Syrah is a producing mine with cashflow and a BAM facility which...

Syrah is a producing mine with cashflow and a BAM facility which is close to be production ready. Syrah has binding contracts and as soon as BAM facility is in production, they start phase 2 and 3 for new clients.
As soon as graphite price will rise, Syrah is ready to increase production in no time and benefit with higher cashflow and EBIT.

EGR has no producing mine and not started a BAM facility. There is even not a plan where to build the plant. As soon as gaphite price rise, EGR can sell wet dreams but nobody who needs graphite at competitive price will buy fluffy promises of a company which is "on the cusp" since 2017. Big battery and car companies have to rely on their supplier, which means they choose supplier which make binding contracts and which are "on the cusp" to start production in no time. These companies give a shit on non binding and unfulfilled promises.

Also 2024 will be a year of additional studies, try outs, presentations and hand shake photos for EGR, but no real progress towards start of mining and especially start of BAM facility.

But that doesn't matter for Andrew and the gang. Also with no progress a huge salary is guaranteed and performance criteria can be lowered to get additional bonus.