SYRAH RESOURCES LIMITED (SYR)
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SYR

SYR - SYRAH RESOURCES LIMITED

FNArena Sector : New Battery Elements
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: -3.76
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.305

06 Nov
2025

-0.010

OPEN

$0.32

-3.17%

HIGH

$0.32

2,922,277

LOW

$0.30

TARGET
$0.50 63.9% upside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
SYR: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) - 9.9 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-19.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx47.8 M
Book Value Per Share xxxxxxxxxxxxxxx56.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-122.6 M
Net Profit Margin xxxxxxxxxxxxxxx-392.42 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-33.04 %
Return on Invested Capital xxxxxxxxxxxxxxx-27.76 %
Return on Assets xxxxxxxxxxxxxxx-17.49 %
Return on Equity xxxxxxxxxxxxxxx-33.04 %
Return on Total Capital xxxxxxxxxxxxxxx-14.41 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-159.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx240 M
Long Term Debt xxxxxxxxxxxxxxx196 M
Total Debt xxxxxxxxxxxxxxx436 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx141 M
Price To Book Value xxxxxxxxxxxxxxx0.34

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx36.5 M
Capex % of Sales xxxxxxxxxxxxxxx76.38 %
Cost of Goods Sold xxxxxxxxxxxxxxx157 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx36 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Shaw and Partners

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

04/07/2025

3

Neutral

$0.30

-1.64%

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

The broker remains negative the natural graphite sector and downgraded prices near term on lower EV demand forecast and stubborn synthetic capacity. The commodity price weakness is, however, offset by an improved outlook for the Balama mine.

Neutral rating and 30c target price are unchanged.

FORECAST
UBS forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -14.01 cents.
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -7.79 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

04/11/2025

2

Overweight

$0.34

11.48%

Jarden highlights a strong restart of the Balama operations in Mozambique by Syrah Resources, producing 25.7kt and selling 23.9kt graphite in the September quarter. Operating cash outflows declined to -US$3.3m from -US$20.2m in the June quarter.

Throughput exceeded the analysts' forecast, though recoveries slipped to 68% due to oxidised feed. Unit costs improved to -US$585/t, with campaign-style operations expected until 2027.

Jarden views Balama as a world-class, low-cost, long-life resource and notes growing US policy support for ex-China graphite supply.

The Vidalia Active Anode Material facility, located in Vidalia, Louisiana, is considered strategically critical, benefiting from US tariffs on Chinese material.

The broker maintains an Overweight rating and 34c target price.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -19.00 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -11.68 cents.
Access Extra Coverage Research History >

SYR STOCK CHART

FNArena News on SYR

1
Australian Broker Call *Extra* Edition – Nov 04, 2025

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2
Australian Broker Call *Extra* Edition – Sep 16, 2025

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Jul 25 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Jul 24, 2025

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