Syrah Resources Limited · ASX:SYR

Syrah Resources — Investor Presentation (October 2015)

24 slides from Syrah Resources's investor presentation, Oct 30, 2015

1. Slide 1: Disclaimer

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate 1 Access road Disclaimer This presenta,on is for informa,on purposes only. Neither this presenta,on nor the informa,on contained in it cons,tutes an offer, invita,on, solicita,on or recommenda,on in rela,on

2. Slide 2: Company Overview

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate 2 Access road Company Overview Key details Balama Project locaAon Shares on i ssue 230.5m (as at 15 September 2015) NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Options on i ssue 6.2m (as at 15 Sep

3. Slide 3: Experienced Board of Directors with an extensive track record

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Experienced Board of Directors with an extensive track record Jim Askew q Over 40 years of interna,onal experience as a Director and/or Chief Execu,ve Officer for a wide range of Australian Non-

4. Slide 4: Strong management and technical team to deliver Balama

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Strong management and technical team to deliver Balama Darrin Strange q Previously a General Manager for Rio Tinto managing the West Angelas and Robe River iron ore Chief OperaAng Officer opera,

5. Slide 5: Investment Highlights

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Investment Highlights Balama Graphite Project q JORC Code (2012) Compliant Graphite Ore Reserves(1) can support over 40 years of opera,ons; produc,on of ~356,000 tonnes per annum over the first

6. Slide 6: Investment Highlights (cont.)

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Investment Highlights (cont.) PotenAal future projects -­‐ Spherical Graphite Facility, Recarburiser Products and Vanadium Project q Balama graphite products can be used in tradi,onal market u

7. Slide 7: Appendix A – Balama Graphite Project

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix A – Balama Graphite Project 7

8. Slide 8: Snowden Feasibility Study estimates

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Snowden Feasibility Study esAmates OperaAonal metrics Financial metrics Total initial capex (2) Operational period years 42 US$m 138 (including 10% contingency) NOT FOR DISTRIBUTION OR RELEASE

9. Slide 9: CPC Engineering Front End Engineering Design (FEED)

   Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road CPC Engineering Front End Engineering Design (FEED) Discussion IniAal capital expenditure esAmate (US$m) q CPC Engineering has completed a FEED basis of es,mate Process plant 63 for the proces

10. Slide 10: Indicative timeline to production

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road IndicaAve Ameline to producAon Q1 CY15 Q2 CY15 Q3 CY15 Q4 CY15 Q1 CY16 Q2 CY16 Q3 CY16 Q4 CY16 Q1 CY17 Snowden NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES DefiniAve CPC FEED Feasibility

11. Slide 11: Regulatory Approvals, Infrastructure and Logistics

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Regulatory Approvals, Infrastructure and LogisAcs Regulatory approvals q Key regulatory approvals in place, including Mining Concession, Environmental Licence, Water Licence and Land Access (D

12. Slide 12: Products and marketing: Syrah's product mix

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Products and markeAng: Syrah’s product mix q The final graphite concentrate product will be classified into par,cle size classes as requested by poten,al customers and under the Osake Agreement

13. Slide 13: Offtake Agreement, advanced discussions and MOUs

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Okake Agreement Advanced discussions & Memoranda of Understanding Major European graphite trader q Chalieco is an affiliate company of Chinalco, which is q Status: Advanced Discussions one of t

14. Slide 14: Appendix B - Potential Future Projects

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix B -­‐ PotenAal Future Projects: Spherical Graphite Facility, Recarburiser Products and Vanadium Project 14

15. Slide 15: Market History

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate 15 Access road Market History Chart : Historical Price&QuanAty movement 450,000.00 $700.00 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 400,000.00 $600.00 350,000.00 $500.00 QuanAty in Metric Tones

16. Slide 16: Graphite types, applications and substitution

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate 16 Access road Table : Graphite types, applicaAons and subsAtuAon Chart : Graphite Market Micro ApplicaAon Crysta Flake Vein Secondary SyntheAc Primary SyntheAc lline Synthe,c Natural Graphite NOT FOR DIST

17. Slide 17: Products and marketing: Syrah targeting high growth markets

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Products and markeAng: Syrah targeAng high growth markets Li-­‐ion baLeries q Syrah will target the rising demand for graphite within Li-­‐ion baQery applica,ons − Electric vehicles and energy

18. Slide 18: Spherical Graphite Overview

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Spherical Graphite Overview Spherical graphite properAes Coated spherical graphite process flowchart q Spherical graphite is a physically and chemically altered form of natural graphite and is

19. Slide 19: Potential Spherical Graphite Facility

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road PotenAal Spherical Graphite Facility(1) PotenAal Spherical Graphite Facility Overview Preliminary operaAonal metrics Raw material (-­‐100 US mesh graphite) Coated Spherical Graphite producAon p

20. Slide 20: Balama Vanadium Scoping Study

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Balama Vanadium Scoping Study(1) q Balama also contains a JORC Code (2004) Compliant Key Vanadium Scoping Study outcomes Vanadium Resource comprising 1.15Bt Resources at 0.24% Mine life 20 yea

21. Slide 21: Appendix C – JORC Mineral Resources & Ore Reserves

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix C – JORC Mineral Resources & Ore Reserves 21

22. Slide 22: JORC Mineral Resources & Ore Reserves

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road A. JORC Mineral Resources & Ore Reserves Balama Graphite (JORC Code 2012) Balama Vanadium (JORC Code 2004) Mineral Resources(1) Mineral Resources(2) Classification Mt TGC (%) Contained Graphite

23. Slide 23: Competent person statement – Balama Graphite

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate Access road Competent person statement – Balama Graphite The informa,on in this report that relates to Mineral Resources and Ore Reserves is extracted from the report ,tled “Syrah finalises Balama Graphite

24. Slide 24: Key contacts

    Bulk berths Container yard Extension area Main security gate Container Port access berths gate 24 Access road Key contacts Tolga Kumova Managing Director Syrah Resources Limited Office contact -­‐ +61 3 9670 7264 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Mobile contact -­‐ +61 421 707 155 E

Syrah Resources — Investor Presentation (October 2015) on 6ix