Syrah Resources

AGM PRESENTATION

SYRAH RESOURCES LIMITED

13 November 2012

This document has been prepared by Syrah Resources Ltd (“the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does not purport to be complete.

This document is not and should not be considered as an offer or an invitation to acquire any securities issued by the Company and will not form part of any contract for the acquisition of securities. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States unless the Securities have been registered under the US Securities Act of 1933 or an exemption from registration is available.

This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

This document includes certain statements, opinions, projections, forecasts and other forward-looking information which, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance – they must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document, recipients agree that if they wish to investigate, consider or evaluate any opportunity to invest in the Company, they will make and rely solely upon their own investigations and enquiries and will not in any way rely upon this document.

Any statements, opinions, projections, forecasts and other forward-looking information contained in this document do not constitute any commitments, representations or warranties by the Company and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required by law, and only to the extent so required, directors, agents and employees of the Company shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in this document.

Important notice and disclaimer

1

The Company has prepared this document based on information available to it at the time of preparation and subject to the qualifications in this document. To the maximum extent permitted by law, none of the Company, its affiliates or any of their respective related bodies corporate or other affiliates or its or their directors, officers, employees, representatives, agents or advisors (each a Limited Party and together the Limited Parties) take any responsibility for the contents of this document or any action taken by any recipient on the basis of any information in the document. The Limited Parties do not accept any liability or responsibility for any expenses, losses, damages or costs incurred by any recipient as a result of their receipt or use of this document and the information in this document being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. No Limited Party makes any representation or warranty, express or implied, as to the currency, accuracy, completeness, reliability, fairness or correctness of the information contained in this document or about the Company generally or any opportunity to invest in the Company in the future.

The Limited Parties make no recommendations as to whether recipients should participate in any offer or issue of securities by the Company or make any other investment in the Company and recipients represent, warrant and agree that they have not relied on any statements made by any Limited Party in relation to the Company, or any potential investment in the Company generally.

Figures

All figures in this document are in Australian dollars (AUD) unless stated otherwise.

This document is confidential and not for further distribution

This document contains certain confidential information. It is provided by the Company on the basis that, by accepting this document, persons to whom this document is given agree to keep the information strictly confidential and not to disclose it to anyone within their organisation except on a need-to-know basis and subject to these restrictions, or to anyone outside their organisation.

The release, publication or distribution of this document in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. By accepting this document, you represent and warrant that you are a person to whom an offer of securities may be made without a disclosure document (as defined in the Corporations Act 2001 (Cth) (Corporations Act)) on the basis that you are exempt from the disclosure requirements of Part 6D.2 in accordance with Section 708(8) or 708(11) of the Corporations Act.

Competent Persons Statement

The information in this report as it relates to geology, geochemical, geophysical and exploration results was compiled by Mr Tom Eadie, FAusIMM, who is a Competent Person and Chairman of Syrah Resources Ltd. Mr Eadie has more than 20 years experience in the activities being reported on and has sufficient expertise which is relevant to the style of mineralisation and type of deposit under consideration. He consents to the inclusion of this information in the form and context in which it appears in this report.

Important notice and disclaimer (cont.)

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1. Company Overview

3

3

Syrah Resources

Strategic focus on exploration for and development of high value graphite and other value creating mineral deposits in South East Africa

Key focus is the Balama Graphite Project in Mozambique

− New major graphite discovery by Syrah

− Expected to be a globally significant and strategic, high grade, coarse flake graphite deposit

− Initial JORC Resource estimate for Balama West expected Q4 2012

− Close to main road, 240km from port infrastructure

− Surface outcropping deposit indicating limited pre-strip requirements

− Strong market fundamentals for new flake graphite production including strong pricing and a range of emerging technology uses

Tanzania

Democratic Republic

of 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

4

Syrah exploration activities

Investment highlights

A globally significant, large flake, high grade natural graphite deposit

Over 7km strike distance and up to 2km of surface width of outcropping graphite and vanadium mineralisation

High grade zone recently extended with additional drilling, grades reported are among the highest recorded globally

Metallurgy in preliminary test work indicates concentrate grades in excess of 97% C achievable

Close to infrastructure and good main road access

Highly strategic flake graphite discovery at Balama, Mozambique

Over 120 years of combined experience in the resources sector

Over 50 years combined African mining industry experience

Experienced management team

Upside through a range of other exploration opportunities

Attractive graphite market fundamentals

Potential for substantial vanadium by-products or co-production with average grades 0.33% V2O5 in recent drilling and some results over 0.50%

Numerous other value accretive opportunities in Syrah’s exploration portfolio

High purity natural graphite price has increased from ~US$750/tonne in 2004 to current prices of ~US$1,800+/tonne(1)

Strong demand drivers including emerging green and energy technologies

China supplies ~67% of global flake graphite but supply is likely to become constrained as it imposes export restrictions, environmental standards, and deposits become increasingly difficult to mine

US and European Commission have both declared graphite a critical material

(1) Average price for 94-97% C, +80 mesh natural flake graphite

5

Tom Eadie Non-Executive Chairman (since 2007)

30+ years experience in the Australian and international resource sector

Also Executive Chairman of Copper Strike Ltd

Paul Kehoe Managing Director (since 2011)

15+ years experience in corporate finance and restructuring

Accountant and geologist

Mike Chester Non-Executive Director (since 2011)

27+ years experience in investment banking, mining company research and funds management

Also Non-Executive Director of NuCoal Resources, Guildford Coal Ltd and Black Fire Minerals Ltd

Alistair Campbell Non-Executive Director (since 2011)

30 years mining industry experience

Principal Consultant of OptiRes Pty Ltd

Board of Directors

6

Current capital structure

Overview

ASX listed

Market capitalisation (undiluted) of ~A$332 million at A$2.48/share as at 12 November 2012

133,869,590 shares on issue

17,500,000 options on issue

~$15m cash on hand at 31 October 2012

Directors’ direct and indirect interests total ~29% of current shares on issue

Syrah share price and volume – last 1 year

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2. Industry Overview

8

Introduction to graphite

Overview

Principal characteristics of graphite include:

− Resistant to corrosion and heat

− Excellent conductor of heat and electricity

− High lubricity, natural strength and malleability

Natural flake graphite (e.g. Balama deposit)

Typically found as discrete flat flakes, > 0.1mm in size

Used for higher value including battery applications

Priced by purity and/or flake size, up to US$1,800/tonne+

Natural amorphous graphite

Most abundant in the ground with the lowest price

Low grade (70%-85% C) and extremely fine grain size

Pricing at US$600-$800/tonne, it requires extensive and costly processing for higher value applications

Synthetic graphite

Produced mainly from hydrocarbon sources

High purity, prices from US$10,000 – $20,000/tonne

Market size ~1Mtpa, of which ~50% could potentially be substituted by high quality natural graphite if supply is available

World graphite market based on graphite type

Source: Mackie Research Capital 2011

Synthetic50%

Natural50%

Flake40%

Vein1%

Amorphous59%

2010 natural graphite world production ~925,000 – ~1,100,000 tonnes

Industry estimates vary considerably, but 2011 flake graphite production was recently estimated by Industrial Minerals at approximately 583,000 tonnes

Official estimates from USGS and mainstream industry sources are unlikely to capture all pockets of global demand for graphite, leading to uncertainty about the true extent of the current market

9

Characteristics of a good flake graphite deposit

Large flake size – usually a higher purity of concentrate

Characteristic Balama

High grade – determines project cash costs and profitability/NPV at any given graphite price

High purity – higher purity requires less treatment to bring the graphite to above 97% C required for high value applications, such as Li-ion batteries

Latest metallurgy test work shows around half of concentrate in medium – jumbo flake size ranges

High grade zones over 20% identified; among highest recorded globally

97% C concentrate purity achieved in latest metallurgical testing

Flake size (mesh size) 80-85% C 94-97% C

Extra Large (+50) – +$1,800

Large (-50 +80) – $1,300-1,800

Medium (-80 +100) – $1,100-1,700

Fine (-100) – $1,150-1,450

Amorphous powder $600-800 –

Source: Industrial Minerals Magazine, price date 18 Sep 2012.

US$/tonne

Translates directly to pricing

10

China72%

India14%

Other14%

Steel & Refractory

41%

Automotive Parts14%

Lubricants14%

Carbon Brushes

11%

Batteries10%

Other10%

Current supply and uses for natural graphite

Source: United States Geological Survey (2012) 11 Source: Mackie Research Capital, Company estimates.

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Nat

ura

l gra

ph

ite

(Mt)

India China Other

According to USGS, China’s supply decreased ~30% from

2008 to 2009

USGS estimated world resources: 77Mt

Natural graphite production

Current natural graphite industry uses

11

Approximately 40% used in the steel & refractory industries across a range of graphite qualities

Higher quality, coarse flake demand to be driven primarily by batteries and emerging technologies

Significant, high quality, non-Chinese sources of supply are becoming increasingly strategic in nature

Majority of Chinese production is low quality amorphous graphite

− Unsuitable for batteries and other emerging technology uses which require very high purity graphite

China accounts for ~67% of current World flake production(1)

− Exports ~250,000 tonnes per annum of flake

Current pressure on Chinese exports include:

− Near surface, low cost oxidised deposits being depleted

− Consolidation of domestic industry, with increasing labour and environmental standards

− Emphasis on value added domestic processing

− Export taxes, VAT and export licenses imposed

United States has no producing graphite mines

− Both US and European Commission have named graphite as a critical material

Range of emerging technology uses to drive demand

Traditional steel industry applications trending towards the use of higher purity graphite and flake sizes

High quality natural flake graphite is the preferred anode material for lithium-ion batteries:

− Consumer electronics – smartphones, laptops, digital cameras

− Eco cars – hybrids, plug-in hybrids and electric vehicles

Fuel cells – stationary and mobile applications

Pebble bed nuclear reactors

High quality flake for use as a substitute for synthetic graphite in some industrial applications

Supply issues are appearing

(1) Estimates vary; source: USGS, Roskill 2009, Industrial Minerals

12

Natural flake graphite pricing and demand

13

Source: Industrial Minerals Magazine. Note: Large flake graphite, 94-97% C, +80 mesh, average pricing.

Source: Industrial Minerals Magazine.

2.5Mtpa+

Up to 1.5Mtpa

Prices have dramatically increased over the past few years… …with battery technology expected to drive continued demand

13

Benchmark graphite prices have more than doubled since 2007

Some softening in Chinese refractory and steel demand has recently weakened prices

US$

/to

nn

e

2007 2008 2009 2010 2011 2012

Refractories account for ~40% of current graphite demand

Graphite is used as an additive to boost the quality of the refractory

Natural graphite is preferred trending towards the use of graphite with higher grades and higher flake sizes for better quality results

Centre of global refractory production has moved to China, which is a net producer of refractories

− Chinese refractory production grew at 24% CAGR from 2000 to 2007

− This has been offset by falls in Japanese and US refractory production

Chinese refractory production demand for graphite is met by local production, however China has begun importing small amounts of higher quality flake graphite

Future consumption of natural graphite for refractories will be driven by levels of growth in the world’s steel industry

Source: Roskill 2009.

World crude steel consumption

Source: World Steel Association.

From 2005 – 2010 global crude steel consumption is estimated to have grown by 4.1% CAGR with China (10.6%) and India (8.9%) driving growth over that period

Growth in steel demand in emerging economies is driven primarily by increased urbanisation

− Urbanisation in China expected to grow to 56% by 2015 versus 49% in 2010

Source: United Nations, Department of Economic and Social Affairs, Population Division (2012).

867 926 997 1,085 1,135

1,250 1,329 1,329

1,227 1,404

1,487 1,542 1,609

2001A

2002A

2003A

2004A

2005A

2006A

2007A

2008A

2009A

2010A

2011A

2012F

2013F

14

Consumer electronics /

tools61.1%

EVs6.6%

HEVs / PHEVs2.0%

Storage batteries

0.7%

China local uses28.8%

Others0.7%

Battery market – up to 10% of current graphite market

Overview of lithium-ion batteries

Lithium-ion batteries is a fast growing battery segment

~US$14 billion market in 2011

Expected to rapidly grow, driven by:

− Consumer electronics

− Automotive battery growth - Hybrids (HEVs), Plug-in Hybrids (PHEVs) and Electric Vehicles (EVs)

− Storage applications

− Expansion of local Chinese market

Estimates vary considerably but the Japanese Ministry of Economy, Trade & Industry suggests a possible Li-ion market size of ¥20 trillion (~US$250 billion) by 2020

− This would represent a 30%-40% CAGR from current market size

Graphite is the preferred anode material with up to 10 kg of graphite required in an HEV and up to ~70 kgs in an EV

− Very high purity graphite (99.9% spherical graphite) is required, with high purity large flake natural graphite the ideal material

Substantial new high purity graphite production is required to meet expected Lithium-ion battery market growth

Current uses of Li-ion batteries

Historical Li-ion battery market size (US$m)

Source: Citi equities research.

Source: Citi equities research. Source: Citi equities research.

10,603 11,918

13,908 16,103

2009 2010 2011 2012e

Consumer EVs HEVs

Storage batteries China local Others

15

Major automaker PHEVs, HEVs and EVs scheduled for release

Source: Media reports, equity research.

Company Model CategoryPrius ɑ HEV HEV

RAV 4 EV EV

iQ EV

NS4 PHEV

Civic HEV HEV

Fit HEV EV

Accord HEV HEV

Fuga HEV HEV

Leaf HEV EV

Infiniti HEV EV

i-MiEV G EV

Outlander PHV PHEV

Chevrolet Volt PHEV

Buick LaCrosse HEV HEV

SPARK EV EV

Focus Electric EV

C-MAX HEV HEV

Fusion HEV HEV

Active Hybrid 7 HEV

Active Hybrid 5 HEV

Active Hybrid 3 HEV

i3 EV

i8 PHEV

Audi Q5 HEV HEV

Jetta HEV HEV

Golf EV EV

e-up ! EV

Overview

Japanese firms have lead the development of eco-cars, with Toyota’s Prius (1997) and Honda’s Insight (1999) at the vanguard

Nickel hydride batteries traditionally used as power sources for HEVs, but Li-ion gaining ground due to cost improvements

Recently released Li-ion battery HEVs include Nissan Fuga hybrid (2010), Honda Fit (2011) and Toyota Prius ɑ (2011)

In the US market, eco-cars currently represent about 3.3% of the total light vehicle market, or 6.5% of the total car market

− GM and Ford are both developing electric vehicles across HEV, PHEV and EV markets with numerous models planned for commercial release

USA monthly sales of eco-cars (units)

0

10,000

20,000

30,000

40,000

50,000

60,000

Jan-

11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun-

11

Jul-

11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan-

12

Feb

-12

Ma

r-1

2

Ap

r-1

2

Ma

y-1

2

Jun-

12

Jul-

12

Au

g-1

2

HEVs PHEVs EVs

16

Source: Electric Drive Transportation Association

Large-scale fuel-cell applications are being developed that could consume as much graphite as all other uses combined

Unlike batteries, fuel cells both generate and store electricity through chemical reactions

Over 70MW of installed fuel cell capacity in the US

Used in both stationary and mobile applications and use substantially more graphite than Li-ion batteries

No moving parts and are long lasting, low maintenance and reliable

Current uses include fuel-cell powered vending machines, vacuum cleaners, highway road signs

Potential future uses include light vehicles, back-up power for buildings and vital infrastructure, and smaller applications

Large flake, very high grade graphite is used in the manufacture of fuel cells

Source: Roskill 2009.

Source: www.scientific-computing.com.

Fuel cell design

Suppliers of graphite for fuel cell manufacturing

17

Other emerging graphite uses – Pebble bed nuclear reactors Generation IV nuclear reactors (pebble bed reactors) are

smaller, safer and more economic to construct and operate

Nuclear fuel comprises uranium dioxide particles embedded in machined graphite spheres

Both synthetic and natural graphite is suitable

As much as 3,000 tonnes of graphite required for commissioning and an additional 600-1,000 tonnes to renew the fuel spheres annually, per 1000MW of capacity

One operating prototype, in China, firm plans to build 30 more

− China Huaneng group constructing two prototypes

− China nuclear industry development identified as one of the top priorities in China’s 2006-2020 plan

Researchers at West Virginia University estimate that 500 new 100GW reactors will be installed in the US, with an estimated requirement of 400,000 tonnes of graphite

Source: New York Times, 24 March 2011.

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3. Balama Project

19

Balama overview

Over 7km strike distance and up to 2km of surface width of outcropping graphite and vanadium

Balama is a high quality graphite deposit

− Coarse grained flakes

− High grade zones >20% graphite

Located 240 km west of Pemba port

− 109 km2 granted Prospecting Licence

− Close to infrastructure and good main road access

Excellent metallurgy results achieved in testing

Drilling well advanced

− First ever drilling with over 40 holes completed

Initial JORC Resource Estimates for both Balama West and East anticipated in late 2012 / early 2013

20

Location

20

Balama West – 400 to 500 million tonnes at 10 % TGC and 0.20% V2O5

Balama East – 300 to 400 million tonnes at 11 % TGC and 0.30% V2O5

21

Exploration targets for Balama West and Balama East *

Exploration target based on depth of 200 metres over the areas drilled, and based on the weighted average grade for every

drill hole with assay results to date

* This targeted tonnage and grade is conceptual in nature and there has been insufficient work to define a Mineral Resource

under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.

CY2011 CY2012 CY2013 CY2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Acquisition of Balama project

Drilling started

First major drill results

Metallurgical testing results

JORC resource

Scoping Study

Feasibility Study

Project development

Commissioning / production commencement

Indicative project timeline(1)

22

(1) The timeline is an indicative estimate only, subject to change, and subject to risks that may affect its realisation, including the risk that any future funding requirements are not obtained.

Balama West

Drilling results at Balama West were announced in Sep 2012, with wide intercepts of very high grade graphite and vanadium returned

− BMDD0006: 196m @16.9% TGC and 0.41 V2O5 from 100m to 296m

− BMDD0007: 186m @ 16.7% TGC and 0.46 V2O5 from 131 m to 318m

− BMDD0009: 58.0m @ 20.0% TGC and 0.36% V2O5 from 4.5m to 62.5m

− BMDD0012: 79.0m @ 20.4% TGC and 0.42% V2O5 from 15.4m to 94.4m

− BMDD0013: 58.95m @ 20.7% TGC and 0.32% V2O5 from 8.0m to 70.6m

Highest grades reported of 30.3% TGC and 0.88% V2O5 over 2m

Balama West now has two zones of very high grade graphite and vanadium mineralisation at or near surface

The high graphite grades at Balama West are believed to be amongst the highest recorded globally

23

Balama West (cont.)

24

Two very high grade zones intersected to date at Balama West

The first has widths up to 196m and averaging between 10 – 17% TGC. This zone is open to the west and east

The second has widths up to at least 100m and averages between 15 – 22% TGC. This zone is open to the north, west and east

Both zones outcrop at surface or with minimal cover

Cross section

Balama West (cont.)

Graphite rich drill core

23.3% TGC and 0.455% V2O5

View of section BMDD0007 under the microscope. The bronze coloured mineral shown is graphite. Gangue minerals shown are mostly quartz and calcite. The field of view is 2mm across indicating that almost all graphite flakes shown are coarse (>177 microns) to very coarse in size (many graphite grains are >1000 microns)

25

Balama East

Syrah has completed 25 diamond drill holes at Balama East. Drill holes announced include: − BMDD0021: 218.4m @ 12.3% TGC and

0.39% V2O5

− BMDD0022: 290.4m @ 13.8% TGC and 0.41% V2O5

− BMDD0023: 302.6m @ 13.7% TGC and 0.38% V2O5

Very high grade zones of greater than 15% TGC outcrop at surface

Very coarse flake graphite – visually appears to be coarser grained than Balama West

Sushi Zone has flake sizes up to 6mm in length

26

Balama East (cont.)

27

Cross section

27

Metallurgy

Metallurgical test work has been conducted on a 58 kg sample of Balama graphitic material by Mintek(1)

Final results show a graphitic carbon concentrate of 97.02%

− Could potentially be enhanced above 99% concentrate with chemical upgrading

Recoveries at ~94%, with low levels of ash, volatile, moisture and sulphur

Graphitic carbon Ash Volatiles Moisture Sulphur

97.02% 2.24% 0.16% 0.57% 0.01%

+50 (Jumbo)5%

50-100 (Medium -

Large)42%

-100 - +200 (Fine)45%

-200 (Amorphous)

8%

47% of the concentrate has a flake size in the medium to jumbo range, with the mix of flake sizes considered ideal for meeting the requirements of different markets

Above attributes mean that the product could potentially be sold into premium end market segments attracting higher prices

Overview Flake size results

28

(1) Owned by the South African Government, Mintek is South Africa’s national mineral research organisation.

Processing flowchart

Feed

Rod mill

Pebble mill

Flotation

Flotation

Flotation

Product

Product

Product

Graphite processing is very simple with graphite being highly amenable to flotation

Vanadium expected to be present in tailings (methods for economical extraction currently under investigation)

29

Balama infrastructure

Balama is located 240 km west of deep water port facilities at Pemba

− Third largest port in Mozambique

− Anticipated that Balama graphite concentrate will be transported and shipped from Pemba Port

Less than 1km from major road connecting the project directly to airport and sea port

Nearby Balama township provides access to schools, medical facilities, shops and labour – electricity to Balama in process of being upgraded

Large regional dam, Chipembe, located only 14km from the project. Mozambique Government has made an offer for water rights

Above: Pemba Port.

Above: Road from Pemba to Balama. 30

Community relations

Water bores drilled for use in neighbouring villages

Employed Mozambican geological students for work experience

Large employer of local labour - over 50 local people working at Balama

Infrastructure programs commenced at Balama Hospital

31

Pumping water from water bore drilled by Syrah.

31

Mozambique overview

Population 23 million, former Portuguese colony

One of sub-Saharan Africa's fastest growing economies, averaging annual GDP growth of 7.2% over 2005-2011

− EIU forecast GDP growth of 7.4% for FY12 and average real growth of 8% in 2013–16 driven by resources sector

Sound economic policies and political stability have facilitated rapid growth and foreign investment in the resource sector over the past decade

Large scale coal fields discovered, now mined and exported by Vale and Rio Tinto who have made substantial investments

Substantial gasfields discovered, with a range of international partners proposing investment in LNG trains

Corporate tax rate 32%

Negotiable royalty of 3-10% depending on the nature of the mineral

Potential for Government or Mozambique public participatory interest (subject to negotiation)

Subject to the Mining Law (currently under review) and other relevant laws

Tax abatement or reduction of import duties and VAT on some goods

Mozambique Government has been supportive of Syrah to date

Annual GDP growth

Foreign investment in Mozambique

Source: World Bank statistics.

Source: Bloomberg, Reuters, Company filings.

Company Commodity Amount invested / proposed

Coal Rio invested US$4 billion for a 65% stake in the Benga coal project

Coal

US$2 billion since 2004, US$6 billion expansion approved late 2011

LNG US$40 billion LNG plant proposed, FID expected 2013

LNG US$50 billion LNG investment proposed

Source: EIU; KPMG tax survey.

(5.0%)

5.0%

15.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011

Sub-Saharan Africa South Africa Mozambique

Tanzania Madagascar Malawi

Namibia Botswana

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4. Upside Opportunities

33

33

Vanadium prospectivity at Balama

Above: Balama coarse flake graphite sample with green vanadium bearing mica.

Vanadium represents significant potential upside although economics are very favourable on the graphite alone

− Roscoelite, the main vanadium ore mineral, has been shown to separate from the graphite during flotation

− Roscoelite is metallurgically simple to process

2010 vanadium production for the world was ~56.5kt

− Over 87% is used as a steel alloy for strength

− Other uses include chemicals and catalysts

− Future developments in battery technology are expected to potentially lead to an increase in demand

− Largest project globally is Xstrata’s Rhovan project which has a measured and indicated resource of 72.30Mt at 0.5% V2O5

(1)

Best vanadium drill result at Balama:

− BMDD0007: 94.0m @ 0.57% V2O5

− BMDD0022: 21.6m @ 0.68% V2O5

− BMDD0023: 109m @ 0.50% V2O5

− BMDD0026: 22m @ 0.52% V2O5

− BMDD0024: 29.5m @ 0.50% V2O5

34

Nachingwea graphite project

Nachingwea is located in Tanzania

Reported strike length of 2.8km, width 1km and hosted on hills rising 200m from the plains

High grade, coarse flake graphite has been observed

− Visual grades up to 60% graphite reported

− Historical report indicates graphite can be concentrated to above 98% content with simple flotation circuit

Excellent infrastructure

− Deepwater port 180km from site

− Electricity, water and good roads available

Above: Nachingwea graphite sample.

35

Other exploration opportunities

Tanzania mineral sands

Syrah controls >1,000km2 of landholding

− Strike extent of ~100km of prospective coastline

Geology conducive to build up of mineral sands deposits

World class Kwale deposit 70km to the north

All prospects are lightly drilled and have open zones of mineralisation

− Fungoni Prospect: Historical drilling shows very high grades containing over 15% HM. Drill intercepts include 4m @ 27.8% HM and 4m @ 24.9% HM with excellent assemblage

− Syrah has commenced drilling activities at Fungoni (>6,000 m drilled)

− Tajiri Prospect: Drill intercepts include 14m @ 9.2% HM and 9m @ 12.3% HM

Uranium prospectivity at Lunga, Zambia

18km long radiometric anomaly with palaeodrainage pattern

Copper prospectivity at Lunga, Zambia

Numerous copper occurrences on the Lunga licence

36