Item 1A. Risk Factors
Item 1A. Risk Factors
The
Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s common
stock, can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A. “Risk
Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”). When any one
or more of these risks materialize from time to time, the Company’s business, reputation, results of operations and financial condition,
as well as the price of the Company’s common stock, can be materially and adversely affected. There have been no material changes
to the risk factors disclosed in our Form 10-K, except as noted below.
●
Access
to timely and sufficient capital. The ability to raise sufficient and timely capital on a tight schedule during 2025 and before existing
cash reserves are exhausted is at risk given the impact of commodity price volatility and market uncertainty related to ongoing Canada-USA
trade discussions. This risk is offset to a degree by the significant strengthening of the Company’s balance sheet following the
concurrent equity injection and debt restructuring and engagement with US EXIM Bank, but it is nonetheless the most material risk to
the Company and its business plan at this time.
●
Project
schedule and budget . The ability to maintain the project on schedule and budget is at risk primarily due to the uncertainty of financing,
but also due to general inflationary trends and supply chain pressures. This is offset to a degree by the fact that 98% of all procurement
has been concluded and the fact that the project is now 66% complete but still remains as a significant risk.
●
Hiring
and retaining key staff . The ability to recruit in a timely way and then retain key staff is negatively affected by the on-going
financing uncertainty and a competitive skilled labor market. This is offset to a degree by use of contractors but is nonetheless
a material risk that increases in direct proportion to the degree of financing uncertainty.
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