Slide 1: Q2 2026 Quarterly Activities Report
Q2 2026 Quarterly Activities Report 23 July 2026 syrahresources.com.au Q2 2026 Quarterly Activities Report Syrah Resources | ASX: SYR1
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 and Media Enquiries invitation, solicitation or recommendation in relation to the purchase or sale of shares in a
Slide 3: Near-Term Uncertainty, Long-Term Opportunity
Near-Term Uncertainty, Long-Term Opportunity Current dynamics Future focus NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES • Ex-China graphite and AAM markets are digesting • Customers are seeking secure and sustainable ex- post-AD/CVD and government policy uncertainty China
Slide 4: Q2 2026 Quarterly Performance
Q2 2026 Quarterly Performance Balama production levels moderated in response to subdued ex-China natural graphite sales orders Operational Summary Financial Summary Vidalia operations Vidalia sales Cash balance Transitioning from qualification to commercial production Progressing final stages of qua
Slide 5: Safety and Sustainability
Safety and Sustainability Committed to operating sustainably for our people, community and other stakeholders Group Performance 0.0 TRIFR1 Female employment National employment in Vidalia regional 20% across 98% Mozambique 89% employment Syrah Group in USA2 Historical Investment in Mozambique US$611
Slide 6: Q2 2026 Cash Flow Bridge
Q2 2026 Cash Flow Bridge Cash flow from operating activities reflect lower operating costs in a low Balama production quarter, increasing working capital and receipts from a breakbulk shipment sale in the March 2026 quarter Cash flow bridge – 31 March 2026 to 30 June 2026 (US$m) 71 (0) (1) 98 Restri
Slide 7: Evolving policy settings and strong growth outlook
Evolving policy settings and strong growth outlook Despite US AD/CVD not being implemented, US Government Energy transition underpinning demand for Syrah’s products interventions continue to reshape markets in Syrah’s favour Battery cell production by geography (MWh, ex-China)4 3,000 >US$1bn p.a. ✓
Slide 8: Operational and financial outlook
Operational and financial outlook Balama Vidalia Corporate Mining and plant campaign operations Vidalia is producing high-quality AAM expected to continue to satisfy and has full readiness for ramp-up and Cash balance of US$98m as at 30 June contracted sales and to build an is market competitive wit
Slide 9: Syrah is the Western leader in graphite and anode materials
Syrah is the Western leader in graphite and anode materials First mover in ex-China Geopolitically strategic critical Growing graphite market commercial scale supply minerals assets driven by the battery boom NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Syrah is the leadi
Slide 10: Appendix
Appendix Q4 2025 Quarterly Activities Report 10
Slide 11: Vidalia AAM Technical Performance
Vidalia AAM Technical Performance ▪ Physical, chemical and electro-chemical properties of Vidalia AAM produced in 2026 meet or surpass contractual and targeted specifications ▪ Vidalia AAM exhibits consistently high carbon purity at ~99.99% and extremely low levels of impurities ▪ Electrochemical re