Slide 1: Q4 2024 Quarterly Activities Report
Q4 2024 Quarterly Activities Report 30 January 2025 syrahresources.com.au Q4 2024 Quarterly Activities Report Syrah Resources | ASX: SYR1 29 January 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 Leading ESG standards Best practice sustainability Low carbon footprint Auditable back to source frameworks ✓ ISO:45001 and ISO:14001 ✓ Sustainability frameworks guided ✓ Independent life cycle assessment ✓ Fully integrated by Syrah from certification at Balama by: (“LCA
Slide 5: Q4 2024 Highlights
Q4 2024 Highlights Balama & Vidalia Corporate & Market Health & Safety – No production at Balama due to protest actions impeding – Global EV sales in Q4 2024 up 35% 0 kt operations compared to Q4 2023 to ~5.6 million Balama production – Syrah declared force majeure at Balama4 – Achieved Initiative f
Slide 6: Significant cash balance to fund Company operations
Significant cash balance to fund Company operations Cash flow bridge – 30 September 2024 to 31 December 2024 (US$m) 49 (1) (2) – Cash balance at Q4 2024 (1) 87 end of US$87m, including Restricted cash for 20 DOE/DFC loan US$30m unrestricted 6 (25) reserves cash4 and ~US$58m 61 Restricted cash for re
Slide 7: Market Overview
Market Overview Q4 2024 Quarterly Activities Report 7
Slide 8: China anode production continues to grow
China anode production continues to grow Q4 2024 EV Sales Global Monthly EV Sales (‘000 Units)1 +35% on Q4 2023 +33% China Monthly Anode Production (kt)2 220 2,000 Q4 2024 +37% 1,800 1,600 +24% +35% 200 180 +33% on Q4 2023 160 +13% 1,400 +10% +16% +19% +14% 140 1,200 +24% 120 1,000 +50% 100 -4% 800
Slide 9: Market conditions remain challenging
Market conditions remain challenging Global EV sales1 vs. China Anode Production2 China Natural Graphite Production vs. China Anode Production2 240 2,400 200 2,000 200 160 1,600 160 120 1,200 120 800 80 80 400 40 40 0 0 Jul-21 Jul-22 Jul-23 Jul-24 Jan-21 Jan-22 Jan-23 Jan-24 Sep-21 Sep-22 Mar-23 Sep
Slide 10: China graphite and anode product exports increasing
China graphite and anode product exports increasing China natural graphite exports (kt) China spherical graphite exports (kt) China natural graphite AAM exports (kt) Japan USA South Korea Japan USA South Korea Japan USA South Korea 150 India Germany Other Indonesia Other Hungary Other 100 75 100 75
Slide 11: China graphite anode export prices have declined
China graphite anode export prices have declined Average Chinese spherical graphite export price (US$/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 $4.00 Mar-23 Jul-23 Mar-24 Jul-24 May-23 May-24 Sep-23 Nov-23 Sep-24 Nov-24 Jan-23 Jan-24 Mar-23 May-
Slide 12: Short-term headwinds for North American battery market
Short-term headwinds for North American battery market North America EV sales growth is volatile… Location and status of planned battery manufacturing capacity in North America North America EV sales (000s) 200 LOCATION: OH LOCATION: TN LOCATION: MI LOCATION: TN LOCATION: KY LOCATION: IL LOCATION: Q
Slide 13: Intersection of Government and market factors
Intersection of Government and market factors Developments in any one of these factors could materially change near-term requirements for Syrah’s products, as there are limited other ex-China suppliers that can meet near-term demand Permanent and discretionary Chinese Government Non-FEOC graphite tr
Slide 14: A Republican Administration: What it means for non-FEOC graphite
A Republican Administration: What it means for non-FEOC graphite Focus on developing domestic manufacturing, unfair competition from China and relaxation of EV adoption subsidies Possible policy changes and potential impacts Impact on Syrah on EV and battery supply chain New and increased (60%) tari
Slide 15: Syrah Position
Syrah Position Q4 2024 Quarterly Activities Report 15
Slide 16: Syrah fundamentally changing Balama sales composition
Syrah fundamentally changing Balama sales composition Driving toward higher and more stable utilisation of Balama’s production capacity Balama sales Balama sales Target Balama sales composition (2022) composition (2024) composition (2027) 1 Ex-China Integrated Ex-China Chinese 1 Customers Integrated
Slide 17: Balama is the premier graphite resource and operation
Balama is the premier graphite resource and operation Ex-China natural graphite reserves and reserve grade1 Balama operating costs (US$/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 18: 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 19: 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 Long-term natural graphite AAM price assumption (US$/kg)3 Economics of Vidalia facility (45ktpa AAM capacity)1 Observable AAM prices shown $
Slide 20: 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 21: Syrah's targets embedding unique advantages
Syrah’s targets embedding unique advantages Recent milestones Key targets Capital Structure Dec-21 – Binding offtake agreement with Tesla for Vidalia AAM supply Jul-22 – US$102m binding loan from US DOE for the initial expansion of Vidalia Positive resolution of Balama protest actions and resumpti
Slide 22: 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 23: Appendix
Appendix Q4 2024 Quarterly Activities Report 23
Slide 24: 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) 80 90.0% 9,000 8,000 70 80.0% 8,000 7,000 70.0% 7,000 60 6,000 60.0% 6,000 50 5,000 50.0% 5,000 40
Slide 25: 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 Other Silicon 0% 5% Natural 27% Metal Composition % Mass Synthetic 67% 2040 Other
Slide 26: 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 Q4 2024 Quarterly Activities Report 26