The presentation clearly shows phase 2 (What Roly called FEL2 )...

The presentation clearly shows phase 2 (What Roly called FEL2 ) as commencing in January.

I've pasted below what the original asx announcement said about phase 2
What @Accumul8 said about the formation of an unincorporated JV is very significant, I believe one of the reasons we've been sold down is because of a lack of a formal JV, so this might rerate us.

It sounds like the formation of the JV is the first step in phase 2

Subject to a positive investment decision planned for 2022, the parties would enter into an unincorporated joint venture and the demonstration facility would be constructed, and detailed engineering undertaken for a full-scale HPA plant that would produce 8,000 tpa. The estimated total cost of stage 2 is approximately US$50m.