Syrah Resources LimitedBalama Graphite and Vanadium project

A rare multi-generational opportunity for sustainable development. Image: Core from Ativa Zone being logged at Balama

Image: Core from Ativa Zone being logged at Balama

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Australian Stock Exchange listed, foreign investment participation permittedHead office based in MelbourneMarket capitalisation (undiluted) of A$584 million 25/3/14

162,385,614 shares on issue$37m cash on hand at 31 December 2013Directors’ direct and indirect interests total 29% of

current shares on issue

Overview – Syrah resources

Tom EadieNon-Executive Chairman

Twenty years experience within the junior resources sector and at technical to executive levels with major mining cos Past board member of Royalco Resources Ltd, the AusIMM and the Australian Mineral Industry Research Association Currently also the Executive Chairman of Copper Strike

Paul KehoeManaging Director

Accountant & geologist - extensive corporate finance and restructuring with PricewaterhouseCoopers and Grant Thornton Worked with a group of ASX listed resource companies, performing business development / geology roles Appointed Managing Director of Syrah in December 2011

Tolga KumovaExecutive Director

15 years experience in stockbroking, corporate finance and corporate restructuring Specialised in initial Public Offerings and capital requirements of resources focussed companies

Rhett BransNon- Executive Director

Operated a consultancy providing project management services to the mining Industry for the past 20 years More than 35 years experience in the design and construction of mineral processing facilities Extensive African experience (Perseus Mining and Tiger Resources)

Owen CavanoughChief Operating Officer

Extensive experience in African mineral project development and infrastructure planning/construction, as well as government liaison

Previous roles include Project Manager for Mineral Deposits, infrastructure services for Melbourne Docklands and various projects for Roche Brothers

Dinis NapidoCountry Manager

Geologist and MBA – 25 years as an exploration geologist and owner of a consulting company In depth knowledge of the mining industry in Mozambique, including policies and regulations

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Board of Directors and Management Team

Tanzania

DemocraticRepublicof the Congo

Angola

Namibia

Botswana

South Africa

Lesotho

Swaziland

Zambia

Madagascar

Malawi

Kenya

Uganda

Mozambique

Rwanda

Burundi

Tanzania HM

Nachingwea

Wembere

Shikula

Sasare

Lunga

Sena

Mavuzi

Ngamiland

Balama

Zimbabwe

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Syrah Project Locations

The Project

Inferred Resource 1.15 billion tonnes @ 10.2% TGC and 0.23% V2O5 High grade zones 382 million tonnes @ 17.0% graphite & 0.43% V2O5

(includes Mepiche, Ativa and Mualia Zones)

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Continuous Graphite Exposure

Mt Nassilala

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The Balama Resource: Incredibly Large & Versatile

Balama Project contains over 1.15Bt of graphite resource at 10.2% TGC(1) and 0.23% V2O5

Contained graphite of the Balama Project of 117Mt

– Exceeds the rest of the world’s reserves of graphite(2)

Considered one of the larger vanadium deposits globally with contained vanadium in resources of 2.7Mt

Approximately 6 times the size of South Africa’s Rhovan deposit, the world’s largest operating vanadium deposit

(1) TGS = Total Graphitic Carbon.(2) Calculated by USGS (Source: Mineral Commodities Summaries 2012—USGS).

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Resources Update

(1) HM = Heavy Minerals.

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November 2011Acquisition of Southeast Africa exploration portfolio—including the Balama Project

June 2012Drilling confirms high grade coarse flake graphite at Balama and indicates northern extension

July 2012Drilling at West Balama confirms continuous mineralisation

June 2013Balama Scoping Study completed

January 2013Maiden Balama West Resource

May 2013Maiden Balama

East Resource

June 2013Substantial

infrastructureprogress

regarding fast tracking project development

March 2012Initial Balamametallurgical testwork indicates potential for95%+ graphite concentrate

August 2012Assays confirm high grade graphite and vanadium at Balama West

September 2012Assays confirm shallow high grade deposit at BalamaWest—concentrate grade upgraded to 97%

October 2012Institutional equity placement raises ~A$16m to fund ongoing Balama drilling, Balama Scoping Study and Feasibility Studies and exploration at other African projectsFi

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April 2012Institutional and sophisticated investors equity placement raises ~A$6m to fund ongoing Balama drilling

December 2011Institutional and sophisticated investors equity placement raises ~A$2.1m to complete acquisition of the African tenement package of Jacana Resources Limited

December 2012Sterilisation drilling undertaken to support site layout planning for infrastructure

1Q CY12 2Q CY12 3Q CY12 4Q CY12 1Q CY13 2Q CY13 3Q CY13 4Q CY13 1Q CY14

3Q 4Q 2013 Financing options reviewed and progressed Marketing studies progressed Offtake discussions initiated Briefings and marketing trips to funds and new investors A$35 million equity raising

3Q 4Q 2013 Mining License granted Pre-construction activities underway Water license secured Metallurgical testwork expanded Positive Vanadium metallurgy

3Q - 4Q 2013 Resource infill drilling continued Maiden inferred and indicated resource

announced for Ativa

3Q 4Q 2013 Discussions with equipment manufacturers. Bulk samples

taken to prepare marketing samples Site surveyed for plant and infrastructure locations Exploration camp expanded for construction

Exploration/Development History

The Economic Assessment study, undertaken by Snowden Mining Industry Consultants, has delivered and confirmed an exceptionally robust financial outlook for the Balama project, based upon 1,200,000tpa process plant throughput

− Low capital cost of US$87 million (graphite only), Mine gate cost of US$95/t, FOB costs ofUS$168/t at the port of Pemba. The projected operating costs are bottom of the cost curve for graphite production

High grade ore and simple metallurgy leads to a simple plant design. Equipment components are off the shelf, meaning straightforward construction with minimal technology risk at the commissioning phase

Favorable infrastructure help strong project economics - water, roads, power, port

Only 1.2 Mtpa of mining required to produce 220,000 tpa of graphite concentrates

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Economic Assessment Results

Metallurgical test work has been conducted on graphite by Mintek (South Africa) and GZRINM (China)

Simple graphite metallurgy via flotation achieved high grade concentrate (96-98% TGC) and high recovery (>92%)

Low levels of ash, volatile, moisture and sulphur

Flowsheet optimisation completed by GZRINM

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ORE

Crushing

HPGR

Flotation

ROD Mill

Flotation

Graphite CONC

Graphite CONC

WHIMS

Ball Mill Vanadium CONC

Flotation

Vanadium CONC

Metallurgy – Graphite

Metallurgical test work ( concentration and V2O5 chemical processing) has been conducted by GZRINM

Initial test work indicates that high grade concentrate can be produced by simple magnetic separation and flotation with high recovery achieved

Preliminary V2O5 hydrometallurgical test work indicates mature technology is amenable to processing of Balama V concentrate

Leaching efficiency in excess of 85% and precipitation of >97% is achievable

Potential to sell a concentrate or further refinedvalue add smelting to vanadium pentoxide flake

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Vanadium CONC(V205>2.5%)

Agglomeration

Soda Bake

Alkaline Leach

V-Riched Liq Leached Residue

Impurity Removal Waste Pond

V Precipitation

Calcination

Vanadium Pentoxide>98%

Metallurgy – Vanadium work progressing wellScoping study commissioned, due Q2 2014

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Q1 CY14 Q2 CY14 Q3 CY14 Q4 CY14 Q1 CY14 Q2 CY15 2Q CY15

Q4 2013Feasibility study released with exceptionally robust numbers, a simple plant with correspondingly low capex and quick build time

Q1 2014Pre-construction crew onsite at Balama, preparing for construction phase

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Q1 2014Discussions with financiers, offtakers, existing investors and new investors with the expectation of finalising in Q2 2014

Q3 2014Construction commences

Q1 2015Commissioning and commencement of Production

Pre-construction Construction Commissioning Production

Q2 2014 Construction Begins Equipment ordered Earthworks and infrastructure completed by December 2014 Plant facilities completed by December 2014 Mine prepared for production

Q1 2015Commissioning from December 2014 with a three month period to ramp up processing plant

Our Vision of the Next 15 Months to Production

Located within close proximity of deep water port facilities at Pemba (~240km)− Existing capacity confirmed by CFM with planned new port providing opportunity to grow Main road connects Project to Pemba Port− Sealed, well maintained road to Montepuez (~200km). Remaining 40km currently unsealed

with construction underway to seal remaining distance by end of CY2013 Large regional dam, Chipembe, located only 12km from the Balamba processing plant− Suitable available capacity and an appropriate allocation for Syrah licensed already Region currently being connected to the National Power Grid − Power lines complete between Balama town and Montepuez. Syrah has commissioned a

spur line to the mine site, to be complete in Q2 2014

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Pemba Port Road: Pemba to Balama Chipembe Dam Power Lines near Balama

Key Infrastructure

Infrastructure

− Water bores drilled for use in neighbouring villages− 4 new bores planned for 2014 in the local villages located at

the Primary Schools

Strong supporter of local economies

− Large employer of local labour and developing training programmes to develop a local indigenous skilled workforce

− Actively pre-training the local workforce to enable participation in the upcoming construction phase

Business plans under development to integrate local people in the Balama supply chain

- Food production, Integrated agricultural development model- Bulk bag production, Balama will need a starting capacity of

600 One Tonne bulk bags daily

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Community Development

Market Analysis

Natural Graphite Consumption by Sectors 2011

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Source: Industrial Minerals Graphite Report 2012.

Refractories, Foundries, Crucible

37%

Metallurgy29%

Parts and Components11%

Lubricants8%

Batteries8%

Others7%

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Li-ion Batteries (EV, HEV, PHEV)

Fuel Cells

Expandable graphite

Pebble Bed nuclear reactors

Graphene

New Markets for Graphite Estimations for Graphite Market Average 3.3% per year growth by 2016

Average 8.8% per year growth for Batteries

Additional 1.4 million tonnes demand by 2020

Source : Roskill Graphite Report 2012.

Graphite Market

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Global Graphite Demand (k tonnes)

Source : USGS and Industrial Metals Magazine.

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

E

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Growth with Batteries (9%) Growth w/o Batteries (3%)

2.5Mtpa+

Up to 1.5Mtpa

Demand Forecasts

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Graphite Market Natural Graphite Synthetic Graphite

US$13 billion Market

Carbon Market Petroleum Coke Green Petroleum Coke Calcined Petroleum Coke Needle coke/Anode Grade Petroleum Coke

US$24 billion Market

Product Annual Consumption

Calcined Petroleum Coke 7 million tonnes

Anodes For Aluminum 13 million tonnes

Others **includes recarburisers for steel, electrodes for electric arc furnaces

50 million tonnes

Natural Graphite

8%

Synthetic Graphite Electrode

42%

Synthetic Carbon

31%

Synthetic Graphite

Blocks8%

Synthetic Graphite Others

11%

Alternative Markets

Opportunities for Syrah Upgrade to battery grade graphite

Smelt / upgrade vanadium concentrate to high grade V2O5

Opportunities for Others Brake linings

Lubricants

Refractory bricks

Battery manufacturing

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Opportunities for Mozambique Value Add

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2012 (85,000 tonnes)

HSLA Steel60%

Special Steel30%

Super Alloys/Titanium Alloys3%

Chemicals3%

Cast Iron2%

Energy Storage1% Stainless Steel

1% V Metal0%

Vanadium Consumption

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Source: Merchant Research and Consulting.

Global Vanadium Production in 2012

China36.5%

South Africa34.9%

Russia25.4%

Other Countries3.2%

Vanadium Production

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Source: Merchant Research and Consulting.

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Tonn

es V

anad

ium

(Met

ric)

Consumption Production

Tight vanadium supply/demand balance forecast over the next five years expected to be driven by strengthening steel demand and China moving to grade 3 rebar

Demand for energy storage is further adding to the vanadium supply pressure significantly in the coming years

Global Vanadium Supply and Demand Forecast

Mozambique - Mining for a sustainable future

Thank you.

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