Ann: Change of Director's Interest Notices x4, page-11

Surprised we haven't heard more in the press about the opportunity for Syrah's Graphite in the USA given Trumps Tariff stance on imported Aluminium and Steel. His aim is for domestic Steel and Aluminium production - IMO HUGE opportunity for non FEOC Graphite processed in the USA:

When tariffs are placed on imported steel and Aluminium, it encourages more domestic production to meet the demand. In turn, the USA steel and aluminium manufacturers would require more materials, including graphite, for their operations.

For example, graphite is used in the production of electrodes in electric arc furnaces (EAF), which are commonly used for steelmaking. With the tariffs making imported steel and aluminium more expensive, U.S. manufacturers are incentivized to boost their own production.

As they ramp up their operations, they'll need to procure more graphite electrodes, used in the furnaces for both steel and aluminium production, leading to increased graphite demand. These electrodes are eventually destroyed in the process so will continually need to be replaced (win, win)...

In the steel industry, graphite is crucial for producing the high-temperature environments needed in electric arc furnaces. As U.S. steel production increases due to tariffs on imports, more graphite will be consumed for these furnaces. As the only Vol Supplier into the USA ex-China - Syrah stands to directly benefit in an increasing demand environment.

Similarly, in aluminium production (especially through the Hall-Héroult process), graphite electrodes are critical. Tariffs on imported aluminium would lead to a rise in domestic production, leading to an increased need for our graphite to support the electrolysis process in aluminium smelting.

As the U.S. focuses more on domestic steel and aluminium production, Syrah is perfectly positioned to so supply more advanced and efficient technologies that require better-quality graphite. This would increase demand for higher-grade graphite, which is essential for high-performance industrial applications - not to mention its uses as á dry lubricant, in refractory bricks and crucibles, the furnace linings themselves, foundries and metal castings, polishing and grinding, paint additives and air purification systems.

IMO, the imposition of tariffs on steel and aluminium will lead to an increase in domestic production of these metals, which, in turn, drives up the need for OUR graphite in various manufacturing processes as the only non FEOC trade friendly supplier at scale outside China.

Huge opportunity for Syrah and equity investors in the company, greater demand for our products and higher prices for our graphite.

Cheers

DYOR IMO