Agreement Finalization RiskCurrent offtake arrangements are non-binding term sheets that must be converted into definitive contracts before sales or financing outcomes are guaranteed, creating execution uncertainty.
Financing Dependency And Technical BottleneckProject financing depends heavily on approval from a single export-import finance institution and on completing technical submissions, creating a funding bottleneck that could delay progress if approvals are not secured.
Pre-revenue Funding And DilutionThe company remains pre-revenue and is likely to require additional capital to complete development, which could dilute existing shareholders if new equity is issued below prior valuations.