Reality Check people......, page-35

The statement that Tremont own 60% needs a little clarification. Tremont own 100% of half of the project and 20% of the CXX half. So, while Tremont own 60%, they only control 50%, which is a big difference. Provided 50% of CXX investors stay the course, and that should be a given as two directors alone hold 29%, then CXX are in a powerful position, rather than being the bunny.
Yes, Tremont could stuff CXX around with offtakes and financing, but equally CXX can sit tight and wait them out. Time is money and Tremont will be better off with their reputation intact and 60% of something good, rather than try to stuff CXX around and end up with the project in limbo.
The other option is Tremont and CXX could jointly sell the project, if they get a good enough offer.