My bad. The binding nature of the joint venture term sheet has...

My bad. The binding nature of the joint venture term sheet has been established.

However,

"With the execution of the binding Term Sheet, the parties will work to complete a formal earn‐in Joint VentureAgreement as soon as possible based on the key commercial points agreed in the Term Sheet"

"The parties have agreed a high‐level work plan for each stage which will be finalised as part of the formaldocumentation process."

So yes, 'binding' term sheet it will be. But they have yet to formalise what the terms sheet will actually look like.