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- Last 2026-11-06
- A$0.063
- 1D
- —
- 1M
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- YTD
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- 1Y
- —
- Fair value
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- 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
- September 2026 Quarterly Activities PresentationLatest Operating Presentation
- September 2026 Quarterly Activities and Cashflow ReportLatest Four Activities Reports
- Proposed issue of securities - SYRPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 10All sources ▸- June 2026 Quarterly Activities PresentationPresentation
- June 2026 Quarterly Activities and Cashflow ReportOperations
- Notification of cessation of securities - SYRCorporate Action
- Notification regarding unquoted securities - SYRCorporate Action
- March 2026 Quarterly Activities PresentationPresentation
- March 2026 Quarterly Activities and Cashflow ReportOperations
- 2025 Annual ReportResults
- December 2025 Quarterly Activities and Cashflow ReportOperations
- September 2025 Quarterly Activities and Cashflow ReportOperations
- Interim Financial Statements - Half-year ended 30 June 2025Results
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Remaining September 2026 quarter | September-quarter Balama production campaign | Production | Company Guided | High | Tests demand, uptime and cash-cost progression after weak June-quarter output. |
| Second half 2026 target | Vidalia qualification and first commercial AAM purchases | Production | Company Guided | High | Converts samples and offtake names into recurring revenue and validates installed capacity. |
| October 2026 target | Conditional US$15m DFC draw | Financing | Company Guided | High | Near-term liquidity depends on conditions and lender coordination. |
| 31 December 2026 | NextSource condition deadline and Syrah termination right | Economic Arrangement | Confirmed | Medium | Determines whether conditional fines demand can contribute to Balama utilization. |
| First half 2027 target | Binding strategic funding agreement target | Financing | Company Guided | High | Debt reset, possible DFC equity and conversion terms drive survival and per-share dilution. |
Executive roster
As of 2026-09-26Background checks ▸The 2025 annual report identifies principal executives and the company secretary; no later complete officer register was available at cutoff.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Shaun Verner | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | — | 2025 Annual Report |
| Stephen Wells | Chief Financial Officer | Finance · Senior Management | — | 2025 Annual Report |
| Julio Costa | Chief Operating Officer | Operations · Senior Management | — | 2025 Annual Report |
| Stefan Ross | Company Secretary | Company Secretary | — | 2025 Annual Report |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Balama Graphite Operation
Mozambique
Producer95% ownedGraphite
Campaign-mode producer with Q2 2026 production limited to 2.3kt and the next campaign deferred to Q3; 2026 production guidance was cut to 60-80kt amid subdued ex-China fines demand.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 21M dry tonnes | 16.8% TGC | Graphite | 2025-12-31 |
| Mineral Resource | Indicated | 240.4M dry tonnes | 13.0% TGC | Graphite | 2025-12-31 |
| Mineral Resource | Inferred | 773.4M dry tonnes | 11.0% TGC | Graphite | 2025-12-31 |
| Ore Reserve | Probable | 109.6M dry tonnes | 16.3% TGC; 17.8 Mt graphitic carbon | Graphite | 2025-12-31 |
Tenements1
Milestones1
- Complete the deferred September 2026-quarter production campaign
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Balama Mining Concession 6432C | Mozambique | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Updated Balama Ore Reserve and Mineral Resource | Operating Plan | Reaffirmed | 2026-03-26 | The 2025 annual report reaffirms the reserve and resource model after depletion and stockpile adjustments; demand and pricing remain the principal operating constraints. |
Core asset
Vidalia Active Anode Material Facility
United States
Ramping Producer100% ownedGraphite
Existing 11.25ktpa facility produced about 150t in Q2 2026 for final qualification and process-control work; commercial sales remain conditional on customer approvals targeted for 2H 2026.
Project location
Approximate location
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
Operating cost4.55USD/kg AAM midpoint
Midpoint of issuer US$4.30-4.80/kg steady-state guidance before Section 45X credits; not a demonstrated current cost.
Milestones1
- Obtain final customer qualification approvals and commence commercial AAM sales
Pending · High materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Vidalia 11.25ktpa qualification and operating plan | Operating Plan | Current | 2026-07-23 | Current plan limits production to qualification needs until customer approval, then targets ramp toward installed 11.25ktpa capacity. |
Material
Vidalia Further Expansion
United States
DFS Unfunded Developer100% ownedGraphite
Expansion to 45ktpa total AAM capacity has a US$539m DFS capital estimate and conditional Section 48C support, but requires commercial sales, customer commitments, financing and a final investment decision.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
Initial capexUS$539MPublished capital estimate
Issuer-disclosed DFS development-capital estimate; full project economics and funding terms are not reproduced in the local evidence packet.
Milestones1
- Board consideration of further progress toward expansion FID
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Vidalia Further Expansion Definitive Feasibility Study | DFS | Current | 2026-03-26 | Annual-report disclosure cites US$539m of development capital for 45ktpa total AAM capacity; funding and FID remain unresolved. |
Other
Balama Vanadium Project
Mozambique
PFS Developer95% ownedOthers
Vanadium-bearing Balama process streams remain a study option; no separate resource, reserve, recovery, capex or economic result in the local packet supports a material valuation.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Milestones1
- Complete planned vanadium pre-feasibility study
Pending · Medium materiality
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares quoted on ASX | Ordinary Share | 2.3B | — | — |
| Unquoted employee performance rights | Performance Right | 36.5M | A$0 | — |
| Unquoted non-executive director share rights | Other | 4.2M | A$0 | — |
| Three AustralianSuper convertible-note series with conversion quantity not determinable from the local packet | Convertible | 3 | — | 2028-05-12 |
KPI history
Operating metrics · Balama Graphite Operation
| Metric | Unit | Trend | September 2025 | December 2025 | March 2026 | June 2026 |
|---|---|---|---|---|---|---|
| Sales | tonnes | 23,900 | 28,800 | 20,100 | 6,500 | |
| Other | USD/t CIF | 625 | 577 | 630 | 736 | |
| Production | tonnes | — | — | 23,500 | 2,300 |
Operating metric source table12
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Sales | Balama Graphite | September 2025 quarter | Quarter | 23,900 tonnes | Reported |
| Other | Balama Graphite | September 2025 quarter | Quarter | 625 USD/t CIF | Reported |
| Sales | Balama Graphite | December 2025 quarter | Quarter | 28,800 tonnes | Reported |
| Other | Balama Graphite | December 2025 quarter | Quarter | 577 USD/t CIF | Reported |
| Production | Balama Graphite | March 2026 quarter | Quarter | 23,500 tonnes | Reported |
| Sales | Balama Graphite | March 2026 quarter | Quarter | 20,100 tonnes | Reported |
| Other | Balama Graphite | March 2026 quarter | Quarter | 630 USD/t CIF | Reported |
| Production | Balama Graphite | June 2026 quarter | Quarter | 2,300 tonnes | Reported |
| Sales | Balama Graphite | June 2026 quarter | Quarter | 6,500 tonnes | Reported |
| Other | Balama Graphite | June 2026 quarter | Quarter | 736 USD/t CIF | Reported |
| Recovery | Balama Graphite | June 2026 quarter | Quarter | 95 percent | Reported |
| Production | Vidalia Aam | June 2026 quarter | Quarter | 150 tonnes AAM | Reported |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Natural Graphite Production | balama_graphite | calendar 2026 | 60,000 | 80,000 tonnes | Current |
| Campaign Mode C1 Cost At 10Kt Monthly Production | balama_graphite | medium-term campaign operating mode | 580 | 620 USD/t FOB Nacala/Pemba | Current |
| C1 Cost At 20Kt Monthly Production | balama_graphite | medium-term 200-240ktpa ramp | 430 | 480 USD/t FOB Nacala/Pemba | Current |
| Steady State Aam Operating Cost At Capacity Before Section 45X Credit | vidalia_aam | at 11.25ktpa capacity | 4.3 | 4.8 USD/kg AAM | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30Ann. 2026-03-26 | RaisingOrdinary Fully Paid Shares | US$72M | — | — | Completed | The 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This initial public-source management review covers the selected company.json roster plus issuer-confirmed current management additions. Career histories are unevenly documented, and role-specific achievements are often issuer-reported rather than independently attributable.
Decision-relevant facts
Material summary
Shaun Verner
Managing Director / Chief Executive Officer
FailureDocumented · Medium materiality
Tesla alleged sample default cured; final qualification remained outstanding
Syrah disclosed in September 2025 that Tesla alleged a default over conforming Vidalia active anode material samples; Syrah said it did not accept that it was in default, and the cure date was extended. On 1 June 2026 Syrah said Tesla accepted it had demonstrated conforming samples and enough progress to cure the alleged default, and withdrew its intent to terminate. The same release said Tesla retained an existing termination right because final qualification had not yet been achieved. The reviewed evidence therefore resolves the alleged sample default but not final qualification risk.
Role overlaps event; causation unproven · Shaun Verner was Managing Director, and the 2025/2026 announcements were authorized on behalf of the board by him. This documents his role in communicating the issue and resolution, not personal fault for the alleged default.
Tesla offtake alleged default cure date extended · announcement text, p.1
Tesla offtake alleged default resolved · announcement text, p.1
Evidence gaps · 7
- The June 2026 cure notice left final qualification outstanding and a customer termination right in place; no later qualification outcome was established from reviewed evidence through cutoff.
- The June 2026 cure notice left final qualification outstanding and a customer termination right in place; no later qualification outcome was established from reviewed evidence through cutoff.
- The June 2026 cure notice left final qualification outstanding and a customer termination right in place; no later qualification outcome was established from reviewed evidence through cutoff.
- The June 2026 cure notice left final qualification outstanding and a customer termination right in place; no later qualification outcome was established from reviewed evidence through cutoff.
- The June 2026 cure notice left final qualification outstanding and a customer termination right in place; no later qualification outcome was established from reviewed evidence through cutoff.
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Stephen Wells
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Julio Costa
Chief Operating Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Stefan Ross
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- The reviewed issuer material confirms the current title but does not provide a dated full career history or independently verifiable qualifications; prior roles and credentials therefore remain unverified.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-06
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | — | 409,324,107 | |
| 2 | — | 78,756,507 | |
| 3 | — | 35,943,668 | |
| 4 | — | 71,373 | |
| 5 | — | 7,264 | |
| 6 | — | 7,264 | |
| 7 | — | 5,955 | |
| 8 | — | 3,067 | |
| 9 | — | 3,006 | |
| 10 | — | 3,000 | |
| 11 | — | 3,000 | |
| 12 | — | 3,000 | |
| 13 | — | 3,000 | |
| 14 | — | 2,026 | |
| 15 | — | 2,026 | |
| 16 | — | 2,025 | |
| 17 | — | 35 | |
| 18 | — | 11 | |
| 19 | — | 5 | |
| 20 | — | 1 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- 2025 Annual Report
ASX / Syrah Resources Limited · Published 2026-03-26 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2026/2026-03-26_2025 Annual Report.pdf, PDF page 144; shareholder register section
Disclosed activity
Insider transactions
Trading activity12 buys · 1 sell shownNet cash last 12 months A$5.2kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-04-24 | Sara WattsJESET Pty Ltd Superannuation Fund
Details & evidence for Sara Watts on 2026-04-24Cash consideration is reported only for the combined direct and indirect issue; no account-level cash allocation is inferred. As disclosed: Participation in the Entitlement Offer: 51,639 indirect shares acquired at $0.105 per share.
Non-Executive Director · Start not disclosed JESET Pty Ltd Superannuation Fund · Director/beneficiary of JESET Pty Ltd Superannuation Fund JESET Family A/C · Director/beneficiary of JESET Family Pty Ltd Change of Director's Interest Notices x2 ↗ | SubscriptionFully paid ordinary shares | 51,639 | —Mixed Unallocated | AUD 0.105Disclosed price | — |
| 2026-04-24 | Sara Watts
Details & evidence for Sara Watts on 2026-04-24Cash consideration is reported only for the combined direct and indirect issue; no account-level cash allocation is inferred. As disclosed: Participation in the Entitlement Offer: 105,572 direct shares acquired at $0.105 per share.
Non-Executive Director · Start not disclosed JESET Pty Ltd Superannuation Fund · Director/beneficiary of JESET Pty Ltd Superannuation Fund JESET Family A/C · Director/beneficiary of JESET Family Pty Ltd Change of Director's Interest Notices x2 ↗ | SubscriptionFully paid ordinary shares | 105,572 | —Mixed Unallocated | AUD 0.105Disclosed price | — |
| 2026-04-24 | Robert EdelMutual Trust Pty Ltd
Details & evidence for Robert Edel on 2026-04-24Indirect through Mutual Trust as custodian for R & K Family Trust. As disclosed: Participation in the Entitlement Offer; 49,243 shares acquired at $0.105 per share.
Non-Executive Director · Start not disclosed R & K Family Trust · Indirect interest through Mutual Trust as custodian for R & K Family Trust Change of Director's Interest Notices x2 ↗ | SubscriptionFully paid ordinary shares | 49,243 | AUD 5,170.52 | AUD 0.105Disclosed price | 114,243 |
| 2026-01-28 | Shaun Thomas Verner
Details & evidence for Shaun Thomas Verner on 2026-01-28As disclosed: Lapse of 289,602 2023 LTI unlisted performance rights.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notice ↗ | CancellationUnlisted performance rights | 289,602 | —Non Cash | — | — |
| 2025-12-31 | Shaun Thomas Verner
Details & evidence for Shaun Thomas Verner on 2025-12-31As disclosed: Two grants of 2,948,736 unlisted performance rights each: Part 1 and Part 2 FY2025 LTI.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notices x6 ↗ | GrantUnlisted performance rights | 5,897,472 | —Non Cash | — | — |
| 2025-12-31 | Sara Watts
Details & evidence for Sara Watts on 2025-12-31As disclosed: Annual equity grant of 190,476 NED rights for FY2025; deemed value is non-cash remuneration.
Non-Executive Director · Start not disclosed JESET Pty Ltd Superannuation Fund · Director/beneficiary of JESET Pty Ltd Superannuation Fund JESET Family A/C · Director/beneficiary of JESET Family Pty Ltd Change of Director's Interest Notices x6 ↗ | GrantNon-Executive Director Share Rights | 190,476 | —Non Cash | — | — |
| 2025-12-31 | Lisa Bahash
Details & evidence for Lisa Bahash on 2025-12-31As disclosed: Annual equity grant of 190,476 NED rights for FY2025; deemed value is non-cash remuneration.
Non-Executive Director · Start not disclosed Change of Director's Interest Notices x6 ↗ | GrantNon-Executive Director Share Rights | 190,476 | —Non Cash | — | — |
| 2025-12-31 | José Manuel Caldeira
Details & evidence for José Manuel Caldeira on 2025-12-31As disclosed: Annual equity grant of 190,476 NED rights for FY2025; deemed value is non-cash remuneration.
Non-Executive Director · Start not disclosed Change of Director's Interest Notices x6 ↗ | GrantNon-Executive Director Share Rights | 190,476 | —Non Cash | — | — |
| 2025-12-31 | John Beevers
Details & evidence for John Beevers on 2025-12-31As disclosed: Annual equity grant of 190,476 NED rights for FY2025; deemed value is non-cash remuneration.
Non-Executive Director · Start not disclosed Change of Director's Interest Notices x6 ↗ | GrantNon-Executive Director Share Rights | 190,476 | —Non Cash | — | — |
| 2025-12-31 | James Askew
Details & evidence for James Askew on 2025-12-31As disclosed: Annual equity grant of 190,476 NED rights for FY2025; deemed value is non-cash remuneration.
Non-Executive Chair · Start not disclosed Change of Director's Interest Notices x6 ↗ | GrantNon-Executive Director Share Rights | 190,476 | —Non Cash | — | — |
| 2025-08-26 | Shaun Thomas Verner
Details & evidence for Shaun Thomas Verner on 2025-08-26As disclosed: Entitlement offer subscription for 71,500 shares at AUD 0.26 per share.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 71,500 | AUD 18,590.00 | AUD 0.26Disclosed price | — |
| 2025-08-26 | Sara Watts
Details & evidence for Sara Watts on 2025-08-26As disclosed: Entitlement offer subscription for 32,324 shares at AUD 0.26 per share.
Non-Executive Director · Start not disclosed JESET Pty Ltd Superannuation Fund · Director/beneficiary of JESET Pty Ltd Superannuation Fund JESET Family A/C · Director/beneficiary of JESET Family Pty Ltd Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 32,324 | AUD 8,404.24 | AUD 0.26Disclosed price | — |
| 2025-08-26 | John Beevers
Details & evidence for John Beevers on 2025-08-26As disclosed: Entitlement offer subscription for 26,269 shares at AUD 0.26 per share.
Non-Executive Director · Start not disclosed Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 26,269 | AUD 6,829.94 | AUD 0.26Disclosed price | — |
| 2025-08-07 | Robert EdelMutual Trust Pty Ltd
Details & evidence for Robert Edel on 2025-08-07Indirect through Mutual Trust as custodian for R & K Family Trust. As disclosed: On-market acquisition of 42,500 shares for AUD 12,325.00.
Non-Executive Director · Start not disclosed R & K Family Trust · Indirect interest through Mutual Trust as custodian for R & K Family Trust Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 42,500 | AUD 12,325.00 | AUD 0.29Calculated average | — |
| 2025-08-06 | Robert EdelMutual Trust Pty Ltd
Details & evidence for Robert Edel on 2025-08-06Indirect through Mutual Trust as custodian for R & K Family Trust. As disclosed: On-market acquisition of 22,500 shares for AUD 6,626.25.
Non-Executive Director · Start not disclosed R & K Family Trust · Indirect interest through Mutual Trust as custodian for R & K Family Trust Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 22,500 | AUD 6,626.25 | AUD 0.2945Calculated average | — |
| 2025-03-31 | Shaun Thomas VernerLoftus-Hills Verner Pty Ltd
Details & evidence for Shaun Thomas Verner on 2025-03-31Indirect interest through Loftus-Hills Verner Pty Ltd. As disclosed: On-market disposal of 300,000 fully paid ordinary shares for $72,150.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notice ↗ | SaleFully paid ordinary shares | 300,000 | AUD 72,150.00 | AUD 0.2405Calculated average | — |
| 2025-01-28 | Shaun Thomas Verner
Details & evidence for Shaun Thomas Verner on 2025-01-28As disclosed: Lapse of 325,013 2022 unlisted performance rights.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notice ↗ | CancellationUnlisted performance rights | 325,013 | —Non Cash | — | — |
| 2024-05-03 | John Beevers
Details & evidence for John Beevers on 2024-05-03As disclosed: Exercise of 100,000 vested performance rights into ordinary shares; 100,000 performance rights disposed for nil consideration.
Non-Executive Director · Start not disclosed Change of Director's Interest Notice ↗ | ExerciseFully paid ordinary shares | 100,000 | —Non Cash | — | — |
| 2024-04-10 | Shaun Thomas Verner
Details & evidence for Shaun Thomas Verner on 2024-04-10As disclosed: Entitlement offer subscription for 181,818 shares at AUD 0.55 per share.
Managing Director and Chief Executive Officer · Start not disclosed Montaraqi Advisory Pty Ltd · Beneficiary of Thomas Louella Family Trust; registered holder via Montaraqi Advisory Pty Ltd Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 181,818 | AUD 99,999.90 | AUD 0.55Disclosed price | — |
| 2024-04-10 | Sara Watts
Details & evidence for Sara Watts on 2024-04-10As disclosed: Entitlement offer subscription for 27,081 shares at AUD 0.55 per share.
Non-Executive Director · Start not disclosed JESET Pty Ltd Superannuation Fund · Director/beneficiary of JESET Pty Ltd Superannuation Fund JESET Family A/C · Director/beneficiary of JESET Family Pty Ltd Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 27,081 | AUD 14,894.55 | AUD 0.55Disclosed price | — |
| 2024-04-10 | John Beevers
Details & evidence for John Beevers on 2024-04-10As disclosed: Entitlement offer subscription for 3,784 shares at AUD 0.55 per share.
Non-Executive Director · Start not disclosed Change of Director's Interest Notices x3 ↗ | SubscriptionFully paid ordinary shares | 3,784 | AUD 2,081.20 | AUD 0.55Disclosed price | — |
| 2023-05-17 | James Askew
Details & evidence for James Askew on 2023-05-17As disclosed: On-market acquisition of 200,000 shares at $0.91 per share.
Non-Executive Chair · Start not disclosed Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 200,000 | AUD 182,000.00 | AUD 0.91Disclosed price | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory17 documents
SYR ASX ordinary-share close on 25 September 2026Market Data · MediumExtracted
Latest eligible local ASX SYR ordinary share close in the repository market database, sourced from market data provider via miners.collect_stock_prices.
- Document ID
- syr-market-2026-09-25
- Published UTC
- 2026-09-25T06:10:00Z
- Projects
- —
- Commodities
- —
Strategic Funding Proposals implementation updateFinancing · HighExtracted
Syrah moved the expected close of its nonbinding DFC, DOE and AustralianSuper funding proposals to H1 2027; the separate US$15m DFC draw is targeted for October 2026 and remains conditional.
- Document ID
- syr-2026-09-09-funding-update
- Published UTC
- 2026-09-08T22:57:00Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
Interim Financial Statements — half-year ended 30 June 2026Results · HighExtracted
H1 2026 revenue rose to US$18.063m, net loss widened to US$107.893m, Vidalia was impaired by US$35.2m, and the auditor highlighted a material going-concern uncertainty.
- Document ID
- syr-2026-09-09-interim
- Published UTC
- 2026-09-08T23:04:00Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
June 2026 Quarterly Activities PresentationPresentation · MediumExtracted
June-quarter presentation summarizes low campaign production, sales mix and pricing, cash consumption and Vidalia qualification progress.
- Document ID
- syr-2026-07-23-june-presentation
- Published UTC
- 2026-07-22T23:43:11Z
- Projects
- balama_graphite · vidalia_aam · vidalia_further_expansion
- Commodities
- graphite
June 2026 Quarterly Activities and Cashflow ReportOperations · HighExtracted
Latest quarterly report is the controlling operating and liquidity source, including revised Balama guidance, Vidalia qualification, debt facilities and strategic funding proposals. Mozambique passed a new mining law increasing the minimum state free carry to 15%, but implementation terms for Balama remain unresolved.
- Document ID
- syr-2026-07-23-june-quarterly
- Published UTC
- 2026-07-22T23:34:31Z
- Projects
- balama_graphite · vidalia_aam · vidalia_further_expansion
- Commodities
- graphite
Notification of cessation of securities - SYRCorporate Action · MediumExtracted
Appendix 3H records lapsed performance rights and provides the latest local pre-cutoff capital-structure anchor.
- Document ID
- syr-2026-07-09-securities-cessation
- Published UTC
- 2026-07-08T22:25:33Z
- Projects
- —
- Commodities
- —
Tesla offtake alleged default resolvedEconomic Arrangement · HighExtracted
Tesla withdrew intent to terminate for alleged nonconforming samples, but retained right to terminate if final qualification is not achieved.
- Document ID
- syr-2026-06-01-tesla-resolution
- Published UTC
- 2026-05-31T23:02:00Z
- Projects
- vidalia_aam
- Commodities
- graphite
Notification regarding unquoted securities - SYRCorporate Action · MediumExtracted
Appendix 3G records 106,159 newly issued performance rights and the then-current quoted and unquoted security totals.
- Document ID
- syr-2026-05-20-performance-rights
- Published UTC
- 2026-05-20T00:12:31Z
- Projects
- —
- Commodities
- —
March 2026 Quarterly Activities PresentationPresentation · MediumExtracted
March-quarter presentation summarizes Balama operating performance and the pro-forma liquidity benefit of the announced equity raising.
- Document ID
- syr-2026-04-29-march-presentation
- Published UTC
- 2026-04-28T22:42:57Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
March 2026 Quarterly Activities and Cashflow ReportOperations · HighExtracted
March-quarter report records Balama production and sales, graphite pricing, Vidalia qualification progress and quarter-end cash.
- Document ID
- syr-2026-04-29-march-quarterly
- Published UTC
- 2026-04-28T22:34:32Z
- Projects
- balama_graphite · vidalia_aam · vidalia_further_expansion
- Commodities
- graphite
Retail Offer Booklet and strategic funding presentationFinancing · HighExtracted
The issuer described Balama offtakes with POSCO Future M, NextSource and Westwater; it also detailed the completed A$104m entitlement offer and conditional strategic funding proposals.
- Document ID
- syr-2026-04-02-retail-booklet
- Published UTC
- 2026-04-01T22:57:00Z
- Projects
- balama_graphite
- Commodities
- graphite
2025 Annual ReportResults · HighExtracted
Audited annual report provides the definitive 2025 financial statements, Balama resources and reserves, Vidalia capacity and expansion disclosures, and going-concern risks.
- Document ID
- syr-2026-03-26-annual-report
- Published UTC
- 2026-03-26T01:23:44Z
- Projects
- balama_graphite · vidalia_aam · vidalia_further_expansion · balama_vanadium
- Commodities
- graphite · others
Syrah signs Balama binding offtake with NextSourceEconomic Arrangement · HighExtracted
Conditional seven-year NextSource offtake covers at least 34kt and up to 68kt Balama fines; conditions involve Abu Dhabi facility production and customer approval; Syrah may terminate if unmet by 31 December 2026.
- Document ID
- syr-2026-03-02-nextsource
- Published UTC
- 2026-03-01T23:00:00Z
- Projects
- balama_graphite
- Commodities
- graphite
December 2025 Quarterly Activities and Cashflow ReportOperations · HighExtracted
December-quarter report records stronger Balama shipments, lower realized pricing and the year-end cash position.
- Document ID
- syr-2026-01-28-december-quarterly
- Published UTC
- 2026-01-27T21:58:12Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
September 2025 Quarterly Activities and Cashflow ReportOperations · HighExtracted
September-quarter report records Balama sales, realized pricing and the quarter-end liquidity position.
- Document ID
- syr-2025-10-28-september-quarterly
- Published UTC
- 2025-10-27T22:25:29Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
Interim Financial Statements - Half-year ended 30 June 2025Results · HighExtracted
Reviewed interim accounts establish first-half 2025 revenue, losses and constrained operating conditions before the later annual and quarterly updates.
- Document ID
- syr-2025-09-09-interim
- Published UTC
- 2025-09-09T06:25:00Z
- Projects
- balama_graphite · vidalia_aam
- Commodities
- graphite
Binding Mining Agreement — Syrah and Government of MozambiqueEconomic Arrangement · HighExtracted
Balama mining agreement became binding; it imposes a 3% production tax, a 5% government participation and community development commitments.
- Document ID
- syr-2018-09-27-mining-agreement
- Published UTC
- 2018-09-26T23:02:00Z
- Projects
- balama_graphite · balama_vanadium
- Commodities
- graphite · others
Evidence facts78
3 % sales value
2018-09-275 %
2018-09-2715000000 USD
2018-09-272006000 USD
2025-06-30-62259000 USD
2025-06-3087000000 USD
2025-09-3023900 tonnes
2025-09-30625 USD/t
2025-09-3077000000 USD
2025-12-3128800 tonnes
2025-12-31577 USD/t
2025-12-3134000 tonnes
2026-03-0268000 tonnes
2026-03-022026-12-31 None
2026-03-0233400000 USD
2025-12-31-56400000 USD
2025-12-3121000000 dry tonnes
2025-12-31240400000 dry tonnes
2025-12-31773400000 dry tonnes
2025-12-31109600000 dry tonnes
2025-12-3116.3 % TGC
2025-12-31539000000 USD
2025-12-31165000000 USD
2025-12-3124–60ktpa None
2026-04-02True None
2026-04-02104000000 AUD
2026-04-0223500 tonnes
2026-03-31122000000 USD
2026-04-2951568000 USD
2026-03-3120100 tonnes
2026-03-31630 USD/t
2026-03-31106159 rights
2026-05-202305135390 shares
2026-05-2039198599 rights
2026-05-20True None
2026-06-01True None
2026-06-011343749 rights
2026-07-092321927497 shares
2026-07-0936535617 rights
2026-07-094159195 rights
2026-07-093 series
2026-07-092300 tonnes
2026-06-306500 tonnes
2026-06-30736 USD/t
2026-06-3096 % fixed carbon
2026-06-3095 %
2026-06-304000000 USD/month
2026-06-3060000 tonnes
2026-07-2380000 tonnes
2026-07-23580 USD/t FOB
2026-07-23620 USD/t FOB
2026-07-2311000 tonnes
2026-06-30150 tonnes
2026-06-3011250 tonnes per annum
2026-07-23Second half 2026 after final customer qualification None
2026-07-238000000 USD
2026-07-2398256000 USD
2026-06-3067299000 USD
2026-06-30311499000 USD
2026-06-3082000000 USD
2026-06-309.3 quarters
2026-06-3095 %
2026-06-30By the end of 2026 None
2026-07-2315 %
2026-07-235 %
2026-07-23H1 2027 None
2026-09-0915000000 USD
2026-09-09October 2026 None
2026-09-0918063000 USD
2026-06-30-107893000 USD
2026-06-3035200000 USD
2026-06-3023900000 USD
2026-06-3045956000 USD
2026-06-30True None
2026-09-0998256000 USD
2026-06-300.079 AUD/share
2026-09-254061100 shares
2026-09-25one ASX SYR ordinary share None
2026-09-25Conflicts requiring judgment1
- ordinary shares outstanding
The 9 July 2026 Appendix 3H is the later pre-cutoff issued-capital anchor and supersedes the May notice total.