Syrah Secures US$15M DFC Disbursement for Balama

Syrah (ASX:SYR) Resources will receive a further US$15 million from its US International Development Finance Corporation (DFC) loan to fund Balama working and sustaining capital, after DFC temporarily waived existing events of default.

The disbursement to subsidiary Twigg Exploration and Mining Limitada is due before 31 October 2026. DFC has temporarily waived the existing events of default to facilitate it and has reserved all of its rights under the loan, and Syrah is working towards a permanent resolution of those defaults. The disbursement carries interest of 6.0% per annum plus DFC's cost of funds and a 1.0% advance fee. DFC will be issued warrants over 5,414,036 Syrah shares, and warrants over approximately 17.5 million shares from an earlier disbursement and interest deferral remain to be issued; if all are issued and exercised, DFC would hold 1.0%. Total disbursements will amount to US$83 million and the pro forma loan balance to US$93 million as of 30 September 2026, at an average 9.36% per annum. DFC may appoint a nominee director, subject to FIRB approval. Separately, the CEO's employment agreement now includes up to three retention payments, each equal to four months of base salary.

DFC has reserved its rights on further disbursements, so more funding is not assured. The wider funding proposals from DFC, the DOE and AustralianSuper remain non-binding, and warrant terms are subject to further agreement.