They should have established an earn in however my research has failed to identify a legal entity, this doesn't mean it hasn't happened, but company reporting does not make it clear that it did. The last annual report from 1MC also listed no current joint ventures.
Putting on what some posters would consider my tinfoil hat I believe the common directors of SYA/1MC could see the writing potentially on the wall for 1MC. Noting a formal JV entity would be an asset on the balance sheet that future creditors would have a claim on I feel the SYA directors didn't want to lose control of the tenements and decided not to formalise the JV and instead play word games to obfuscate the issue.
My opinion only of course.
From the annual report
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