Pre-revenue And Persistent LossesZero operating revenue and recurring losses mean the business generates no internal cash and remains dependent on external funding. This structural pre-revenue profile implies ongoing dilution risk, limits financial flexibility, and keeps earnings quality weak until sustained production and sales commence.
Remaining Funding Gap & Timing RiskWhile under 10% of total funding, the remaining USD134m and deliberate negotiations for better offtake/pricing create timing risk. Funding or agreement delays could postpone FID, raise execution uncertainty, and trigger additional capital needs or dilution if market conditions change.
Geopolitical Supply Concentration RiskHeavy global supply concentration and export controls create structural price and supply volatility for rare earths. Nolans' economics and offtake security remain sensitive to policy shifts and market access dynamics, increasing long-term project and revenue delivery risk despite local financing support.