Pre-revenue With Persistent Cash BurnThe company generates no operating revenue and consistently negative operating and free cash flow, meaning long-term viability depends on continued external financing. This structural lack of internal cash generation risks dilution, restricts strategic optionality, and leaves project timelines vulnerable to capital market conditions.
Remaining Funding Gap & Timing RiskA material residual equity gap, while under 10% of total funding, creates a realistic risk to FID timing and could require hurried or dilutive funding solutions. Protracted negotiations or delayed commitments can push out construction start, increase costs and extend the period of cash burn and execution uncertainty.
Conditional Support & Offtake DependenciesSeveral strategic funding tranches are conditional on additional offtake volumes and approvals, tying financing to commercial contract execution. These structural dependencies amplify execution risk: failure to secure volumes or approvals could delay funding, alter financing terms or force less-favourable commercial concessions.