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SYRAH RESOURCES 28 October 2021 ASX Announcement / Media Release Quarterly Activities Report - Period Ended 30 September 2021 Key Points • Total Recordable Injury Frequency Rate ( " TRIFR " ) of 0.0 for Balama and Vidalia at quarter end • • Balama delivered excellent monthly operational performance for September 2021 with 15kt natural graphite produced at 85 % recovery and C1 cash costs ( FOB Nacala ) of US $ 430 per tonne September 2021 quarter production and sales constrained by container shipping market disruption - - 25kt produced at 82 % recovery 18kt sold and shipped , with 12kt delayed from September 2021 to December 2021 quarter¹ - Balama C1 cash costs ( FOB Nacala ) of US $ 684 per tonne • Weighted average sales price increased to US $ 490 per tonne ( CIF ) and further price support evident post quarter end • Strong growth in sales order book with more than 50kt of natural graphite sales orders in the December 2021 quarter , demonstrating robust underlying demand conditions and forward contracting • • • • Global container shipping market disruption expected to moderate through December 2021 and March 2022 quarters Sustained demand growth for natural graphite end uses , with EV sales up 111 % in Q3 2021 , versus Q3 2020 , to over 1.6 million units² , Chinese anode production increasing to -60kt per month and imports of ex - China natural graphite increasing Commercial engagement advancing strongly with 7 target natural graphite Active Anode Material ( " AAM " ) customers , and testing and qualification with more than 10 target customers , with positive results to date Continued customer testing and iterative feedback on AAM from Syrah's integrated spherical , purification and furnace operation at Vidalia , USA Interest from target customers driving consideration of accelerated expansion of Vidalia beyond 10kt per annum AAM production capacity • Advancing to a final investment decision for Vidalia's expansion to 10kt per annum AAM capacity in the December 2021 quarter , subject to customer and financing commitments • Quarter end cash balance of US $ 74 million . 1 Refer ASX release 17 September 2021 . 2 Source : MarkLines . 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