Syrah Resources Limited (SRHYY) Q2 2026 Earnings Call Transcript

The second quarter of 2026 saw the global graphite anode material still digesting the U.S. International Trade Commission's negative determination, in the antidumping and countervailing duties case amid ongoing demand side policy uncertainty. And consequently Syrah's natural graphite production and sales performance was softer than we had initially expected.

This policy inertia led to subdued market conditions and price sensitivity with natural graphite feed to our customers during the second quarter which together with increased ex-China activity from Chinese operated graphite suppliers negatively impacted sales demand for Balama.

Our operations decisions at Balama are informed by confirmed demand signals from the market, and with lower-than-planned inventory drawdown, Syrah's natural graphite production was moderated with the planned production campaign being deferred into the third quarter and now underway.

The expansion of Chinese controlled East Africa fines supply into the ex-China trade is a relatively new dynamic playing out in the seaborne market. The Chinese privately held natural graphite operation with links to and strategic direction from Chinese state-owned entities commenced fines exports from