SYRAH RESOURCES LIMITED (SYR)
Share Price Analysis and Chart

27/07/2026

-1

No Rating

-

Syrah Resources revealed softer production at Balama in the June quarter amid weak demand for fines ex-China. This drove a managed reduction in throughput and missed consensus expectations, Macquarie observes.

Sales were also lower quarter on quarter with the company achieving a price of US$736/t, amid higher volume of coarse flake sales. The broker is currently on research restrictions and cannot provide a rating or target.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.74 cents.
Macquarie forecasts a full year FY27 EPS of 6.94 cents.

14/09/2026

4

Underweight

$0.09

-1.10%

Jarden maintains an Underweight rating for Syrah Resources with its target price decreased to $0.09 from $0.10 following the release of 1H 2026 financial results containing a material uncertainty qualification from the auditor regarding the entity's ability to continue as a going concern.

Interim accounts recorded a -US$40m negative impact primarily driven by a -US$35m impairment of the Vidalia asset alongside an -US$5m inventory write-down.

The analyst notes strategic funding proposals from the DFC, DOE, and Australian Super are taking longer to finalise than expected, leaving the immediate focus on securing a US$15m DFC loan disbursement in October.

Jarden's estimates incorporate a conservative valuation scenario assuming convertible loan notes are redeemed in 2030 through a $625m equity raise at $0.105 per share, creating significant potential dilution for existing shareholders.

Jarden considers the risk-reward profile uncompelling at current levels given the absence of near-term free cash flow generation and ongoing uncertainty surrounding the ultimate share count.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.64 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -3.47 cents.