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1 SYRAH ANNOUNCES CHANGE IN REPORTING CURRENCY Syrah Resources (ASX.SYR) is pleased to announce a change in reporting currency from Australian dollars to US dollars, commencing with the year ending 31 December The Company believes that the change in reporting currency will provide shareholders with a more accurate reflection of the Company s underlying performance and enhance comparability of Syrah s financial information. The quarterly report for the quarter ending 31 December 2016 and the financial report for the year ending 31 December 2016 will be presented in US dollars. Historical financial information has been restated to US dollars and is provided on the following pages. Explanation of Change Syrah has changed its reporting currency from Australian dollars to US dollars in the current year. The change in reporting currency is a voluntary change that is accounted for retrospectively. All other accounting policies are consistent with those adopted in the financial report for the six-month period ended 31 December This comparative reporting period was a six-month transitional financial period to allow for the Company to change its financial year end from 30 June to 31 December effective from 1 July All future financial reporting periods are now a twelve month calendar year, commencing on 1 January and ending on 31 December. The financial information set out on pages 3 to 5 has been restated to US dollars using the procedures outlined below: Income Statement 1. The Income Statement has been translated into US dollars using the average foreign currency exchange rates prevailing for the relevant period. The average exchange rates for each reporting period presented were as follows: 30 June December months to 30 June Statement of Financial Position 2. Assets and Liabilities in the Statement of Financial Position have been translated into US dollars at the closing foreign currency exchange rates on the relevant balance sheet dates. The exchange rates at each relevant balance sheet date were as follows: 30 June December June

2 3. The Equity section of the Statement of Financial Position has been translated to US dollars using historical exchange rates. Statement of Cash Flows 4. Cash flows from operating and investing activities in the Statement of Cash Flows have been translated into US dollars using the average foreign currency exchange rates prevailing for the relevant period. 5. Cash flows from financing activities in the Statement of Cash Flows have been translated into US dollars using the foreign currency exchange rates prevailing at the date of each transaction. The financial information presented has not been audited. For further information contact: John Knowles General Manager Investor Relations Peter Lee Manager - Investor Relations Contact Contact: ljknowles@optusnet.com.au p.lee@syrahresources.com.au About Syrah Resources Syrah Resources Limited (ASX code: SYR) is an Australian-based industrial minerals and technology company. Syrah is currently constructing the Balama graphite project (Balama) in Mozambique, with commissioning scheduled to commence in Q Balama will be the leading global producer of high purity graphite. Balama production is targeted to supply traditional industrial graphite markets and emerging technology markets. Syrah has successfully completed extensive product certification test work with several major battery producers for the use of Balama spherical graphite in the anode of lithium ion batteries. 2

3 Consolidated Statement of Comprehensive Income - Presented in US Dollars 30 June Dec months to 30 June 2015 US$ 000 US$ 000 US$ 000 Revenue from continuing operations Other Income 76 4, Expenses 623 4, Legal and consulting expense (1,300) (893) (1,221) Administration expenses (1,056) (1,083) (1,889) Employee benefits expense (3,111) (3,934) (7,203) Depreciation and amortisation expense (158) (237) (548) Exploration and evaluation costs written off (6) (2) (127) Impairment of assets (34) (833) (111) Loss before income tax expense from continuing operations (5,042) (2,356) (10,123) Income tax expense Loss after income tax expense from continuing operations (5,042) (2,356) (10,123) Profit/(loss) after income tax (expense)/benefit from discontinued operations Loss after income tax expense for the period attributable to the owners of Syrah Resources Limited (5,042) (2,356) (9,751) Other comprehensive income Items that may be reclassified subsequently to the profit or loss Exchange differences on translation of foreign subsidiaries (4,817) (7,063) (10,392) Reserves released to profit on demerger of Jacana Minerals Limited - - (662) Other comprehensive income for the period, net of tax (4,817) (7,063) (11,054) Total comprehensive income for the period attributable to the owners of Syrah Resources Limited (9,859) (9,419) (20,805) Total comprehensive income for the period is attributable to: Continuing operations (9,859) (9,419) (20,515) Discontinued operations - - (290) (9,859) (9,419) (20,805) Earnings per share for loss attributable to the owners of Syrah Resources Limited Cents Cents Cents Basic earnings per share (2.16) (1.09) (5.93) Diluted earnings per share (2.16) (1.09) (5.93) 3

4 Consolidated Statement of Financial Position - Presented in US Dollars 30 June Dec June 2015 US$ 000 US$ 000 US$ 000 Assets Current assets Cash and cash equivalents 242, ,978 6,859 Trade and other receivables 3,954 3,360 1,785 Available-for-sale financial assets Total current assets 246, ,457 8,669 Non-current assets Property, plant and equipment 1,939 2,498 3,764 Mine properties and development 82,642 45,063 32,193 Intangibles Exploration and evaluation Total non-current assets 85,577 48,552 36,722 Total assets 331, ,009 45,391 Liabilities Current liabilities Trade and other payables 12,879 5,868 1,957 Provisions Total current liabilities 13,164 6,001 2,065 Non-current liabilities Provisions 1,567 1,040 7 Total non-current liabilities 1,567 1,040 7 Total liabilities 14,731 7,041 2,072 Net assets 316, ,968 43,319 Equity Issued capital 366, ,008 76,483 Reserves (15,107) (10,714) (6,194) Accumulated losses (34,368) (29,326) (26,970) Total equity 316, ,968 43,319 4

5 Consolidated Statement of Cash Flows - Presented in US Dollars Cash flows from operating activities 30 June Dec months to 30 June 2015 US$ 000 US$'000 US$'000 Payments to suppliers and employees (inclusive of goods and services tax) (3,803) (2,818) (5,395) Interest received Net cash inflow / (outflow) from operating activities (3,226) (2,682) (5,118) Cash flows from investing activities Payments for property, plant and equipment (37) (69) (3,141) Payments for mines properties and development (35,644) (11,565) - Payments for intangibles - - (197) Payments for exploration and evaluation (10) (294) (11,292) Loan recovered from / (provided to) other parties (419) Net cash inflow / (outflow) from investing activities (35,691) (11,711) (15,049) Cash flows from financing activities Proceeds from issue of shares 145, ,039 3,454 Share issue transaction costs (4,193) (6,431) (21) Net cash inflow / (outflow) from financing activities 141, ,608 3,433 Net increase / (decrease) in cash and cash equivalents 102, ,215 (16,734) Cash and cash equivalents at beginning of the period 139,978 6,859 26,914 Effects of exchange rate changes on cash and cash equivalents (192) (96) (3,321) Cash and cash equivalents at end of the period 242, ,978 6,859 5