Syrah Resources (AU:SYR)
ASX:SYR
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Syrah Resources
(Sydney:SYR)
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Rating:45Neutral
Price Target:
AU$0.12
▲(1.67% Upside)
Action:ReiteratedDate:03/29/26
The score is held down primarily by structurally weak financial performance (ongoing losses and persistent cash burn with rising leverage) and bearish technicals (price below all key moving averages with negative MACD). The latest earnings call adds some support via improving operational metrics and potential policy catalysts, but near-term liquidity, margin, and funding/covenant risks remain significant. Valuation provides limited offset due to a negative P/E and no dividend yield provided.
Positive Factors
Production ramp at Balama
A sustained production ramp and improving recoveries increase scalable throughput and support lower unit costs as utilization rises. Over 2–6 months this strengthens the company’s ability to meet contractual volumes, reduce per-tonne C1 cost potential and underpin longer-term operational leverage.
Negative Factors
Persistent negative cash generation
Consistent operating cash deficits force reliance on external funding and reduce strategic flexibility. Over months this undermines the company’s ability to self-fund growth, raises dilution/refinancing risk, and constrains capital allocation for optimization or downstream commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Production ramp at Balama
A sustained production ramp and improving recoveries increase scalable throughput and support lower unit costs as utilization rises. Over 2–6 months this strengthens the company’s ability to meet contractual volumes, reduce per-tonne C1 cost potential and underpin longer-term operational leverage.
Read all positive factors
Syrah Resources (SYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$265.09M
Dividend YieldN/A
Average Volume (3M)5.31M
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue Growth-62.37%
EPS Growth23.19%
CountryAU
Employees567
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.04
Shares Outstanding2,305,128,700
10 Day Avg. Volume4,469,325
30 Day Avg. Volume5,312,146
Financial Highlights & Ratios
PEG Ratio0.35
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$0.30Price Target Upside154.07% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.04
Revenue Forecast (FY)AU$121.42M
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 value-added anode material products.
1) Natural graphite sales (upstream mining and processing):
- Core revenue histori...
Syrah Resources Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 14, 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 | 51.77M | 31.52M | 71.88M | 155.97M | 38.70M |
| Gross Profit | -95.89M | -55.66M | -37.34M | 18.78M | -44.10M |
| EBITDA | -102.04M | -123.72M | -84.83M | -19.43M | -49.55M |
| Net Income | -151.67M | -125.29M | -125.12M | -35.99M | -71.83M |
Balance Sheet | |||||
| Total Assets | 1.07B | 692.11M | 1.03B | 840.48M | 589.90M |
| Cash, Cash Equivalents and Short-Term Investments | 115.60M | 87.47M | 124.55M | 133.27M | 73.37M |
| Total Debt | 439.73M | 269.91M | 434.06M | 127.72M | 121.67M |
| Total Liabilities | 578.01M | 309.88M | 508.30M | 194.34M | 187.57M |
| Stockholders Equity | 493.73M | 382.87M | 516.79M | 642.67M | 396.49M |
Cash Flow | |||||
| Free Cash Flow | -110.93M | -102.71M | -314.57M | -189.40M | -77.26M |
| Operating Cash Flow | -101.91M | -78.64M | -93.08M | -46.42M | -48.34M |
| Investing Cash Flow | -9.02M | -24.07M | -208.79M | -149.27M | -25.77M |
| Financing Cash Flow | 93.09M | 105.89M | 297.51M | 249.92M | 45.27M |
Syrah Resources Technical Analysis
Negative
0.12
Price Trends
0.19
Negative
0.23
Negative
0.25
Negative
Market Momentum
-0.02
Positive
25.82
Positive
36.83
Neutral
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 below the 20-day moving average (MA) of 0.15, below the 50-day MA of 0.19, and below the 200-day MA of 0.25, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 25.82 is Positive, neither overbought nor oversold. The STOCH value of 36.83 is Neutral, 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$204.77M | -7.44 | -72.82% | ― | ― | ― | |
47 Neutral | AU$143.74M | -14.15 | -19.34% | ― | ― | -10.08% | |
45 Neutral | AU$265.09M | -1.83 | -30.70% | ― | -62.37% | 23.19% | |
45 Neutral | AU$51.17M | -2.12 | -16.67% | ― | ― | 53.31% | |
44 Neutral | AU$137.95M | -3.65 | -54.77% | ― | -52.90% | 61.27% | |
41 Neutral | AU$175.39M | -169.42 | -8.00% | ― | ― | 12.70% |
* Basic Materials Sector Average
AU:SYR
Syrah Resources
0.12
-0.05
-28.14%
AU:EGR
EcoGraf
0.38
0.09
29.31%
AU:TLG
Talga Group
0.30
-0.11
-25.93%
AU:QGL
Quantum Graphite Ltd
0.43
-0.03
-6.52%
AU:BSX
Blackstone Minerals Ltd
0.03
-0.04
-53.85%
AU:WTM
Battery Minerals Ltd.
0.67
0.52
352.38%
Syrah Resources Corporate Events
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...
Syrah Resources Grants Over 7 Million Unquoted Performance Rights Under Incentive Plan
Feb 6, 2026
Syrah Resources has notified the market of the issue of 7,083,910 unquoted performance rights under its employee incentive scheme, effective 6 February 2026. The additional performance rights, which are not intended to be quoted on the ASX, highli...
Syrah Resources CEO’s Performance Rights Lapse in Routine Incentive Plan Adjustment
Feb 3, 2026
Syrah Resources has reported a change in managing director Shaun Verner’s interests in the company’s securities following the lapse of a tranche of his long-term incentive (LTI) unlisted performance rights granted in 2023. The disclosu...
Syrah Resources Cuts Potential Equity Dilution as Over 1 Million Performance Rights Lapse
Feb 3, 2026
Syrah Resources Limited has notified the market that 1,063,664 performance rights (ASX code: SYRAC) have lapsed after the conditions attached to those rights were not met or became incapable of being satisfied, effective 28 January 2026. The lapse...
Syrah lifts Balama graphite output as policy tailwinds build for US anode material push
Jan 27, 2026
Syrah Resources reported a stronger December 2025 quarter, with natural graphite production at its Balama operation rising 34% quarter-on-quarter to 34kt and sales to third-party customers up 21% to 29kt at an average realised price of US$577 per ...
Syrah, Tesla Extend Deadline on Vidalia Graphite Offtake Dispute
Jan 18, 2026
Syrah Resources has announced that it has agreed with Tesla to extend the deadline to cure an alleged default under their offtake agreement for natural graphite active anode material from the Vidalia, Louisiana facility, pushing the cure date from...
Syrah Resources Cancels Over 300,000 Lapsed Performance Rights
Jan 13, 2026
Syrah Resources has announced the lapse of 308,561 performance rights, which ceased on 28 November 2025 after the conditions attached to those rights were not met or became incapable of being satisfied. The cancellation of these conditional rights...
Syrah Resources Files Final Director Interest Notice for Departing Board Member
Jan 8, 2026
Syrah Resources has announced that James Askew ceased to be a director of the company effective 31 December 2025, with the company lodging a final director’s interest notice with the ASX. The filing details Askew’s remaining holdings i...
Syrah Resources Grants 2025 Long-Term Incentive Performance Rights to Managing Director
Jan 8, 2026
Syrah Resources has updated the market on changes to Managing Director Shaun Verner’s interests in the company’s securities, following the grant of long-term incentive performance rights. Verner has been awarded a total of 5,897,472 un...
Syrah Resources Sets Date for December Quarter Results Call
Jan 6, 2026
Syrah Resources will release its December 2025 Quarterly Activities Report on 28 January 2026, with Managing Director and CEO Shaun Verner scheduled to host a results conference call for investors and stakeholders the same day at 11:00 am AEDT. A ...
Syrah Resources Issues New Unquoted Equity Under Employee Incentive Scheme
Dec 31, 2025
Syrah Resources Limited has issued 5,897,472 performance rights and 952,380 share rights as unquoted securities under its employee incentive scheme, effective 31 December 2025. The additional equity-based awards highlight the company’s conti...
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.