timeframe, uncertainty of economics, structure of the JDA,...

timeframe, uncertainty of economics, structure of the JDA, funding risk, dilution risks...etc.

I'm pretty bullish on this SS myself but the risks are high given scale and JV and have been further highlighted by the SS. I'm happy to hold for 5-7 years for 20x capital but it is certainly no short term or certainty. economics are not there yet...Look at Sparcs release of aiming for $2kg H2 a few weeks back, it had to be withdrawn based on listing rules.

this is a punt with plenty of risks but a big payoff if achieved IMO.