Binding offtake without permitting certainly possible and not...

Binding offtake without permitting certainly possible and not out of the ordinary. It would be conditional on the permits being granted, usually within a defined timescale. So the deal just gets dissolved if permits aren't in place and everyone walks away.

A term sheet has been signed so this is a deal is well advanced already, it's significant compared to a letter of intent or MoU. Given this particular agreement states a relatively short timeline (2 months) to convert it to binding, I'd say it has a very high probability of being finalised.

I do think this was very good news, and I usually lean towards the cynical and pessimistic and have voiced frustrations here in the past. For me the most important thing is that the performance of Talnode-C has been validated after a proper trial - a big unknown has been de-risked.
The market does seem uninterested though. Talga trades at very low volumes compared to its peers generally and this was arguably the biggest news we've had in the last year, yet it didn't even break the top 50 highest volume days in the last 52w.

Not sure I answered a single one of your questions directly sorry! Lack of permits, short term funding questions and macro factors all probably contributing to the current response.