@dawgfather has provided the most realistic reason: permitting risk. Canada has shifted far too much to the left and under the current government, mine permitting looks extremely difficult (just look up some of Warren Irwin’s commentary on recent government developments in the Canadian mining space). If something expected to take 3-5 years ends up taking 7-9 years, the time value of money equation can destroy investment returns.
But objectively, WR1 has held up much, much better than most other lithium plays I follow. Over the past year it’s down only -34%, whereas there have been far steeper falls elsewhere (SYA -78%, LAC -70%, ALTM -55%, PMT -52% etc). If anything this one has been an outperformer.
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