Execution RiskAdvancement to production depends on completion of feasibility studies and final permits, which represent material execution risks until resolved.
Permitting RiskThe environmental impact assessment is under final review and requires clarification of technical observations, creating regulatory uncertainty for project permitting.
Timing And PrioritizationPotential variability in the timing of mine construction and production, including prioritization of other projects, could delay value realization and reduce near-term upside.