Ann: CTM Acquires Jaguar Offtake Rights in Pivotal Transaction, page-10

Vale had the first rights to the offtake, when Vale started to split their business into iron ore and battery metals and secured deals with GM around Nickel, there was a very real chance that Vale wanted Jaguar back. Having first rights spoken for means it's worthless CTM to talk to any offtake/finance partner. The project was caught in no man's land. If Vale wanted the project they could have dragged out discussions for years destroying the stock and then making a hostile takeover. This was a very real risk but now its cleared up, CTM can talk to a GM, Stellantis, Trader etc., and arrange offtake with financing attached. Or as a second-best option but a normal deal in the usual market, get an offtake with glencore, trafigura and get bank finance.