The diagnosis, the proposed treatment, expected benefits, potential risks and side effects, alternative treatment options (including no treatment), and the patient's right to refuse or withdraw from treatment at any time.
This is correct. Valid informed consent requires discussion of all these elements: the diagnosis, the proposed treatment and how it works, expected benefits, potential risks and side effects (including common and serious ones), alternative treatment options (including the option of no treatment), and the patient's right to refuse or withdraw at any time. For lithium specifically, this includes discussing renal and thyroid monitoring requirements, narrow therapeutic index, signs of toxicity, and drug interactions.