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SYRAH RESOURCES 21 July 2021 ASX Announcement / Media Release Quarterly Activities Report - Period Ended 30 June 2021 Key Points • • • • Total Recordable Injury Frequency Rate ( " TRIFR " ) of 0.0 for Balama and Vidalia at quarter end First full quarter following restart – tracking ahead of plan with strong operational performance Natural graphite production at Balama ramping up – 29kt produced during the quarter - Balama C1 cash costs ( FOB Nacala ) of US $ 537 per tonne at ~ 10kt per month average production rate for the quarter On track to achieve target C1 cash costs ( FOB Nacala ) of US $ 430-460 per tonne at 15kt per month production rate Sustained demand growth for natural graphite end uses , with EV sales up 165 % in H1 2021 versus H1 2020 to 2.3 million units¹ , higher Chinese AAM production , strong South Korean purified spherical graphite imports and increased demand for ex - China fines supply Natural graphite sales increasing with 15kt sold and shipped , and practically all of 20kt finished product inventory contracted to customers , demonstrating strong demand Disruption in container shipping market currently impacting ability to match Balama production and sales with customer demand Weighted average sales price of US $ 474 per tonne ( CIF ) reflecting volume directed to re- establishing China fines shipments Syrah making strong progress towards becoming a vertically integrated producer of natural graphite Active Anode Material ( " AAM " ) to supply ex - Asia markets Producing on - specification AAM from Syrah's integrated spherical , purification and furnace operation at Vidalia , USA • Progressing qualification of AAM from Vidalia with more than 10 target battery manufacturer and auto OEM customers • Detailed engineering and procurement for initial expansion of Vidalia's production capacity underway with Worley Group Advancing towards customer and financing commitments for Vidalia expansion • Elected to issue Series 3 Convertible Note to Australian Super2 • Quarter end cash balance of US $ 85 million . 1 Based on actual EV sales data from MarkLines up to and including May 2021. June 2021 based on actual EV sales from MarkLines for key countries ( including China , USA , Germany , Norway and Sweden ) and Syrah estimate for the rest of the world . 2 Refer ASX release 11 June 2021 . Syrah Resources Limited ABN 77 125 242 284 Level 28 , 360 Collins Street Melbourne , Victoria 3000 T +61 3 9670 7264 www.syrahresources.com.au