Syrah Resources (AU:SYR)
ASX:SYR
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Syrah Resources
(Sydney:SYR)
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Rating:43Neutral
Price Target:
AU$0.11
â–Ľ(-11.67% Downside)
Action:Reiterated
Date:05/12/26
The score is held down primarily by persistently weak fundamentals (structural losses, ongoing cash burn, and rising leverage) and a bearish technical setup (price below key moving averages with negative MACD). The earnings call adds some support via improving operational execution and potential policy tailwinds, but this is offset by near-term liquidity, margin, and funding/covenant risks. Valuation is not meaningfully supportive given the negative P/E and no dividend yield provided.
Positive Factors
Strong Balama production ramp
A sustained step-up in Balama output and materially higher recoveries support lasting scale benefits: higher throughput improves fixed-cost absorption, enables larger contracted shipments, and gives the company capacity to capture ex-China demand tailwinds over the next 2–6 months as utilization rises and logistics stabilize.
Negative Factors
Persistent negative operating & free cash flow
Recurring negative operating and free cash flow indicate the business cannot self-fund growth or working capital needs. Over months this raises reliance on external financing, constrains investment in Vidalia scale-up, and increases vulnerability to shipment timing or price shocks that could further pressure liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balama production ramp
A sustained step-up in Balama output and materially higher recoveries support lasting scale benefits: higher throughput improves fixed-cost absorption, enables larger contracted shipments, and gives the company capacity to capture ex-China demand tailwinds over the next 2–6 months as utilization rises and logistics stabilize.
Read all positive factors
Syrah Resources (SYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$230.51M
Dividend YieldN/A
Average Volume (3M)5.31M
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth6.78%
EPS Growth32.51%
CountryAU
Employees567
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.12
Shares Outstanding2,305,135,500
10 Day Avg. Volume4,469,325
30 Day Avg. Volume5,312,146
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.16
Price to Sales (P/S)11.10
P/FCF Ratio-5.18
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$95.22M
Syrah Resources Business Overview & Revenue Model
Company Description
Syrah Resources Limited, together with its subsidiaries, engages in the exploration, evaluation, and development of mineral properties in Mozambique. The company operates through Balama and Vidalia segments. Its flagship project is the Balama grap...
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 | 31.52M | 71.88M | 155.97M | 38.70M |
| Gross Profit | -63.99M | -55.66M | -37.34M | 18.78M | -44.10M |
| EBITDA | -68.09M | -123.72M | -84.83M | -19.43M | -49.55M |
| Net Income | -101.21M | -125.29M | -125.12M | -35.99M | -71.83M |
Balance Sheet | |||||
| Total Assets | 711.66M | 692.11M | 1.03B | 840.48M | 589.90M |
| Cash, Cash Equivalents and Short-Term Investments | 77.14M | 87.47M | 124.55M | 133.27M | 73.37M |
| Total Debt | 293.43M | 269.91M | 434.06M | 127.72M | 121.67M |
| Total Liabilities | 385.70M | 309.88M | 508.30M | 194.34M | 187.57M |
| Stockholders Equity | 329.47M | 382.87M | 516.79M | 642.67M | 396.49M |
Cash Flow | |||||
| Free Cash Flow | -74.02M | -102.71M | -314.57M | -189.40M | -77.26M |
| Operating Cash Flow | -68.00M | -78.64M | -93.08M | -46.42M | -48.34M |
| Investing Cash Flow | -6.02M | -24.07M | -208.79M | -149.27M | -25.77M |
| Financing Cash Flow | 62.12M | 105.89M | 297.51M | 249.92M | 45.27M |
Syrah Resources Technical Analysis
Negative
0.12
Price Trends
0.13
Negative
0.18
Negative
0.23
Negative
Market Momentum
>-0.01
Negative
41.35
Neutral
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SYR, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.11, below the 50-day MA of 0.13, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.35 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
48 Neutral | AU$261.68M | -3.06 | -72.82% | ― | ― | 48.94% | |
47 Neutral | AU$150.75M | -14.15 | -19.34% | ― | ― | 62.50% | |
46 Neutral | AU$81.90M | -2.12 | -16.67% | ― | ― | 42.00% | |
43 Neutral | AU$230.51M | -3.79 | -30.70% | ― | 6.78% | 32.51% | |
43 Neutral | AU$143.06M | -3.65 | -54.77% | ― | -4.13% | 5.02% | |
41 Neutral | AU$138.47M | -169.42 | -8.00% | ― | ― | 19.81% |
* Basic Materials Sector Average
AU:SYR
Syrah Resources
0.11
-0.20
-65.57%
AU:EGR
EcoGraf
0.29
-0.08
-20.83%
AU:TLG
Talga Group
0.29
-0.19
-39.36%
AU:QGL
Quantum Graphite Ltd
0.39
-0.09
-18.75%
AU:BSX
Blackstone Minerals Ltd
0.05
-0.02
-29.17%
AU:WTM
Battery Minerals Ltd.
0.69
0.38
122.58%
Syrah Resources Corporate Events
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...
Syrah raises A$44m from institutions, launches A$61m retail offer
Mar 26, 2026
Syrah Resources has completed the institutional component of a fully underwritten pro rata accelerated non-renounceable entitlement offer, raising about A$44 million at A$0.105 per new share, with roughly 88% of entitlements taken up by existing i...
Syrah entitlement offer could lift AustralianSuper stake toward control
Mar 26, 2026
Syrah Resources has launched a fully underwritten pro-rata accelerated non-renounceable entitlement offer of one new share for every 1.32 shares held, aimed at existing eligible shareholders, with Macquarie Capital underwriting and AustralianSuper...
Syrah Resources Launches Jumbo Entitlement Offer for Nearly 1 Billion Shares
Mar 26, 2026
Syrah Resources has announced an accelerated non-renounceable entitlement offer to issue up to 993,589,954 new ordinary fully paid shares. The offer will be conducted on an accelerated basis, with trading resuming ex-entitlement on 27 March 2026 a...
Syrah Resources Launches Equity Raising Tied to Strategic Funding Plans
Mar 26, 2026
Syrah Resources has announced an equity raising through an accelerated non-renounceable entitlement offer to institutional and retail shareholders. The capital initiative is intended to support the company’s ongoing activities and strengthen...
Syrah Resets Balance Sheet With Equity Raising and Strategic Funding Plan
Mar 26, 2026
Syrah Resources plans to raise about A$104 million via a fully underwritten pro rata accelerated non-renounceable entitlement offer, while also progressing non-binding strategic funding proposals with the US International Development Finance Corpo...
Syrah Resources Files Updated Corporate Governance Statement with ASX
Mar 26, 2026
Syrah Resources has lodged its latest corporate governance statement for the year ended 31 December 2025, confirming that the document is current as of 26 March 2026 and has been approved by the board. The statement is hosted on the company’...
Syrah Highlights Climate-Focused Governance in 2025 Reporting Suite
Mar 26, 2026
Syrah Resources has released its 2025 annual reporting suite, including its Annual Report, Sustainability Report with climate-related disclosures under AASB S2, Climate Statement, and Corporate Governance Statement for the year ended 31 December 2...
Syrah Resources Unveils 2025 Annual and Sustainability Reports
Mar 26, 2026
Syrah Resources has released its 2025 annual reporting suite, including its Annual Report, Climate Statement, Sustainability Report and Corporate Governance Statement for the year ended 31 December 2025. The documents highlight the company’s...
Syrah Resources Halts Trading Ahead of Strategic Funding Plan
Mar 24, 2026
Syrah Resources has requested and been granted a trading halt on its securities by the ASX, effective from 25 March 2026, pending a significant funding-related announcement. The company is preparing to disclose details of a strategic funding propo...
Syrah Wins More Time to Resolve Tesla Offtake Dispute and Qualify Vidalia Output
Mar 15, 2026
Syrah Resources has updated the market on its offtake agreement with Tesla for natural graphite active anode material from its Vidalia, Louisiana facility, following an earlier notice from Tesla alleging default over the provision of conforming pr...
Syrah Hit by US Trade Ruling but Pushes Ahead With Vidalia Graphite Ramp‑Up
Mar 12, 2026
Syrah Resources faces a setback after the U.S. International Trade Commission issued a final negative determination in its antidumping and countervailing duty probe into Chinese graphite active anode material, meaning steep duties of 160–170...
Syrah Resources Sets AGM Date and Director Nomination Deadline
Mar 8, 2026
Syrah Resources has scheduled its next Annual General Meeting for 22 May 2026, at which an election of directors will take place in line with ASX listing requirements. The company has set 18 March 2026 as the closing date for written nominations f...
Syrah inks long-term Balama graphite offtake with NextSource for Abu Dhabi anode plant
Mar 1, 2026
Syrah Resources has signed a multi-year binding conditional offtake agreement with NextSource Materials for the supply of 34,000 to 68,000 tonnes of natural graphite fines from its Balama mine in Mozambique over a seven-year term. The deal, priced...
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.