Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-85

My theory on the announcement delay
ARL is waiting on conditional approval from Export Finance Australia for an amount circa $600m (roughly 20% of total) from the critical minerals fund. Once this is received the following will occur
- ARL is able to bring to the JV, great asset and conditional loan of $600m dependent on DFS
- JC can then go to stakeholders and get funding for DFS as they can advise the above and will receive 15-25% equity and preferential off take agreements to fund the DFS and providing mining knowledge and experience in laterite mining.
- Agreement signed
- DFS will occur with the already approved suppliers of the now JV.
- DFS comes back as expected
- Export Finance Australia approves $600m based on DFS
- JV can go to market and easily obtain senior debt funding for the build as it has, great asset, DFS, mining knowledge, off take agreements, mezzanine debt funding of $600m and experienced JV
- ARL JV now has Mezzanine and Senior debt funding at cheap rates to build and start mining.

this is my speculation and not compiled with any facts.
DYOR and GLTAH