RNU VS SYR - What am I missing?

Hi All,

With RNU's market cap closing trade at 650m+ mark, I'm starting to wonder, what is RNU actually worth? How much further can it run?
I hold RNU but not SYR.

I'm currently evaluating SYR and seemed a little puzzled by each market cap.

• Market cap just shy of 1.2b so double RNU
• SYR has almost double the Graphite Mineral Resource as RNU
• SYR has double the proposed processing capacity
• Similar cost per ton
• SYR 50 year mine life vs 40 with RNU
• SYR is currently mining and processing - ramp-up phase.
• SYR's mine is in Mozambique (Ok this is the largest uncertainty I see). Processing in Louisiana.

If I have messed up or misinformed any of these figures please correct me,

As I understand it, RNU is still realistically two years away at best from any real mining /processing operation.

This makes me feel, RNU is highly overvalued OR SYR is highly undervalued?

Please help!