Syrah Resources Limited

2013 Graphite & Graphene Conference

New York 26 November 2013

Image: Core from Ativa Zone being logged at Balama

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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Syrah Resources Overview Syrah has identified and proven up the world’s

largest graphite deposit at Balama (100%) containing high-grade zones combined with an exceptional quality product

The graphite has excellent metallurgy with a concentrate grade in excess of 96% and 98%

A range of graphite flake sizes from jumbo size to fine

Potentially one of the world’s largest vanadium deposits with met testwork underway. Grades comparable to the world’s largest operating vanadium deposit

Located close to key infrastructure (power, water, port) with low power costs anticipated

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Syrah is focused on the development of its high grade Balama graphite and vanadium project in Mozambique

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

The Balama Resource: incredibly large, growing and versatile

Global Inferred resource of 1.15Bt @10.2% TGC and 0.23% V2O5

Ativa Zone – 51 million tones @ 19.9% TGC & 0.38% V2O5 at a 13% cutoff grade

Mualia Zone – 136 million tonnes at 16.6% TGC and 0.43% V2O

Mepiche Zone – 145 million tonnes at 15.1% TGC and 0.43% V2O5

4 The Balama Graphite resource is absolutely World Class

Scoping Study results

The Scoping study, undertaken by Snowden Mining Industry Consultants, has delivered and confirmed an exceptionally robust financial outlook for the Balama project:

Low capital cost of US$91.6 million, Mine gate cost of US$102/t, FOB costs of US$198/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

Favourable infrastructure is assisting 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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Project economics are compelling due to high grades, simple metallurgy and favourable infrastructure

Our vision of the next 15 months to production

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Q4 CY13 Q1 CY14 Q2 CY14 Q3 CY14 Q4 CY14 Q1 CY15 Q2 CY15

Syrah plans to have financing in place early in 2014 and to be in commercial production in Q2 2015

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

Q4 2013 Pre-construction crew onsite at Balama, preparing for construction phase

Fin

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Infr

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Q4 2013 Discussions with financiers, offtakers, existing investors and new investors with the expectation of finalising in Q1 2014

Q2 2014 Construction commences

Q1 2015 Commissioning

Q2 2015 Production

Pre-

construction Construction Comm-

ission Production

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

Q1 2015 Commissioning from December 2014 with a 3 month period to ramp up processing plant

Metallurgy

7 Optimisation testwork underway to finalize plant design

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Vanadium – significant upside potential Simple Graphite metallurgy

Metallurgical test work has been conducted on Balama graphitic material by Mintek, specialist graphite processors and potential offtake partners

Results show graphitic carbon concentrates will be high grade (96%-98%)

High recoveries with low levels of ash, volatile, moisture and sulphur

Balama orebody offers flexibility in mining - customise product for clients

Vanadium is not in the current scoping study

Initial testwork indicates that the vanadium minerals are highly amenable to clean recovery, in the form of a high grade concentrate

Potential to sell a concentrate or upgrade to vanadium pentoxide flake

Feed

Rod mill Flotation

Product

Product Pebble mill

Product

Flotation

Flotation

Processing flowchart - indicative

Key Infrastructure

Located within close proximity of deep water port facilities at Pemba (~240km)

− Third largest port in Mozambique. Ports of Africa confirmed available capacity for Balama product through Pemba Port

Main road connects Project to Pemba Port

− Sealed, well maintained road to Monte Puez (~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 allocation for Syrah

Region currently being connected to the National Power Grid

− Power lines currently being installed between Balama town and Monte Puez. Mozambique Government has indicated willingness to extend this supply to the Balama Project

Pemba Port

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Road: Pemba to Balama Chipembe Dam Power Lines near Balama

Community development

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Significant investment has been made in local infrastructure

−Water bores drilled for use in neighbouring villages and Infrastructure programs commenced at Balama hospital

Strong supporter of local economies

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

Balama operations will invest in local agricultural development for food supplies

Strong focus on improving local community health and education

Syrah is working proactively to engage the local community

Current capital structure

Overview

ASX listed

Market capitalisation (undiluted) of A$359 million at A$2.42/share as at 25 November 2013

148,410,123 shares on issue

4,209,467 options on issue

~$6m cash on hand at 30 September 2013

Directors’ direct and indirect interests total 31.79% of current shares on issue

Syrah price and volume – last 2 years

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Graphite Market

Market in General and Syrah Targets & Strategies

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Definition of Graphite & Key Points

Graphite is a natural form of carbon with the chemical formula C and is characterized by its hexagonal crystalline structure.

The key point here is;

Graphite = Carbon

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Graphite types, applications and substitution

Natural Graphite Synthetic Graphite

Application Micro

Crystalline Flake Vein

Secondary

Synthetic

Primary

Synthetic

Batteries (alkaline&Zinc Carbon) X X X X

Batteries (Li-ion) X X X

Carbon Brush X X X X

Conductive Coating X X X X

Expandable Graphite X

Foundry Coating X X X

Friction Material X X X X X

Fuel Cells X X X

Gaskets&Seals X

Pencils X X X

Plastics X X X

Powder Metals X X X

Rerfactory X X X

Steel & Iron (Carbon Additive) X X X

Source: Asbury Carbon

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World Natural Graphite Production Statistics

Industrial Minerals Roskill

BGS World Mineral

Production

USGS Mineral Com.

Summary

Country

Production (2011) mt

(x1000 mt)

Production (2011) mt

(x1000 mt)

Production (2011) mt

(x1000 mt)

Production (2012) mt

(x1000 mt)

Flake Amorph Flake Amorph Total

Potential

Flake Total

Potential

Flake

China 380 400 308 352 1,800 990 750 412.5

Brazil 96 0,0 75 0.0 89.9 49.5 75 41.25

India 35 0.0 13.5 1.5 143.5 78.9 150 82.5

N. Korea 30 0.0 100.2 30 30 16.5 30 16.5

Canada 21 0.0 25 0.0 20 11 26 26

Norway 8 0.0 8 0.0 7.8 4.2 7 7

Zimbabwe 5 0.0 1 0.0 7.2 4 0.0 0.0

Madagascar 4 0.0 4 0.0 4 2.1 5 5

Russia 2 0.0 4.6 7.4 14 7.7 14 7.7

Ukraine 1.5 0.0 8 0.0 8 4.4 6 3.3

Germany 0.3 0.0 0.0 0.0 0.0 0.0 0.0

Austria 0.0 16 0.0 0.5 0.9 0.0 0.0 0.0

Mexico 0.0 12 0.0 8 7.3 0.0 8 0.0

Turkey 0.0 0.3 0.0 0.175 0.0 0.0 10 0.0

Sri Lanka 4.2 0.0 3 0.0 3.3 1.8 4 2.2

TOTAL 587 428 550 400 2136 1170 1085 604

World Total 1015 950

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Refractories, foundries, crucible,

38%

Metallurgy, 29%

Parts and components, 11%

Lubricants, 8%

Batteries, 8%

Others, 7%

Graphite Consumption By Sectors 2011

Source: Industrial Minerals Graphite Report 2012

Some Questions We should Ask About the Market

1. What could be the market size in General?

2. What is the current market size?

3. Who are the main actors in the market and their current situation?

4. What happened in the past?

5. What are the new markets?

6. What are the altenative markets?

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Question 1& 2 Export Market Size

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Years Quantity Exported

(metric tones) Unit Value in US$

2003 504,308.18 $302.95

2004 669,274.00 $303.99

2005 660,882.00 $298.36

2006 672,931.00 $298.61

2007 939,297.00 $267.40

2008 803,015.00 $417.18

2009 681,464.00 $397.72

2010 790,885.00 $487.13

2011 738,707.00 $816.47

2012 473,468.00 $1,037.21

2013- 1st Half 185,027.91 $1,198.41

Source: http://www.trademap.org

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0

100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

$

$200

$400

$600

$800

$1000

$1200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Quantity Exported vs Unit Value

Unit Value Quantity

3. Who are the main actors in the market and their current situation?

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Major Natural graphite Exporting countries (quantity in mt)

Reporter 2007 2008 2009 2010 2011 2012

China 670,570.00 597,349.00 458,895.00 585,483.00 444,800.00 257,722.00

Brazil 16,390.00 17,692.00 13,189.00 22,015.00 24,202.00 22,993.00

Canada 20,301.00 22,000.00 9,793.00 14,972.00 18,184.00 17,892.00

Mexico 16,083.00 13,347.00 9,379.00 11,576.00 18,300.00 21,284.00

Austria 7,319.00 8,962.00 5,192.00 9,519.00 N/A N/A

Madagascar 5,351.00 4,899.00 3,417.00 3,782.00 3,873.00 N/A

Sri Lanka 5,152.00 5,192.00 3,018.00 3,027.00 3,341.00 N/A

Czech Rep, 4,028.00 4,075.00 2,150.00 3,154.00 4,421.00 4,126.00

Source: UN Trade Statistics

4. What Happened in the Past?

In 1992, two important thing for the graphite market happened

1. China entered the graphite market

2. Soviet Russia collapsed

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21

0 $

100 $

200 $

300 $

400 $

500 $

600 $

700 $

0

50000

100000

150000

200000

250000

300000

350000

1990 1991 1992 1993 1994

Chinese Market Entrance

NetWeight (mt) Unit Value

Period Trade Value NetWeight

(mt) Unit Value

1990 $66,340,617.00 114,774.79 $578.01

1991 $60,895,412.00 102,097.82 $596.44

1992 $111,954,601.00 262,860.23 $425.91

1993 $106,076,400.00 250,535.61 $423.40

1994 $124,227,851.00 307,424.76 $404.09

Collapse of Soviet Russia?

Petroleum Coke became substitute of natural graphite

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5. What are the new Markets?

• Li-ion Batteries

• Graphene

• Fuel Cells

• Pebble Bed Nuclear Reactors

• Expandable Graphite

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6. What are the Alternative Markets?

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Graphite Market

Natural Graphite

Synthetic Graphite

13Billion US$ Market

Carbon Market

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

24 Billion US$ Market

General Outlook of Graphite Market (% in value)

Natural Graphite 8%

Synthetic Graphite electrode 42%

Synthetic Carbon Fibers 31%

Synthetic Graphite Blocks 8%

Synthetic Graphite Others 11%

Graphite Market

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Some examples from alternative markets

- Calcined Petroleum Coke

- Graphite Electrodes

- Aluminium Anodes

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Calcined Petroleum Coke

Period

Definition

Trade Value

Trade Quantity (tones)

Unit Value

2011 Calcined Petroleum

Coke imported (HS:271312)

$4,537,105,000.00 7,824,424.00 $580.00

2012

Calcined Petroleum Coke imported

(HS:271312) $3,648,701,000.00

6,753,684.00

$540.00

Obtained by calcining green petroleum coke at temperatures as high as 1400 0C

~ 4 billion US$ trade value

~ 7 million tones trade quantity

One of the main applications are in Steel Mills as carbon raiser and recarburiser

Synthetic Graphite Electrode

Trade Quantity : over 1.5 million mt/year (with considering electrodes other than furnaces: over 3 million tones)

Total Value : 5.5 Billion US$(est)

Used in Electrical Arc Furnaces (EAF)

2.5 kg Electrode consumed for 1 mt steel – 570 million tones steel produced through EAF

Needle Petroleum Coke is the main raw material for electrodes

Aluminum Production & Aluminum Anodes 50 million tones of aluminum production

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100 BBL CRUDE OIL

450 Kg GREEN COKE

4500 Kg Bauxite 13 MWh 600 Kg COAL

360 Kg CALCINED COKE

140 Kg BUTTS

180 Kg COAL TAR

90 Kg PITCH

560 Kg ANODES

6 Kg CATHODE

1920 Kg Alumina

1000 Kg ALUMINUM

Syrah Strategies and Advantages

• Competing with China for Traditional Markets − Competitive Cost (lowest cost) − Premium Product − Consistent Quality − Regular Supply

• Supplying the Altenative Markets − High Quality Graphite with High Grade − Low impurities (Sulphur <0.01%) − Ability to supply large quantities − Price flexibility (low cost)

• New Markets; − Focus on Battery applications

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Syrah Resources Limited

New York 26 November 2013

Image: Core from Ativa Zone being logged at Balama

Thank you