September 2014 – Syrah Resources ASX:SYR, presented their latest investment update to over 300 investors in Sydney and Melbourne. In this investor update Syrah's Managing Director, Paul Kehoe, and Executive Director, Tolga Kumova gave an overview of their current position and opportunities. For more information about Syrah Resources, visit http://www.syrahresources.com.au For more information about Symposium’s Investor Roadshows, visit http://symposium.net.au/InvestorRoadshow/

1. Execu&ve
Summary
§ Excep&onal
world
class
graphite
and
vanadium
asset
-­‐ LARGEST
graphite
and
vanadium
resource
globally
-­‐ Excep8onal
HIGH
GRADE
zones
-­‐ OUTCROPPING
(low
strip
ra8o)
-­‐ Excellent
infrastructure
(deep
water
port,
dam,
grid
power,
all
weather
roads)
-­‐
Expected
to
be
the
LOWEST
COST
producer
worldwide
-­‐
Simple
metallurgy
§ Remarkable
project
economics
(based
on
scoping
study)
due
to
excellent
infrastructure
and
ore
characteris&cs
-­‐ US$92m
capex
(graphite
only)
-­‐ Mine
gate
cost
of
US$102/t
-­‐ Total
FOB
costs
of
US$198/t
to
the
port
of
Pemba.
§ Syrah’s
unique
project
characteris&cs
(i.e.
size,
cost,
grade)
enables
it
to
target
mul&ple
markets
and
be
a
global
leader
in
the
graphite/carbon
market.
Few
mines
have
the
ability
to
be
compe&&ve
across
mul&ple
segments
like
Syrah
-­‐
Tradi8onal
graphite
markets
(refractories,
metallurgy,
lubricants)
-­‐ New
graphite
markets
(lithium
ion
baQery
markets
–
Electric
/
Hybrid,
fuel
cells,
expandable
graphite)
-­‐ Subs8tu8on
into
carbon
markets
(aluminium
anode
and
cathode
blocks
/
recarburiser)
§ Vanadium
produc&on
study
substan&ally
progressed
-­‐
98.5%
V2O5
for
steel
industry
-­‐
99.9%
V2O5
for
redox
flow
baQeries
(grid
storage
applica8on)
1

2. Overview
§ Australian
Stock
Exchange
listed
§ Head
office
based
in
Melbourne
§ Market
capitalisa8on
(undiluted)
of
A$821
million
at
A$5.02
per
share
as
at
4
September
2014
§ 163,470,076
shares
on
issue
§ 3,325,005
op8ons
on
issue
§ ~$29m
cash
on
hand
as
at
30
June
2014
§ Directors’
direct
and
indirect
interests
total
29%
of
current
shares
on
issue
Syrah
Price
and
Volume
–
since
Jan
2012
2
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
High:
$5.99
January
2012
July
2012
January
2013
July
2013
January
2014
July
2014
Daily
Volume Daily
Closing
Share
Price

3. Board
of
Directors
and
Management
Team
Tom
Eadie
Non-­‐Execu&ve
Chairman
q Twenty
years
experience
within
the
junior
resources
sector
and
at
technical
to
senior
execu8ve
levels
with
major
mining
companies
q He
is
a
past
board
member
of
Royalco
Resources
Ltd,
the
Australasian
Ins8tute
of
Mining
and
Metallurgy
(AUSIMM)
and
the
Australian
Mineral
Industry
Research
Associa8on
(AMIRA)
q Currently
also
the
Execu8ve
Chairman
of
Copper
Strike
Paul
Kehoe
Managing
Director
q Accountant
and
geologist
with
extensive
corporate
finance
and
restructuring
experience
through
previous
senior
management
roles
with
PricewaterhouseCoopers
and
Grant
Thornton
q Worked
with
a
group
of
ASX
listed
resource
companies,
performing
company
secretarial
func8ons,
business
development
and
geology
roles
Tolga
Kumova
Execu&ve
Director
q 15
years
experience
in
stockbroking,
corporate
finance
and
corporate
restructuring
q Specialised
in
Ini8al
Public
Offerings
and
capital
requirements
of
mining
focused
companies
Rhe]
Brans
Non-­‐Execu&ve
Director
q Operated
a
consultancy
providing
project
management
services
to
the
mining
Industry
for
the
past
20
years.
q More
than
35
years
experience
in
the
design
and
construc8on
of
mineral
processing
facili8es
q Extensive
African
experience
(Perseus
Mining
and
Tiger
Resources)
José
Caldeira
Non-­‐Execu&ve
Director
q Pre-­‐eminent
legal
and
regulatory
professional
in
Mozambique
with
over
20
years’
experience
q Currently
a
senior
partner
and
head
of
the
Corporate
Law
Prac8ce
Group
at
Sal
&
Caldeira
Advogados,
Lda,
a
leading
law
firm
in
Mozambique
q Extensive
experience
in
supplying
legal
and
regulatory
consul8ng
services
in
atural
resources,
foreign
investment,
infrastructure,
civil,
administra8ve,
commercial
and
labour
law,
as
well
as
li8ga8on
3

4. Management
and
Technical
Team
Ian
Stewart
Project
Manager
q Over
20
years
of
experience
in
mining
engineering,
including
on
projects
transi8oning
from
feasibility
to
construc8on
to
produc8on
q Previous
Project
Manager
roles
with
Centamin
Plc,
Crew
Gold
and
the
Klipspringer
diamond
mine
in
South
Africa
Ricardo
Rodrigues
Construc&on
Manager
q 15
years
of
experience
in
construc8on
management
and
fluent
in
Portuguese
q Previous
Construc8on
Manager
roles
with
MoQ
Macdonald
and
Mineral
Deposits
Michael
Chan
General
Manager
4
q 35
years
industry
experience
in
senior
opera8ons,
project
development
and
commercial
roles
q 10
years
of
extensive
rare
earth
project
experience
including
complex
metallurgical
flow
sheet
development.
q Previous
roles
include
General
Manager
of
Project
Development
at
Kimberly
Rare
Earths,
Procurement/Supply
Chain
Manager
at
Arafura
Resources
Ltd
and
Commercial
Manager
for
Lynas
Corpora8on
Ltd’s
Malaysian
Opera8ons
Jeff
Sterling
Oversight
Manager
q 25
years
of
mechanical
engineering
experience
in
infrastructure
engineering,
construc8on
and
peer
review
q Currently
Managing
Director
of
Intech
Engineers,
an
independent
Australian
engineering
firm
with
project
experience
involving
Fortescue
Metals,
Glencore,
Atlas
Iron,
Western
Areas
and
CopperCo
/
CST
Mining
Andrew
Hickey
Logis&cs
Manager
q Over
21
years
of
experience
in
logis8cs
management.
q Previous
roles
include
administra8on
and
logis8cs
manager
at
Alcoa
of
Australia,
Opera8ons
Manager
at
Trafigura
and
contracts
and
logis8cs
manager
at
Oxiana
(now
OZ
Minerals)

5. 5
Project
Loca&on
Tanzania
Democra&c
Republic
of
the
Congo
Angola
Namibia
Zambia
Botswana
Swaziland
Lesotho
South
Africa
Madagascar
Malawi
Kenya
Uganda
Mozambique
Rwanda
Burundi
Tanzania
HM
Nachingwea
Shikula
Sasare
Lunga
Ngamiland
Balama
Zimbabwe
ü Excellent
all-­‐weather
roads,
dam
and
power
enabling
strong
project
economics
ü Container
export
through
Port
of
Pemba
or
Port
of
Nacala
ü Addi8onal
ports
currently
being
planned
for
construc8on
in
Pemba

6. The Project
6

7. § Balama
is
an
excep8onal
resource
-­‐
1.15Bt
of
graphite
resource
at
10.2%
TGC
[1]
and
0.23%
V2O5
-­‐
117Mt
of
contained
graphite
and
V2O5
-­‐
Larger
resource
than
the
rest
of
the
world’s
reserves
combined
[2]
-­‐
Large
high
grade
areas
(>15%
TGC)
to
be
mined
first
§ Balama
also
has
one
of
the
largest
deposits
of
vanadium
globally
-­‐
2.7Mt
of
resource
-­‐
Approximately
four
8mes
the
size
of
South
Africa’s
Rhovan
deposit,
the
world’s
largest
opera8ng
vanadium
deposit
(1)
TGC
=
Total
Graphi8c
Carbon.
(2)
Calculated
by
USGS
(Source:
Mineral
Commodi8es
Summaries
2012—USGS).
7
Balama
is
the
world’s
largest
deposit
of
high
grade
graphite

8. Comparison
of
flake
graphite
deposits
globally
8
Contained
Graphite
in
Resources
(Mt) %
Energiser/Malagasy
Castle Archer
Flinders
Focus
Graphite
One
Kibaran
Syrah
High
Grade
Total
Mason
Graphite
Lamboo Lincoln
Northern
Graphite
Valence
Industries
Stratmin
Syrah
East
Syrah
West
Triton
80
70
60
50
40
30
20
10
-­‐
(10)
0% 5% 10% 15% 20% 25%
Head
Grade
(TGC)
1.
Note that
Syrah
Resources
uses
a
cutoff
grade
of
13%
TGC
in
determining
its
resources
versus
cutoff
grades
of
2%-­‐8%
TGC
used
by
other
companies
2.
Excludes
deposits
in
China
as
no
public
data
is
available
3.
Only
includes
deposits
with
a
substantial
flake
graphite
content

9. § Global
Inferred
Resource
1.15
Bt
at
10.2%
TGC
and
0.23%
V2O5
(Inferred)
§ A8va
Zone
–
51
Mt
@
19.9%
TGC
and
0.38%
V2O5
(Measured,
Indicated
and
Inferred)
§ Mepiche
Zone
–
214
Mt
@
16.0
%
TGC
and
0.43%
V2O5
(Measured,
Indicated
and
Inferred)
§ Mualia
Zone
–
117
Mt
@
17.7%
TGC
and
0.46%
V2O5
(Inferred)
9
Mt Nassilala
Continuous Graphite Exposure
9
Overview
of
Balama
Resource:
Mul&ple
zones
and
grades
available
for
different
end
markets

10. 10
Flake
size
distribu&on
§ Metallurgical
test
work
on
Balama
East
flake
graphite
shows
that
56.8%
of
the
processed
material
is
coarse
to
very
coarse
(80+
mesh
and
above)
§ Spherical
graphite
was
produced
from
fine
grained
Balama
graphite
(100
μm)
resul8ng
in
a
finer
grained
sphere
which
is
ideal
for
lithium
ion
baQery
use
§ Consumer
baQery
producers
u8lise
graphite
with
90%
distribu8on
at
<10
μm
§ The
spherical
graphite
produced
by
Syrah
consisted
of
the
following
distribu8ons
and
specifica8ons:
90%
Distribu8on
<6.63μm
50%
Distribu8on
<4.69μm
10%
Distribu8on
<2.73μm
Flake
graphite
feed
size
100
μm
Specific
surface
area:
1.47sqm/cc
Spherical
graphite
yield:
50%
Spherical
Graphite

11. ü Economic
Assessment
Results
(from
Snowden
Mining
Study)
has
confirmed:
− Low
capital
cost
of
US$92
M
(graphite
only)
− Mine
gate
cost
of
US$102/t
− Total
FOB
costs
of
US$198/t
to
the
port
of
Pemba.
− The
projected
opera8ng
costs
are
boQom
of
the
cost
curve
for
graphite
produc8on
ü Drivers
of
low
cost:
−
Open
pit
mining
(no
drill
and
blast)
with
negligible
strip
ra8o
–
Favorable
infrastructure
is
assis8ng
strong
project
economics—water,
roads,
power,
port
–
High
grade
ore
(30+
years
of
mining)
and
simple
metallurgy
−
Affordable
labour
11
Syrah
is
expected
to
be
the
lowest
cost
producer
in
the
world
[1]
[1]
Based
on
scoping
study
prepared
by
Snowden
Mining
Industry
Consultants
in
June
2013

12. § Metallurgical
test
work
has
been
conducted
on
Balama
graphi8c
material
by
two
interna8onal
laboratories
§ Uncomplicated
graphite
metallurgy
via
flota8on
achieved
high
grade
concentrate
(96-­‐98%
TGC)
and
high
recovery
(92%)
§ Low
levels
of
ash,
vola8le,
moisture
and
sulphur
§ Flowsheet
op8misa8on
currently
being
completed
by
pilot
plant
testwork
§ Metallurgical
test
work
to
date
has
shown
that
both
uranium
and
vanadium
are
below
detec8on
limits
in
the
graphite
concentrate
12
Simple
graphite
metallurgy
given
quality
of
resource
WHIMS:
Wet
High
Intensity
Magne&c
Separator

13. Balama
Vanadium
-­‐
highlights
13
ü Scoping
Study
on
vanadium
completed
during
July
2014
ü The
market
size
is
currently
140,000t/year
V2O5,
due
to
rise
50%
by
2017
[1]
ü Syrah
plans
to
produce
5,000t/year
based
on
Scoping
Study
ü Metallurgical
test
work
has
successfully
produced
a
99.9%
V2O5
powder
ü 98.5%
vanadium
pentoxide
sells
for
between
US$12.5
-­‐
US$15
per
kilo
ü 99.9%
vanadium
pentoxide
can
sell
for
approximately
US$50
per
kilo
ü 46
tonnes
of
99.9%
V2O5
is
required
per
1
MW
of
power
genera8on.
Energy
storage
market
is
forecast
to
be
upwards
of
300GW
over
the
next
20
years
[2]
Balama
98.5%
vanadium
pentoxide
concentrate
from
Stage
2
processing
[1]
Reference:
TPP
Squared
Inc
[2]
Reference:
‘Projec8ons
of
the
future
costs
electricity
genera8on
technologies
‘
CSIRO
2011
Balama
99.9%
vanadium
pentoxide
concentrate
from
Stage
2
processing

14. Key
metrics
of
the
Balama
Vanadium
Scoping
Study
14
Operational metrics Unit Financial metrics Unit
Life of mine 1 years 20 Capex US$ m 80
Concentrate throughput (2.5% V2O5) 2 tpa 255,000 Price assumptions
Min. 98% V2O5 US$/t (FOB) 12,000
Recov ery 99.9% V2O5 US$/t (FOB) 50,000
Min. 98% V2O5 % 58.5 HCl acid (33% concentration) 3 US$/t (FOB) 175
99.9% V2O5 % 19.5
Unit operating costs (Min. 98% & 99.9% V2O5) US$/t product 7,200
Product Total costs (Min. 98% & 99.9% V2O5) US$/t product 8,250
Min. 98% V2O5 tpa 3,804
99.9% V2O5 tpa 1,245 Post-tax NPV (10% discount rate) US$ m 330
Total tpa 5,049
Internal rate of return (IRR) % 59
By-product
HCl acid (33% concentration) tpa 105,300 Payback period years 3.4
Refer
ASX
announcement
dated
30
July
2014
for
further
details

15. 15
Metallurgy
–
Vanadium
Simple
flow
sheet
for
the
processing
of
Balama
vanadium

16. PEMBA
PORT
§ Located
within
close
proximity
of
deep
water
port
facili&es
at
Pemba
(~240km)
− Third
largest
port
in
Mozambique
− Deep
water
container
port
− Also
inves8ga8ng
op8ons
at
the
Port
of
Nacala
ROAD
§ Main
road
connects
Project
to
Pemba
Port
− Sealed,
well
maintained
road
to
Monte
Puez
(~200km)
− Remaining
40
km
currently
unsealed
with
construc8on
underway
to
seal
remaining
distance
by
end
of
2014
16
Key
Infrastructure
–
Part
1

17. 17
Key
Infrastructure
–
Part
2
WATER
§ Large
regional
dam,
Chipembe,
located
only
12km
from
the
Balamba
processing
plant
− Dam
underu8lised
(local
agriculture
only)
− Capacity
required
by
Syrah
have
been
contracted
and
allocated
(2
M
litres
per
annum)
POWER
§ Region
currently
being
connected
to
the
Na&onal
Power
Grid
− Power
lines
currently
being
installed
between
Balama
town
and
Monte
Puez
− Hydroelectricity
=
very
compe88ve
energy
costs
− 4.7c
per
KWh
peak
rate
for
residen8al

18. Chalieco
Memorandum
of
Understanding
§ MOU
for
o|ake
for
80,000
tonnes
of
graphite
per
annum
and
a
quan8ty
of
vanadium
to
be
determined,
signed
with
Chalieco,
a
member
of
the
Chinalco
Group
§ Par8es
are
currently
nego8a8ng
a
legally
binding
o|ake
agreement
§ Chalieco
intends
to
use
the
graphite
mainly
as
a
subs8tute
for
petroleum
coke,
anthracite
and
other
forms
of
carbon
used
to
manufacture
aluminium
cathode
and
anode
blocks
18
Aluminium
anode
block
Aluminium
cathode
blocks

19. Asmet
Memorandum
of
Understanding
§ MOU
for
o|ake
for
100,000
–
150,000
tonnes
of
graphite
per
annum
at
a
price
of
approximately
US$1,000
per
tonne
over
an
ini8al
5
year
period,
signed
with
Asmet
(UK)
Limited,
a
European
trader
of
metallurgical
consumables
(including
carbon)
to
the
iron,
steel
and
aluminium
industries
§ Graphite
intended
to
be
used
by
Asmet
as
a
recarburiser
in
mainly
foundry
applica8ons
and
high
quality
steel
produc8on
§ Syrah
will
provide
Asmet
with
two
to
three
tonnes
of
sample
graphite
products
for
tes8ng
§ Subject
to
successful
comple8on
of
this
testwork,
Syrah
and
Asmet
will
be
required
to
nego8ate,
in
good
faith,
a
formal
o|ake
agreement
for
the
sale
of
graphite
19
Engine
block
made
from
gray
iron
which
uses
graphite
Recarburiser
pellet
made
from
Balama
graphite
as
a
carbon
alloy

20. § 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
opera8ons
will
invest
in
local
agricultural
development
for
food
supplies
§ Strong
focus
on
improving
local
community
health
and
educa8on
20
Community
Development

21. Timeline
to
Produc&on
21
Q2
CY14 Q3
CY14 Q4
CY14 Q1
CY15 Q2
CY15 Q3
CY15 Q4
CY15 Q1
CY16 Q2
CY16
Environmental
Approval
Bankable
Feasibility
Study
Construction
ull
Production
Commissioning
Full
Production
In just 5 years, Syrah Resources
will have progressed from a grass roots
explorer to a leading graphite producer
Debt
Financing

22. Investor
Educa&on
22

23. 23
Syrah
has
the
ability
to
serve
mul&ple
segments
of
the
market
as
a
result
of
size
and
low
cost
Price
Volume
Market
Size
Tradi8onal
Graphite
Market
• Natural
Flake
• BaQeries/new
applica8ons
US$700-­‐3,000/t
US$3,500+/t
1Mt
80Kt
US$1
billion
US$320
million
Subs8tu8on/Alterna8ve
Markets
• Synthe8c
Graphite
–
Electrodes
–
Carbon
–
Blocks
Up
to
US$15,000/t
1Mt
US$12
billion
Carbon
Market
• Green
Petroleum
Coke
• Calcined
Petroleum
Coke
• Other
<
US$1,000/t
30Mt
7Mt
13Mt
US$24
billion
Addressable
Market
Low
Cost
Largest
Resource
Potential to
capture
multiple
market
segments

24. Spherical
Graphite
–
Ba]ery
Anode
§ High
quality
spherical
graphite
was
produced
from
Balama
flake
graphite
§ Spherical
graphite
was
produced
from
fine
grained
Balama
graphite
(100
microns)
resul8ng
in
finer
grained
sphere
which
is
most
ideal
for
lithium
ion
baQery
applica8ons
§ Consumer
electronic
baQeries
require
sub
10
micron
due
to
higher
surface
area
and
energy
density
requirements
§ Historically,
automo8ve
baQeries
have
used
15-­‐20
micron
material
due
to
cost
§ Significant
interest
for
Balama
spherical
graphite
has
been
shown
by
Asian
based
baQery
groups
§ Spherical
graphite
pilot
plant
has
been
constructed
and
samples
will
be
sent
to
all
major
baQery
producers
in
the
coming
months
24

25. Alterna&ve
Markets
25
Synthe&c
Graphite
Market
Carbon
Market
US$12
billion
market
US$24
billion
market
7Mt
13Mt
50Mt
Annual
Consump&on
(Mt)
Calcined
Petroleum
Coke
Anodes
for
Aluminium
Others
(GPC
etc)
38%
11%
8%
43%
Synthe8c
Carbon
Synthe8c
Graphite
Others
Synthe8c
Graphite
Blocks
Synthe8c
Graphite
Electrode

26. § Green
petroleum
coke
is
used
in
anode
blocks
a}er
calcina8ons
by
aluminium
smelters
§ Used
in
reduc8on
process
of
Al2O3
to
aluminium
metal
(Al)
§ Low
sulfur
and
high
carbon
material
is
required
§ High
quality
raw
material
is
scarce
in
the
market
§ Supply
deficit
of
high
quality
material
§ 560
kg
of
anodes
consumed
per
ton
of
aluminium
produced
§ 450
kg
of
green
coke
or
360
kg
of
calcined
petroleum
coke
required
for
one
tonne
of
aluminium
produc8on
§ Over
13
million
tonnes
per
year
of
anodes
required
for
aluminium
produc8on
§ Over
eight
million
tonnes
per
year
of
calcined
petroleum
coke
is
required
26
Anode
Blocks
for
Aluminum

27. 27
Recarburiser—Carbon
Raiser
§ Calcined
petroleum
coke
is
the
main
source
§ Main
use
is
as
a
carbon
addi8ve
in
iron
and
steel
produc8on
mainly
in
electrical
arc
furnaces
§ Low
sulfur,
high
carbon
material
is
required
§ Graphite
is
the
best
material
for
this
applica8on
as
it
is
pure
carbon
and
soluble
in
molten
metal
§ Supply
deficit
of
high
quality
material
§ Recarburiser
requirements
vary
by
raw
material
and
final
product
− 30–40
kg
is
required
per
ton
of
iron
by
scrap
metal
− 3–30
kg
is
required
per
ton
of
pig
iron
− 1–2.5
kg
is
required
per
ton
of
steel
§ Over
seven
million
tonnes
of
calcined
petroleum
coke
is
traded
per
year
§ The
total
value
of
this
trade
is
over
US$3
billion
per
year

28. § Used
in
electrical
arc
furnaces
for
steel
and
iron
produc8on
§ Special
grade
petroleum
coke
called
“Needle
Petroleum
Coke”
is
used
§ High
carbon
grade
and
very
low
sulfur
material
is
required
with
crystalline
structure
(a}er
graphi8sing)
§ Required
1,000
degrees
C
baking
and
3,000
degrees
C
of
graphi8sa8on
process
=
very
high
energy
consump8on
§ 2.5
kg
of
electrode
is
consumed
for
produc8on
of
1
mt
of
steel
§ 1.5
million
tonnes
of
consump8on
of
electrodes
per
year
§ Over
US$3.5
billion
market
trade
value
§ Using
natural
graphite
could
create
a
huge
cost
saving
as
it
could
enable
skipping
the
graphi8sa8on
process
28
Graphite
Electrodes

29. § +50
mesh,
98%
C
minimum,
flake
graphite
required
for
expandable
graphite
produc8on
§ Mainly
used
in
graphite
foils,
flame
retardants
and
insula8on
material
§ Increasing
use
in
technology
product
(in
tablets
and
mobile
phones)
as
a
heat
transfer
agent
§ 40,000
produced
in
2012
§ Sells
for
between
US$3,000–US$5,000
per
tonne
§ Balama
graphite
confirmed
to
be
expandable
29
Expandable
Graphite

30. 30
Electrical
Graphite
§ Uses
include
carbon
brushes
and
lamp
carbon
§ Very
high
grade,
very
low
impurity
synthe8c
graphite
is
used
§ Crystalline
structure
is
very
important
for
electrical
applica8on
and
natural
flake
graphite
has
the
perfect
crystalline
structure
§ Over
two
million
tonnes
per
year
market
trade
volume
§ Over
US$3
billion
per
year
trade
value

31. 31
Vanadium
demand
by
applica&on
2012
Source:
TTP
Squared,
Inc
&
Metal
Bulle8n
80,733
tonnes
Steel
Alloy
92.0%
Titanium
Alloy
3.0%
Chemicals
3.0%
Energy
Storage
1.0% Other
1.0%

32. 32
Global
vanadium
produc&on
2012
Source:
TPP
Squared,
Inc
China
53.0%
Europe
8.0%
South
Africa
18.0%
Russia
10.0%
North
America
6.0%
Other
Countries
5.0%
71,508
tonnes

33. 33
Global
Vanadium
Supply
and
Demand
Forecast
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Tonnes
Vanadium
(Metric)
Source:
Merchant
Research
and
Consul8ng.
Consump8on
Produc8on
§ 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
§ Poten8al
demand
for
energy
storage
could
further
add
to
the
supply
deficit
significantly
in
the
coming
years

34. 34
Vanadium
industry
cash
cost
curve
§ The
following
figure
shows
the
average
cash
costs
for
co-­‐product
slag,
primary
ore
and
secondary
vanadium
producers
in
2012
Tonnes Vanadium (Metric)
Cost (USD per kg Vanadium)
Source:
TPP
Squared,
Inc

35. 35
Poten&al
sources
of
new
supply
§ The
following
table
shows
the
known
vanadium
projects
currently
being
developed
by
listed
en88es
around
the
world
Metric Unit
Project
Location
Ownership %
Life of mine years
Strip ratio
Concentrate
throughput
V2O5 %
Syrah Resources Largo Resources TNG Limited American Vanadium
Maracas
Brazil
100
29
6.27 : 1
Mount Peake
NT, Australia
100
20
0.95 : 1
3.4 1.0 to 1.5
Balama
Mozambique
100
20
0.11 : 1
2.5
Gibellini
Nev ada, USA
100
Unavailable
0.22 : 1
Unavailable
Production tpa 3,804 V2O5 (Min. 98%) 6,376 V2O5 11,000 V2O5 (99%) 5,171 V2O5
tpa 1,245 V2O5 (99.9%) 4,899 FeV 290,000 TiO2
tpa 900,000 Fe2O3 (99.9%)
Price assumption US$/kg 12.0 V2O5 (Min. 98%) 14.0 V2O5 20.3 V2O5 (99%) 24.1 V2O5
US$/kg 50.0 V2O5 (99.9%) 28.0 FeV 0.4 TiO2 (55%)
US$/kg 0.2 Fe2O3 (99.9%)
Total costs US$/kg 8.3 V2O5 (Min. 98% & 99.9%) 7.0 V2O5 75.5 V2O5, TiO2 & Fe2O3 9.0 V2O5
US$/kg 15.6 FeV
Total capex US$ m 80.0 235.0 563.0 95.5
Discount rate % 10.0 8.0 8.0 7.0
NPV US$ m 330.0 Post tax 554.0 Post tax 2,600 Pre or post-tax
Source:
Company
presenta8ons
and
stock
exchange
announcements
not specified
170.1 Pre or post-tax
not specified
IRR % 59.2 Post tax 26.3 Post tax 38.0 Pre-tax 43.0 Pre or post-tax
not specified
Payback period years 3.4 Unavailable Potentially 4 2.4

36. Vanadium
Redox
Ba]ery
(VRB)
36
§ Poten8al
large
driver
of
vanadium
demand
for
grid
storage
applica8ons
§ VRBs
can
beQer
match
electricity
supply
and
demand
in
real
8me
§ Increases
grid
efficiency
and
poten8ally
reduces
the
number
of
power
plants
required
§ VRBs
could
capture
~17%
of
the
energy
grid
storage
market
by
2017 [1]
§ ~46
tonnes
of
V2O5
is
required
for
1
MW
capacity
using
VRBS
for
grid
storage [2]
§ Global
market
for
energy
storage
over
the
next
10
years
could
be
upwards
of
300
GW
and
US$200-­‐US$600
billion
in
value [3]
§ Sumitomo
Electric
Industries
is
currently
working
with
Hokkaido
Electric
Power
to
store
electricity
using
VRBs
in
order
to
stabilise
its
grid
network
§ VRBs
require
high
purity
V2O5
greater
than
99.9%
purity
§ In
addi8on,
impuri8es
such
as
nickel,
cobalt
or
copper
need
to
be
reduced
to
negligible
levels
in
the
V2O5
[1] Reference: Lux Research
[2] Reference: University of Tennessee
[3] Reference: Kema Inc.
Vanadium
compounds
have
the
ability
to
take
on
four
oxida&on
states
which
makes
vanadium
very
useful
for
electrical
energy
storage
applica&ons.

37. 37
Disclaimer
This
presenta8on
is
for
informa8on
purposes
only.
Neither
this
presenta8on
nor
the
informa8on
contained
in
it
cons8tutes
an
offer,
invita8on,
solicita8on
or
recommenda8on
in
rela8on
to
the
purchase
or
sale
of
shares
in
any
jurisdic8on.
This
presenta8on
may
not
be
distributed
in
any
jurisdic8on
except
in
accordance
with
the
legal
requirements
applicable
in
such
jurisdic8on.
Recipients
should
inform
themselves
of
the
restric8ons
that
apply
in
their
own
jurisdic8on.
A
failure
to
do
so
may
result
in
a
viola8on
of
securi8es
laws
in
such
jurisdic8on.
This
presenta8on
does
not
cons8tute
financial
product
advice
and
has
been
prepared
without
taking
into
account
the
recipient's
investment
objec8ves,
financial
circumstances
or
par8cular
needs
and
the
opinions
and
recommenda8ons
in
this
presenta8on
are
not
intended
to
represent
recommenda8ons
of
par8cular
investments
to
par8cular
persons.
Recipients
should
seek
professional
advice
when
deciding
if
an
investment
is
appropriate.
All
securi8es
transac8ons
involve
risks,
which
include
(among
others)
the
risk
of
adverse
or
unan8cipated
market,
financial
or
poli8cal
developments.
Certain
statements
contained
in
this
presenta8on,
including
informa8on
as
to
the
future
financial
or
opera8ng
performance
of
Syrah
Resources
Limited
(Syrah
Resources)
and
its
projects,
are
forward-­‐looking
statements.
Such
forward-­‐looking
statements:
are
necessarily
based
upon
a
number
of
es8mates
and
assump8ons
that,
whilst
considered
reasonable
by
Syrah
Resources,
are
inherently
subject
to
significant
technical,
business,
economic,
compe88ve,
poli8cal
and
social
uncertain8es
and
con8ngencies;
involve
known
and
unknown
risks
and
uncertain8es
that
could
cause
actual
events
or
results
to
differ
materially
from
es8mated
or
an8cipated
events
or
results
reflected
in
such
forward-­‐looking
statements;
and
may
include,
among
other
things,
Statements
regarding
targets,
es8mates
and
assump8ons
in
respect
of
metal
produc8on
and
prices,
opera8ng
costs
and
results,
capital
expenditures,
ore
reserves
and
mineral
resources
and
an8cipated
grades
and
recovery
rates,
and
are
or
may
be
based
on
assump8ons
and
es8mates
related
to
future
technical,
economic,
market,
poli8cal,
social
and
other
condi8ons.
Syrah
Resources
disclaims
any
intent
or
obliga8on
to
update
publicly
any
forward
looking
statements,
whether
as
a
result
of
new
informa8on,
future
events
or
results
or
otherwise.
The
words
“believe”,
“expect”,
“an8cipate”,
“indicate”,
“contemplate”,
“target”,
“plan”,
“intends”,
“con8nue”,
“budget”,
“es8mate”,
“may”,
“will”,
“schedule”
and
other
similar
expressions
iden8fy
forward-­‐looking
statements.
All
forward-­‐looking
statements
made
in
this
presenta8on
are
qualified
by
the
foregoing
cau8onary
statements.
Investors
are
cau8oned
that
forward-­‐looking
statements
are
not
guarantees
of
future
performance
and
accordingly
investors
are
cau8oned
not
to
put
undue
reliance
on
forward-­‐looking
statements
due
to
the
inherent
uncertainty
therein.
Syrah
Resources
has
prepared
this
presenta8on
based
on
informa8on
available
to
it
at
the
8me
of
prepara8on.
No
representa8on
or
warranty,
express
or
implied,
is
made
as
to
the
fairness,
accuracy
or
completeness
of
the
informa8on,
opinions
and
conclusions
contained
in
the
presenta8on.
To
the
maximum
extent
permiQed
by
law,
Syrah
Resources,
its
related
bodies
corporate
(as
that
term
is
defined
in
the
Corpora&ons
Act
2001
(Cth))
and
the
officers,
directors,
employees,
advisers
and
agents
of
those
en88es
do
not
accept
any
responsibility
or
liability
including,
without
limita8on,
any
liability
arising
from
fault
or
negligence
on
the
part
of
any
person,
for
any
loss
arising
from
the
use
of
the
Presenta8on
Materials
or
its
contents
or
otherwise
arising
in
connec8on
with
it.

38. 38
Thank
you