Ann: Exceptional High Grade Graphite Intersected at Nicanda Hill, page-12

You called for them. For comparative purposes only. Good luck

	Column 1
0	Highlights: 6 Feb 2013
1	Remaining assays received for Balama East confirm further very wide zones of high grade graphite and vanadium mineralisation starting from surface
2	- BMDD0027 – 152.6m at 15.0% TGC and 0.40% V2O5 from 0m to 152.6m - BMDD0035 – 248.8m at 11.2% TGC and 0.26% V2O5 from 0m to 248.8m - BMDD0036 – 200.6m at 13.0% TGC and 0.37% V2O5 from 0m to 200.6m - BMDD0039 – 125.08m at 15.7% TGC and 0.41% V2O5 from 0m to 200.6m
3	The results show the presence of high grade zones such as: - BMDD0019 - 12.52m at 19.3% TGC and 0.39% V2O5 from 2.6m to 15.12m - BMDD0027 – 41.62m at 18.0% TGC and 0.41% V2O5 from 2.6m to 44.22m - BMDD0036 - 42m at 17.4% TGC and 0.41% V2O5 from 2.6m to 44.6m - BMDD0037 - 51m at 17.6% TGC and 0.342% V2O5 from 0m to 51m
4	Mineralisation remains open in all directions and at depth at Balama East Maiden Resource calculation now commenced for Balama East. The independently calculated Resource is expected to be released in the second quarter of 2013

Comparative statistical analysis of the trench and drill hole data at Balama showed that the graphite grades in the trench data are on average 20% higher than the drill hole grades. This may reflect a near surface enrichment phenomenon of unknown depth extent. For this reason the trench data was not used in the grade estimation exercise for either Balama West or Balama East. If further drilling shows that near surface grades are higher than at depth, Syrah anticipates that the grades of the resources will increase, particularly in the near-surface areas.
The estimates were completed by The MSA Group of South Africa. Further details concerning MSA Group are at the end of this announcement.
Syrah also estimates that the occurrence of vast quantities of coarse flake and the very high grades of TGC is due to the extra high temperature caused by the granite intrusion in Balama East.