The latter compares to $85 million at the end of the June quarter.

Syrah said natural graphite sales of about 17,000t in the current quarter was down 12,000t on what had been expected due to scheduling changes by a shipping services provider.

The shipping issue is expected to ease in the December quarter.

"Syrah is experiencing strong demand and forward contracting for Balama products, with the sales order book currently underpinning 45,000t of natural graphite sales in the December 2021 quarter, (and) with additional spot sales demand evident," the company said.

Syrah shares were trading at levels above A$1.25 this week, capitalising the company at $630 million.

The stock was at 47c 12 months ago.