In the 'please explain' response to the ASX, CKK stated that they were negotiating with several parties. Now they said they're looking for a JV partner when appointing EAS. EAS in turn have stated about significant US investment.
I don't think the whole story is being spelled by CKK. They're just offering breadcrumbs.
So I go back to the price and volume. It tells me that there is smoke here.....