The company said first cash receipts were expected in early 2018 with production of 160,000-to-180,000 tonnes targeted in 2018.
Syrah expects Balama to be cashflow positive in the first half of next year, with production to reach 250,000-300,000t in 2019.
Credit Suisse, which has been a strong backer of Syrah - including underwriting a A$194 million raising in mid-2016 that issued new shares at $6.05 each - recently modelled earnings (EBITDA) of US$74 million in 2018 and $167 million in 2019.
Syrah acquired the project in late 2011 and has since raised more than A$570 million in equity.
Shares in Syrah were trading at less than 10c back in 2011 prior to Balama's acquisition and emergence.
Syrah's shares today were up 1% to A$4.45 in midday trade, capitalising the company at $1.3 billion.