The puzzle can be solved.
To create the potion to continue forward you need the following ingredients:
White Crystal, Gold Liquid, Blue Dust, Frozen Leaves, and the Green Liquid.
To create the optional potion you need:
Fire Gem, Red Root, Dark Crystal, Wet Leaves, and the Green Liquid.
(Of note, creating the optional potion will lock you into one of the two paths that branch from this section of the game.)