what implications does this have?

to satisfy the requirement under the Debt Facilities to enter into off-take agreements for at least 70% of copper and cobalt production for the first 10 years of production."

When do they need to hedge, and at what price?

What do you mean you dont expect the company to hit $5 any time soon? What time frame are you talking about? This should easily trade for $8 per share once in production. So thats two years from now. Somehow the stock has to go from $1.10 to $8. Will it be a straight line, the occasional burst, who knows.

If its at market conditions, were at $4 now, so what is wrong with that. With $4 per pound they should easily do $0.85 to $1,00 per share.