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Syrah Resources Ltd.

TICKER: SYR:ASX

Syrah Resources Ltd. is an Australian resource company with a diversified exploration portfolio located in southeastern Africa. The Balama graphite and vanadium project in northern Mozambique is Syrah's flagship project. A mining license was granted in December 2013, with completion of a definitive feasibility study expected by the end of 2014. The project is approximately 250km west of the port town of Pemba by road. The port of Pemba is a deep-water container port, and the third largest in Mozambique. The Balama project site is accessible by a predominantly sealed main road running directly from the port.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Michael Slifirski, Credit Suisse (7/11/14) "Syrah Resources Ltd.'s memorandums of understanding for offtake have been announced at $1K/t. Assuming $1K/t as an average price delivers a valuation of $7.86/share, the emerging opportunity to dominate in the spherical graphite market could readily increase the average price to $1.3K/t (10% of tons sold at $4K/t and 90% at $1K/t) and valuation to $11.24/share."

Vincent Pisani, Shaw Stockbroking (7/3/14) "The recently announced memorandums of understanding signed by Syrah Resources Ltd. amount to a quantity of graphite larger than the capacity outlined in the 2013 scoping study of ~225 Ktpa end product. We believe it is now likely that when a bankable feasibility study is completed (Q3/14), the company will announce an increased plant size, capable of producing close to 350 Ktpa graphite."

The Gold Report Interview with Simon Moores (6/23/14) "Australia's Syrah Resources Ltd. is developing its Balama project in Mozambique where a lot of the oil and gas investment is happening. The company has been active in 2014 announcing two memorandums of understanding for an offtake with China, 80–120,000 tpa, and Europe, 100–150,000 tpa, as well as test results of its battery-grade spherical graphite." More >

Luke Smith, Canaccord Genuity (6/11/14) "Syrah Resources Ltd. has announced a delay in completing the binding offtake agreement with CHALIECO, a subsidiary of CHINALCO. . .we are not surprised by the delay in completing such a major offtake agreement and, arguably, the original three month timeframe set in March was ambitious. We anticipate that a binding offtake agreement should transpire within the next three months. We do not view the delay as materially negative for the company."

Chris Terry, Deutsche Bank (5/27/14) "Syrah Resources Ltd. is developing the Balama deposit in Mozambique with unrivalled average graphite grades of 17%. Balama is the world's largest graphite resource and will grow in importance as environmental controls reduce Chinese production and new applications increase global demand. We forecast annual production of 290 Ktpa graphite and 5 Ktpa vanadium from mid-2016, a conservative 30 year mine life and US$950/t graphite pricing."

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Luke Smith, Canaccord Genuity (5/1/14) "Syrah Resources Ltd. has announced its second major memorandum of understanding for offtake of 100–150 Ktpa graphite concentrate with European trader Asmet Ltd. . .importantly, Asmet intends to use the graphite fines from Balama as a recarburiser in foundry applications and high-quality steel production; this is not a traditional market for graphite. We maintain our Buy rating and increase our target price to AU$8.40."

Luke Smith, Canaccord Genuity (3/26/14) "Syrah Resources Inc. has released a major resource upgrade for the Mepiche zone at Balama East, part of its 100%-owned Balama graphite project in Mozambique. Significantly, a substantial portion of the resource has moved into Measured and Indicated (M&I) status. . .we now consider Syrah to have sufficient M&I resources to sustain a mine life of more than 20 years, initially producing 240 Ktpa graphite from 2016 before climbing to 350+ Ktpa in 2020."

The Mining Report Interview with Kiril Mugerman (3/4/14) "Syrah Resources Ltd. has a very interesting graphite-vanadium project, Balama in Mozambique. The company has the largest resource and the largest market capitalization in the graphite sector. Those advantages have resulted in very ambitious plans, in my opinion. The company intends to produce 220 Kt annually, which is essentially half of current global flake production. We are following the Balama story closely." More >

The Gold Report Interview with Simon Moores (1/14/14) "One financing that stood out in 2013 was Syrah Resources Ltd.'s raising AU$35M for its project in Mozambique. I know how difficult it was for all the other projects in the industry, so that was an achievement. It was a big step toward actually building a mine." More >

Michael Slifirski, Credit Suisse (12/23/13) "Syrah Resources Ltd. has confirmed that the 25-year mining lease at the Balama graphite and vanadium project has been granted, a significant derisking event for the project and the company. Syrah now has 100% ownership of the project and development can commence as soon as practical."

Michael Slifirski, Credit Suisse (10/23/13) "Syrah Resources Ltd. has released additional favorable results for metallurgical test work conducted by external consultants and potential customers on a bulk sample. Test work indicated that the tested areas of the Balama graphite that are likely to be the basis of the mine plan consistently achieved >96% concentrate and generally 96–97% concentrate through simple flotation from a bulk sample grade of 11.2%."

Michael Slifirski, Credit Suisse (10/10/13) "We initiate coverage on Syrah Resources Ltd. with a $4.90 target price and Outperform rating. . .Balama is already the world's largest graphite and vanadium endowment but could potentially still increase in size by a factor of 20. . .the ore body is already exceptional in grade, continuity, flake size, scale, strip ratio, accessibility, topography and metallurgy."

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