I don't view fundamentals as being solely based on earnings....

I don't view fundamentals as being solely based on earnings.
Fundamentals, to me, is any concrete information about a company, inc. earnings, but also, anything which may have a bearing on the decision to make an investment.

So, in GXY's case, each piece of confirmed news like: mining started, shipment sent, factory ahead of schedule, off-take agreements signed, etc
means you can invest in GXY on the basis of concrete info rather than stuff like: we might have some lithium which we might be able to mine and maybe we'll make some money, and we're thinking about a processing plant but maybe not ..... that's all speculative with added risk.