Commodity Price And Execution RiskAnalyst expresses concern that lithium price volatility, uncertainty around final capital budgets, and potential timeline or staffing issues could undermine the stock's valuation and risk/reward profile.
Share DilutionAnalyst notes that notable dilution occurred following multiple ATM financings and the initial loan draw, which may exert downward pressure on per-share value.
Tariff-driven Capex PressureAnalyst warns that a significant portion of project capital may be subject to tariffs, which could raise overall capital requirements and increase cost risk.