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Q3 2025 Quarterly Activities Report 1 syrahresources.com.au Q3 2025 Quarterly Activities Report 28 October 2025 Syrah Resources | ASX: SYR 28 October 2025 For personal use only
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Q3 2025 Quarterly Activities Report 2 This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute financial product advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Certain statements contained in this presentation, including information as to the future financial or operating performance of Syrah Resources Limited (Syrah Resources) and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by Syrah Resources, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and may include, among other things, Statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, ore reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. Syrah Resources disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and other similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Syrah Resources has prepared this presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in the presentation. To the maximum extent permitted by law, Syrah Resources, its related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the Presentation Materials or its contents or otherwise arising in connection with it. Investor Relations Viren Hira T: +61 3 9670 7264 E: v.hira@syrahresources.com.au Media Enquiries NWR Communications Nathan Ryan T: 0420 582 887 E: nathan.ryan@nwrcommunications.com.au Syrah Contact Information Level 7, 477 Collins Street Melbourne VIC 3000 T: +61 3 9670 7264 E: enquiries@syrahresources.com.au W: www.syrahresources.com.au Important notice and disclaimer For personal use only
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Q3 2025 Quarterly Activities Report 3 Our Investment Proposition Vertically Integrated Unique Operating Assets Low-Cost Position Leading ESG Position Clear Expansion Options Syrah is the leading natural graphite and active anode material producer outside China Syrah is well positioned to supply customers as global demand for its products grows and with the potential development of market imbalances For personal use only
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Q3 2025 Quarterly Activities Report 4 Q3 2025 in-field leadership interactions Safety and Sustainability 1.1 TRIFR1 659 Group Performance Q3 2025 environmental incidents 0 Investment in Mozambique US$568m Total economic contribution in Mozambique US$4.3m Community development investment 488 Community members graduated from the Balama Professional Training Centre Aligned with Leading ESG Standards First graphite operation globally to achieve IRMA 50 level of performance ISO 45001 – Occupational Health & Safety Management Systems (Balama) ISO 14001 – Environmental Management Systems (Balama) ISO 9001 – Quality Management Systems (Vidalia) Syrah aligns the Balama TSF with leading practice waste management standards Committed to operating sustainably for our people, community and other stakeholders 1. TRIFR: Total Recordable Injury Frequency Rate per million hours worked. 75%98% National employment in Mozambique Vidalia regional employment in USA2 19% Female employment across Syrah Group 2. Refers to a point of hire within a 65-mile radius of Vidalia. For personal use only
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Q3 2025 Quarterly Activities Report 5 Q3 2025 Quarterly Performance Operational Highlights Financial Highlights Balama production 26kt 68% recovery and 95% grade 24kt 84% fine to coarse sales mix US$(3)m vs. US$(21)m in prior quarter Natural graphite sales Cashflow from operations Average sales price (CIF)2 US$625/t down 9% pcp US$585/t in operating period US$87m as at 30 September 2025 Balama operating cost (FOB)1 Cash balance Balama operations recommenced and large-volume breakbulk shipments Note: Prior corresponding period is not comparable due to Balama’s extended non-operating period. See ASX releases 12 December 2024 and 23 July 2025. 1. FOB Nacala/Pemba. Cost is for the operating period and excludes fixed costs in non-operating periods. 2. CIF Destination Port. Based on third party customer sales. Prior corresponding period is Q3 2024. Vidalia US$12m Section 45X tax credit Qualification progressed with Tier 1 customers Vidalia For partnership and investment options to strengthen strategic position Partnership process For personal use only
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Q3 2025 Quarterly Activities Report 6 43 87 12 (27) 12 1 (0) 44 4 (0) Cash at 30 June 2025 Receipts from customers Payments for operating costs Govt grants and tax incentives Interest income Capital expenditure Net proceeds from issue of equity Net proceeds from borrowings Interest, leases and other financing cash flows Cash at 30 September 2025 27 24 4 32 Q3 2025 Cash Flow Bridge Cash flow bridge – 30 June 2025 to 30 September 2025 (US$m) US$3m Cash outflow from operations (including sales, marketing and corporate costs) Note: Numbers may not add up due to rounding. 1. Available subject to DFC approval. 2. Available subject to DOE approval. 3. Unrestricted cash was held by Syrah’s parent company and non-operating subsidiaries as at 30 September 2025. 4. Restricted cash was held by Syrah’s operating subsidiaries in Mozambique and the USA as at 30 September 2025. Restricted cash for Balama ops1 Restricted cash for Vidalia ops2 Restricted cash for DOE/DFC loan reserves Unrestricted cash3 Cash flow from operations supported by higher product sales and 45X tax credit during the quarter For personal use only
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Q3 2025 Quarterly Activities Report 7 0 5 10 15 20 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Japan USA South Korea India Germany Indonesia Other Market developments 0 50 100 150 200 250 300 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 May 24 Jul 24 Sep 24 Nov 24 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Global EV sales China AAM production Monthly China AAM production (kt) and global EV sales (‘000) China to US graphite trade remains constrained, supporting ex-China supply additions China natural graphite exports (kt)1 China spherical and natural graphite AAM exports (kt)2 China AAM production continues to trend higher although capacity utilisation is low China graphite export volumes under export licenses have increased from January 2024 to normalised levels http://stats.customs.gov.cn/indexEn 3 HS codes are; 25041010 – flake 25041091 – Spherical 38019010 – Coated spherical (AAM) Countries: 111 - India 112 - Indonesia 116 – Japan 133 – Korea 304 – Germany 321 – Hungary 502 – USA 111,112,116,133,304,321,502 38019010,25041010,25041091 0 4 8 12 16 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Japan USA South Korea Hungary Indonesia Other China AAM capacity utilisation at ~40% Source: GlobalData, Rho Motion, ICCSino, Shanghai Metals Market and China General Administration of Customs. 1. Includes merchandise under HS code 25041010. 2. Includes merchandise under HS codes 25041091 and 38019010. For personal use only
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Q3 2025 Quarterly Activities Report 8 Trade and tax policies are supportive of near-term purchasing of Syrah’s natural graphite and AAM products • Recent global policy developments have the potential to be positive for Syrah • Latest round of export controls from China are directed at lithium-ion batteries and graphite anode materials; further highlights the imbalance of global supply chains • Text • Risks remain… CV duty AD duty Section 301 Tariff IEEPA Reciprocal Tariff Section 232 Tariff Tariffed US- landed price of Chinese AAM2 Vidalia opex (net of 45X credit)3 24% 11.58% 93.5% 10% ? 45X credit 25% 20% Untariffed US-landed price of Chinese AAM1 1 2 3 4 5 6 Vidalia operating margin opportunity AD/CVD are durable graphite specific tariffs that are independent of political and executive actions US$4.7 per kg US AAM pricing basis with import tariffs on Chinese AAM 1. September 2025 year to date average China export price (FOB China) of US$4.6/kg plus US$0.1/kg ocean freight rate assumed between China and USA West Coast. Source: General Administration of Customs of the People’s Republic of China. 2. Maximum US-landed price of Chinese AAM if all tariffs are implemented. 3. Based on no US reciprocal, or potential Section 232, import tariffs on Balama natural graphite imports from Mozambique to the United States being effective. 4. Source: Wood Mackenzie. Refer to Slide 13 in the Appendix for more detail. ▪ Preliminary AD/CVD determination of at least ~105% effective on US importers of Chinese graphite AAM in addition to other US import tariffs ▪ US battery makers need to implement non-Prohibited Foreign Entity materials sourcing in the near-term to continue qualifying for 45X tax credits ▪ China export controls on natural graphite and its products remain effective and further export controls on graphite AAM, other battery materials, lithium-ion batteries and manufacturing equipment Policies improving the competitive position of Vidalia to supply AAM and demand for Balama natural graphite as feedstock for ex-China AAM facilities For personal use only
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Q3 2025 Quarterly Activities Report 9 Natural graphite breakbulk sales to ex -China AAM customers Strategic partner and investment Q4 2025 Commercial sales from Vidalia FID on Vidalia further expansion project Commitments for Vidalia ’s further expansion Graphite AAM AD/CVD final determinations Syrah’s value drivers and milestones Syrah expects to deliver on multiple catalysts to drive shareholder value For personal use only
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Q3 2025 Quarterly Activities Report 10 Appendix For personal use only
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Q3 2025 Quarterly Activities Report 11 Syrah changing Balama sales composition Driving toward higher and more stable utilisation of Balama’s production capacity Integrated (Vidalia) Ex-China Customers Chinese Customers Unutilised Capacity Integrated (Vidalia) Ex-China Customers China Customers Target Balama sales composition (2029) Ex-China Customers Chinese Customers Unutilised Capacity Balama sales composition (2024) Balama sales composition (2022) 2029 target drivers: • Engaged with nine ex-China AAM customers for Balama natural graphite supply • Executed offtake agreements with POSCO Future M, Westwater and Graphex • Sales to BTR Indonesia (Ex-China) • US Government policy on Chinese graphite imports and non-PFE graphite supply for US battery production tax credits1. Integrated refers to Syrah’s Vidalia AAM facility at a 11.25ktpa AAM production capacity in 2024 and a 45ktpa AAM production capacity in 2029. 1 1 2024 sales impacts: • Low fines sales volumes to China due to synthetic graphite AAM overcapacity and intense competition, higher synthetic graphite AAM use within China and suspended spherical graphite production • Coarse flake availability constrained by inventory and production, which was limited by inadequate fines demand • Protest actions impeded Balama operations For personal use only
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12 Q3 2025 Quarterly Activities Report Vidalia is the cornerstone of Syrah’s downstream strategy Downstream expansion is underpinned by Balama’s world-class resource Production Capacity and Timeline Ownership Model Syrah Product Development Product strategy established via 7+ year process with industry & customers 18-micron natural graphite AAM product 18-micron natural graphite AAM products Portfolio of AAM (blended natural / artificial graphite, silicon coated) & anode precursor products Production Base and Target Markets Vidalia Qualification Facility Vidalia Commercial Facility Potential Further Vidalia Expansion + Europe / Middle East AAM Facility 100% owned 100% owned 100% owned or JV 100% owned or JV 11.25ktpa 45ktpa 2015 – now Now 2029 Target Long Term Target >100ktpa Vidalia Further Expansion + Europe Exports Vidalia, USA Europe/Middle East JVs (>20ktpa) Asia (ex-China) Joint Venture / Tolling (>20ktpa) Status Operating Operating Pre-FID Evaluation Technology Support to Third-Party (ex-China) Partners (>50ktpa) For personal use only
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Q3 2025 Quarterly Activities Report 13 US import tariffs on Chinese graphite AAM products Overview Status Graphite AAM countervailing duty1 US Department of Commerce preliminary countervailing duty of at least 11.58% on graphite AAM products to countervail unfair subsidies that Chinese AAM suppliers receive from the Chinese Government Collection of cash deposit of duties commenced. Final issuance of order due in late 2025 Graphite AAM antidumping duty2 US Department of Commerce preliminary anti-dumping duty of at least 93.5% on graphite AAM products to protect domestic industry from unfair competition and non-market prices Collection of cash deposit of duties commenced. Final issuance of order due in late 2025 Section 301 tariff US Trade Representative determined 25% tariff applies to imports of natural and synthetic graphite from China under section 301 of the US Trade Act (1974) to remedy unfair foreign trade practices Currently applicable for AAM and will come into force for natural graphite and graphite powders from 1 January 2026 IEEPA tariff 20% “fentanyl” tariff under the International Emergency Economic Powers Act (“IEEPA”) on all Chinese imports to address the synthetic opioid supply chain in China Currently applicable3 US reciprocal tariffs 10% base plus 24%4 country specific ad valorem tariff on Chinese products (including on natural graphite flake and AAM) under Executive Order to counter restrictions / tariffing of US merchandise by foreign countries Base ad valorem tariff currently applicable. Country specific ad valorem tariff suspended to mid-November 2025 pending trade negotiations between US and China Section 232 tariff investigation5 US Department of Commerce investigation of the threat of processed critical minerals and derivative product (including natural and synthetic graphite AAM and batteries) imports to national security 180-day investigation due to be completed in 2025 Current tariffs Potential / suspended tariffs 1. See preliminary countervailing duty investigation. Certain Chinese AAM exporters are subject to preliminary countervailing duties of over 700%. 2. See preliminary antidumping duty investigation. Certain Chinese AAM exporters are subject to preliminary antidumping duties of 102.72%. 3. On 28 May 2025, the Court of International Trade ruled these IEEPA tariffs unlawful. A stay was issued on 29 May 2025 pending appeal, meaning IEEPA tariffs remain in effect. 4. In April 2025, via a series of Executive Orders US ad valorem import tariffs on Chinese products were increased from 34% to 1 25% in response to actions taken by the Chinese Government. 5. There is no statutory ceiling on Section 232 duties. Section 232 tariffs on Chinese automobiles, steel and aluminum imports c urrently range between 25% and 50%. Partial tariffs 1 2 4 6 1 2 3 4 5 6 For personal use only
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14 Q3 2025 Quarterly Activities Report Source: GlobalData, Rho Motion, U.S. Census Bureau, company filings and media articles. 1. Includes merchandise imported under HTSUS codes 25041050 and 38019000. Note that certain merchandise imported under these HTSUS codes may not be used as natural graphite AAM and natural graphite AAM imported into the United States may not be recorded under these HTSUS codes. The US Government shutdown as impac ted the availability of more recent trade data. North American battery market requires significant natural graphite quantities far exceeding onshore supply and capacity North America monthly EV sales (000s) Annualised natural graphite AAM imports into the United States (kt)1 110 130 150 170 190 210 Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Apr 2025 Jul 2025 0 10 20 30 40 50 60 70 80 90 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 China Indonesia South Korea Other Location and status of planned battery manufacturing capacity in North America Vidalia LOCATION: NC SIZE: 30 GWh STATUS: Constructing / 2025 LOCATION: NV SIZE: 37 GWh STATUS: Operating LOCATION: KS SIZE: 32 GWh STATUS: Operating LOCATION: OK SIZE: TBC STATUS: Paused LOCATION: CA SIZE: 10 GWh STATUS: Operating LOCATION: TX SIZE: 25-100 GWh STATUS: Operating LOCATION: NV TYPE: 10-20 GWh / STATUS: Constructing / 2026 LOCATION: Ontario SIZE: 90 GWh STATUS: Constructing / 2027 LOCATION: GA SIZE: 35 GWh STATUS: Constructing / 2026 LOCATION: SC SIZE: 30 GWh STATUS: Paused LOCATION: Ontario SIZE: 49.5 GWh STATUS: Operating LOCATION: IN SIZE: 33 GWh STATUS: Construction / 2025 LOCATION: IN SIZE: 34 GWh STATUS: Planning / 2027 LOCATION: MI SIZE: 20 GWh STATUS: Constructing / 2026 LOCATION: KY SIZE: 43 GWh STATUS: Constructing / 2025 LOCATION: TN SIZE: 45GWh STATUS: Operating LOCATION: OH SIZE: 41 GWh STATUS: Operating LOCATION: TN SIZE: 50 GWh STATUS: Operating LOCATION: TN SIZE: 3 GWh STATUS: Operating LOCATION: KY SIZE: 30 GWh STATUS: Paused LOCATION: IL SIZE: 40 GWh STATUS: Delayed to 2026 (+24 months) Legend: On track / status unchanged Significant Delay / Paused LOCATION: MI SIZE: 12 GWh STATUS: Operating LOCATION: AZ SIZE: 43 GWh STATUS: Part of the facility paused LOCATION: MI SIZE: 50 GWh STATUS: Constructing / 2025 LOCATION: Ontario SIZE: 36 GWh STATUS: Constructing / 2028 LOCATION: GA SIZE: 30 GWh (300k EVs) STATUS: Constructing / 2026 LOCATION: OH SIZE: 40 GWh STATUS: Constructing / 2024 LOCATION: GA SIZE: 10 GWh STATUS: Operating LOCATION: GA SIZE: 12 GWh STATUS: Operating LOCATION: KY SIZE: 43 GWh STATUS: Delayed to 2027 (+24 months) LOCATION: IN SIZE: 27 GWh STATUS: Constructing / 2027 For personal use only
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15 Q3 2025 Quarterly Activities Report Battery and natural graphite fines (-100mesh) demand growth is maturing – driven by EV adoption Global EV Sales (Millions) Lithium-ion Battery Capacity (GWh) Natural Graphite Demand (kt) 0 10 20 30 40 50 60 70 80 90 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 EVs Stationary Other 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 -100mesh +100mesh +80mesh +50mesh Source: Benchmark Mineral Intelligence Natural Graphite Forecast Report, Q3 2025. End-market demand growth forecasts remain significant following moderation over the last 12 months For personal use only
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16 Q3 2025 Quarterly Activities Report 0% 20% 40% 60% 80% 100% NMC (2025) LFP (2025) Min. Non-PFE Material Assistance Cost Share Ratios for 45X Proportion of cell material costs Cathode Active Materials Anode Active Materials Other Materials Qualifying for 45X tax credits, which requires non-Prohibited Foreign Entity AAM sourcing, is crucial for US battery makers US battery/auto OEM 45X credits (US$bn; 2025 annualised exit rate)1 “OB3” direct material assistance cost ratio analysis for battery cells2 1. Source: Company filings and equity research. 2. Source: Argonne National Laboratory, US Department of Energy (September 2025) and UBS (September 2025). 0.0 0.5 1.0 1.5 Tier 1 Battery Maker Tier 1 Battery Maker Tier 1 Auto OEM Thousands LG and Panasonic based on last reported quarterly results; GM share of Ultium based on forecast battery production Kansas facility expected to add US$1bn annually from 2025 Tennessee facility expected to add US$500m-1bn annually from 2026 Ramp-up of new US battery facilities in the next several years is expected to materially increase 45X credits accruing to the downstream industry US battery makers need to implement non-Prohibited Foreign Entity materials sourcing in the near-term to continue qualifying for 45X tax credits 2026 2030+ For personal use only
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17 Q3 2025 Quarterly Activities Report Graphite is a high intensity material in EV batteries, with costs / emissions expected to drive shift towards natural graphite Battery Mineral Composition of Batteries1 2040 Global Anode Demand for Batteries2 Graphite Graphite Graphite Graphite Graphite 0% 100% NMC(111) NMC(622) NMC(811) NCA LFP Graphite Lithium Cobalt Nickel Manganese Aluminum Iron Phosphate Metal Composition % Mass 1. Source: Syrah Resources analysis, data from Gaines, L., Richa, K., & Spangenberger, J. (2018) Key issues for Li-ion battery recycling (excludes oxygen). Notes: NMC: Lithium nickel manganese cobalt oxide battery; NCA: Lithium nickel cobalt aluminium oxide battery; LFP: Lithium iron phosphate battery. 2. Source: Benchmark Mineral Intelligence Natural Graphite Forecast Report, Q3 2025. 2024 Natural 17% Synthetic 61% Graphite- Silicon 9% Other 14% Synthetic graphite AAM overcapacity and intense market competition has led to a significant reduction in natural graphite’s share of battery anodes in China Natural graphite has a greater share of battery anodes in the ex-China battery industry relative to the Chinese battery industry For personal use only
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Q3 2025 Quarterly Activities Report 18 Thank you For personal use only