I believe that the DFS and the FID are more or less fait...

I believe that the DFS and the FID are more or less fait accompli. Too many political chiefs involved and too much corporate face put out in public for this major project.
But all the KNPL partners still have to go through the motions and stages in order to satisfy a host of legalities and documentation.

On a separate matter...

The conditions precedent are four in number.
The fourth one is unexpected, bring "merger control clearance from the Korean Fair Trade Commission".

1. Surely, that is not a typo. If it is, then that's very awkward.
2. If not a typo, what has KFTC to do with the JC?
3. Whether a typo or not, does the Japanese Fair Trade Commission have any authoritative input here?

Some posters have discussed the remaining 25% offtake available to non-JC, after the JC's first right of refusal.
To me, a sale is a sale. Does it matter who buys the Ni if the asking price is met?
For example, if the spot or auction price is, say 25% higher, and the JC still want to buy it, then Tesla, India, etc. misses out. Learn from the experience and bid higher next time. Am I missing an important strategic advantage in selling to Tesla, India, etc.?

My reading is that the shares in KNPL can be IPO'ed, under certain conditions. The details are not yet available.
ARL doesn't seem to have as much to benefit as the JC in IPO'ing the shares.
For the JC, there is nothing to jeopardise their well-protected 75% - 100% offtake after the IPO.

"If Ardea is subject to a change of control..."
Meaning takeover.
KNPL will continue to be protected until the JC decide to let go of their share of control as well. Not that this has much bearing on ARL retail shareholders.

Those KNPL polymetallic credits will also be shared proportionately between ARL and the JC, right?
More than happy if ARL was to retain all of them.