Ann: March Quarterly Activities and Cashflow Report, page-17

took a few notes from conference call hope they are helpful , please check the facts as I might have made a few mistakes

overall demand is strong but constrained by shipping availability which Syrah is making some progress in mitigating, graphite prices are rising due to strong demand

-ev sales up 80% last quarter vs 2021 underpinning strong graphite demand
-Balama has maximum inventory but constrained by shipping container availability which is current limiting factor to increasing production
-shipping cost have been approximately 3-4 times higher than long term average but has recently being moderated from its peak
-strong order book, 90kt orders for Q2 and H2 of 2022 (35kt shipped and sold this Q ) and all inventory contracted to customers
- Balama unit cost expected to to reduce as production increases
-new contracted prices are materially higher than current contracts but no comments on what they are
-current spot graphite China reported $800 tonne but don’t expect Syrah to report these as price received due to contract pricing mix differs from spot but shows the demand

VIDALIA
-first mover ex Asia for active anode material
-construction on target early works completed expected to be completed Q2 IN 2023 first shipment Q3 2023
-first USA government grant/loan for a materials processing facility ever, shows strategic importance of vidalia
- Tesla offtake has options to increase volume
- taregetting other USA/Europe customers for vidalia to justify 45kt expansion, expect to complete BFS for expansion this year
- even if vidalia expanded to 45kt would only supply 11% of USA demand and would only use 25% of Balama natural graphite production

SYNTHETIC VS NATURAL GRAPHITE
- Syrah seeing a increasing trend to using more natural graphite vs synthetic with a higher proportion of natural vs synthetic in anode composition

UKRAINE / RUSSIA

- they are seeing a disruption to supply of coarse flake graphite out of Ukraine and Russia due to current events

hope this summary has been helpful, please verify anything I have stated as it’s been my recollection to the best of my ability from the call and if you see an inaccuracy don’t be afraid to point it out