* The dwarves are exhausted and outnumbered: After the long and arduous journey through Mirkwood, the dwarves are weary and depleted. They have just emerged from a massive battle with the goblins and wargs, and have suffered significant losses. They are also outnumbered by the goblins, who continue to pour out of the mountains.
* The goblin army is relentless: The goblins are driven by hatred and a lust for revenge after the defeat of their leader, Bolg. They refuse to give up the chase, and they are relentless in their pursuit of the dwarves.
* The terrain is treacherous: The dwarves are forced to retreat through the treacherous and dark tunnels of the Misty Mountains. The terrain is unfamiliar and dangerous, making it difficult for them to navigate and defend themselves.
* The remaining allies are few: The dwarves' allies, including the elves and the eagles, have been weakened and dispersed by the battle. They are not in a position to offer significant assistance to the dwarves.
* The threat of Goblins and Wargs is far from over: Even with the defeat of Bolg, there are still large numbers of goblins and wargs remaining. The dwarves must constantly be on guard, fearing a sudden ambush.
* The uncertainty of their next move: The dwarves have no clear plan for their next move. They are lost and alone, and the threat of being captured by the goblins is ever-present.
In essence, the dwarves are trapped in a desperate situation with no clear path to safety. The constant threat of the goblins, their own exhaustion, and the treacherous terrain all contribute to the perilous nature of their position at the end of Chapter 12.