You are entitled to have your opinions :) Mine has a little more...

You are entitled to have your opinions
Mine has a little more caution.

* They rebuild and ran a plant which they struggled to get to even 50% promised output. This really questions if they can handle a far more complex operation. It also raise doubt as to who would front up the capital to take a risk with a 40ktpa plant with this subpar resource.
* Low grade graphite directly leads to production costs. If GW1 is mining near 5% grade, while SYR is mining near 15% in large volume, they are at a clear disadvantage.
* I'm a little wary of companies jumping into currently hot fields (like lithium) where they have minimal expertise. I always feel like this is a short term marketing boost to hike up the market cap and if you look at the operational funding behaviour of BSM, its never been profitable but has just repeatedly diluted its shareholders.
* The lithium is currently far from certain without any drilling. Remember that most of the time, drilling is a failure and turns out to be uneconomical. The odds are against them here.
* DLE, as you hint at, is at best, difficult at present.

Sometimes the market cap is low compared to peers for a good reason. IMO far better operations/teams out there.