Robust definitive feasibility study results for Vidalia 45ktpa AAM facility

• NPV of US$208–794 million, IRR of 13.9-22.9% and 4-6 year payback period from commencement of operations, assuming a flat AAM price of US$5,000-7,000 per tonne (2023 real).

• Robust, high margin operation with estimated EBITDA of US$103-192 million (2023 real) and EBITDA margin of 44-60%, assuming a flat AAM price of US$5,000-7,000 per tonne (2023 real).

• Estimated all-in operating costs of US$3,023 per tonne (2023 real) for the 45ktpa AAM Vidalia facility, assuming Balama natural graphite cost is US$425 per tonne (FOB Nacala/Pemba) (2023 real).

• Estimated total installed capital costs of US$539 million including a US$38 million contingency.

• Syrah to proceed with transition detailed & long-lead items engineering and other early activities on the Vidalia Further Expansion project to maintain momentum ahead of a final investment decision proposal.

• Vidalia Further Expansion project aligned to localised sourcing requirements of North American tier 1 lithium ion battery supply chain participant and OEM customers.