It's certainly an interesting company. But one thing you need to understand is that a lot of the "promise" of this company might already be priced in. The company is trading at nearly 230x trailing sales and 30x book value. Now, I do realize that forward looking is the best option with companies like this as new contracts and revenue streams will no doubt vault revenue. But expectations next year are for revenue of $8M. This puts the company at 47X forward sales. This is an extremely rich valuation for a company with no history of execution, at least in its short duration of being publicly traded.
There is a lot of "what ifs" with companies like this, and you're bang on that they are highly speculative. I have no doubt there is potential in this company, but there is also significant risk of ruin. The lithium industry is expected to be huge, but that does not mean that every lithium company will be a success. We saw this during the dot com boom, when every internet company was trading at exorbitant valuations.
My overall opinion? If you're looking to speculate (which is exactly what this is) do so with a position size you'd be comfortable losing.