Reserves & Resources

This Balama Graphite Ore Reserve Estimate is based on, and fairly reflects, the ASX release dated 30 March 2023 (Updated Balama Ore Reserve and Mineral Resource) which was prepared by a Competent Person. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented are not materially different from the original ASX release.

The Balama Graphite Mineral Resource Estimate in this Annual Report has been approved by Mr Nobert Paradza, who is a full-time employee of Syrah Resources Ltd and is a member of the Australasian Institute of Mining and Metallurgy (Number 338164). The model underpinning the Mineral Resource Estimate is effectively unchanged from that reported as of 31 December 2023. Only basic model depletion for mining activities at Ativa during 2024 and adjustments of stockpiles have been completed. There is no change to the Mepiche or Mualia Mineral Resource Estimate as these pits were not mined in 2024

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place for subsequent release by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.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.