Schedule Slippage From Tech FailureA failed external technology partner caused a material delay and forced rework of the separation route. This raises execution risk, can inflate pre‑production costs, strains stakeholder confidence, and shifts revenue timelines, affecting when the high economics can be realized.
Dependence On Project Finance And Commodity PricingExecution hinges on securing multi‑hundred‑million dollar project finance under stressed commodity price scenarios. Price volatility and payability assumptions materially affect cash flows and lender appetite, increasing the probability of dilution, repricing of debt, or delayed FID if market conditions deteriorate.
Pre‑revenue Cash Burn And Negative Cash FlowThe company remains pre‑revenue and cash negative, consuming liquidity until production. Although losses narrowed, ongoing burn requires further capital or project finance before cash generation, creating dilution and execution risk if funding windows close or costs exceed forecasts.