I think now having read a bit more, the May budget would have...

I think now having read a bit more, the May budget would have most likely driven the announcement in July (2 months)

The critical minerals industry was among the substantial winners in the recent Federal Budget, with the Government committing an estimated $7.1 billion over 11 years from 2023/24 to support the refining and processing of critical minerals.

This write up of all the initiatives around Australia is worth a read & summarized below.
Critical Minerals Funding Initiatives

Federal Initiatives

• Timeline: 11 years starting from 2024-2025.
• Funding: $7.1 billion.
• Purpose: Support refining and processing of critical minerals, introduce Critical Minerals Production Tax Incentive (CMiPTI), and continue funding for exploration.
• Programs:
  • CMiPTI: From FY27/28 to FY40/41, 10% incentive on refining costs.
  • $10.2 million: Pre-feasibility studies for common-user processing facilities.
  • $1 million: Educational program for foreign interference prevention.
  • $5.8 million: Trade enhancement initiative over 3 years from FY24/25.
  • $1.7 billion: Innovation and science investments over 10 years.
  • Ongoing: $2 billion expansion of the Critical Minerals Facility, including $1.25 billion for Iluka Resources and $185 million for Renascor Resources.

Western Australia Initiatives

• Timeline: FY24/25.
• Funding: $736.4 million.
• Purpose: Enhance critical minerals processing and speed up approvals.
• Programs:
  • $500 million: Strategic Industries Fund for Strategic Industrial Areas.
  • $200 million: Critical Minerals Advanced Processing Hub.
  • $36.4 million: Approval acceleration funding.

Queensland Initiatives

• Timeline: Current and upcoming budget (June 2024).
• Funding: $245 million in new initiatives.
• Purpose: Support critical minerals sector development and downstream value chain.
• Programs:
  • Move Faster, Smarter:
    • $5 million: Exploration within tailings and waste-rock dumps.
    • $75 million: Support investment in critical minerals projects.
  • Maximise Investment:
    • $55 million: Rent reductions for exploration permits.
    • $1 million: Promotional activities.
    • $5 million: Geoscience research.
  • Build Value Chains:
    • $100 million: Critical Minerals and Battery Technology Fund.
    • $500 million: Grid scale and community batteries under the Queensland Energy and Jobs Plan.
  • Foster Research and ESG Excellence:
    • $1 million: Improve ESG performance and reporting.
    • $8 million: R&D in circular economy and mineral processing.

Major Projects and Additional Funding

• CopperString 2032 Project: $5 billion commitment.
• Queensland Resources Common User Facility: $75 million.
• Federal Projects:
  • Alpha HPA alumina project: Up to $200 million.
  • Arafura Rare Earths’ Nolans Project: Up to $200 million.

Recently Nickel & Lithium production expansion projects have been delayed as well as existing producers such as BHP planning on ceasing operations.

A producer of critical minerals not solely dependent on the EV/Li-ion battery raw material demand seems like it would have a good chance of attracting some of the above.