Ann: Sulphur Springs Off-take, Financing and Permitting Update, page-3

I understood it as Toho Zinc wanted to take delivery of the concentrate but weren't prepared to stump up the cash to fund construction of the project, so the response from VXR is to go to other offtake partners and/or finance options to get the mine built and Toho retains the option to take caoncentrate after the first 5 years of production.

Pretty difficult to take delivery of concentrate if the mine isn't built, and if Toho are unwilling to help with finance or attractive offtake terms then they have allowed VXR to explore other options, which is perfectly reasonable.

I think its likely that Toho Zinc just did their sums and worked out that they have enough Zn concentrate supply coming online from CBH in Broken Hill and Cobar and from Abra (Galena investment) so they are prepared to wait until VXR's Sulphur Springs gets into production and then revisit.