Want to see AU:SYR full AI Analyst Report?
Top Page
Syrah Resources
(Sydney:SYR)
Select Model
Select Model
Rating:46Neutral
Price Target:
AU$0.10
▼(-14.17% Downside)
Action:Reiterated
Date:06/23/26
Overall score is weighed down primarily by persistently weak profitability and ongoing cash burn alongside rising leverage. Technicals and the earnings call show some near-term operational and momentum improvement, but valuation remains constrained by losses and financial/funding risks highlighted on the call.
Positive Factors
Production Ramp at Balama
A sustained production ramp at Balama illustrates operational execution and scale potential. Higher throughput and improved recoveries support unit-cost dilution, improve the odds of positive operating leverage as volumes rise, and underpin longer-term ability to supply battery supply chains reliably.
Negative Factors
Persistent Negative Cash Flow
Ongoing operating cash burn indicates the business cannot currently self-fund growth or absorb shocks. Persistent negative OCF increases reliance on external funding, heightens refinancing risk, and constrains investment in Vidalia commercialization and working capital, pressuring medium-term viability.
Read all positive and negative factors
Positive Factors
Negative Factors
Production Ramp at Balama
A sustained production ramp at Balama illustrates operational execution and scale potential. Higher throughput and improved recoveries support unit-cost dilution, improve the odds of positive operating leverage as volumes rise, and underpin longer-term ability to supply battery supply chains reliably.
Read all positive factors
Syrah Resources (SYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$267.02M
Dividend YieldN/A
Average Volume (3M)5.31M
Price to Earnings (P/E)―
Beta (1Y)1.91
Revenue Growth6.78%
EPS Growth32.51%
CountryAU
Employees567
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.09
Shares Outstanding2,321,927,500
10 Day Avg. Volume4,469,325
30 Day Avg. Volume5,312,146
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.78
Price to Sales (P/S)7.41
P/FCF Ratio-3.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.10Price Target Upside-16.67% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)-0.03
Revenue Forecast (FY)AU$114.90M
Syrah Resources Business Overview & Revenue Model
Company Description
Syrah Resources Limited, along with its associated entities, specializes in the discovery, appraisal, and advancement of mineral resources within Mozambique. The company's operations are distinctly segmented into its Balama and Vidalia divisions. ...
How the Company Makes Money
Syrah Resources makes money primarily by selling natural graphite products and, as its downstream operations scale, by selling processed anode material for lithium-ion batteries.
1) Natural graphite sales (upstream mining):
- Core revenue histori...
Syrah Resources Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 07, 2026
Earnings Call Sentiment Neutral
The call presented clear operational progress at Balama (strong production and sales growth, recovery improvements, low safety incidents, and industry-leading sustainability credentials) and visible market/policy catalysts that could benefit the business. However, near-term financial pressure was evident: negative operating cash flow, reduced unrestricted liquidity, restricted cash balances, tight unit economics at current volumes and freight, delayed Vidalia commercialization, and loan covenant/funding timing risk. Overall the positives around operational momentum and sustainability are balanced by meaningful financial and commercialization headwinds.Positive Updates
Strong Production Ramp at Balama
Total production up 34% quarter-on-quarter to 34,000 tonnes; December campaign produced 16,000 tonnes at an 83% recovery and overall recovery improved to 76%.
Negative Updates
Negative Operating Cash Flow and Declining Cash Balance
Cash flow from operations of negative USD 18 million in the quarter; cash balance fell from USD 87 million at quarter start to USD 77 million at quarter end (USD 18 million unrestricted, USD 59 million restricted).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Production Ramp at Balama
Total production up 34% quarter-on-quarter to 34,000 tonnes; December campaign produced 16,000 tonnes at an 83% recovery and overall recovery improved to 76%.
Read all positive updates
Company Guidance
The call guided that Syrah will target continued campaign production and sales growth in H1 2026, including a March-quarter production floor of no less than 30,000 tonnes and a focus on breakbulk shipments to drive revenue while Vidalia completes customer qualification (policy clarity and AD/CVD determinations due by end-Q1 2026 are flagged as critical). Key Q4 metrics underpinning that guidance were Balama production of 34,000 t (+34% q/q) with overall recovery of 76% (December campaign 16,000 t at 83% recovery), natural graphite sales of 29,000 t (+21% q/q), weighted average sales price of USD 577/t CIF (+2% y/y), C1 cost USD 535/t FOB and freight ~USD 74/t, with potential for strong margins as utilization rises (targetity >50% utilization). Safety and sustainability targets remain strong (total reportable injury frequency rate 0.9 per million hours; Vidalia-to-customer LCA global warming potential ~7.3 kg CO2e/kg, ~50% below Heilongjiang natural graphite and ~70% below Chinese synthetic graphite). Financially, the group started the quarter with USD 87m cash, reported operating cash flow of -USD 18m (receipts USD 13m), received an USD 8.5m DFC disbursement and USD 7m net financing, and closed December with USD 77m (USD 18m unrestricted, USD 59m restricted — USD 10m available for Balama, USD 17m for Vidalia), with an extra USD 7m available under the DFC for TSF; interest payments are deferred (DFC to May 2026, DOE to 2027) and further funding remains a near-term covenant consideration (requirement by March 1).Syrah Resources Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.55M | 19.51M | 48.94M | 106.59M | 28.05M |
| Gross Profit | -63.99M | -34.45M | -25.42M | 17.76M | -31.96M |
| EBITDA | -68.09M | -76.57M | -57.75M | -13.28M | -35.91M |
| Net Income | -101.21M | -77.55M | -85.18M | -24.60M | -56.73M |
Balance Sheet | |||||
| Total Assets | 711.66M | 692.11M | 699.27M | 574.38M | 427.58M |
| Cash, Cash Equivalents and Short-Term Investments | 77.14M | 87.47M | 84.79M | 91.07M | 53.18M |
| Total Debt | 293.43M | 269.91M | 295.51M | 87.28M | 88.19M |
| Total Liabilities | 385.70M | 309.88M | 346.06M | 132.81M | 135.96M |
| Stockholders Equity | 329.47M | 382.87M | 351.83M | 439.20M | 287.39M |
Cash Flow | |||||
| Free Cash Flow | -74.02M | -102.71M | -214.16M | -129.44M | -56.00M |
| Operating Cash Flow | -68.00M | -78.64M | -63.37M | -31.73M | -35.04M |
| Investing Cash Flow | -6.02M | -24.07M | -142.14M | -102.01M | -18.68M |
| Financing Cash Flow | 62.12M | 105.89M | 202.55M | 170.80M | 32.81M |
Syrah Resources Technical Analysis
Neutral
0.12
Price Trends
0.11
Positive
0.13
Negative
0.20
Negative
Market Momentum
>-0.01
Negative
50.75
Neutral
56.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SYR, the sentiment is Neutral. The current price of 0.12 is above the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.11, and below the 200-day MA of 0.20, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.75 is Neutral, neither overbought nor oversold. The STOCH value of 56.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:SYR.
Syrah Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$130.29M | -4.49 | -54.77% | ― | -4.13% | 5.02% | |
47 Neutral | AU$136.73M | -48.08 | -19.34% | ― | ― | 62.50% | |
46 Neutral | AU$267.02M | -0.88 | -30.65% | ― | 6.78% | 32.51% | |
44 Neutral | AU$191.94M | -6.44 | -72.82% | ― | ― | 48.94% | |
43 Neutral | AU$124.62M | -33.49 | -8.00% | ― | ― | 19.81% | |
43 Neutral | AU$69.95M | -4.82 | -16.67% | ― | ― | 42.00% |
* Basic Materials Sector Average
AU:SYR
Syrah Resources
0.12
-0.12
-51.68%
AU:EGR
EcoGraf
0.27
<0.01
1.92%
AU:TLG
Talga Group
0.26
-0.15
-36.25%
AU:QGL
Quantum Graphite Ltd
0.38
-0.13
-25.00%
AU:BSX
Blackstone Minerals Ltd
0.04
-0.03
-43.24%
AU:WTM
Battery Minerals Ltd.
0.46
0.19
68.52%
Syrah Resources Corporate Events
Syrah Resources Shareholders Back Board, Pay and Incentive Plans at AGM
May 22, 2026
Syrah Resources reported the results of its 22 May 2026 annual general meeting, where shareholders overwhelmingly backed all resolutions put to the vote. The outcome signals solid investor support for the company’s current governance, remune...
Syrah Resources Sets 2026 AGM and Highlights Cautious Market Disclosures
May 22, 2026
Syrah Resources has announced the timing of its 2026 Annual General Meeting, indicating continued adherence to corporate governance and shareholder engagement requirements. The accompanying material is framed as an informational presentation rathe...
Syrah doubles down on graphite supply and U.S. anode push amid volatile markets
May 22, 2026
Syrah Resources’ chair used the 2026 annual meeting to highlight the safe restart of operations at the Balama graphite mine after protests and force majeure, restoring the company’s role as a leading ex-China supplier and shoring up co...
Syrah boosts Balama output, secures funding as it advances U.S. anode push
Apr 28, 2026
Syrah Resources reported strong operational performance at its Balama graphite mine for the March 2026 quarter, producing 24,000 tonnes of natural graphite with record recoveries and maintaining high product quality, while selling 20,000 tonnes at...
Syrah Director Sara Watts Increases Stake via Entitlement Offer
Apr 28, 2026
Syrah Resources has disclosed a change in the interests of non-executive director Sara Watts, who holds both direct and indirect stakes in the company’s securities. Her indirect interests are held through Netwealth Investments and trustee en...
Syrah Resources Confirms Quotation of 586 Million Shares on ASX
Apr 23, 2026
Syrah Resources has lodged an application with the ASX for quotation of its ordinary fully paid shares, confirming that 586,044,740 SYR securities will be quoted from 24 April 2026. The move formalises the status of these shares on the exchange, c...
Syrah Sets May 22 AGM and Moves to Digital Meeting Materials
Apr 21, 2026
Syrah Resources has convened its Annual General Meeting of shareholders for 10:00 a.m. AEST on 22 May 2026 at the Oaks Melbourne on Market Hotel in central Melbourne. The company has also released its Annual Report for the year ended 31 December 2...
Syrah Resources Raises A$104m as AustralianSuper Nears 50% Stake
Apr 21, 2026
Syrah Resources has completed the retail component of its fully underwritten accelerated non-renounceable entitlement offer, issuing approximately 586 million new shares at A$0.105 to raise about A$61 million from eligible retail investors. Togeth...
Syrah Resources Sets Date for March 2026 Quarterly Results Call
Apr 13, 2026
Syrah Resources will release its March 2026 quarterly activities report on 29 April 2026, followed by a results conference call hosted by Managing Director and CEO Shaun Verner the same day at 11:00 a.m. AEST. A recording of the call will be made ...
Syrah Resources Seeks ASX Quotation for Major Share Issue
Apr 1, 2026
Syrah Resources has lodged an application with the ASX for quotation of 407,551,911 ordinary fully paid shares, with an issue date of 7 April 2026. The large volume of new securities, issued as part of a previously announced transaction, signals a...
Syrah Resources Raises Capital via Entitlement Offer, Limits Access to Offshore Retail Holders
Apr 1, 2026
Syrah Resources has launched a fully underwritten pro rata accelerated non-renounceable entitlement offer to raise about A$104 million, offering 1 new share for every 1.32 existing shares at A$0.105 per share. The structure includes an institution...
Syrah Opens Retail Leg of Equity Raising to Fund Graphite Growth Push
Apr 1, 2026
Syrah Resources has opened the retail component of its fully underwritten 1 for 1.32 pro rata accelerated non-renounceable entitlement offer, following the announcement of the broader equity raising in late March 2026. The company has begun dispat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.