Ann: Q2 Interim Update, page-40

Hello everyone ( i know its a duplicate wasnt sure which one to put it in. feel free to delete mods if you need)

Like all of you that actually own shares in this company I have been very disappointed with the recent events regarding share price. I particularly feel for those very long holders that are down significantly more than us recent investors.

I wrote to Syrah Resources to vent my frustration at the company performance in particular the following items

1) Timing of this Ann when I felt he SP was about to bounce and I felt the release fuelled the shorting to continue. I questioned a possible insider information leaked prior to the Ann corresponding to dump in SP days prior

2) Was SYR doing anything to combat the long standing short attack and did they feel there was an illegal underpinning that needed to be investigated by ASIC and were they pursuing this avenue of investigation.

3) Why more encouraging news was not included within the announcement to offset the average results

I received a Phone call from SYR Investor relations officer this afternoon and had a 30min conversation regarding the current situation and my frustration. I am extremely impressed that they took the time to talk with me given a lot of what we discussed would have been discussed at the AGM I was unable to attend, it was a frank and honest conversation on both sides and thought I would just outline some of the points good and bad that we discussed as it might answer some of the questions you all might have as well

In regards to timing SYR felt that needed to release the info so as to not cause further alarm on the release of Q2 results. Because they knew they were going to miss target by 10% which is a significant margin they felt they could not withhold this info from the market. They stated that they hold confidentiality very seriously and that it was not disclosed to any party prior to release. I expressed that I felt the timing was poor and that the SP was up 3% on pre-open before they released this Ann and maybe they should look at that closer in future. Was told there is never a great time and they just have to release the data.

In regards to the shorting activity they are not pursuing this issue with ASIC or have requested it to be investigated. They feel it is because the company is not performing to its potential and they are an easy target like other in this sector. They have decided to concentrate on trying to improve their business rather than spend energy on those that are trying to destroy it.

I asked why the export focus has not shifted to the US to cash in on the current trade wars. China is still our No 1 customer so there is complexity there with current agreements and possible BAM production and was told there was a lot of work behind the scenes to ensure the balance across all parties is to our best interest. I brought up I felt BAM was going to be a strong point in SYR going forward but wasn’t convinced that my views are that of the company. Might be that they are holding cards close and can’t say much at the moment.

We discussed a few other things but generally that was the brain dump that I thought I would pass on. SYR feel that the long term company plan is still on track and that the improvements they are making to improve efficiency and profits will go in the right direction. Once this is achieved they are confident that the SP will reflect this and we will be back to happier days. Until then I still feel we are in the hands of those gouging their pockets with greed and isn’t going to change any time soon.

As always you should DYOR and take what you will from above but thought I would pass it along.

Here’s to a good bounce next week J