I presume that quote is from a news item about the project L4L?...

I presume that quote is from a news item about the project L4L?
The actual ann from FMS reads:-
"Following a drilling program over BBIG’s Hay Stack Flats tenements, BBIG has advised that these tenements are unlikely to have sufficient tonnage to justify a standalone development." (my bolds)
So I don't think they were trying to be tricky there (Just bizarre!!).
I understand the negativity of this ann, however it really does appear that pressure has been applied somewhere to start saying something - whether that by regulatory bodies, Politicians, media scrutiny or even Todd themselves.
They cannot keep distancing themselves from the fact the TIO is FMS majority owner and have a couple of common directors.
I think the ann also shows why they are reluctant to put anything on paper as they tend to tie themselves in knots. Much of what they say officially can potentially come back to haunt them.
I think pressure is on, but of course it still may take some time for the end game to play out............