Well, its not actually. It's only a non-binding proposal ('term sheet') rather than a binding contract. So not nearly as conclusive.
Probably now have to wait for the BFS before SK decides to take the plunge and make it binding.
Interesting that the West Australian got the $65M wrong. It is actually 660M shares at 12c (a much better outcome) which equals $80M.
Wouldn't be surprised if the delay was due to ascertaining whether or not the agreement was binding or not. Disappointing that it is not, because it has only been de-risked in a very minor way (i.e. until it becomes binding).
Ann: AUZ partners with SK Innovation to develop Sconi Project, page-55
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