Natural graphite production at Balama recommenced ahead of schedule – 5kt produced and 2kt of prior sales shipped from product inventory in the quarter.
Completed transfer of quota for 5% Mozambique Government interest in Balama in accordance with the Mining Agreement.
Syrah advancing strongly to become avertically integrated producer of natural graphite Active Anode Material (“AAM”) to service ex-Asia markets.
Furnace installed and commissioned at Vidalia – further delivery of on-specification AAM to potential customers for qualification enabled from fully integrated commercial scale AAM facility at Vidalia.
Potential battery manufacturer and OEM customers engaged in qualification of AAM – Syrah receiving positive feedback on quality and performance.
Completed Front-End Engineering and Design and transitioned to initial Detailed Design for expansion to 10ktpa AAM production capacity at Vidalia.
Progressing evaluation of strategic and financial partnership options for Vidalia.
Strong demand growth for natural graphite end uses, with EV sales up 140% in Q12021 versus Q12020.
Share Purchase Plan closed significantly oversubscribed, raising A$18million.
Elected not to issue Series 2 Convertible Note4.
Strong quarter end cash balance of US$78 million.
Installation of furnace at Vidalia, USA enables Syrah to demonstrate vertically integrated natural graphite AAM production capability at commercial scale
AAM production from Vidalia will streamline in-progress product qualification processes.
Further positions Syrah as the most progressed vertically integrated natural graphite AAM supply option outside China
Syrah Resources Limited (ASX: SYR) (“Syrah” or “Company”) is pleased to announce the recommencement of natural graphite production at its Balama Operation in Mozambique.
Syrah has achieved consistent production of on-specification natural graphite at Balama during March to date, positioning it ahead of schedule versus the expected lead time of two to three months for first production.
Syrah Resources Limited is pleased to announce the decision to restart production at the Balama Graphite Operation in Mozambique.
Bankable Feasibility Study (“BFS”) confirms strong business case for Syrah’s natural graphite Active Anode Material (“AAM”) production at Vidalia facility in USA, with robust economics.
Syrah produces Active Anode Material (“AAM”) using Vidalia precursor to target specification and AAM product qualification commenced with potential customers.
Improved natural graphite market conditions during the quarter – higher prices observed, increased enquiry.
Syrah signs Memorandum of Understanding (“MoU”) for solar and battery project to provide environmental and cost benefits at Balama.
Syrah remains on track to become a vertically integrated producer of natural graphite AAM to service ex-Asia markets.
Balance sheet strengthened via completion of a A$56 million (US$42 million)1 Placement and a $12 million (US$9 million) Share Purchase Plan (SPP) to be completed post quarter end.
In addition, Syrah proposes A$56 million (US$42 million) in convertible notes, issuable at Syrah’s option and subject to shareholder approval.
Syrah ends quarter with strong cash balance of US$75 million.