This was GMC's "update" in November Gulf Operational Update Gulf...

This was GMC's "update" in November

Gulf Operational Update
Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that it has finalised rental terms for the Bolok Industrial Estate Land Lease which covers the initial 10 hectare project site to be used for the development of the Kupang Smelting Hub Facility as detailed in the Land Lease Agreement (the “Agreement”) executed on 1 June 2017

So, basically they finalised terms but not to a state final enough to even warrant a Heads of Agreement, let alone execution of the actual Lease.

GMC's "final" = 3 steps prior to actual execution announcements

I have no doubt the next announcement will have finalised a few more arbitrary terms.

Here's another
The refurbishment of the furnace equipment in South Africa has now been largely completed, with only the transformers outstanding. The units are now containerised and ready for shipment to Kupang.
It's largely complete - but still has steps outstanding

Or what about
PT Gulf Mangan Grup executed a further Memorandum of Understanding (“MoU”) with PT PLN (“Persero”) East Nusa Tenggara Region to provide up to 20 MVA electrical power supply at Kupang,
which is now being finalised into an operating agreement.
It's being finalised

Everything is always being finalised but never manages to be executed

Everything is always imminently progressing or due too.

That is GMC