Syrah Resources owns the Balama graphite project in Mozambique which has shown very promising drilling results at Balama West and East zones, including intercepts over 190m grading over 16% total graphitic carbon. Initial exploration targets estimate the deposits could contain 300-500 million tonnes grading 10-11% total graphitic carbon. Preliminary metallurgical testing indicates the deposits have the potential to produce a high purity graphite concentrate over 97% total graphitic carbon with nearly half the concentrate in valuable medium to jumbo flake sizes.

1. SYRAH RESOURCES LIMITED
Symposium Series
26-27 November 2012
Syrah Resources

2. Important notice and disclaimer
This document has been prepared by Syrah Resources Ltd (“the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of
this document. The information contained in this document is of general background and does not purport to be complete.
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particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States unless the
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This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company. It has been prepared without taking
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(and is not) an indication of future performance.
This document includes certain statements, opinions, projections, forecasts and other forward-looking information which, while considered reasonable by the Company, are inherently subject to
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Figures
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1.
Company Overview
2
2

4. Investment highlights
Highly strategic flake graphite discovery at Balama, Mozambique
 A globally significant, large flake, high grade natural graphite deposit
 Over 7km strike distance and up to 2km of surface width of outcropping graphite and vanadium
mineralisation
 High grade zone recently extended with additional drilling, grades reported are among the
highest recorded globally
 Metallurgy in preliminary test work indicates concentrate grades in excess of 97% C achievable
 Close to infrastructure and good main road access
Attractive graphite market fundamentals
 High purity natural graphite price has increased from ~US$750/tonne in 2004 to current prices of
~US$1,800+/tonne(1)
 Strong demand drivers including emerging green and energy technologies
 China supplies ~67% of global flake graphite but supply is likely to become constrained as it
imposes export restrictions, environmental standards, and deposits become increasingly difficult
to mine
 US and European Commission have both declared graphite a critical material
3

5. Board of Directors
Tom Eadie Non-Executive Chairman (since 2007)
 30+ years experience in the Australian and international resource sector
 Also Executive Chairman of Copper Strike Ltd
Paul Kehoe Managing Director (since 2011)
 15+ years experience in corporate finance and restructuring
 Accountant and geologist
Mike Chester Non-Executive Director (since 2011)
 27+ years experience in investment banking, mining company research and
funds management
 Also Non-Executive Director of NuCoal Resources, Guildford Coal Ltd and
Black Fire Minerals Ltd
Alistair Non-Executive Director (since 2011)
Campbell  30 years mining industry experience
 Principal Consultant of OptiRes Pty Ltd
4

6. Current capital structure
Overview Syrah share price and volume – last 1 year
 ASX listed
 Market capitalisation (undiluted) of
~A$400 million at A$3.00/share as at 20
November 2012
 133,869,590 shares on issue
 17,500,000 options on issue
 ~$15m cash on hand at 31 October
2012
 Directors’ direct and indirect interests
total ~29% of current shares on issue
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2.
Industry Overview
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8. Introduction to graphite
Overview World graphite market based on graphite type
 Principal characteristics of graphite include:
− Resistant to corrosion and heat 2010 natural graphite world production
~925,000 – ~1,100,000 tonnes
− Excellent conductor of heat and electricity
− High lubricity, natural strength and Amorphous
Vein 59%
malleability 1%
Natural flake graphite (e.g. Balama deposit) Synthetic Natural
 Typically found as discrete flat flakes, > 50% 50%
Flake
40%
0.1mm in size
 Used for higher value including battery
applications Source: Mackie Research Capital 2011
 Priced by purity and/or flake size, up to
US$1,800/tonne+ Synthetic graphite
Natural amorphous graphite  Produced mainly from hydrocarbon sources
 Low grade (70%-85% C) and extremely fine  High purity, prices from US$10,000 –
grain size $20,000/tonne
 Pricing at US$600-$800/tonne, it requires  Market size ~1Mtpa, of which ~50% could
extensive and costly processing for higher potentially be substituted by high quality
value applications natural graphite if supply is available
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9. Characteristics of a good flake graphite deposit
Characteristic Balama
 Large flake size – usually a higher purity of
concentrate  Latest metallurgy test work shows around
half of concentrate in medium – jumbo
flake size ranges
 High grade – determines project cash costs
and profitability/NPV at any given graphite
price
 High grade zones over 20% identified;
among highest recorded globally
 High purity – higher purity requires less
treatment to bring the graphite to above 97%directly to pricing
Translates
 97% Cmetallurgical purity achieved in
latest
concentrate
testing
C required for high value applications, such as
Li-ion batteries US$/tonne
Flake size (mesh size) 80-85% C 94-97% C
Extra Large (+50) – +$1,800
Large (-50 +80) – $1,300-1,800
Medium (-80 +100) – $1,100-1,700
Fine (-100) – $1,150-1,450
Amorphous powder $600-800 –
Source: Industrial Minerals Magazine, price date 18 Sep 2012.
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10. Current supply and uses for natural graphite
USGS estimated world resources: 77Mt Current natural graphite industry uses
India
14%
Other
10%
Other
Batteries Steel &
14% China
10% Refractory
72% 41%
Carbon
Brushes
11%
Natural graphite production
According to USGS, Lubricants
China’s supply decreased 14%
~30% from 2008 to 2009 Automotive
Parts
1.2
14%
1.0
Natural graphite (Mt)
0.8
0.6
 Approximately 40% used in the steel &
0.4 refractory industries across a range of
0.2 graphite qualities
0.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010  Higher quality, coarse flake demand to be
India China Other
driven primarily by batteries and emerging
Source: United States Geological Survey (2012)
technologies 9
Source: Mackie Research Capital, Company estimates.
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11. Natural flake graphite pricing and demand
 Benchmark graphite prices have more than doubled since 2007
 Some softening in Chinese refractory and steel demand has recently weakened prices
Prices have increased over the past 5 years with battery technology the sleeper
2.5Mtpa+
US$/tonne
Up to
1.5Mtpa
2007 2008 2009 2010 2011 2012
Source: Industrial Minerals Magazine. Source: Industrial Minerals Magazine.
Note: Large flake graphite, 94-97% C, +80 mesh, average pricing.
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3.
Balama Project
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13. Balama overview
 Over 7km strike distance and up to 2km of Location
surface width of outcropping graphite and
vanadium
 Balama is a high quality graphite deposit
 Located 240 km west of Pemba port
 Excellent metallurgy results achieved in
testing
 Drilling well advanced
− First ever drilling with 50 holes completed
 Initial JORC Resource Estimates for both
Balama West and East anticipated in late
2012 / early 2013
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12

14. Exploration targets for Balama West and Balama East *
 Balama West – 400 to 500 million tonnes at 10% TGC and 0.20% V2O5
 Balama East – 300 to 400 million tonnes at 11% TGC and 0.30% V2O5
Exploration target based on depth of 200 metres over the areas drilled, and based on the
weighted average grade for every drill hole with assay results to date
* This targeted tonnage and grade is conceptual in nature and there has been insufficient work to define a Mineral Resource
under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.
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15. Balama West
 Drilling results at Balama West have
wide intercepts of very high grade
graphite and vanadium:
− BMDD0006: 196m @16.9% TGC and
0.41 V2O5 from 100m to 296m
− BMDD0007: 186m @ 16.7% TGC
and 0.46 V2O5 from 131 m to 318m
− BMDD0009: 58.0m @ 20.0% TGC
and 0.36% V2O5 from 4.5m to 62.5m
− BMDD0012: 79.0m @ 20.4% TGC
and 0.42% V2O5 from 15.4m to
94.4m
 Highest grades reported of 30.3% TGC
and 0.88% V2O5 over 2m
 Balama West now has two zones of
very high grade graphite and vanadium
mineralisation at or near surface
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16. Balama West (cont.)
Stacked Cross sections
 Two very high grade zones intersected to
date at Balama West
 The first has widths up to 196m
and
averaging between 10 – 17% TGC. This zone
is open to the west and east
 The second has widths up to at least 100m
and averages between 15 – 22% TGC. This
zone is open to the north, west and east
 Both zones outcrop at surface or with
minimal cover
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17. Balama East
 Syrah has completed 25 diamond
drill holes at Balama East. Drill
holes announced include:
− BMDD0021: 218.4m @ 12.3%
TGC and 0.39% V2O5
− BMDD0022: 290.4m @ 13.8%
TGC and 0.41% V2O5
− BMDD0023: 302.6m @ 13.7%
TGC and 0.38% V2O5
 Very high grade zones of greater
than 15% TGC outcrop at surface
 Very coarse flake graphite –
visually appears to be coarser
grained than Balama West
 Sushi Zone has flake sizes up to
6mm in length
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18. 17
Balama East (cont.) Cross section
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19. Metallurgy
Overview Flake size results
 Metallurgical test work has been conducted  47% of the concentrate has a flake size in the
on a 58 kg sample of Balama graphitic medium to jumbo range, with the mix of
material by Mintek(1) flake sizes considered ideal for meeting the
 Final results show a graphitic carbon requirements of different markets
concentrate of 97.02% -200
+50 (Jumbo)
 Recoveries at ~94%, with low levels of ash, (Amorphous)
8% 5%
volatile, moisture and sulphur
Graphitic carbon Ash Volatiles Moisture Sulphur
97.02% 2.24% 0.16% 0.57% 0.01% 50-100
(Medium -
-100 - +200 Large)
(Fine) 42%
45%
Above attributes mean that the product could potentially be
sold into premium end market segments attracting higher prices
(1) Owned by the South African Government, Mintek is South Africa’s national mineral research organisation.
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20. Balama infrastructure
 Balama is located 240 km west of deep water
port facilities at Pemba, the third largest port
in Mozambique
 Less than 1km from major road connecting
the project directly to airport and sea port
 Nearby Balama township provides access to Above: Pemba Port.
schools, medical facilities, shops and labour –
electricity to Balama in process of being
upgraded
 Large regional dam, Chipembe, located only
14km from the project. Mozambique
Government has made an offer for water
rights. Positive response took one day!
Above: Road from Pemba to Balama.
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4.
Upside Opportunities
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22. Vanadium prospectivity at Balama
 Vanadium represents significant potential
upside although economics are very favourable
on the graphite alone
− Roscoelite, the main vanadium ore mineral,
has been shown to separate from the
graphite during flotation
 2010 vanadium production for the world was
~56.5kt
− Over 87% is used as a steel alloy for strength
with other uses in chemicals and catalysts
− Future developments in battery technology
− Largest project globally is Xstrata’s Rhovan
project which has a measured and indicated
resource of 72.30Mt at 0.5% V2O5(1) Above: Balama coarse flake graphite sample
 Best vanadium drill result at Balama: with green vanadium bearing mica.
− BMDD0007: 94.0m @ 0.57% V2O5
− BMDD0022: 21.6m @ 0.68% V2O5
− BMDD0023: 109m @ 0.50% V2O5
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23. Other exploration opportunities
Tanzania mineral sands
 Syrah controls >1,000km2 of landholding
 World class Kwale deposit 70km to the north
 All prospects are lightly drilled and have open zones of
mineralisation
− Fungoni Prospect: Historical drilling shows very high
grades containing over 15% HM. Drill intercepts
include 4m @ 27.8% HM and 4m @ 24.9% HM with
excellent assemblage – zircon 25% of HM
− Syrah has drillied at Fungoni (8000m)
− Tajiri Prospect: Drill intercepts include 14m @ 9.2%
HM and 9m @ 12.3% HM
Uranium & Copper prospectivity at Lunga, Zambia
 18km long radiometric anomaly with palaeodrainage
pattern and numerous Cu occurrences
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24. The End