Ann: Quarterly Activities Report, page-8

TFISH - could it be - given that ECE only received approval for 51% majority stake of GBE under certain conditions such as any future sales of commodities at correct prices (obviously the ASX had concerns of a loophole - of course they have to mine something first).
So - ECE relinquish their majority but are still there with large holding.
Think you know where I'm heading with this - this voids the ASX conditions!! - allowing a gaping hole to allow collusion with the new majority.

As you say - something is not right.

Maybe ECE didn't find what they were after at Mt Muambe was it - the deposit they drilled extensively for HREO/fluorite then relinquished the lease on unsatisfactory results. I doubt it as they already had other prospective tenements and secured the graphite tenement.