Ann: March Quarterly Activities Report Presentation, page-8

Arrrh CB

please !

You cannot have an auction with 1 customer ! many customers makes for competitive bidding.
Also minimizes risk if you loose a customer.

Suggest you read this again.

• Balama first quarter of operations in ramp up, improving recoveries, plant throughput and increase
stability to deliver significant uplift in daily production
• Sales and qualification shipments to major geographical regions for battery and industrial markets
with positive qualification feedback
• Strong demand growth for flake graphite, forecast 500kt total demand from the battery sector by
2021
• Preferred BAM site in Vidalia, Louisiana selected. Positive environmental and community conditions
• Benchmarking of Syrah BAM products reconfirms suitability for battery application and market entry
• Remain diligent in timing of major capex spend in conjunction with Balama cash flow profile
• Syrah Resources remains the only major new supplier of graphite to world’s battery market

CB can yo please answer this question.
In 2017 battery graphite market was 120kt,
in 2021 expected to (and lets just say it will be) be 500kt.
With no new supply (except for SYR), who will supply the extra 380kt ??