My takeaway was that the delayed secondary approvals are in...

My takeaway was that the delayed secondary approvals are in relation to the port construction, it's alluded to here:

Jetty construction may commence in early 2023, subject to final secondary approvals, completion of the jetty causeway, and resolution of procurement constraints.

Otherwise it was a bit vague on detail to really determine much else. I'm a bit unclear where the delay in production comes from, perhaps they're buying time to complete the EPA approval update and get the bigger footprint into the design of the remaining ponds and crystallisers etc.

It didn't read as doom and gloom on the funding side as I expected either, bit of a wait and see how the contingency bucket is shaking out at the end of the year, and some additional time needed to commence repayments after production perhaps. But we haven't drawn down any construction financing yet either.