Ann: Sorby Hills progressed to Due Diligence by NAIF, page-12

This is great news. It means that the project has passed the Preliminary Assessment Stage and the Strategic Assessment Stage. The Due Diligence Stage is the 3rd out of 4 stages.

3. Due Dilligence Stage

• NAIF undertakes detailed project due diligence and analysis.
• NAIF will work collaboratively with a proponent and any co-financiers to develop appropriate NAIF loan terms and conditions, noting that the level of concessions provided by NAIF is to be the minimum required for the project to proceed.
• The due diligence process will include project and credit risk analysis and environmental and social assessments.
• NAIF must assess whether the proposed transaction satisfies all the requirements of the NAIF Act and Investment Mandate.
• NAIF will also consult with, as appropriate and required, relevant Commonwealth, State and Territory government stakeholders.
• Where an Investment Decision is greater than $100 million, NAIF will consult with Infrastructure Australia.
• The information provided to NAIF during the due diligence will form the basis for the proponent to submit its formal Investment Proposal.
• Submission of the Investment Proposal is considered a formal application for NAIF financial assistance.