Ann: June Quarterly Activities Report Presentation, page-63

Interesting that you say a valuation is not possible. I agree that it is hard for the average investor to value this company.

However, consider the scenario if this company was just doing its IPO, would it's shares be valued at $0.00? Underwriters have to figure out a value for the company going forward and most stocks on any exchange are forward-valued.

Syr is currently not generating any meaningful income, so I agree that you can't work out an EPS, but it owns a functional mine, mining equipment, the minerals in the ground, the BAM site in Louisiana and the anode material that is soon going to be sell-able. Those resources alone are likely worth more than $140 mil combined.

If you have shorted shares then there must be a value at which you will buy back, unless you're hoping the company goes into administration (unlikely).
If you're not shorting, but waiting for a lower SP to enter into SYR holding, there must be a value that you're waiting for.
If you have no intention to short or own SYR, then why are spending your time researching the company? (BTW, I don't intend this as an insult, I quite like your commentary here and it adds an important point of view)