SYRAH RESOURCES LIMITED (SYR)
Share Price Analysis and Chart

29/01/2026

1

Outperform

$0.50

334.78%

Macquarie downgrades Syrah Resources' target by -29% to 50c due to a more subdued near-term earnings outlook post the 4Q2025 result, which saw production up 2% and sales down -3%, with pricing missing consensus forecasts by -26% due to product mix changes.

Graphite production came in at 34.4kt, meeting consensus expectations, and recovery rose to 76% from 68% in the prior quarter.

The analyst lowers EPS forecasts by -48% for 2025 and -171% for 2026.

No change to the Outperform rating, as Syrah remains one of the world's largest natural graphite operations.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.41 cents.

13/04/2026

4

Underweight

$0.10

-13.04%

Jarden marks to market March quarter prices for copper, lithium and graphite. Near-term cost assumptions are also raised across its resources coverage to reflect higher diesel prices, impacting haulage, equipment, contractors and consumables.

Even if the Strait of Hormuz fully reopens, disruption since early March has already depleted reserves, the analysts caution. The Iran conflict has reshaped supply chains and, in the broker's view, embedded lasting cost inflation across the mining sector.

Jarden has increased its medium-term (lithium) SC6 price forecasts across FY26-FY29. The broker also raises its long-term gold price to US$3,000/oz (real) and silver to US$40/oz (real), while maintaining its long-term copper price at US$5.00/lb (real).

The Underweight rating and 10c target are retained for Syrah Resources.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.52 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -3.01 cents.