You are correct that is what the announcement says, this is now the stage where the government needs to verify and check everything that has been arranged. Then if they see fit and it aligns with their political preferences they will award the mining lease.
Provided none of the announcements are inaccurate and all the ground work has been done correctly we should be at the 3 month end of the time frame Drill King provided.
There is the potential however that political drivers fast track this time frame further. Given the tendencies for renewable/battery/new tech and forward thinking development in South Australia I can't see why this project wouldn't receive government support. It has already received grants, i think it was $100k some time last year, from the government to progress development.
I've seen projects, albeit in Vic and not SA, get very preferential treatment because it aligned with the story the government was trying to sell in the lead up to an election, a little bit of motivation can go a long way to Getting 5hit Done. In this case however the next election is not till 2022 as far as i can tell.
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