Syrah Resources Limited announced that it is set to resume natural graphite production from its Balama Graphite Operation in Mozambique by the end of the June 2025 quarter. With site access restored in early May 2025, the company has mobilised maintenance and inspection teams along with its camp, mining, mobile equipment, and power services contractors. Early inspections have confirmed that the plant, mining pit, tailings storage facility, and related infrastructure remain in good condition, with only minor maintenance needed due to the prolonged outage. Efforts are now focused on restarting operations in a phased approach, beginning with power restoration, camp preparation, and site security before sequentially addressing key production areas such as crushing and milling, flotation, filtration, drying, and product screening. A run-of-mine inventory of approximately 400kt ore is available, anticipated to support at least three months of operations. Notably, Balama mining is not critical for the resumption of production, as restarted processing and breakbulk shipments in campaign mode are poised to meet the increasing latent demand from customers facing supply disruptions in the ex-China natural graphite market. Syrah’s experience in managing production restarts following previous COVID-19 outages and campaign production modes provides additional confidence in the planned timeline. Meanwhile, the company is working closely with the Mozambique National Government and regional authorities to resolve settlement processes under the Balama Mining Agreement. Additionally, discussions are ongoing regarding historical events of default linked to loans from the United States International Development Finance Corporation and the United States Department of Energy, with deferred interest payments on one of these loans underscoring a temporary financial reprieve. Investor sentiment may be viewed from two perspectives. On the bullish side, the rapid and systematic restart plan, combined with strong customer demand and inventory support for several months of production, bodes well for accelerating cash receipts and market share recovery. Furthermore, the company’s efficient handling of previous outages and proactive engagement with regulatory authorities adds credibility to its operational resilience. Conversely, bearish sentiment may focus on the unresolved force majeure concerns and the historical defaults associated with external financing, which remain subject to further negotiations. Additionally, the inherent risks of operational restarts and market volatility in industrial minerals could potentially challenge short-term performance.