Yes it would be negative. but also, looking at the bigger...

Yes it would be negative. but also, looking at the bigger picture

One of Europe's biggest issues currently regarding conflict with Russia (other than war=bad) is energy security.
They import a shit-ton of gas.
US has already been saying stop this is a bad idea. Russia has already been accused of reducing gas supply as a political tool.

What does that mean for us?
1. Any sort of conflict or global instability is a catalyst for further supporting self-sufficiency and local supply chains. Good for Talga.
2. A stronger push to reduce reliance on Russian gas probably means trying to accelerate other energy sources and particularly renewables. This means more clean energy to run clean EV's. This means more demand for battery minerals for stationary storage.

These are silver linings. Conflict in Ukraine will be a BAD thing, and I'm sure all stocks will respond negatively to the impact.
The 2 points above are already starting to come into play as a response to Russia's aggression, it's just everything gets dialed up a few notches if there's actually conflict.