Nil desperandum - from the Projects tab of the ARU webpage:...

Nil desperandum - from the Projects tab of the ARU webpage:
"Project development
Arafura’s focus during 2018 is to complete validating the performance of the Nolans process flowsheet through the completion of seven consecutive pilot operations. These pilot operations are providing process, mechanical engineering design and materials handling data for incorporation into the Nolans Definitive Feasibility Study, scheduled for completion at the end of 2018.
As of August 2018, four of the seven pilot phases were complete (Beneficiation; Phosphate Extraction; Bulk Pre-Leach; Acid Bake) and results to date have met the Company’s performance expectations. Vision of the various phases of the pilot program can be viewed here"

As you point out, the full scale plant is still to materialize, but that is the purpose of the investor presentation. See the last sentence of the preceding paragraph:
"Arafura is assessing a site for the separation plant in the Saemangeum Free Economic Zone in South Korea in a potential joint venture with OCI Company Ltd."