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2026-11-06
◂ Monitor SYR ASX

Syrah Resources Limited

Producer · Graphite · Mozambique · United States Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.063
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$146.3M
EV
A$470.4M
Cash
US$98.3M
Debt
US$311.5M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$98.3M Finite
Debt US$311.5M Net cash US$-213.2M
Basic shares 2.3B 2026-07-09
Runway 9.3 quarters Appendix 5B divides US$180.256m of reported cash plus unused facilities by US$19.302m of quarterly relevant outgoings; restricted cash and new draw conditions mean this is not freely available liquidity.

Liquidity

Financial position

The June equity raising and post-quarter tax-credit receipt improved liquidity, but US$67.299m of cash is restricted, further facility draws are conditional, debt exceeds cash, and unresolved lender defaults make strategic funding execution critical. The September interim accounts flagged a material going-concern uncertainty, and the strategic funding target moved to H1 2027; the proposed October US$15m DFC draw is conditional.

Inventory composition1

The latest operating inventory disclosure is 11kt of finished saleable natural graphite; no reliable carrying or realizable value is disclosed in the quarterly packet.

Finished saleable natural graphite held across Balama, ports, China and the USA, excluding Vidalia
— carrying · 11,000 tonnes

Capital structure

Ownership and dilution

Ordinary shares
2.3B
Fully diluted
2.4B

The 9 July 2026 Appendix 3H supersedes the May cap-table anchor and reports 2,321,927,497 ordinary shares, 36,535,617 performance rights, 4,159,195 share rights and three note series. Fully diluted shares add only the rights with observable unit quantities; unknown note conversions are treated separately in valuation risk.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares quoted on ASXOrdinary Share2.3B——
Unquoted employee performance rightsPerformance Right36.5MA$0—
Unquoted non-executive director share rightsOther4.2MA$0—
Three AustralianSuper convertible-note series with conversion quantity not determinable from the local packetConvertible3—2028-05-12

KPI history

Operating metrics · Balama Graphite Operation

Production shown
06,58013,16019,74026,320September 2025December 2025March 2026: 23,500 tonnesMarch 2026June 2026: 2,300 tonnesJune 2026
MetricUnitTrendSeptember 2025December 2025March 2026June 2026
SalestonnesSeptember 2025: 23,900 tonnesDecember 2025: 28,800 tonnesMarch 2026: 20,100 tonnesJune 2026: 6,500 tonnes23,90028,80020,1006,500
OtherUSD/t CIFSeptember 2025: 625 USD/t CIFDecember 2025: 577 USD/t CIFMarch 2026: 630 USD/t CIFJune 2026: 736 USD/t CIF625577630736
ProductiontonnesMarch 2026: 23,500 tonnesJune 2026: 2,300 tonnes——23,5002,300
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
SalesBalama GraphiteSeptember 2025 quarterQuarter23,900 tonnesReported
OtherBalama GraphiteSeptember 2025 quarterQuarter625 USD/t CIFReported
SalesBalama GraphiteDecember 2025 quarterQuarter28,800 tonnesReported
OtherBalama GraphiteDecember 2025 quarterQuarter577 USD/t CIFReported
ProductionBalama GraphiteMarch 2026 quarterQuarter23,500 tonnesReported
SalesBalama GraphiteMarch 2026 quarterQuarter20,100 tonnesReported
OtherBalama GraphiteMarch 2026 quarterQuarter630 USD/t CIFReported
ProductionBalama GraphiteJune 2026 quarterQuarter2,300 tonnesReported
SalesBalama GraphiteJune 2026 quarterQuarter6,500 tonnesReported
OtherBalama GraphiteJune 2026 quarterQuarter736 USD/t CIFReported
RecoveryBalama GraphiteJune 2026 quarterQuarter95 percentReported
ProductionVidalia AamJune 2026 quarterQuarter150 tonnes AAMReported
Company guidance4
MetricProjectPeriodLowHighStatus
Natural Graphite Productionbalama_graphitecalendar 202660,00080,000 tonnesCurrent
Campaign Mode C1 Cost At 10Kt Monthly Productionbalama_graphitemedium-term campaign operating mode580620 USD/t FOB Nacala/PembaCurrent
C1 Cost At 20Kt Monthly Productionbalama_graphitemedium-term 200-240ktpa ramp430480 USD/t FOB Nacala/PembaCurrent
Steady State Aam Operating Cost At Capacity Before Section 45X Creditvidalia_aamat 11.25ktpa capacity4.34.8 USD/kg AAMCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-03-26RaisingOrdinary Fully Paid SharesUS$72M——CompletedThe June-quarter cash-flow report records net proceeds from an equity raising and the presentation identifies approximately US$72m of proceeds; the local packet does not provide a reliable issue-by-issue share bridge.Until 2026-06-30

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Material disclosed royalty, state carry and named offtakes are captured; customer qualification, transaction prices, and current performance remain incompletely disclosed.

Government receives a three percent royalty on Balama graphite sales; cash margins must be assessed after this burden.

Royalty · Active
Counterparties
Government of Mozambique
Applies to
Balama Graphite Operation · Graphite
Economic direction
Burden
Period
From 2018-09-27; no end date stated
Key terms
Sales royalty: 3 percent of sales
How it affects our valuation

No valuation treatment is available for this arrangement.

SOGEC holds a five percent free carried interest in Balama; a 2026 law signals a potential increase but implementation for the concession remains unclear.

Free Carry · Active
Counterparties
SOGEC · Government of Mozambique
Applies to
Balama Graphite Operation · Balama Vanadium Project · Graphite · Others
Economic direction
Burden
Period
2018-09-27 to 2038-01-01
Key terms
State free carry: 5 percent ownership
How it affects our valuation

No valuation treatment is available for this arrangement.

Tesla withdrew its stated intent to terminate after conforming samples, but final qualification and purchasing remain unproven.

Offtake · Conditional
Counterparties
Tesla
Applies to
Vidalia Active Anode Material Facility · Graphite
Economic direction
Benefit
Period
From 2021-12-23; no end date stated
Key terms
Target annual AAM volume: 8,000 tonnes per year
How it affects our valuation

No valuation treatment is available for this arrangement.

Lucid agreement offers potential Vidalia demand of about seven thousand tonnes over three years; volumes are not current sales.

Offtake · Conditional
Counterparties
Lucid
Applies to
Vidalia Active Anode Material Facility · Graphite
Economic direction
Benefit
Period
Dates not stated
Key terms
Approximate contracted volume: 7,000 tonnes over three years
How it affects our valuation

No valuation treatment is available for this arrangement.

Seven-year graphite fines supply is conditional on NextSource Abu Dhabi production and customer qualification, with pricing adjusted quarterly to a fines index.

Offtake · Conditional
Counterparties
NextSource Materials
Applies to
Balama Graphite Operation · Graphite
Economic direction
Benefit
Period
From 2026-03-02; no end date stated
Key terms
Contracted total volume range: 34,000–68,000 tonnes over seven years
Syrah conditions deadline: 2026-12-31
How it affects our valuation

No valuation treatment is available for this arrangement.

Announced Balama graphite supply could support utilization; current commencement and draw volumes were not verified.

Offtake · Unknown
Counterparties
POSCO Future M
Applies to
Balama Graphite Operation · Graphite
Economic direction
Benefit
Period
Dates not stated
Key terms
Annual optional quantity: 24,000–60,000 tonnes per year
How it affects our valuation

No valuation treatment is available for this arrangement.

The April 2026 retail booklet listed Westwater among Balama offtake counterparties, but current commercial terms and take-up were not verified.

Offtake · Unknown
Counterparties
Westwater Resources
Applies to
Balama Graphite Operation · Graphite
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.