Ann: September 2016 Quarterly Activity Report and Appendix 5B-CXX.AX, page-4

I think you're right. It's hard to imagine that after finalising the offtakes and getting the finance teed up, they're gonna go "hmm... shall we do this thing? Nah, let's not. Too hard. Let's just chill."
While it sometimes feels like these offtake negotiations are progressing at the rate of continental drift (our beautiful Panda Hill has probably moved some 4 cm to the northeast since these discussions began), it looks like we're coming to the pointy end of things now. FEED program on track for completion end of October (!!!), so everything would come to a grinding halt very soon without offtakes. I think they will be ready by the time they need to be ready.
Locking in the best deals is obviously vital to the future and the long-term economics of the project. Cobbling together sub-optimal deals in a hurry would not be in the best interest of shareholders, and there is no prize for getting there early, so they are doing the right thing here. These guys know what they're doing. Market remains completely oblivious of this little gem.