I'm not buying into any of your arguments that this is a P&D, I don't have an opinion either way.
But I certainly don't agree with what you said about the need to announce information to the mkt. You said "...If they don't declare an MRE, then they don't have anything close to viable. They don't have to release an announcement stating they have nothing viable, it's assumed by all in the industry just by being a junior explorer, until they do declare an initial MRE..."
The test for determining whether information is mkt sensitive under Listing Rule 3.1, whilst specifically an issue for the coy, is based on whether a reasonable person would expect info to have a material effect on the coy's SP or value. If the info would, or would likely, influence a person in deciding whether to buy or sell - then it needs to be disclosed. I'd say clearly that if SGQ don't have anything close to a resource, however small, they have an obligation to disclose that fact.
Your point also that "...They don't have to release an announcement stating they have nothing viable, it's assumed by all in the industry just by being a junior explorer, until they do declare an initial MRE..." is clearly incorrect. Reporting is based on a reasonable investors' needs, not what those in the industry might assume.
So, whilst your guessing on the mkt disclosure rules, I'll leave it to others as to whether or not it brings the rest of your assertions into question as well.
The real issue, in my view, is WHY the coy hasn't reported the outcome of these drilling results and programs? Now that can lead to any number of assumptions - yours being just one of them. But I'll be peeved off if they have deliberately withheld that sort of information.
JP hasn't covered himself in glory by any stretch, but he'd be aware of his listing obligations - esp now that he has his finger in other entities, and he wouldn't want to put those positions in jeopardy. There's probably a number of ways to defer having to report, by not finishing a drill program, etc but it leaves the coy open to repercussions.
The way this coy has been operated, esp in the past 2 years, does leave a lot to be desired. I've only a small dabbling in it so far, so not losing a lot of sleep, but the issue raised re the resource drilling does need a response from the coy.
J22
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in many announcements that just by chance
(20min delay)