I think it is because the market cap is so high $500 million for...

I think it is because the market cap is so high
$500 million for a company that if in full production
will flood the market.
The cost of running in steady state 250k PA
is mainly unknown.

Going off the current quarterly
producing 40k oz at current sales price
is burning $10 million cash.
producing 60k could see a small profit.
That is not enough to justify a $500 million MC

It remains to be seen what profits can be made from Spherical
also remains unknown how far costs can be cut
and remains unknown how fast demand will pick up
in the coming years.

Supposedly cashflow positive this quarter
I think we know that is very doubtful now after the report.
I think $1.40 should be about right for now.
$1 will come if demand doesn't pick up
checking out how Lithium miners go from here
will be a good indicator..As the lithium price
is easier to follow..If the likes of ORE and GXY
go down another 25% then I would expect the same from SYR

Cheers