Shareholder DilutionSignificant equity issuance via multiple ATM programs alongside the loan drawdown has resulted in notable shareholder dilution that may weigh on per-share returns.
Tariff ExposureTariff impact on roughly a quarter of the capital cost estimate could push total capital expenditures materially higher than initial inflation assumptions.
Valuation And Execution RiskValuation is pressured by uncertainty in lithium price direction, potential capital budget overruns, schedule slippage, and staffing risks that could impair project delivery.