As has been mentioned recently by others, ECT is currently the...

As has been mentioned recently by others, ECT is currently the third party to the dealings between Tincom and ARUP. If some sort of pre-feasibility study, scope analysis is happening, and is being funded by Tincom directly not Victoria Coldry, then shares would not be issued until such time as Tincom deposited the money into the SPV. Not saying this is necessarily the case, but is a possibility. May also explain the lack of news from the coy, the last thing Tincom want is the anti-brown coal movement on its back, the quieter the better in some regards, especially in the lead up to the Victorian state election.