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Syrah Resources
(Sydney:SYR)
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Rating:46Neutral
Price Target:
AU$0.10
▲(3.00% Upside)
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
Balama production ramp
Higher production and improved recovery indicate that Balama is gaining operational traction and using its asset base more effectively. If sustained, these improvements can support greater sales volumes, better fixed-cost absorption, and stronger operating performance over the coming quarters.
Negative Factors
Persistent unprofitable operations
Persistent losses show that increased sales have not yet produced operating leverage or sustainable margins. Without a material improvement in pricing, costs, or downstream commercialization, continued unprofitability can consume capital, constrain reinvestment, and weaken financial resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Balama production ramp
Higher production and improved recovery indicate that Balama is gaining operational traction and using its asset base more effectively. If sustained, these improvements can support greater sales volumes, better fixed-cost absorption, and stronger operating performance over the coming quarters.
Read all positive factors
Syrah Resources (SYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$255.41M
Dividend YieldN/A
Average Volume (3M)2.52M
Price to Earnings (P/E)―
Beta (1Y)1.74
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. Volume2,746,411
30 Day Avg. Volume2,515,341
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 Upside0.00%
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)-0.03
Revenue Forecast (FY)AU$76.23M
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:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 31, 2027
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 | 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 | -76.57M | -57.75M | -13.28M | -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
Positive
0.10
Price Trends
0.11
Positive
0.11
Negative
0.16
Negative
Market Momentum
>-0.01
Positive
51.55
Neutral
32.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SYR, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.11, below the 50-day MA of 0.11, and below the 200-day MA of 0.16, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.55 is Neutral, neither overbought nor oversold. The STOCH value of 32.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$240.72M | -4.28 | -66.87% | ― | ― | 22.99% | |
46 Neutral | AU$255.41M | -0.81 | -46.99% | ― | 234.01% | 8.57% | |
46 Neutral | AU$145.61M | -4.84 | -54.77% | ― | -4.13% | 5.02% | |
44 Neutral | AU$113.94M | -41.67 | -19.34% | ― | ― | 62.50% | |
43 Neutral | AU$143.08M | -39.87 | -8.00% | ― | ― | 19.81% | |
42 Neutral | AU$80.19M | -4.02 | -16.67% | ― | ― | 42.00% |
* Basic Materials Sector Average
AU:SYR
Syrah Resources
0.11
-0.13
-54.94%
AU:EGR
EcoGraf
0.32
-0.03
-7.35%
AU:TLG
Talga Group
0.28
-0.19
-40.22%
AU:QGL
Quantum Graphite Ltd
0.33
-0.16
-33.67%
AU:BSX
Blackstone Minerals Ltd
0.05
-0.02
-29.85%
AU:WTM
Battery Minerals Ltd.
0.61
-0.03
-4.69%
Syrah Resources Corporate Events
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...
Syrah Resources Issues Cautious Q2 2026 Activities Update
Jul 22, 2026
Syrah Resources has released its Q2 2026 Quarterly Activities Report, providing an update on its operational and corporate developments for the period. The company reiterates that the report is for informational purposes only and is not a solicita...
Syrah Resources Cuts Balama Output, Bolsters Funding Amid Shifting Graphite Market
Jul 22, 2026
Syrah Resources reported a strong safety performance in the June quarter with a total recordable injury frequency rate of zero, while moderating output at its Balama graphite operation in Mozambique amid weak ex-China demand. Balama produced just ...
Syrah Resources Reports Lapse of Over 1.3 Million Performance Rights
Jul 8, 2026
Syrah Resources Limited, listed on the ASX under the code SYR, operates in the resources sector and employs performance rights as a key component of its capital and incentive framework. These equity-based instruments are typically granted to execu...
Syrah sets July date for June quarter results call
Jul 5, 2026
Syrah Resources will release its June 2026 Quarterly Activities Report on 23 July 2026 and will host a results conference call the same day, led by Managing Director and CEO Shaun Verner. The company will also make a recording of the call availabl...
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.