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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
—
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

Narrative and provenance

Research & Sources

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Chronological 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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts78
fact-mining-royaltyProduction tax on value of sold product

3 % sales value

2018-09-27
fact-mining-government-interestGovernment free-carried quota participation in Twigg

5 %

2018-09-27
fact-mining-community-spendCommunity development commitment over concession

15000000 USD

2018-09-27
fact-interim-revenueRevenue from continuing operations

2006000 USD

2025-06-30
fact-interim-lossLoss attributable to equity holders

-62259000 USD

2025-06-30
fact-sep-cashQuarter-end cash balance

87000000 USD

2025-09-30
fact-sep-salesThird-party natural graphite sales

23900 tonnes

2025-09-30
fact-sep-priceWeighted average third-party graphite sales price CIF

625 USD/t

2025-09-30
fact-dec-cashQuarter-end cash balance

77000000 USD

2025-12-31
fact-dec-salesThird-party natural graphite sales

28800 tonnes

2025-12-31
fact-dec-priceWeighted average third-party graphite sales price CIF

577 USD/t

2025-12-31
fact-nextsource-minMinimum aggregate NextSource offtake volume

34000 tonnes

2026-03-02
fact-nextsource-maxMaximum aggregate NextSource offtake volume

68000 tonnes

2026-03-02
fact-nextsource-terminationSyrah termination date if conditions unmet

2026-12-31 None

2026-03-02
fact-annual-revenue2025 revenue

33400000 USD

2025-12-31
fact-annual-operating-cash2025 operating cash flow

-56400000 USD

2025-12-31
fact-annual-mre-measuredBalama measured mineral resource

21000000 dry tonnes

2025-12-31
fact-annual-mre-indicatedBalama indicated mineral resource

240400000 dry tonnes

2025-12-31
fact-annual-mre-inferredBalama inferred mineral resource

773400000 dry tonnes

2025-12-31
fact-annual-reserveBalama probable ore reserve

109600000 dry tonnes

2025-12-31
fact-annual-reserve-gradeBalama probable reserve grade

16.3 % TGC

2025-12-31
fact-annual-expansion-capexVidalia further-expansion DFS development capital

539000000 USD

2025-12-31
fact-annual-48c-creditConditional Section 48C tax credit award

165000000 USD

2025-12-31
fact-posco-capacityPOSCO conditional Balama offtake annual range

24–60ktpa None

2026-04-02
fact-westwater-currentWestwater named among Balama offtakes

True None

2026-04-02
fact-retail-raiseGross entitlement offer size

104000000 AUD

2026-04-02
fact-mar-pres-productionBalama graphite production

23500 tonnes

2026-03-31
fact-mar-pres-cashPro-forma cash after equity raising

122000000 USD

2026-04-29
fact-mar-cashQuarter-end cash balance

51568000 USD

2026-03-31
fact-mar-salesThird-party natural graphite sales

20100 tonnes

2026-03-31
fact-mar-priceWeighted average third-party graphite sales price CIF

630 USD/t

2026-03-31
fact-may-rights-issuedPerformance rights issued

106159 rights

2026-05-20
fact-may-ordinary-sharesOrdinary fully paid shares on issue

2305135390 shares

2026-05-20
fact-may-performance-rightsPerformance rights on issue

39198599 rights

2026-05-20
fact-tesla-default-curedTesla accepted sufficient cure progress on sample-conformance allegation

True None

2026-06-01
fact-tesla-qualification-openTesla final-qualification termination right remains

True None

2026-06-01
fact-july-rights-lapsedPerformance rights lapsed

1343749 rights

2026-07-09
fact-july-ordinary-sharesOrdinary fully paid shares on issue

2321927497 shares

2026-07-09
fact-july-performance-rightsPerformance rights on issue

36535617 rights

2026-07-09
fact-july-share-rightsShare rights on issue

4159195 rights

2026-07-09
fact-july-convertible-seriesConvertible note series on issue

3 series

2026-07-09
fact-june-pres-productionBalama graphite production

2300 tonnes

2026-06-30
fact-june-pres-salesNatural graphite sales

6500 tonnes

2026-06-30
fact-june-pres-priceWeighted average sales price CIF

736 USD/t

2026-06-30
fact-june-pres-gradeBalama product grade

96 % fixed carbon

2026-06-30
fact-june-pres-recoveryBalama recovery

95 %

2026-06-30
fact-june-pres-fixed-costBalama monthly C1 fixed costs in non-operating periods

4000000 USD/month

2026-06-30
fact-june-guidance-low2026 Balama production guidance low

60000 tonnes

2026-07-23
fact-june-guidance-high2026 Balama production guidance high

80000 tonnes

2026-07-23
fact-june-campaign-cost-lowBalama campaign-mode C1 cost guidance low

580 USD/t FOB

2026-07-23
fact-june-campaign-cost-highBalama campaign-mode C1 cost guidance high

620 USD/t FOB

2026-07-23
fact-june-inventoryFinished natural graphite product inventory

11000 tonnes

2026-06-30
fact-june-aam-productionVidalia AAM production

150 tonnes

2026-06-30
fact-vidalia-capacityVidalia existing AAM capacity

11250 tonnes per annum

2026-07-23
fact-vidalia-commercial-targetTarget commercial AAM sales timing

Second half 2026 after final customer qualification None

2026-07-23
fact-45x-paymentPost-quarter Section 45X cash payment

8000000 USD

2026-07-23
fact-june-cashCash and cash equivalents

98256000 USD

2026-06-30
fact-june-restricted-cashRestricted cash included in cash balance

67299000 USD

2026-06-30
fact-june-drawn-facilitiesTotal drawn financing facilities

311499000 USD

2026-06-30
fact-june-unused-facilitiesUnused financing facilities

82000000 USD

2026-06-30
fact-june-runwayEstimated quarters of funding available

9.3 quarters

2026-06-30
fact-balama-concessionBalama mining concession interest

95 %

2026-06-30
fact-strategic-funding-targetStrategic funding proposals financial-close target

By the end of 2026 None

2026-07-23
fact-mozambique-new-mining-lawNew mining law minimum state free carried interest

15 %

2026-07-23
fact-existing-twigg-interestExisting Mozambique government interest in Twigg

5 %

2026-07-23
fact-funding-close-windowExpected strategic funding financial close

H1 2027 None

2026-09-09
fact-dfc-draw-targetSeparate conditional DFC draw

15000000 USD

2026-09-09
fact-dfc-draw-windowTarget date for DFC draw

October 2026 None

2026-09-09
fact-h126-revenueH1 2026 revenue

18063000 USD

2026-06-30
fact-h126-net-lossH1 2026 net loss

-107893000 USD

2026-06-30
fact-h126-vidalia-impairmentVidalia fixed-asset impairment

35200000 USD

2026-06-30
fact-h126-finance-costH1 2026 finance costs

23900000 USD

2026-06-30
fact-h126-operating-outflowH1 2026 net operating cash outflow

45956000 USD

2026-06-30
fact-h126-going-concernAuditor highlighted material going-concern uncertainty

True None

2026-09-09
fact-h126-cashCash and cash equivalents

98256000 USD

2026-06-30
fact-market-close-2026-09-25SYR ordinary-share close

0.079 AUD/share

2026-09-25
fact-market-volume-2026-09-25SYR trading volume

4061100 shares

2026-09-25
fact-market-security-2026-09-25Reference security basis

one ASX SYR ordinary share None

2026-09-25
Conflicts 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.