Ann: June Quarterly Activities Report Presentation, page-68

Investors, DoctorFouid is being realistic by sharing with you what he or she believes is today's realistic market value. Syrah's value today does not care what capital Syrah Resources has invested to date or what Syrah's book value is today.Those values are water over the dam! Today's market value should be base on what Investors believe is and will be Syrah's real market value today and moving forward in say next few years. Today Syrah's market value in only around 50M + some salvage value on their assets. (This is because Syrah has not demonstrated they can be cash flow positive thus all the capital (600M+) Sryrah's management has spent on assets should not be considered in their market value. What investor need to determine is the future value these assets will generate in annual future cash flow and if you assuming Syrah burns thru their remining 50M will investors be willing to provide Syrah with additional capital to get Syrah to the point of the business being cash flow positive?