Ann: Tripartite LOI Update, page-18

I wouldn't rule out LKAB entirely, but this substantially decreases the probability of a partnership.

Tough to know what's going on behind the scenes. Could be MT playing for leverage by showing LKAB he's willing to pass. Or, it could be LKAB trying to squeeze Talga by holding the line and seeing if a (likely) blow to the SP can pressure MT to cave. I doubt the issue is that LKAB isn't interested. (I'm guessing it's a disagreement over the terms of a partnership, or they would have exited earlier.) But, that's a possibility as well.

My feeling is that Talga's leverage is only growing with time as tensions simmer with China and EV demand explodes in Europe. So, if this is a game of chicken with Mitsui (and possibly with LKAB too) on who will bend and take less of the pie, I think that Talga will be in the stronger negotiating position as more time passes.

At any rate, the key now is to find new parties interested in forming a partnership. The best kind of leverage is getting multiple potential partners bidding against each other on who will offer the best financing terms.