Megafactories buildout could up nickel demand in batteries 19 fold—Benchmark, page-10

Wrong @vintage. That is not how conditions work.

It is a binding agreement.

However, if the conditions are not met the obligation on SKI to buy falls away. Trust me mate, even the long form agreement will have conditions i.e SKI's obligation to buy will be conditional on the mine being built!

The fact the Term Sheet is binding means SKI can't just walk tomorrow for no reason or due to a change of heart- i.e it can only walk if the conditions are not satisfied.
There will likely also be terms in the Terms Sheet requiring the parties to work co-cooperatively in good faith to satisfy the conditions. It is a  very standard term and should be there.....unless the companies lawyers are rubbish.

I look forward to a nonsense reply about why you disagree. But trust me chief, I am 100% correct on what binding means and how conditions precedent work.