Unfortunately, the asset base doesn't always reflect in the SP...

Unfortunately, the asset base doesn't always reflect in the SP or company value although I agree as long as the company is viable it is getting harder for others to emulate what SYR has done to date (despite the overspend). So current enterprise value doesn't reflect assets - not to mention the resource.
Shorter's can pile in because there's little on the horizon in terms of revenue. Ex China sales might be coming but not at a great rate of knots it seems. Still unclear whether China will or won't issue more permits going forward. Even if the graphite price rises 10-20% SYR will still barely break even at Balama.
Vidalia commissioning is great news but sales generating revenue won't be for some time apparently. It would be nice to get the ramp up to full production earlier but unlikely. So the cash burn continues.
Importantly, the 150 million loan for Balama (should it happen) will take a lot of pressure off in terms of whether they need to raise any more in the short term. The 45kt expansion will take time and by the time it's FID is finalised there should be more clarity in terms of what's happening in and out of China.
Problems solved if sales increase significantly and the graphite price increases significantly. That might scare the shorter's a bit.