Ann: Termination of TLEA Scheme implementation agreement, page-76

"with a possible TO in the air, a binding offtake would have a negative effect on a possible TO offer?"... negotiations around and before a binding offtake would have a positive effect on triggering a TO. After the valuable offtake is locked away from any new acquirer, the reason to make a TO is reduced substantially. I expect management will use negotiations and threat of locking up offtake to try and elicit another TO offer. That said, even binding offtake deals have conditions precedent clauses that allow miners to walk away and sign new ones...