Pre-revenue Cash BurnSustained negative operating and free cash flow means the business remains dependent on external capital to reach production. Over months-to-years this drives recurring dilution risk, constrains the ability to fund cost overruns internally, and leaves execution vulnerable if capital markets tighten or investor appetite falls.
Remaining Equity Gap & TimingA materially sized remaining equity requirement, combined with deliberate negotiations on offtake/pricing, creates timing risk for FID. Delays can increase capex, inflate financing costs, and push out revenue onset; these structural timing risks affect project returns and long-run cash generation forecasts.
Geopolitical & Supply RiskDominant supply concentration and export controls create persistent market and policy risk for a non-Chinese producer. This can affect offtake access, negotiating leverage, and realised pricing over the life of the project, pressuring margins and requiring ongoing strategic mitigation with customers and governments.