Critical minerals producer Syrah Resources (ASX:SYR) finalised its $61 million retail entitlement offer, marking the final stage of a broader capital injection that will see industry giant AustralianSuper emerge as a dominant shareholder.
The retail component, which concluded with strong backing, followed a previously completed institutional placement, bringing the total equity raise to $104 million.
As the primary underwriter for the transaction, AustralianSuper is now positioned to hold a 49.6% stake in the graphite specialist.
The consolidation of ownership reflects a significant long-term bet on the global battery supply chain by Australia’s largest profit-to-member superannuation fund.
The fresh injection of capital is earmarked for critical operational milestones across Syrah’s international portfolio.
Management confirmed that proceeds will be prioritised for working capital requirements at the Vidalia Active Anode Material facility in Louisiana, USA.
As the first major integrated producer of natural graphite AAM outside of China, the Vidalia plant is a cornerstone of the West’s effort to diversify electric vehicle battery components.
Additionally, the funds will support the continued production ramp-up at the Balama graphite mine in Mozambique, one of the world's largest high-grade resources.
The company remains in advanced negotiations with the US International Development Finance, the US Department of Energy, and AustralianSuper to secure further debt and equity instruments.
At the time of reporting, Syrah Resources' share price was $0.12.