Syrah Resources Limited has restarted natural graphite production at its Balama facility in Mozambique after regaining site access in May 2025. The company has been engaged in extensive remobilisation, inspection, and maintenance activities to prepare for a ramp-up in plant utilisation, aiming to rebuild its finished product inventory. This move is part of an operating campaign designed to meet the rising demand for natural graphite, especially in markets outside of China affected by global supply disruptions. In anticipation of increased orders, Syrah Resources Limited plans to execute large volume breakbulk shipments to ex-China destinations as early as the September 2025 quarter. This strategy not only supports accelerated product deliveries to customers but also is expected to bring forward cash receipts, positioning the company for further operational continuity. Meanwhile, the company continues to work closely with the Mozambique National Government, along with regional and community leaders, to address settlement processes with resettled farmers and maintain the free movement of goods and personnel as required under the Balama Mining Agreement. Despite these positive developments, the company's earlier declaration of a force majeure event under the terms of the Balama Mining Agreement remains in effect pending the resumption of product shipments and further assessment of the operating environment. Additionally, Syrah Resources Limited has outlined potential risks in its forward-looking statements, notably market fluctuations, regulatory challenges, and operational risks common to the mining and resources sector. Bullish sentiment may arise from the production restart at Balama, the swift progression towards large-volume shipments, and the strong latent demand for its natural graphite products, particularly from ex-China markets. On the bearish side, ongoing uncertainties related to the force majeure declaration and the inherent risks associated with political, regulatory, and operational challenges in Mozambique might weigh on investor confidence.