The Board of Directors of Syrah Resources announced the resignation of its Managing Director, Mr. Tolga Kumova, effectively immediately. Mr. Kumova has also resigned as a Director of Syrah Resources. Mr. Kumova's resignation and initiation of a search for a new managing director is part of a transition reflecting the evolving strategic direction of the company and the key development activities it is currently undertaking.

Until a new Managing Director is appointed, the company's current Chairman, Mr. Jim Askew, will assume the position of Executive Chairman in a part-time capacity, supported by a strong management executive team in Melbourne head office. Balama construction continues under the full control of Darrin Strange (COO) and his team in Perth and Mozambique. Mr. Sam Riggall will act as Lead Independent Director until Mr. Askew resumes his role as Non-Executive Chairman.