Syrah Resources

Name

Syrah Resources

Legal name

Syrah Resources Limited

Website

https://syrahresources.com.au

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Battery Materials and Natural Graphite

NAICS

Other Nonmetallic Mineral Mining and Quarrying (212390), Carbon and Graphite Product Manufacturing (335991)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Abrasive, Asbestos & Misc Nonmetallic Mineral Prods (3290)

akta.pro primary industry

Natural Graphite Mining & Concentrates (IMAKAFAD)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

Keywords

• Natural graphite mining
• Active anode material
• Battery materials supply
• Graphite processing
• Critical minerals production

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Graphite Sales: Sale of natural graphite concentrate from Balama mine in Mozambique to global battery anode and industrial customers. Production capacity of 350,000 tpa with Q1 2026 sales of 20,000 tonnes at $630/tonne weighted average CIF price.
2. Active Anode Material (AAM) Sales: Sale of processed active anode material from Vidalia, Louisiana facility (11.25 ktpa capacity) to tier 1 battery manufacturers and auto OEMs. Operating costs $4.30-4.80 per kg AAM. Target first commercial AAM sales in H2 2026.
3. FY2026 Revenue Guidance: Company projecting FY2026 revenue of $105.8 million and FY2027 revenue of $269.16 million

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Syrah Resources mines and processes natural graphite concentrate at its 350,000 tpa Balama operation in Mozambique and converts it into battery-grade active anode material (AAM) at its 11.25 ktpa Vidalia facility in Louisiana, USA. It sells graphite products in 22 grades across eight mesh sizes and coated purified spherical graphite AAM to tier 1 lithium-ion battery manufacturers and electric vehicle OEMs under long-term binding offtake agreements.

Product overview

Syrah Resources is a vertically integrated natural graphite and active anode material company operating two core assets: the Balama Graphite Operation in Mozambique (350ktpa production capacity) and the Vidalia Active Anode Material Facility in Louisiana, USA (11.25ktpa initial capacity with expansion to 45ktpa under evaluation). Balama produces 22 natural graphite products across various mesh sizes, with approximately 80% being fines flake (-100mesh) suitable for battery anode applications. The Vidalia facility processes Balama graphite into high-purity active anode material (18-micron coated purified spherical graphite) for lithium-ion batteries used in electric vehicles. This vertical integration from mine-to-customer enables single chain of custody, full auditability, and supply chain transparency. The company also has a vanadium by-product opportunity from the Balama operation.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Graphite Products 22 natural graphite products across eight different mesh sizes ranging from +50 mesh (coarse/large flakes) to -100 mesh (fines flakes), with fixed carbon content of 94-98%. Approximately 80% of production is fines flake (-100mesh) suitable for battery anode applications, with the balance serving steel and industrial applications.
• Active Anode Material (AAM) Products High-purity 18-micron coated and carbonised purified spherical graphite active anode material products developed at Vidalia for mass market battery and EV applications, designed for drop-in substitution in existing battery manufacturing processes. Produced with Global Warming Potential of 7.3 kg CO2e/kg, approximately 50% and 70% lower than synthetic and Chinese natural graphite AAM respectively.

Quantifiable outcome

• Global Warming Potential of 7.3kg CO2 equivalent per kg Vidalia AAM - ~50% and ~70% lower than synthetic and Chinese natural graphite AAM respectively
• +3 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and major.

• TeslacoreStrategic or Co-development Partner · 1 June 2026Four-year offtake agreement (2021) for 8,000 metric tonnes of Active Anode Material annually from Vidalia, Louisiana. Near-termination resolved June 2026 after Tesla withdrew default notice following Syrah demonstrating conforming production. Tesla retains right to exit if final commercial-scale qualification not achieved.
• NextSource MaterialsmajorStrategic or Co-development Partner · 2 March 2026Seven-year binding agreement for 34,000-68,000 tonnes of natural graphite fines from Balama for NextSource's planned battery anode facility in Abu Dhabi, UAE. Deliveries commencing June 2026 with quarterly pricing tied to natural graphite fines index. Termination rights available to Syrah by December 2026 and NextSource by December 2027.
• Lucid GroupcoreStrategic or Co-development Partner · 25 February 2025Binding offtake agreement signed February 2025 for supply of Vidalia AAM to Lucid EV batteries
• Posco Future MmajorStrategic or Co-development Partner · 1 March 2024Binding offtake agreement signed March 2024 for natural graphite supply from Balama
• Graphex TechnologiesmajorStrategic or Co-development Partner · 1 August 2023Natural graphite binding offtake agreement signed August 2023
• Westwater ResourcesmajorStrategic or Co-development Partner · 1 August 2023Natural graphite binding offtake agreement signed August 2023

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• POSCO Future M: Korean-listed (KRX:003670) major battery materials producer with significant natural and synthetic graphite anode material capacity. Existing offtake customer of Syrah but also a competitor in the broader anode materials market with much larger scale.
• BTR New Materials: Shenzhen-listed (835185:BSE) world leader in synthetic and natural graphite anode materials production, dominant in the Chinese AAM market. Represents the scale incumbent whose pricing and export patterns shape the competitive landscape Syrah competes in.

Direct peers

• Nouveau Monde Graphite: Canadian-listed (NYSE:NOU) natural graphite miner with the Matawinie mine in Quebec and a downstream AAM processing facility under development. Closest Western peer to Syrah's mine-to-AAM integrated model with similar end-market focus on US/EU battery makers.
• Talga Group: Australian-listed (ASX:TLG) natural graphite developer advancing the Vittangi project in Sweden to produce battery-grade graphite anode material. Directly comparable to Syrah as a vertically integrated non-Chinese natural graphite AAM developer targeting European OEMs.
• Northern Graphite: Canadian-listed (NGC:TSXV) natural graphite producer operating the Lac des Iles mine with plans for downstream battery anode material processing. Competes with Syrah in the natural graphite concentrate market and the Western AAM supply chain.
• Renascor Resources: Australian-listed (ASX:RNU) developer of the Siviour natural graphite project in South Australia with planned downstream AAM production in Australia. Targets the same non-Chinese battery anode market as Syrah, with binding offtakes including Mitsubishi Chemical.
• NextSource Materials: Canadian-listed (NEXT:TSX) operator of the Molo graphite mine in Madagascar with plans for downstream AAM processing in Abu Dhabi. Has a 7-year binding offtake with Syrah for 34,000-68,000 tonnes of natural graphite fines and competes in the same non-Chinese graphite market.
• Westwater Resources: US-listed (WWR:NYSE) developer of the Coosa graphite project in Alabama with planned AAM processing. Existing offtake partner with Syrah but also competes for the same US-based graphite anode material supply contracts with American battery makers.
• Graphite One: US-listed (GPHOF:OTCQB) developer of the Graphite Creek project in Alaska with planned AAM facility. Pursues the same US critical minerals strategy as Syrah with similar IRA/DOE government alignment and tier 1 customer outreach.

Emerging players

• Volt Resources: Australian-listed (ASX:VRC) developer of the Bunyu natural graphite project in Tanzania with planned downstream battery anode material. Earlier-stage than Syrah but targets the same non-Chinese graphite supply opportunity for battery makers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/syrah-resources-ltd
• Xx.com/SyrahResources

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds7 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Syrah Resources