Syrah Resources
- Company typePublic
- Founded2010
- HeadquartersMelbourne, Australia
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
Syrah Resources firmographics
Firmographics- 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
Syrah Resources industry classification
Industry- 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
Where Syrah Resources is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices5 records
Markets served
Syrah Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- 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.
- 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.
- FY2026 Revenue Guidance: Company projecting FY2026 revenue of $105.8 million and FY2027 revenue of $269.16 million
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Natural graphite concentrate pricing |
| Unit Pricing | Pay-as-you-go | Active Anode Material production cost |
| Unit Pricing | Pay-as-you-go | Balama graphite C1 cash cost |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Syrah Resources product offering
Product offeringCore 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
Companies that use Syrah Resources
Customer profileNamed customers7 records
Segments2 records
Ideal customer profiles2 records
Syrah Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Syrah Resources partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and major.
- TeslacoreFour-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 MaterialsmajorSeven-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 GroupcoreBinding offtake agreement signed February 2025 for supply of Vidalia AAM to Lucid EV batteries
- Posco Future MmajorBinding offtake agreement signed March 2024 for natural graphite supply from Balama
- Graphex TechnologiesmajorNatural graphite binding offtake agreement signed August 2023
- Westwater ResourcesmajorNatural graphite binding offtake agreement signed August 2023
Scale indicators13 records
Recent moves8 records
Expansion highlights5 records
Syrah Resources competitors and assessment
Company assessmentBroad 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
Syrah Resources social profiles
Digital presenceSyrah Resources compliance and trust
Trust signalCompliance4 records
Syrah Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Syrah Resources leadership team
Management profileNumber of profiles
Profiles10 records
Syrah Resources subsidiaries and ownership
Company hierarchySubsidiaries3 records
Syrah Resources funding detail
Funding detailFunding overview
Funding rounds7 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Syrah Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Syrah Resources
What does Syrah Resources do?
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.
Is Syrah Resources a public or private company?
Syrah Resources is a public company. It is classified as public and is currently operating.
When was Syrah Resources founded?
Syrah Resources was founded in 2010. It employs 501 to 1,000 people.
Where is Syrah Resources based?
Syrah Resources is headquartered in Melbourne, Australia, in the Oceania region.
How does Syrah Resources make money?
Three revenue lines are on record. Natural Graphite Sales are the primary driver. The others are active Anode Material (AAM) Sales and FY2026 Revenue Guidance.
Who are Syrah Resources's main competitors?
Broad incumbents on record are POSCO Future M and BTR New Materials. Direct peers are Nouveau Monde Graphite, Talga Group, Northern Graphite, Renascor Resources, NextSource Materials, Westwater Resources and Graphite One. Volt Resources is listed as an emerging player.
Does Syrah Resources have an API?
No public API is recorded for Syrah Resources.
What industry is Syrah Resources in?
Syrah Resources's product category is Battery Materials and Natural Graphite. Its primary akta.pro industry code is IMAKAFAD, Natural Graphite Mining & Concentrates, with a secondary code of EUAFABAA, Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite). Its NAICS code is 212390 and its SIC code is 1400.