My best guess is the company is in the middle of the tender...

My best guess is the company is in the middle of the tender process to select the contractor for Bonnie Vale underground operations based on the below facts:
1. They have secured another $20 million dollar debt facility from the parent company in Feb. Given the development for Greenfields should have completed by now. The additional debt most likely will be used to fast track the development of the Bonnie Vale to take advantage of the record high gold price.
2. Received the regulatory approvals for Bonnie Vale
3. Hiring a number of roles for the underground operations
4. They said "Focus hopes to bring the mine online in 2024 consistent with our current LOM plan". When they say online, I assume they mean they can start to mine the ore and feed it to the plant.

They don't want to announce a timeline and guidance which probably give them a disadvantage in negotiating the contract for the underground operations.

SD holds 62% of the shares, I don't think they are scared of being taken over.

FML might decide to take over some nearby assets such as HRN's Brilliant South or HRZ's Rose Hill. But I think the chance is very small at the moment given we already have at least 7 years' LOM and most likely will be extended for a few years.