I think the big reason as why SYR is values differently to NVX and TLG is the fact they are pushing the mine story rather than the anode story.
graphite mining and sphericalization doesnt have great margins attached, the value add of producing AAM is where the money is made.
I havent seen SYR push their anode facility much, and havent heard nuch at allllll about the tech behind their planned AAM production.
Digging up graphite and sending it to china is really not that proitable....
aplogies about my oast post stating i hold, SYR is just on my watchlist.
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