I read it as FEED yet to be completed and is required to allow FID - final investment decision. If I look at past presentations regarding Leilac 2, the expectation is that FID comes in the next quarter after FEED completed.
https://calix.global/sustainable-processing/zesty-study-economical-green-iron-solution/
The FEED for Zesty was completed in Feb so I would expect the FID should be decided in the next couple of months assuming a similar complexity of business analysis and implementation investigation.
Running discussion on SP, page-63
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