Balama contains a significant vanadium by-product Resource which presents a potential value-accretive opportunity that Syrah will advance through Pre-Feasibility Study. Vanadium, a by-product which is liberated during the graphite production process, could potentially be refined into a saleable product (V2O5)3 via processing of material currently reporting to tailings at Balama.

Resource Competent Person’s Statement

The information in this report related to Mineral Resource estimates as at 31 December 2019 is based on information compiled by Mr Jonathon Abbott, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Abbott is employed by MPR Geological Consultants Pty Ltd and is an independent consultant to Twigg Exploration and Mining Limitada. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting to qualify as a Competent Person as defined in the JORC Code. Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Vanadium Mineral Resources Estimate


Governance and Controls Statement

The Company engaged independent consultants to prepare the mineral resource and reserve estimates. The consents by the Competent Persons remain in place for subsequent release by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcements. The Vanadium Mineral Resource Estimate has been restated to align to the information compiled by the Competent Person related to Mineral Resource estimates as at 31 December 2019. The change compared to the Vanadium Mineral Resource in the 2015 Annual Report reflect subsequent updates to the Resource model and a reduction of the reported cut-off grade to align to the cut-off grade applied to the graphite Mineral Resource estimate as of 31 December 2019.



Date Event    Source
31st March 2020 Latest minerals resources estimation in 2019 Annual Report. Link
30th January 2019 Update on 2014 scoping study. Link
31st March 2016 Detailed update in 2015 Annual Report. Link
30th July 2014 Vanadium scoping study finalised. Link
27th May 2013 Maiden Balama West mineral resources announcement. Link
23rd January 2013 Maiden Balama East mineral resources announcement. Link