SYRAH RESOURCES LIMITED 
Syrah made significant progress during the year in relation to bringing its world class Balama Project in Mozambique into development. By delivering a feasibility study in May 2015 and successfully completing a fully underwritten capital raising in August 2015 the Company is now committed to developing this world class project.
Chairman's Letter:
Dear Shareholders,
Syrah Resources is a new Board experience for myself and Sam Riggall, having both joined in early October 2014. The Company was at that time progressing with a Feasibility Study on the Balama Graphite Project, with both the incumbent Chairman and Managing Director having served their notice of retiring from the Company and Tolga Kumova, a Company Executive, having accepted the role as the new Managing Director.
Over the intervening nine months Syrah has made material progress in all aspects of the mining project and product offtake. Just after the FY2015 close, Syrah completed an equity financing which sees us funded through to late 2016, when commissioning of the Balama graphite plant in Mozambique commences. The headline achievements are amply covered in Syrah filings.
However, it is the myriad of other things which will deliver a commercial operation that go unheralded. To prepare for a major construction cycle:
>> both management and system controls needed establishment,
>> fiscal terms in Mozambique needed clarification,
>> community interaction needed amplification,
>> product samples to prospective clients are in everincreasing demand, and
>> the core of a product technical services and marketing teams needed bedding in.
All of these are in various stages of completion and include the establishment of a Perth office to service the Balama operations and logistics of product delivery. Syrah head office will continue to be based in Melbourne, but will be of modest size.
We thus start FY2016 with a clean balance sheet, a Mozambique project in early stages of construction, a rapidly growing management team and staff. Interest in our proposed graphite products continues to grow and the completion of project financing has created a clear roadmap to product delivery. In 2017, the year when production ramps up, Balama is predicted to produce some 270,000 tonnes of +95% graphite for world markets.
This is likely to have a disruptive impact on existing supply chains and we thus are focused on building scalability into our own plant design and logistics, plus a conservative allowance for working capital through this period. This aspect was one of the key considerations of your Board when deciding to opt for equity financing the Balama Graphite Project.
In closing, on behalf of the Board, I thank the outgoing Directors, Tom Eadie and Paul Kehoe, for their service through to October 2014 and we look forward to a landmark, productive year in your service.
James Askew
Chairman
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SYR-430605.pdf
About Syrah Resources Ltd:
Syrah Resources (ASX:SYR) is an Australian resource company that is rapidly progressing its flagship Balama Graphite and Vanadium Project in Mozambique to production. The Project hosts the largest graphite ore reserves in the world with an Australasian Joint Ore Reserves Committee (JORC) compliant Ore Reserve of 81.4 Mt at 16.2% total graphitic carbon. Balama is a 110 km2 granted Mining Concession located within the Cabo Delgado province in the district of Namuno in northern Mozambique. The Project is approximately 260 km by road west of Pemba and is accessible by a sealed, main road, running directly from Pemba Airport. The Port of Nacala is approximately 490 km by road south east of the Project and is the deepest port in Southern Africa.
Source:
Syrah Resources Ltd
Contact:
Syrah Resources Ltd T: +61-3-9670-7264 E: enquiries@syrahresources.com.au WWW: www.syrahresources.com.au
