• Syrah plans $72 million equity raise for Mozambique, U.S. assets

• Funding could lift liquidity to about $198 million, company says

• Cash to support Balama mine, Vidalia plant amid weak graphite prices

Syrah Resources said on Thursday it plans to raise about $72 million from institutional investors in the United States and Australia to support operations at its key assets, including the Balama graphite mine in Mozambique.

The fundraising follows financing proposals from the U.S. International Development Finance Corporation (DFC), the U.S. Department of Energy (DOE) and Australian pension fund AustralianSuper. The company is also in talks over a potential debt restructuring and additional funding that could lift total liquidity to about $198 million.

The funds would support operations at Balama and the development of the Vidalia graphite processing plant in Louisiana.

“Following the Equity Raise and the Strategic Funding Proposals, Syrah will have a robust balance sheet with pro-forma liquidity of ~US$198millionto support ramp up at Balama andVidalia  and  provide  a  pathway  to  near  term  sustainable  cash  flow  generation,” Chief Executive Shaun Verner said.

Balama, considered Africa’s largest graphite mine, has faced disruptions in recent years due to weak graphite prices. In response, Syrah has adopted a campaign-style operating model, adjusting output to match demand. This has been accompanied by increased reliance on external financing, including from the DFC, with the latest deal continuing that strategy.

The transaction remains subject to conditions, including the signing of binding agreements and regulatory approvals. Operations continue at Balama, where output has drawn interest from industry players, including Canada’s NextSource Materials, cited as a potential buyer.

Aurel Sèdjro Houenou