Syrah announces Equity Raising

Highlights

· Syrah to raise approximately A$98 million (US$65 million) through a fully underwritten institutional placement and 1 for 10.2 pro rata accelerated non-renounceable entitlement offer

· Proceeds of the Equity Raising will be used to preserve Balama operating mode optionality, fund Vidalia operating costs and reserve accounts under its loan with the US Department of Energy, support Vidalia’s ramp-up and progress in product qualification, and accelerate AAM development

· AustralianSuper, Syrah’s largest shareholder, with a current shareholding of ~17.8% in Syrah, has committed to take up its full pro-rata entitlement in the Institutional Entitlement Offer and subscribe for New Shares under the Placement

· Syrah and AustralianSuper have agreed to the conversion of Series 1 and 3 Notes into New Shares at a revised conversion price of A$0.6688 per share, subject to Syrah shareholder approval

· AustralianSuper’s shareholding in Syrah is expected to increase from ~17.8% to no more than ~31.9% with the completion of the Equity Raising and Series 1 and 3 Notes Conversion

To read the full announcement: Syrah Announces Equity Raising

To view the presentation: Equity Raising Presentation

To listen to the conference call: Equity Raising Conference Call