Ann: Quarterly Activities Report and Appendix 5B - 30 June 2022, page-6

So a FIRB decision is due in September, I'm not sure if that would cover just phase 2 of the JV or stage 3 as well.
It's a significant risk if FIRB knock back the proposal, and it doesn't seem to be a very transparent process. I'm thinking the fact XAMs assets aren't located in Australia must be a plus from a FIRB approval point of view?