Yes, good news:Main Document Only.26 October 2023Registered...

Yes, good news:
Main Document Only.26 October 2023Registered Officec/– Vistra Australia (Melbourne) Pty LtdLevel 4, 96-100 Albert Road South Melbourne, VIC 3205www.syrahresources.com.auT +61 3 9670 7264Syrah Resources LimitedABN 77 125 242 284ASX Announcement / Media Release8 April 20241Syrah natural graphite sales and market updateSyrah makes first large volume Balama natural graphite fines sale to IndonesiaSyrah Resources Limited (ASX: SYR) (“Syrah” or the “Company”) is pleased to announce it has sold and delivered a 10ktbreak bulk shipment of natural graphite fines from its Balama Graphite Operation (“Balama”) in Mozambique to PT IndonesiaBTR New Energy Materials in Indonesia, its first large volume natural graphite sale to a battery supply chain participantdestination outside China. This break bulk sale follows a trial container shipment of Balama natural graphite fines toIndonesia in the March 2024 quarter. Unlike Syrah’s normal approach to longer term sales contracts, the details of thislarge volume spot priced sale were finalised concurrent with delivery and payment.This natural graphite sale is a further important development in the Company’s sales strategy to transition Balama naturalgraphite sales to a more geographically diversified and commercially aligned customer base and highlights Syrah’s uniqueposition in natural graphite and AAM supply outside of China.BTR New Materials Group Co Ltd is constructing, in joint venture, a US$478 million active anode material (“AAM”) facilityin Indonesia of 80ktpa AAM production capacity, which is expected to commence production in 2024. Syrah aims to developfurther natural graphite fines sales to PT Indonesia BTR New Energy Materials that demonstrate Balama’s provenance andquality considering evolving market dynamics.China graphite market updateSyrah’s March 2024 quarter natural graphite sales were similar to December 2023 quarter natural graphite sales. For mostof the March 2024 quarter natural graphite demand conditions in China have been impacted by uncertainty related to thegranting of China graphite export licences.Release of China graphite export statistics for January and February 2024 by the General Administration of Customs wasdelayed to late March 2024. The China graphite export statistics in January and February 2024 show:• Natural graphite fines and coarse flake exports were extremely limited;• Purified spherical graphite exports were 25-40% of the 2023 monthly average and limited to South Korea; and• AAM exports normalised to 2023 average monthly levels in February 2024.Figure 1: China natural graphite exports (kt)1.1 Source: Datamyne and Chinese customs data. Natural graphite includes high purity and expandable graphite.0510152025Jan-Sep 2023(avg. monthly)Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024Japan USA South Korea India Germ