Syrah Resources Secures Conditional US$150 Million DFC Loan Commitment

Syrah Resources Limited (ASX: SYR) announced the approval of a substantial US$150 million conditional loan commitment for its wholly-owned subsidiary, Twigg Exploration and Mining Ltd (Twigg), by the United States International Development Finance Corporation (DFC) Board of Directors. This momentous development underscores the Biden-Harris Administration's dedication to fostering African development, as the loan aligns with their commitment to supporting the continent's growth. If finalized, the DFC loan will provide crucial funding for capital needs at the Balama Graphite Operations (Balama) in Mozambique.

The DFC loan's successful completion is contingent upon several key factors, including due diligence, legal documentation, DFC approval, and approvals from Syrah Group. The funds will be directed towards various essential initiatives at Balama, encompassing feasibility studies for the vanadium resource development, expansion of the tailing’s storage facility, and the provision of working and sustaining capital for Balama's operations. This milestone not only signifies the first DFC loan granted to a graphite operation but also highlights Balama's strategic importance in fortifying the United States' supply chain security for critical minerals.

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