The 80% ownership issue is a big one. The other shares are non...

The 80% ownership issue is a big one. The other shares are non contributing, at least until completion of a BFS. This means they pay 25% for all development works. It’s an expensive way to mine.
They are not mining and completing the haul road at the same time. Both activities require blasting. If they were blasting 100tpd the underground stock pile would be blocking the tunnel by now. Most importantly it would mean double handling the ore. If they blast they have to clear the ore from the workface at least before blasting again. They need a scoop that in turn needs diesel and I doubt they are carrying the fuel down to the scoop.

You might be right and we will know soon enough but if I was a betting man I’d say nothing is happening.