Syrah Resources Ltd

AGM Presentation21 November 200821 November 2008

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SYRAH CORPORATE OVERVIEW

Directors: Tom Eadie ChairmanAlistair Campbell Managing DirectorTerry Lees Exploration Director

Shares on issue 30,000,005Director & management options 2,500,000Share price (last sale 10 Nov 2008) $0 078Share price (last sale 10 Nov 2008) $0.078Market capitalisation at $0.078 $2.34 millionCash at bank $2.55 million

Major Shareholders: Copper Strike 30.0%Transcontinental Investments 14.7%Royalco Resources 5.0%yF

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Syrah Business Focus 2007/2008

• Exploration - Australian exploration projects

• Sought acquisition or joint venture of an advanced precious metals or base metals project Australia andprecious metals or base metals project, Australia and International

• Option to acquire White Dam gold project early 2008, withdrew after due diligence

• Current proposal to joint venture Inlice and Altıntepe gold projects Turkey Owned 100% by AIM listed Stratexprojects, Turkey. Owned 100% by AIM listed Stratex International PLC. Due diligence in progress.

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Syrah Exploration Australian ProjectsSyrah Exploration, Australian Projects

• Projects: LyndhurstLevukaMunna

• Add diagram

Archie-MackenzieNorfolk

• At Sept 07 listing SyrahAt Sept 07 listing Syrah commenced with clean slate –first step initial prospect generation and evaluation

• Drilling campaigns at Boanda Prospect, Levuka (Apr 08) and White Lead, Lyndhurst (May 08 & A 08)08 & Aug 08)F

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Lyndhurst, South Australia

• North Flinders Ranges, Adelaide fold belt

• Oxide copper mineralisation

Mt LyndhurstMt Lyndhurst

Eromanga Basin

Leigh Creek Mt Painter

• Oxide copper mineralisation associated with diapirs

• Syrah review of historical

Adelaide Fold Belt

Adelaidecopper occurrences

• White Lead prospect:7 hole RC program Apr087 hole RC program Apr0862 hole RAB program Aug08

• Discovery of significant oxide Cu mineralisationFor

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White Lead Prospect, Lyndhurst

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White Lead, April 2008 Drilling

• April 2008 RC drill program: test under historical White Lead workings

• Best intercepts:WLDH002 26m @ 0.87% CuWLDH003 18m @ 0.91% CuWLDH006 30m @ 0.87% Cu@

• Drilling showed wide zones of near surface copper oxide mineralisation over 250m strike length, with indication of good continuity

• Mineralisation found outside of prospective horizonF

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White Lead, RAB Drilling Aug 2008

• August 2008 RAB program – test scale potential along 3.2km strike length of prospective horizon

• 62 RAB holes to 40m depth, 100m between fences

• 16 holes with intercepts above 0.3% Cu

• Best intercepts:RB060 6m @ 1 50% Cu- RB060 6m @ 1.50% Cu

- RB052 6m @ 1.06% Cu & 4m @ 1.02% - RB055 10m @ 0.70% Cu

• 5 areas showing potential continuity in copper mineralisation• 5 areas showing potential continuity in copper mineralisation

• Several areas along strike untested

• Mineralisation not closed off in numerous areasFor

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White Lead Prospect, Drilling Results

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White Lead, Drilling Results Central Area

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White Lead, Drilling Results Eastern Area

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White Lead Prospect – Next StepsWhite Lead Prospect Next Steps

E l ti t t 0 5Mt t 1 5Mt @ 0 7% C• Exploration target: 0.5Mt to 1.5Mt @ 0.7% Cu

• Next steps: 1) assess potential economic pathway2) consider further drilling ) g

• Potential farm-out / collaboration

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Archie-Mackenzie, NW Qld

• Exploration target: Century-style base metals in basement Proterozoics

• Field campaign Apr 08 – soil geochemical survey

• Drill Target generation:- Geophysical data review- Structural analysisy- Basement 3D geology

• Potential farm-outGravity image with potential drill targetsF

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Archie-Mackenzie, Geophysical & Structural ReviewStructural Review

Structural analysis with potential drill targetsBasement 3D Geology with potential drill targetsFor

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Levuka NW QldLevuka, NW Qld

• Boanda prospect drilled April 2008 3 holes2008, 3 holes.

• Levuka South granted Oct 08

• New drill targets generated by h i l d t t lgeophysical and structural

analysis

• Target ranking in progress

Boanda drilling Aeromagnetic image and potential drill targets

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SLevuka, Structural Review

Structural review at regional level Potential Levuka drill targets, overlaid on structureFor

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Munna, SE Qld

• Prospect reviews:- Mt Melanie

Lug e nor- Lug-e-nor- Munna- Munna West IP trend- Knight of Gwyn- Coonawarra

• Field mapping and soilField mapping and soil sampling

• Current focus – Cu in historical holes at Knight ofhistorical holes at Knight of Gwyn

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Norfolk, NW Qld

• Tenements granted Sept 2008

• Impact crater concept –“Camooweal” circular structureCamooweal circular structure -mineralisation at Sudbury is associated with an impact crater

• ARC Linkage funding application submitted October 2008 in conjunction with Monash University research teamresearch team

• Syrah will also apply for Qld Govt SmartMoney grant, 1st Qtr 2009F

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Proposed Inlice and Altintepe Joint VentureProposed Inlice and Altintepe Joint VentureStratex International, Turkey

• Joint Venture terms agreed with Stratex allowing Syrah to earn up to 70% ownership of the Altıntepe and Inlice gold projects in Turkey

• Total oxide resources 570,618 oz

• Good potential for heap leach processing and early cash flow

• Due diligence in progressg p g

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Inlice Gold Project - OverviewInlice Gold Project Overview

• Inlice project is an epithermal deposit 40km from Konya in the central Anatolia region.

• Total oxide resource 98,300oz • Resource estimate includes :

0.94 Mt in situ mineralisation at 2.29 g/t 1.35 Mt of talus mineralisation at 0.65 g/t.

• In situ mineralisation is contained within a steeply dipping silica lense up to 30m width, with strike length of approximately 600m600m.

• In situ oxide can be mined via 10 to 40m deep pit at low strip ratio

• Talus near surface minimal overburdenTalus near surface, minimal overburdenFor

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Inlice - Oxide Resource Inventory

Stratex have completed 8 979m of diamond drilling at Inlice and on 4 July 2008Stratex have completed 8,979m of diamond drilling at Inlice and on 4 July 2008 reported the following oxide gold resource:

Tonnes Grade Cont. Aut g/t oz

In situ Mineralisation Measured 327,036 2.90 31,000 Indicated 307,331 2.06 20,000 Inferred 310,128 1.89 19,000

Subtotal 944 495 2 29 70 000Subtotal 944,495 2.29 70,000

Talus Mineralisation Indicated 205,673 1.06 7,000 Inferred 1,141,301 0.58 21,300

Subtotal 1,346,974 0.65 28,300Subtotal 1,346,974 0.65 28,300

Inlice Total Oxide Resource Inventory at 0.1 g/t Cut-Off

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Inlice – In situ Resource Geology

Summary cross-section of drill holes INDD-18 andInlice: geology and drill hole locations Gold-bearing Summary cross-section of drill holes INDD-18 and INDD-37, Ana West.

Inlice: geology and drill hole locations. Gold-bearing silica ledges shown in red.

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Altintepe Gold Project - Overview

• Altintepe is located on the northeastern Black Sea coast

• Oxide gold resource of 472,318 ounces using a 0.2 g/t cut-off grade.

• The resource is contained within multiple, near-surface deposits able to be mined with conventional open pit mining at low waste:ore strip ratios.

Kayatepe deposit, Altintepe

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Altintepe – Oxide Resource Inventory

The total oxide gold resource for Altıntepe at a cut-off grade of 0.2 g/t Au, as reported by Stratex on 10 September 2008, now stands at:

C t Tonnes Au Grade Cont AuCategory Tonnest

Au Grade g/t

Cont. AuOz

Measured 287,333 1.78 16,453 Indicated 9 287 370 0 87 259 661Indicated 9,287,370 0.87 259,661 Inferred 3,523,434 1.73 196,204

Total 13,098,137 1.12 472,318

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Altintepe - Resource

Cross-section of the Çamlık East Zone

Simplified geological map of Altıntepe prospect illustrating key mineralised zones

Cross-section of hole ST-KT-DD-01, Kayatepe Zone

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Inlice & Altintepe - Joint Venture Terms

• Due diligence extended to 24 November 2008

• On signing of Joint Venture Agreement:I St t 4 5M S h h- Issue Stratex 4.5M Syrah shares

- Pay US$100,000

• To earn 51% of the two projects:To earn 51% of the two projects:- Complete work commitment US$0.5M in first year- Complete work commitment US$1.0M in second year

Annual payments US$100 000 first two anniversaries- Annual payments US$100,000 first two anniversaries.

• Syrah can earn 70% ownership in the two projects by funding the completion of a feasibility study and by issuing Stratex a further 3 million shares.For

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Future Direction 2008/2009

• Final decision on Stratex JV

• Conserve funds

• Carefully manage Australian exploration expenditure- Seek farm-outs- Drop groundDrop ground- Drill only where strong justification exists

• Look for opportunities in the current market volatility- Decreasing asset prices- More projects to become available- Continued focus on gold and base metalsgF

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Competent Person Statement

The information in this report as it relates to exploration results was reviewed by Mr Tom Eadie, FAusIMM, who is a Competent Person and Chairman of Syrah Resources Limited. Mr. Eadie has more than 20 years experience in the activities being reported on and consents to the inclusion of this information in the form and context in which it appears in thi tthis report.

The information in this report relating to exploration, geology and resource estimates was sourced from public reports issued by Stratex International PLC to the London Stock Exchange The resource estimates for the Inlice and Altıntepe projects have been publiclyExchange. The resource estimates for the Inlice and Altıntepe projects have been publicly reported by Stratex International PLC in announcements made on 4 July 2008 and 10 September 2008.

In the announcements to the AIM stock exchange Stratex International have madeIn the announcements to the AIM stock exchange, Stratex International have made Competent Person statements referring to the JORC compliance of the resource estimates.

The AIM stock exchange announcements and detailed information regarding Stratex International PLC and the Inlice and Altıntepe gold projects can be sourced from the Stratex p g p jwebsite at www.stratexinternational.com.For

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