Ann: Strategic Tenement Application Package to Expand Lake Wells, page-14

The previous holder (SO4) was unable to pay the rent for obvious reasons.
This application announced by APC is unlikely to be the only ASX announcement relating to the scraps from SO4. The other very low/low/mid grade SO4 resources will likely find new promoters, most likely the next round of WA SOP wannabes, who most likely will be no more qualified than those who lead SO4 into administration.
It makes sense for APC to apply for the tenements even though they are currently struggling to pay the rent on the ground they currently hold (their own admission) or finalise the capital for the existing project footprint. Don't forget at one stage APC and SO4 announced they were looking at some potential cost sharing: https://hotcopper.com.au/threads/ann-so4-so4-apc-to-study-benefits-of-cost-sharing-at-lake-wells.4431884/