SYRAH RESOURCES LIMITED (SYR)
Share Price Analysis and Chart

30/10/2026

-1

No Rating

-

Production at Balama improved in the third quarter, Macquarie notes, and Syrah Resources has maintained its target for Vidalia sales in the December quarter.

The focus is shifting to margins and cashflow at Vidalia under revised operating expenditure guidance of -US$4.84-4.25/kg.

Management is targeting break-even in terms of cash flow by June 2027, which does not rely on higher rates from Balama.

Macquarie remains on research restriction and cannot provide a rating or target at present.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.88 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.88 cents.

02/11/2026

4

Underweight

$0.07

9.38%

Jarden maintains an Underweight rating for Syrah Resources with its target price reduced to $0.07 from $0.09 following a quarterly update detailing an improved single campaign at Balama.

Graphite sold and shipped increased to 18kt on improved contract demand, though challenging market conditions persisted as Chinese privately held natural graphite fines competed directly for feedstock supply into ex-China processors.

Jarden raises operating cost guidance across both assets and lowers its 2026 Balama production forecast to 65kt from 75kt.

The analyst notes that while Vidalia active anode material production expectations are lifted to 10kt from 7kt, the strategic funding process and liquidity solutions remain unresolved.