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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Syrah Resources
Syrah Resources (SYR) investor relations material
Syrah Resources Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Balama produced 19.3kt of natural graphite at 88% recovery; 18.1kt was sold and shipped at a weighted average CIF price of US$583/t.
Vidalia began commercial ramp-up in September to build saleable AAM inventory; first commercial sales are targeted for the December 2026 quarter, subject to final customer qualification.
Quarter-end cash was US$75.9m, including US$55.3m restricted cash; a further US$15m DFC loan disbursement was expected shortly.
Financial highlights
Quarter-end cash and cash equivalents were US$75.9m; operating cash outflow was US$18.7m for the quarter and US$64.5m year to date.
Balama C1 cost was US$581/t FOB during operating periods; including fixed costs in non-operating periods, quarterly C1 cost was US$840/t.
Average natural graphite sales price was US$583/t CIF, down 21% on sales-mix change; the implied FOB Nacala/Pemba price was US$507/t.
Operating cash outflow reflected higher production costs and working capital, including an unpaid breakbulk shipment balance, partly offset by the US$8m Section 45X credit.
Vidalia received US$8m in Section 45X credits related to the 2025 tax year; future credits are estimated at US$6–7m annually before phase-down.
Outlook and guidance
Balama 2026 production guidance remains 60–80kt; campaign C1 cost guidance is US$500–550/t at 20kt per 30-day campaign, plus ~US$5m monthly fixed costs during non-operating periods.
Balama medium-term targets are 200–240ktpa at C1 costs of US$480–520/t FOB, raised from US$430–480/t; ramp-up depends on market growth and policy support for ex-China suppliers.
Vidalia steady-state operating cost guidance rose to US$4.85–5.25/kg AAM from US$4.30–4.80/kg; positive operating cash flow is targeted from H2 2027.
AAM commercial sales are targeted for the December 2026 quarter, subject to qualification; Vidalia expansion financing and FID depend on sales and significant customer commitments.
Positive operating cash flow at Balama and corporate level is targeted in the medium term, linked to successful ramp-up and market developments.
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Latest events from Syrah Resources
- Net loss widened on higher costs and impairment, despite revenue growth and equity raising.SYR
H1 2026 - Q2 cash rose to $98M as Balama output fell and Vidalia neared commercial AAM sales.SYRQ2 2026
- Record graphite output, strong liquidity, and ramp-up plans amid evolving market conditions.SYRQ1 2026
- Balama output rose 34% as US policy and battery demand boost ex-China graphite supply.SYRQ4 2025
- Balama production rebounded, Vidalia sales delayed, cash boosted by equity and tax credits.SYRQ3 2025
- Balama idle, Vidalia sales delayed; $61M cash, $150M DFC loan secured, cost guidance raised.SYRQ3 2024
- US policy delays and market headwinds push Vidalia sales to 2025; cost controls prioritized.SYRQ2 2024
- No Balama output; Vidalia ramps up for 2025 sales with new offtakes and strong US policy support.SYRQ1 2025
- Balama halted by protests; Vidalia awaits sales amid policy uncertainty and strong cash reserves.SYRQ4 2024
Next Syrah Resources earnings date
H2 202625 Mar, 2027
Syrah Resources
Next Syrah Resources earnings date
H2 202625 Mar, 2027
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Frequently asked questions
Syrah Resources Limited is an industrial minerals and technology company primarily engaged in the exploration, evaluation, and development of mineral properties. The company is notably involved in the mining and production of natural graphite from its flagship Balama Graphite Operation located in Mozambique. This operation is significant for its contribution to the global natural graphite market, which is essential for various industrial and technology applications, including battery anodes in electric vehicles. The company is headquartered in Melbourne, Victoria, Australia, and its shares are listed on the Australian Securities Exchange.