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Syrah Resources
(Sydney:SYR)
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Rating:46Neutral
Price Target:
AU$0.07
▼(-35.00% Downside)
Action:Reiterated
Date:10/30/26
The score is held down primarily by very weak financial performance (ongoing losses and persistent cash burn) and a bearish technical picture (below major moving averages with negative MACD and oversold momentum). The latest earnings call adds some offsetting support due to Vidalia progress and clearer commercialization targets, but near-term execution, demand, and funding uncertainty remain significant.
Positive Factors
Integrated ex-China position
An integrated mine-to-anode platform outside China can differentiate Syrah from standalone miners and processors. If customer qualification and production ramp-up succeed, the structure may improve supply-chain relevance, capture more downstream value, and support access to customers seeking secure non-Chinese supply.
Negative Factors
Persistent losses and cash burn
Persistent operating cash outflow and negative profitability mean the business has not yet demonstrated self-funding economics. Continued losses can consume liquidity before Vidalia reaches scale, constrain investment in growth, and increase dependence on external funding to sustain operations and development.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated ex-China position
An integrated mine-to-anode platform outside China can differentiate Syrah from standalone miners and processors. If customer qualification and production ramp-up succeed, the structure may improve supply-chain relevance, capture more downstream value, and support access to customers seeking secure non-Chinese supply.
Read all positive factors
Syrah Resources (SYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$150.93M
Dividend YieldN/A
Average Volume (3M)4.21M
Price to Earnings (P/E)―
Beta (1Y)1.94
Revenue Growth234.01%
EPS Growth8.57%
CountryAU
Employees618
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.09
Shares Outstanding2,321,927,500
10 Day Avg. Volume2,193,964
30 Day Avg. Volume4,211,240
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$0.09Price Target Upside-10.00% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)-0.03
Revenue Forecast (FY)AU$77.08M
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 graphite-based products into global end markets. Its main revenue stream is the sale of natural graphite produced from its mining and processing operations (graphite concentrate and related graphite...
Syrah Resources Earnings Call Summary
Earnings Call Date:Sep 08, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 31, 2027
Earnings Call Sentiment Neutral
The call presented meaningful operational and strategic progress at Vidalia, including stronger qualification results, excellent product performance, expected commercial sales in the second half of 2026, improved cash balances, policy support, and a strong safety record. These positives were offset by materially softer Balama production and demand, Chinese-controlled competition, lengthy customer qualification processes, uncertain timing for ex-China market recovery, and continued reliance on strategic funding. Overall, the positive Vidalia and strategic developments were substantial but did not clearly outweigh the current operating and market challenges.Positive Updates
Strong Vidalia Qualification Progress
Vidalia advanced through several key qualification milestones in Q2, demonstrating very strong product quality and production consistency. The company said qualification progress was faster and more positive, providing a foundation to transition to continuous production and ramp-up, subject to final approval from major customers.
Negative Updates
Softer Balama Production and Sales Conditions
The global graphite and anode markets continued to digest the U.S. International Trade Commission's negative antidumping and countervailing duties determination amid policy uncertainty. Syrah said natural graphite production and sales were softer than initially expected, with subdued market conditions and price sensitivity negatively affecting Balama demand.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Vidalia Qualification Progress
Vidalia advanced through several key qualification milestones in Q2, demonstrating very strong product quality and production consistency. The company said qualification progress was faster and more positive, providing a foundation to transition to continuous production and ramp-up, subject to final approval from major customers.
Read all positive updates
Company Guidance
Syrah expects commencement of commercial anode material sales in the second half of 2026, with Vidalia expected to take six months or so to reach 80% capacity utilization and to achieve positive operating cash flow from mid-2027 onwards, if that occurs, also described as operationally cash flow positive operations in the second half of 2027; Balama production is ready to increase subject to market demand, with ex-China feedstock demand expected to see recovery this year, even if it's slower than initially expected, while non-FEOC input requirements are 60% this year, ratchet up roughly 5% a year, and reach 85% required by 2030, and Vidalia cash burn per month is about $2 million, with another $15 million disbursement due from the DFC to help fund Balama.Syrah Resources Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 49.65M | 34.55M | 19.51M | 48.94M | 106.59M | 28.05M |
| Gross Profit | -60.64M | -63.99M | -34.45M | -25.42M | 17.76M | -31.96M |
| EBITDA | -68.69M | -68.09M | -70.16M | -58.83M | -13.21M | -35.91M |
| Net Income | -145.84M | -101.21M | -77.55M | -85.18M | -24.60M | -56.73M |
Balance Sheet | ||||||
| Total Assets | 685.14M | 711.66M | 692.11M | 699.27M | 574.38M | 427.58M |
| Cash, Cash Equivalents and Short-Term Investments | 98.21M | 77.14M | 87.47M | 84.79M | 91.07M | 53.18M |
| Total Debt | 311.85M | 293.43M | 269.91M | 295.51M | 87.28M | 88.19M |
| Total Liabilities | 398.41M | 385.70M | 309.88M | 346.06M | 132.81M | 135.96M |
| Stockholders Equity | 291.25M | 329.47M | 382.87M | 351.83M | 439.20M | 287.39M |
Cash Flow | ||||||
| Free Cash Flow | -78.47M | -74.02M | -102.71M | -214.16M | -129.44M | -56.00M |
| Operating Cash Flow | -75.02M | -68.00M | -78.64M | -63.37M | -31.73M | -35.04M |
| Investing Cash Flow | -5.59M | -6.02M | -24.07M | -142.14M | -102.01M | -18.68M |
| Financing Cash Flow | 137.16M | 62.12M | 105.89M | 202.55M | 170.80M | 32.81M |
Syrah Resources Technical Analysis
Negative
0.10
Price Trends
0.09
Negative
0.10
Negative
0.13
Negative
Market Momentum
>-0.01
Negative
40.33
Neutral
47.22
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 0.1 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.09, and below the 200-day MA of 0.13, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 40.33 is Neutral, neither overbought nor oversold. The STOCH value of 47.22 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% | |
47 Neutral | AU$298.95M | -5.40 | -66.87% | ― | ― | 22.99% | |
46 Neutral | AU$150.93M | -0.49 | -46.99% | ― | 234.01% | 8.57% | |
45 Neutral | AU$106.23M | -52.38 | -4.69% | ― | ― | 57.27% | |
45 Neutral | AU$44.36M | -3.02 | -16.19% | ― | ― | 46.91% | |
44 Neutral | AU$104.74M | -5.05 | -42.02% | ― | 89.07% | -4.10% | |
44 Neutral | AU$122.70M | -27.34 | -36.73% | ― | ― | 9.86% |
* Basic Materials Sector Average
AU:SYR
Syrah Resources
0.07
-0.23
-78.26%
AU:EGR
EcoGraf
0.22
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-55.56%
AU:TLG
Talga Group
0.21
-0.28
-57.29%
AU:QGL
Quantum Graphite Ltd
0.35
-0.10
-22.22%
AU:BSX
Blackstone Minerals Ltd
0.03
-0.03
-50.94%
AU:WTM
Battery Minerals Ltd.
0.77
0.08
11.59%
Syrah Resources Corporate Events
Syrah Resources Issues Q3 2026 Report with Emphasis on Investor Risk Disclaimers
Oct 28, 2026
Syrah Resources has released its Q3 2026 Quarterly Activities Report, framed explicitly as an informational presentation rather than an offer or solicitation to buy or sell shares. The company underscores that the material does not constitute fina...
Syrah lifts Balama output, ramps Vidalia as it revises costs and pursues strategic funding
Oct 28, 2026
Syrah delivered strong operational performance at its Balama graphite operation in Mozambique during the September quarter, producing 19kt of natural graphite at an 88% recovery rate, while maintaining a total recordable injury frequency rate of z...
Syrah Resources Plans Warrant Issue to Bolster Capital Structure
Oct 26, 2026
Syrah Resources Limited has notified the ASX of a proposed issuance of securities via a placement or similar structure. The company plans to issue up to 5,414,036 new warrants, with the proposed issue date set for 31 December 2026.The announcement...
Syrah Secures Further DFC Loan Tranche and Restructures CEO Incentives
Oct 25, 2026
Syrah Resources’ subsidiary Twigg Exploration and Mining will receive a further US$15 million loan disbursement from the US International Development Finance Corporation to fund working and sustaining capital at the Balama graphite mine in M...
Syrah sets date for September quarter results briefing
Oct 4, 2026
Syrah Resources will publish its September 2026 Quarterly Activities Report on 29 October 2026 and follow it with a results conference call hosted by Managing Director and CEO Shaun Verner. The call, which requires prior registration and will be r...
Syrah Resources lifts Balama output amid graphite market and trade pressures
Sep 8, 2026
Syrah Resources reported that its Balama mine in Mozambique ramped up production and sales in the half-year to 30 June 2026 after a prior-year disruption, delivering about 25,800 tonnes of graphite and shipping 26,600 tonnes to third-party custome...
Syrah Resources Delays Strategic Funding Close as DFC Loan Progresses
Sep 8, 2026
Syrah Resources has provided an update on the implementation of non-binding strategic funding proposals from the U.S. International Development Finance Corporation, the U.S. Department of Energy and AustralianSuper, which are intended to support t...
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.