To be fair to management, these government grants are notorious...

To be fair to management, these government grants are notorious for being late; so expect not much that management could do on that one.

But on the other side, isn't that programme for only $40m in aggregate, and management is asking for $14M of it? (which is matching fundind) Would be a nice surprise but perhaps unlikely that the Fed Govt gives 30% of its programme to an asx company with $20m market cap? They usually like to only back winners - often meaning the grants go to companies that are larger and arguably need the funding less. Look at what happened with them giving $1bn to Iluka in one of the other grant programmes...