TLG Chart, page-2164

The MoU is a positive, but not all that big of a deal. It's the third Talga has signed and none of them actually guarantee cash flow.

The JV agreement is the big de-risking event. Having LKAB on board will assuage any permitting concerns, and Mitsui effectively guarantees financing on a large Capex.

The drilling results could have a positive impact as well. At present, the JORC compliant resource has enough ore to support a 100K tpa operation. For context, Giga Berlin alone will need ~108K tpa to run at full capacity (that 108K will likely be a blend of natural and synthetic anode). As of June (most recent update I've seen), Europe has 38 battery factories planned or under construction (although most of those will be quite a bit smaller than Giga Berlin). Currently, Talga's EM scans suggest the ore body could support a much larger project. If the drilling results confirm a massive resource, the potential to scale the business in the back end of the decade will be enormous - potentially up to 1M tpa with no shortage of demand.