Syrah Resources (ASX: SYR), an industrial minerals and technology company with its flagship Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facility in the United States, has released its quarterly activities report for the period ending June 30, 2025. Key highlights include the recommencement of production at the Balama operation and progress in sales and customer arrangements at the Vidalia facility in the USA.
Production at Balama restarted in June after a period of inactivity, achieving 7kt of graphite production in the two weeks to quarter end. The plant achieved a maximum 23kt per month average daily production rate. The company sold and shipped 1kt of natural graphite to third-party customers at an average sales price of US$779 per tonne (CIF). Syrah is also progressing with settlement processes for resettled farmers and continues to work with the Mozambique government to ensure support for the operation.
Vidalia AAM sales are expected to commence this year, with progression of Vidalia’s expansion to a 45ktpa AAM. Syrah is actively pursuing long-term offtake agreements with potential US customers. The company has also entered into a forbearance agreement with the US Department of Energy (DOE) and is extending the waiver with the US Development Finance Corporation (DFC). Syrah announced an approximately A$70 million institutional placement and entitlement offer to fund Vidalia operating costs, DOE loan reserves, and general corporate expenses.
The company’s cash balance at the end of the quarter was US$43 million, including restricted cash. Syrah is navigating evolving US government policies and import tariffs, which are expected to drive increased domestic sourcing and sales opportunities for its Vidalia AAM facility. The company’s ESG initiatives continue to differentiate its production from Chinese competitors.
