** Shares of Syrah Resources SYR.AX fall as much as 5.6% to A$0.34, their lowest level since October 9

** Macquarie flags Syrah not expecting to start sales from its Vidalia facility in the U.S. as a "key disappointment"

** Speciality miner on Tuesday flagged in its quarterly production report that qualification and testing for active anode material $(AAM)$ to continue

** Macquarie adds sales delay highlights potential hurdles during qualification process

** Brokerage increases losses estimate by 24% for calendar year 2025

** Jarden flags Vidalia continues to operate at minimal levels as qualification progresses

** Brokerage, however, says Vidalia is the only vertically integrated natural graphite and AAM producer with commercial-scale U.S. operations, thus materially strengthening the strategic appeal of the asset

** Stock up 75.7% YTD, including the day's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))