Ann: Quarterly Activities Report, page-3

Interesting change of language.

Mining lease application will be submitted in "Q1 2021".

Previously they were using the timeframe "February 2021" (3 September announcement).

A few things potentially in play here:

1. Allowing for a later completion of the DFS (to potentially include concrete products in the DFS)
2. If 90-day timeframe is achieved for Australian Standards testing by 25 November and they can initiate commercial trials soon after (very tight) they could have results by end of March (and less than 90 day timeframe is the important one for time-sensitive applications, e.g. mine backfill/shotcrete)
3. Allowing for a potential delay in the start of the new South Australia mining regulations.

This says to me that DFS will be completed optimistically by the end of February and otherwise by the end of March.

Ultimately depends on how long it it takes to prepare the paperwork for the mining lease application ( the Mining Proposal will be the final attachment alongside Environmental Studies ). They can get all the other paperwork ready ahead of the DFS.