It’s not uncommon for small caps to drop after announcements....

It’s not uncommon for small caps to drop after announcements. Buy the hype, sell the news is a common small cap strategy.
Yes it’s a large capex, and yes project economics could shift as commodity prices fluctuate. As with any project/commodity. what if lioh/sc6 prices went back to pre 2020 prices, half the developing projects no longer have compelling project economics - but that commodity shift is unlikely due to the sustained demand forecast, cobalt and nickel unlikely to fall through the floor because of a reciprocal sustained demand forecast linked to battery metal requirements.

people can throw around what ifs, it’s this simple. If you have a zero risk appetite - don’t invest in small caps, if you expect overnight returns, and no short term fluctuations, don’t invest in equities.

I’m sure GM’s team conducting due diligence were a little more thorough than some keyboard warriors saying “what if spot price goes down”. There will be some further dilution on the part to commercialisation, but even considering that as a certainty, the FS economics remain compelling enough to remain a LTH.
GLTAH