply growing battery anode demand Vidalia, Louisiana, USA Balama, Cabo Delgado Province, Mozambique Sales and Marketing Hub, Dubai, UAE Contract Sales Liaison, Shanghai, China Corporate Office, Melbourne, Australia Q1 2025 Quarterly Activities Report 29