You should probably read announcements more carefully. LRS hasn't "applied for [a] full mining licence", they have "commenced the permitting and approvals process" that will lead to a licence application. That might only mean they've downloaded the documentation and started reading it. A quick search of the WA Dept of Mines website certainly shows no lodged applications from LRS.
Unfortunately, these updates are often worded in a way that suggests more progress has been made than in reality. ADN has done this quite a few times too and it is infuriating.
Your last point is certainly correct and joint holders like me will benefit twice over if one company or the other can pull something out of the bag.
ADN vs WAK, page-19
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