Earnings release
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 1 ASX Announcement / Media Release 28 October 2025 Quarterly Activities Report FOR THE THREE MONTHS ENDING 30 September 2025 Operational highlights • Syrah Group total recordable injury frequency rate (“TRIFR”) of 1.1 at quarter end • 26kt natural graphite production at Balama • 24kt natural graphite sold and shipped to third-party customers at US$625 per tonne (CIF)1 weighted average price • Large volume breakbulk shipments to Indonesia and the US in addition to container shipments to ex-China destinations • Low active anode material (“AAM”) production volumes at Vidalia for testing to continue customer qualification processes Financial highlights • Quarter end cash balance of US$87 million, including restricted cash of US$60 million of which US$4 million is available to fund Balama operating and capital costs2 and US$24 million is available to fund Vidalia operating and capital costs 3 • US$12 million Section 45X Production Credit for Vidalia received4 • A$70 million (US$46 million 5) institutional placement and entitlement offer completed to fund Vidalia operating costs, DOE loan reserves and general corporate expenses • Process commenced for development of partnering and investment options to strengthen Syrah’s strategic position Market and policy overview • Global electric vehicle (“EV”) sales grew 28% in the September 2025 quarter, compared with the September 2024 quarter, to 5.3 million units6, biased to strong growth in China • US Department of Commerce preliminary affirmative determination on antidumping and countervailing duties of at least ~105% on Chinese AAM imports 7,8, Section 301 tariffs of 25% effective on all natural graphite and AAM products and incremental US import tariffs on Chinese natural graphite and AAM imports under investigation • Chinese Government implementing further export controls on graphite AAM, other battery materials, lithium-ion batteries and manufacturing equipment exacerbating ex-China supply chain instability. Syrah Managing Director and CEO, Shaun Verner, noted: “Syrah’s operational highlights for the third quarter included the safe ramp-up of operations at Balama following the extended non-operating period and the completion of large-volume breakbulk shipments to Indonesia and the US, in addition to further container shipments. We expect to continue production and shipment momentum into the final quarter of 2025. The Company’s successful capital rais ing in July better positions us to manage market volatility and extended AAM qualification processes at Vidalia. We are demonstrating high quality AAM product performance, and working closely with our customers to provide stable and secure supply necessary in an uncertain market and policy environment . Syrah is focused on delivering production and sales safely to improve cashflow and strengthening ex-China supply resilience with a focus on our stakeholders’ objectives.” 1 Based on third-party customer sales. 2 Subject to US International Development Finance Corporation approval. 3 Subject to US Department of Energy approval. 4 Refer ASX release 11 September 2025. 5 A$ proceeds converted into US$ based on the USD/AUD exchange rate of 0.65. 6 Source: GlobalData and Rho Motion. 7 See preliminary antidumping duty investigation. Certain Chinese AAM exporters are subject to preliminary antidumping duties of 102.72%. 8 See preliminary countervailing duty investigation. Certain Chinese AAM exporters are subject to preliminary countervailing duties of over 700%. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 2 Balama Graphite Operation (“Balama”) – Mozambique Syrah Resources Limited (ASX: SYR) (“Syrah” or “Company”) recorded a TRIFR of 0.6 at quarter end for Balama with no recordable injuries sustained in the quarter. Quarter Ending Unit 30 June 2024 Non-operating period 30 June 2025 30 September 2025 Plant Feed Tonnes (‘000) 145 52 213 Plant Feed Grade TGC9 20% 16% 17% Recovery % 78% 74% 68% Graphite Produced Tonnes (‘000) 23.5 6.5 25.7 Fine/Coarse Mix - 88/12 86/14 86/14 Average Fixed Carbon % 95% 95% 95% Balama operations and p roduction resumed in mid-June 2025 following an extended non-operating period. An operating campaign continued through most of the quarter to restock product inventory and for sales. No major issues with Balama plant or equipment, Ativa mine pit, tailings storage or associated infrastructure were found in conducting integrated operations through the quarter. Balama faced several temporary operational challenges during the quarter in certain plant processes and in using oxidized run-of-mine ore stockpiles following an extended non-operating period. These challenges led to lower graphite production as well as lower product quality and recovery compared with previous operating campaigns. Production trials and maintenance activities were completed later in the quarter to re-establish optimum processing conditions in preparation for the next production campaign that is now underway. Balama C1 costs (FOB Nacala/Pemba) were US$ 585 per tonne in the operating period. Balama C1 fixed costs (FOB Nacala/Pemba) were approximately US$3 million per month through the quarter. From early October 2025, t he Company has maintained high plant utilisation and production volumes in an operating campaign, with improved operational performance , to restock finished product inventory in preparation for high volume shipments. Subject to market demand, Syrah expects to continue to operate Balama in campaign mode. Syrah has the capability to return to higher capacity utilisation should natural graphite demand increase. Balama C1 cost (FOB Nacala/Pemba) medium -term guidance is US$430 –480 per tonne at a 20kt per month production rate, with the lower end of the range assuming a normalisation of diesel price to historical levels. Balama’s operating costs are expected to reduce as the production rate increases with maximum capacity utilisatio n targeting C1 costs (FOB Nacala/Pemba) of US$350–390 per tonne. Syrah continues to work proactively with the Mozambique National Government, Cabo Delgado provincial authorities and district and community leaders to ensure clear support for the operation and related logistics, aligned with joint commitments under the Balama Mining Agreement. 9 TGC = Total Graphitic Carbon. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 3 Natural Graphite Sales and Marketing Quarter Ending Unit 30 September 2024 31 December 2024 31 March 2025 30 June 2025 30 September 2025 Graphite Sold and Shipped10 kt 11.8 8.7 1.3 0.6 23.9 Graphite Shipped to Vidalia kt 1.5 0.6 0.0 0.0 0.0 Fine/Coarse Sales Mix11 % sold 78% 99% 98% 75% 84% Average Sales Price (CIF Destination Port)11 US$ per tonne 698 564 827 779 625 Average Implied Sales Price (FOB Nacala/Pemba)11 US$ per tonne 606 455 683 669 533 Finished Product Inventory11 kt 11 2 1 7 8 Natural graphite sales to third-party customers were 24kt for the quarter. Finished product inventory at quarter end was 8kt, principally fines product12. The weighted average sales price of natural graphite sales to third-party customers was US$ 625 per tonne (CIF) for the quarter. Premia of reported ex-China fines prices to China domestic fines prices have progressively increased over 2025 . The ex-China coarse flake market remained strong with Syrah’s average coarse flake prices remaining above US$1,000 per tonne. Oversupply of synthetic graphite and intense competition in the domestic Chinese battery anode market continues to dampen demand for natural graphite fines and spot prices within China. Fines demand ex -China is increasing with the major ex-China AAM processing facility increasing utilisation, and industrial customers seeking consistency of supply given disruptions from other suppliers and limitations on natural graphite export licences from China to some destinations. There is significant demand for Syrah’s natural graphite products, particularly in the ex -China market, due to global supply disruptions and strongly growing spherical graphite production capacity outside of China . Syrah expects further large volume breakbulk shipment demand and increasing container shipment volumes to ex-China destinations in the December 2025 quarter. Shipping During the quarter, Syrah's average freight rate for natural graphite shipments from Nacala and Pemba averaged US$92 per tonne. Medium-term Natural Graphite Sales Strategy Syrah’s medium -term natural graphite sales strategy is to balance integrated consumption through Vidalia, with an increasing proportion of sales volume to ex-China, and residual sales volumes to China. The development of ex -China spherical graphite and AAM production capacity is gathering pace with BTR New Materials Group Co Ltd (“BTR”) in Indonesia, POSCO Future M Co., Ltd (“POSCO Future M”) in South Korea12, and Westwater Resources, Inc. (“Westwater”) in USA all making progress , and requiring increasing quantities of natural graphite supply from ex-China sources due to geopolitical events and policy developments, driving customer demand requirements through the supply chain. Beyond spot sales to BTR, and long-term offtake with POSCO Future M and Westwater, the Company has executed offtake agreements or is engaged commercially with seven other ex-China natural graphite anode project companies, as well as auto OEMs and battery manufacturers, for long-term natural graphite supply from Balama. During the quarter, Syrah submitted a proposal to the US Defence Logistics Agency to supply natural graphite for the US National Defence Stockpile in response to a competitive solicitation. The US Defence Logistics Agency intends to award one or more contracts for an aggregate value of up to US$65 million, with natural graphite deliveries between 2026 and 10 Based on third-party customer sales. 11 Finished product inventory includes saleable inventory at Balama, Nacala, Pemba, China and USA (excluding Vidalia). 12 POSCO Future M finalised a US$277 million investment decision on a spherical graphite production plant in South Korea in April 2025 and a significant four-year natural graphite AAM offtake agreement with a global auto OEM in October 2025. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 4 2032 to a US storage location. The US National Defense Stockpile is maintained by the US Defence Logistics Agency. It is used to store strategic and critical minerals essential for defence and civilian needs, and to decrease and preclude dependence upon foreign sources or single points of failure for these minerals, in times of national emergency. The Company anticipates award(s) from the US Defence Logistics Agency to be finalised in the December 2025 quarter. Vidalia Active Anode Material Facility (“Vidalia”) – USA Syrah recorded a TRIFR of 5.1 at quarter end for Vidalia with no lost time injuries being sustained. The primary safety focus is on transition activities for production ramp-up. Natural Graphite AAM Sales and Customer Arrangements Syrah has offtake agreements with Tesla, Inc (“Tesla”)13 and Lucid Group, Inc. (“Lucid”)14 to supply natural graphite AAM from the 11.25ktpa AAM Vidalia facility. Intensive collaboration on qualification requirements with these offtakers and other potential customers continued through the quarter . Timing of sales commencement under these offtake agreements is being determined by qualification and progress testing, commercial and policy considerations. In addition to technical qualification and performance testing of AAM , qualification processes must also demonstrate process control and consistent production of quality AAM from the facility aligned with contractual and technical requirements, the achievement of threshold production rates, and various operating and measurement procedures and plans being approved by offtakers. The agreements with Tesla and Lucid underpin future sales approaching the 11.25ktpa AAM production capacity of the Vidalia AAM facility. Syrah no longer expects that Vidalia AAM sales under its offtake arrangements will commence this year. The Company is working towards achieving earliest possible AAM revenue from Vidalia, noting that advancement of both qualification processes and commercial discussions with non-contracted parties continues at pace, and may facilitate alternatives given the rapidly evolving policy agenda and tariff implementation. Further policy implementation under the US Administration’s critical mineral agenda, graphite export controls implemented by the Chinese Government , and the determinations from the US antidumping and countervailing dut ies (“AD/CVD”) investigation, are driving clearer motivation for ex-China and domestic US sourcing of AAM . In the medium term, implementation of Proh ibited F oreign Entry and material assistance rules determining qualification by battery manufacturers to continue claiming lucrative Section 45X Production C redits is expected to drive increased domestic sourcing, further sales opportunit ies, and underpin expansion plans for Vidalia. Further US import tariff announcements and implementation in relation to graphite and other critical minerals are also expected to encourage ex-China sourcing.. Accordingly, Syrah’s commercial strategy execution is evolving rapidly as demand indications in the US for ex-China AAM drive higher volume indications and nearer term supply , and with the evolution of EV, critical minerals and trade policies. The Company is in various stages of commercial discussions with nine customers for multi -year AAM supply from Vidalia and continues to evolve discussions under the non-binding MOUs in place with Ford Motor Company and SK On Ltd15, LG Energy Solution16 and Samsung SDI17 towards this objective. Commercial sales from the 11.25ktpa AAM Vidalia facility and additional offtake agreements , with financing commitments, are pivotal before a final investment decision (“FID”) on the Vidalia Further Expansion project . Vidalia 11.25ktpa AAM Facility (Phase 2) Immediate customer purchasing intent remained uncertain through the quarter and further extended qualification timelines did not warrant greater production volume ramp-up at Vidalia. Syrah continues to bring qualification processes and policy understanding together with customers , and completed significant activities related to qualification samples, production periods for process control demonstration, and hosting customers for audit visits at Vidalia during the quarter. The Vidalia operations team has focussed on completing process optimisations to mitigate potential for quality variation , completion of required operational and planning documentation, analytical consistency checks , quality assurance and packaging, laboratory testing procedures. The operations team continues to build significant operating experience through production periods and qualification interactions. 13 Refer ASX releases 23 December 2021, 29 December 2021 and 26 May 2025. 14 Refer ASX releases 24 February 2025. 15 Refer ASX release 22 July 2022. 16 Refer ASX release 20 October 2022. 17 Refer ASX release 9 August 2023. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 5 Whilst AAM production from Vidalia has met contractual and target specifications, including purity and performance testing, demonstrated in Syrah, third-party laboratory and customer test results, as qualification processes have progressed customers have requested specific adjustments before finalising qualification and commencing purchasing for commercial consumption into battery cells . This is occurring at the same time as commercial and policy changes are impacting the market, making procurement decisions more complex. To reduce costs and inventory working capital, Syrah is only operating Vidalia to the level necessary to progress ongoing customer qualification processes or requested developments, necessary for sales commencement. Approximately 9kt of Balama natural graphite feedstock inventory was stored at Vidalia. Syrah does not expect there will be a material impact on Vidalia operating costs from US reciprocal tariffs implemented by the Trump Administration . Key inputs for Vidalia operations procured from non -US suppliers, such as Balama natural graphite from Mozambique, are exempted from these US reciprocal tariffs. Syrah does not source any production inputs from China for Vidalia operations. The Company sources certain spare parts from its Chinese equipment vendors and is continuing to evaluate alternatives outside of China for manufacturing of these parts. Syrah guidance for Vidalia’s steady state operating cost for the 11.25ktpa AAM Vidalia facility operating at capacity is revised to US$4.30–4.80/kg AAM 18. Vidalia cost guidance remains subject to further evaluation of opportunities for cost economies in transitioning towards steady state operations and procurement. Syrah’s wholly-owned subsidiary, Syrah Technologies LLC (“Syrah Technologies”) is eligible for Advanced Manufacturing Production credits under Section 45X of the Inflation Reduction Act (“IRA”) (“Section 45X Production Credit s”) equivalent to 10% of production costs of Vidalia, inclusive of input material costs and tax depreciation. Section 45X Production Credits for the 11.25ktpa AAM Vidalia facility operating at capacity are estimated to be ~US $7-9 million per annum (~US$0.62 - 0.80/kg AAM) prior to phase down. Section 45X Production Credits phase down to 75% in 2030, 50% in 2031, 25% in 2032 and 0% from 2033. Vidalia Further Expansion (Phase 3) AAM sales from the 11.25 ktpa AAM Vidalia facility and significant customer commitments are vital for the Company to finalise project financing for the Vidalia Further Expansion project and will determine FID timing. Syrah’s Board expects to consider a final investment decision for the expansion before 30 June 2026, with recent policy and tariff decisions strongly supportive of increased domestic production capacity expansion and multiple US Government agencies being charged with implementation of critical minerals capacity expansion. Syrah’s wholly-owned subsidiary, Syrah Technologies LLC (“Syrah Technologies ”) was awarded a ~US$165 million tax credit under the IRA’s Section 48C Qualifying Advanced Energy Project Tax Credit Program for the Vidalia Further Expansion project19. The 48C tax credit can be monetised for cash through its transfer, in part or whole, to a third -party United States federal taxpayer and/or utilised to offset federal corporate income tax liabilities of Syrah Technologies and may also be considered under future debt funding scenarios. To claim the 48C tax credit, Syrah Technologies must satisfy certain requirements by January 2027 , and placing the 45ktpa AAM Vidalia facility into service within a two-year period following such certification. Market Update Global EV sales were approximately 5.3 million units in the September 2025 quarter, increasing 28% compared with the September 2024 quarter and increasing 11% compared with the June 2025 quarter6. EV sales growth continued to be strong in China and was unusually high in the US with demand brought forward to take advantage of Section 30D EV consumer credits that expired at the end of the quarter. Anode production in China increased 43% in the September 2025 quarter compared to the September 2024 quarter and increased 15% compared with the June 2025 quarter. As noted in previous quarters, the synthetic graphite AAM production overcapacity in China has continued to result in intense competition and non-market, destructive pricing behaviour. Prices for synthetic graphite AAM, especially low-grade products, remain below estimated production costs in many cases . Anode margins continue to be impacted by higher 18 Includes cost of US$425/t (FOB Nacala) for Balama natural graphite, reflecting an approximate all-in cost of production at Balama at full plant utilisation, costs of transporting Balama natural graphite from Nacala to Vidalia and maintenance costs. Excludes loan-related consulting and legal costs and Section 45X Production Credit. 19 Refer ASX release 13 January 2025. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 6 petroleum and needle coke feedstock costs and capacity utilisation, which is estimated to be 40%20, on average, across the Chinese industry . In natural graphite AAM production, finished AAM producers have driven precursor margins and upstream feedstock margins lower over successive purified spherical graphite tenders. Although some finished AAM producers remain profitable, the majority of feedstock and precursor suppliers are not currently operating due to poor margins and low demand. There are continuing market challenges and financial pressures across the global battery materials and manufacturing sector , arising from the dominance of incumbent producers in both cell production and input battery raw materials supply. Government Policy Update Significant US Government policy changes, including US Government critical minerals policy under the IRA and the One Big Beautiful Bill Act, US import tariffs and other policy instruments have the potential to support Syrah’s strategy. Chinese Government support for sub-economic, high-volume expansion of the synthetic graphite AAM industry continues to hinder the ex-China natural graphite and AAM industry. Chinese graphite export licence controls introduce risks for ex-China customers of Chinese graphite. US Antidumping and Countervailing Duty Investigation An AD/CVD investigation by the US Department of Commerce (“DOC”) and US International Trade Commission (“ITC”) into unsustainable and unfair prices of natural graphite and synthetic graphite AAM products imported to the United States from China is ongoing. DOC’s preliminary affirmative determinations for duties of at least ~105%7,8 are currently effective on US importers of Chinese graphite AAM. Duties resulting from the AD/CVD investigation are independent of and additive to other import tariffs that are, or may become, applicable for natural graphite and synthetic graphite AAM imports into the US from China. Final determinations of antidumping and countervailing duties from DOC for a minimum five-year timeframe are expected in December 2025 but may be delayed due to the extended US Government shutdown. AD/CVD counter non-market, subsidised supply of AAM from China and promote a fair, competitive market for Syrah and other ex-China AAM suppliers . Duties resulting from the AD/CVD investigation are expected to materially improve the competitive position of Vidalia to supply AAM, potentially driving accelerated sales commencement and expanded demand for Vidalia AAM, demand for Balama natural graphite as feedstock for non-integrated AAM facilities outside of China and the commercial position of Syrah with customers. US Import Tariffs In response to perceived trade imbalances and unfair trade practices, the US Government has implemented a range of tariffs on imported goods from various countries, at various rates and for various reasons. The current policy for imported graphite merchandise from China is as follows: • Section 301 tariff on graphite AAM products to remedy unfair trade practices – 25% rate; • International Emergency Economic Powers Act ( “IEEPA”) to address the synthetic opioid supply from China – 20% rate; and • US reciprocal tariff – 10-34% rate (dependent on status and outcome of bilateral trade negotiations) 25% Section 301 tariffs will be applicable to natural graphite imported from China from 1 January 2026. The US Government has announced an investigation under Section 232 , which covers critical minerals imported from all countries, including all graphite imports from China. That investigation is expected to conclude in 2025, after which the Trump Administration could announce further trade measures on imported graphite, including the imposition of tariffs, import quotas, or other remedies. The One Big Beautiful Bill Act and Section 45X The One Big Beautiful Bill Act (“OB3”) strengthens the requirements for battery manufacturers and critical mineral suppliers to qualify for lucrative Section 45X Production Credits including introducing Prohibited Foreign Entity (“PFE”) requirements. OB3 introduces new material assistance rules for US battery manufacturers to qualify for Section 45X Production Credits , 20 Source: Shanghai Metals Market. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 7 mandating minimum levels of input raw materials/components that must be sourced from non-PFEs, as a percentage of total direct operating costs, starting from 60% in 2026 and increasing to 85% from 2030. PFE rules are expected to require US battery manufacturers to source at least a proportion of AAM from non -PFEs from 2026 to meet safe harbour requirements. OB3 is not expected to have any adverse impact on Syrah Technologies’ qualification for Section 45X Production Credits or its Section 48C tax credit award. Section 30D EV consumer credits were terminated from 30 September 2025 , eliminating the future potential benefits to Syrah of Foreign Entity of Concern (“FEOC”) provisions for critical minerals sourcing under this credit. China Export Controls and Natural Graphite Trade China’s Ministry of Commerce announced that further export controls relating to synthetic graphite AAM, blended natural and artificial graphite AAM, cathode active materials, certain cathode precursor materials, lithium-ion batteries and certain equipment used to manufacture these products will be implemented on 8 November 2025 . Permanent China export controls on dual use technologies and items including natural graphite and its products remain effective. Spherical graphite and natural graphite AAM trade between the US and China continues to be constrained. Chinese natural graphite exports to Europe and India are also significantly lower in 2025 compared with prior periods. Natural graphite exports from China to Indonesia and AAM exports from Indonesia to the US have increased significantly since March 2025. ESG Syrah has completed and is undertaking varied environmental, social and governance (“ESG”) initiatives to meet internal continuous improvement and compliance objectives and to significantly differentiate its production from Chinese natural graphite and AAM production. ESG element Syrah Major Chinese suppliers Responsible Mining Assurance Balama achieved IRMA 50 level of performance Vidalia planning for Responsible Minerals Assurance with the Responsible Minerals Initiative No published commitments Tailings Storage Assurance ICMM GISTM alignment underway No published commitments Audited Life Cycle Assessment (“LCA”) LCA completed with Minviro and independently reviewed; GWP of ~7.3kg CO2 equivalent per kg AAM No published assessments Human Rights and Modern Slavery analysis Published Modern Slavery Statement and action plan No published commitments Syrah will continue to engage customers, governments, and other stakeholders to communicate the importance and value of key ESG elements, relative to competing products. Finance and Corporate Syrah’s cash balance on 30 September 2025 was US$87 million. This amount included restricted cash of US$ 60 million for reserve s associated with the US Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) loan, reserves associated with the US International Development Finance Corporation (“DFC”) loan and proceeds in Syrah restricted project and operating accounts. Restricted cash of US$4 million is available to fund Balama operating and capital costs2 and US$24 million is available to fund Vidalia operating and capital costs 3. Net cash flow from operating activities for the quarter improved from last quarter with customer receipts and the Section 45X Production Credit offsetting payments for operating costs at Balama and fixed operating costs at Vidalia. Net cash flows from financing activities included net proceeds from an institutional placement and entitlement offer and a disbursement from the DFC loan offset by a quarterly DOE loan principal and interest payment. Partnership Process Anticipated natural graphite demand growth, particularly outside of China, vulnerabilities caused by the structure of graphite supply and geopolitical developments has led to higher strategic interest and transactions being announced in the graphite sector globally. To take advantage of these conditions and strengthen its strategic position, Syrah has commenced a process to consider partnering and investment options with a focus on stakeholder value. Syrah’s objectives For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 8 for this process are to partner with a high-quality company, strengthen its balance sheet position, improve its resilience to near-term market conditions and de-risk its growth strategy. Syrah has appointed Macquarie Capital as its financial adviser on the partnering process. US DOE Loan for Vidalia Syrah’s ATVM loan from DOE for Vidalia is fully advance d and invested in eligible capital costs. The DOE loan balance , excluding loan origination costs, was US$98 million as at 30 September 2025. The all-in interest rate on the DOE loan is fixed over loan life at 4.48% per annum. Syrah Technologies entered a forbearance agreement with DOE in relation to certain events of default and deferral of US$16 million principal and interest repayments, otherwise due under the DOE loan, to the maturity date. The forbearance agreement is effective on the DOE loan until 30 July 2027 subject to certain covenants being met and no earlier termination due to the occurrence of certain termination events. During this period, DOE will not exercise nor enforce remedies against Syrah in connection with existing events of default and certain events of default that may arise. Update on US DOE Financing for the Vidalia Further Expansion Project Syrah is progressing financing and partnering alternatives for Syrah Technologies , including with the US Government, to support funding of the Vidalia Further Expansion project. Financing for the Vidalia Further Expansion project requires AAM sales from the 11.25ktpa AAM Vidalia facility and awaiting additional offtake agreements , which are fundamental requirements to progress financing of the Vidalia Further Expansion project. US DFC Loan for Balama Syrah’s subsidiary Twigg Exploration and Mining Limitada (“Twigg”) received a second US$6.5 million disbursement in August 2025 21 from the DFC loan for Balama. DFC loan disbursement s may be used for working and sustaining capital (including tailings storage facility) and financing costs in the operations of Balama. The DFC loan balance, excluding loan origination costs, was US$59.5 million as at 30 September 2025. The all -in interest rate on completed disbursements of the DFC loan is fixed at 8.71% per annum . Interest rates vary disbursement to disbursement based on DFC’s applicable cost of funding at the time of disbursement Further disbursements from the DFC loan commitment up to US$75 million are subject to new conditions, including a loan restructure that is being negotiated between Syrah and DFC , and will be subject to an all-in interest rate equal to DFC’s applicable cost of funding plus 6.0% per annum and a 1.0% advance fee payable by Syrah. The Company is planning for further disbursements to be completed in the December 2025 quarter. These disbursements are subject to DFC consent and Balama working and sustaining capital will be funded from existing unrestricted cash if subsequent DFC loan disbursements are not completed in a timely manner. Several events of default directly related to the DFC loan , caused by the prolonged interruption to Balama operations and other matters, have not yet been resolved with DFC. The waiver of these events of default has expired, and the Company is working towards a further waiver and permanent resolution of these events of default. DFC has agreed to defer the payment of the first half yearly interest payment under the DFC loan, which was due in mid- May 2025 to mid-November 2025. Further half yearly interest payments are payable in cash unless otherwise agreed. Half yearly principal repayments will commence from November 2027. The Company has not defaulted on any payment obligations under the DFC loan. Section 45X Production Credits Syrah Technologies received an US$11.7 million direct payment from the US Internal Revenue Service for a Section 45X Production Credit for Vidalia claimed in its 2024 tax return filing 4. Cash proceeds from this Section 45X Production Credit are in restricted accounts and, with the approval of the US Department of Energy, may be used to fund Vidalia operating costs (net of revenue). Syrah will provide guidance on the expected amount and timing of receipt of its Section 45X Production Credit for 2025 tax year by the June 2026 quarter. 21 Refer ASX release 19 August 2025. For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 9 Mining licences The following table lists the current mining licences held by Syrah Resources Limited and its subsidiaries at 30 September 2025: Project Licence Number Licence Type Country Interest acquired/ farm-in during the quarter Interest disposed/ farm-out during the quarter Interest held as at 30 September 2025 Balama 6432C Mining Concession Mozambique - - 95% Notes in relation to Appendix 5B Payments to related parties and their associates during the quarter as outlined in Section 6 of the accompanying Appendix 5B to this quarter’s activities report were US$ 344,406. These payments are related to salaries, superannuation, advisory and consultancy fees paid to directors and/or director -related entities during the quarter ended 30 September 2025, including amounts paid to Sal & Caldeira Advogados, a related party of José Caldeira (Non-Executive Director). This release was authorised on behalf of the Syrah Board by Shaun Verner, Managing Director Investor Relations Contact: Media Enquiries Contact: Viren Hira Nathan Ryan T: +61 3 9670 7264 T: +61 420 582 887 E: v.hira@syrahresources.com.au E: nathan.ryan@nwrcommunications.com.au For personal use only
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Syrah Resources Limited ABN 77 125 242 284 Registered Office Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 www.syrahresources.com.au T +61 3 9670 7264 10 About Syrah Syrah (ASX code: SYR) is an Australian Securities Exchange listed industrial minerals and technology company with its flagship Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facility in the United States. Syrah’s vision is to be the world’s leading supplier of superior quality graphite and anode material products, working closely with customers and the supply chain to add value in battery and industrial markets. Forward Looking Statement This document contains certain forward looking statements. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan”, “targets” and other similar expressions are intended to identify forward looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward looking statements. Forward looking statements, opinions and estimates provided in this document are based on assumptions a nd contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements, including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This document contains such statements that are subject to risk factors associated with the mineral and resources exploration, development and production industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to the following risks: dependence on commodity prices, availability of funding, impact of inflation on costs, exploration risks, including the risks of obtaining necessary licences and diminishing quantities or grades of reserves, risks associated with remoteness, environmental regulation risk, currency and exchange rate risk, political risk, war and terrorism and global economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events e xpressed or implied in any forward looking statements in this document will actually occur. Actual results, performance or achievement may vary mate rially from any projections and forward looking statements and the assumptions on which those statements are based. The forward looking statements in this document speak only as of the date of this document. Subject to any continuing obligations under appl icable law or any relevant ASX listing rules, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward lookin g statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document will under any circumstances create an implication that there has been no change in the affairs of Syrah since the date of this document. About Syrah Resources Syrah Resources (ASX code: SYR) is an Australian Securities Exchange listed industrial minerals and technology company with its flagship Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facilit y in the United States. Syrah’s vision is to be the world’s leading supplier of superior quality graphite and anode material products, working closely with customers and the supply chain to add value in battery and industrial markets. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity SYRAH RESOURCES LIMITED ABN Quarter ended (“current quarter”) 77 125 242 284 30 SEPTEMBER 2025 Consolidated statement of cash flows Current quarter US$’000 Year to date (9 months) US$’000 1. Cash flows from operating activities 11,747 16,371 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (17,549) (40,973) (d) staff costs(1) (7,529) (21,992) (e) administration and corporate costs (2,191) (6,276) 1.3 Dividends received (see note 3) - - 1.4 Interest received 502 1,579 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 11,696 11,696 1.8 Other – VAT recoveries - 165 1.9 Net cash from / (used in) operating activities (3,324) (39,430) (1) Includes staff costs in relation to Balama Graphite Operation, Vidalia and Corporate & Administration functions 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) Entities (b) Tenements - - (c) property, plant and equipment (422) (4,759) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter US$’000 Year to date (9 months) US$’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other – Receipts from environmental bond deposit release - - 2.6 Other – Payment for environmental bond deposit release - - 2.7 Other – Payment for security deposit - - 2.8 Other – Release of security deposit - - 2.9 Net cash from / (used in) investing activities (422) (4,759) 3. Cash flows from financing activities 45,524 45,524 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible notes - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities (1,265) (1,265) 3.5 Proceeds from borrowings 6,500 8,970 3.6 Repayment of borrowings (2,198) (5,731) 3.7 Transaction costs related to borrowings - (432) 3.8 Dividends paid - - 3.9 Other – payment for interest and principal on lease liabilities (50) (839) 3.10 Other – payment for interest on borrowings (1,001) (3,051) 3.11 Net cash from / (used in) financing activities 47,510 43,176 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter US$’000 Year to date (9 months) US$’000 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 42,784 87,467 4.2 Net cash from / (used in) operating activities (item 1.9 above) (3,324) (39,430) 4.3 Net cash from / (used in) investing activities (item 2.8 above) (422) (4,759) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 47,510 43,176 4.5 Effect of movement in exchange rates on cash held 873 967 4.6 Cash and cash equivalents at end of period 87,421 87,421 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter US$’000 Previous quarter US$’000 5.1 Bank balances 3,372 8,544 5.2 Call deposits 23,840 3,618 5.3 Bank overdrafts - - 5.4 Other – Restricted cash 60,209 30,622 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 87,421 42,784 6. Payments to related parties of the entity and their associates Current quarter US$'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 344 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end US$’000 Amount drawn at quarter end US$’000 7.1 Loan facilities 243,988 153,488 7.2 Credit standby arrangements - - 7.3 Other - convertible notes 127,241 127,241 7.4 Total financing facilities 371,229 280,729 7.5 Unused financing facilities available at quarter end 90,500 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. With reference to item 7.1, loan facilities include US$59.5 million disbursements, in aggregate, to Twigg Exploration and Mining Limitada under the US$150 million United States International Development Finance Corporation loan (DFC Loan) were completed on 11 November 2024 and 18 August 2025 , respectively. These disbursements carry an average fixed interest rate of 8.71%. The DFC loan matures in May 2037. Further details on the key terms of the DFC loan are provided in Syrah’s ASX announcements dated 30 October 2024 and 30 July 2025. Loan facilities under item 7.1 also includes a US Department of Energy loan (DOE Loan) to Syrah Technologies LLC, Syrah’s wholly owned subsidiary. The DOE Loan matures on 20 April 2032. Syrah has completed advances up to the US$98 million limit of the DOE Loan. DOE Loan advances carry an average fixed interest rate of 4.48% per annum. A summary of the key terms of the DOE Loan is in Syrah’s ASX release dated 28 July 2022. Syrah entered a two -year forbearance agreement with DOE, effective from 30 July 2025, subject to compliance with agreed covenants and no early termination events. A summary of key terms of the forbearance agreement is in Syrah’s ASX announcement dated 30 July 2025. Loan facilities under item 7.1 also includes an insurance premium funding facility for Syrah Technologies LLC with IPFS Corporation. This facility carries an effective interest rate of 8% per annum and is scheduled to be fully repaid in November 2025. Under the terms of this agreement, the finance provider may cancel the underlying insurance policies to recover any outstanding amounts if repayments are not made. The amount under item 7.1 comprises the DFC Loan, the DOE Loan, insurance premium funding facility , capitalised interest, accrued interest to 30 September 2025 and is net of unamortised loan origination costs of approximately US$8.8 million. With reference to item 7.3, Syrah issued A$150 million unsecured convertible notes to AustralianSuper in three equal series (Series 4, 5 and 6 Convertible Notes at A$50 million principal per series). Prior to approval of certain shareholder resolutions, interest accrued on the Series 4 Convertible Note principal outstanding at a rate of 14% per annum, compounded daily, capitalised quarterly in arrears and added to principal outstanding. Following approval of certain shareholder resolutions on 28 July 2023, interest has accrued and will accrue on the Series 4, 5 and 6 Convertible Notes principal outstanding at a rate of (at the Company’s discretion): 11% per annum, compounded daily, capitalised quarterly in arrears , and added to principal outstanding; or 10.5% per annum if Syrah elects to make interest payments in cash. The Series 4, 5 and 6 Convertible Notes matures on 12 May 2028 unless redeemed or converted earlier. A summary of key terms of the Series 4 , 5 and 6 Convertible Notes is in Syrah’s ASX release dated 27 April 2023. The value provided in 7.3 includes the Series 4, 5 and 6 Convertible Notes face value, interest accrued and capitalised establishment fee. The amount is converted from Australian Dollars to United States dollars at an AUDUSD exchange rate of 0.6602 (Q2 2025: 0.6550). For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. With reference to item 7.5, unused financing facilities as at 30 September 2025 include US$40.5 million from the DFC Loan to fund Balama working and sustaining capital and US$50 million from the DFC Loan to fund longer -term tailings storage facility expansion projects at Balama. Further disbursements from the DFC loan are subject to new conditions. 8. Estimated cash available for future operating activities US$’000 8.1 Net cash from / (used in) operating activities (item 1.9) (3,324) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,324) 8.4 Cash and cash equivalents at quarter end (item 4.6) 87,421 8.5 Unused finance facilities available at quarter end (item 7.5) 90,500 8.6 Total available funding (item 8.4 + item 8.5) 177,921 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 53.5 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable as item 8.7 is greater than 2. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable as item 8.7 is greater than 2. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable as item 8.7 is greater than 2. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: .................................28 October 2025.................................................. Authorised by: ..................................The Board................................................. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 6 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only