how robust is mds?, page-32

And just one more post for now. Reading the analyst reports on the EOC page, this one provides the best analysis, imo. It's Austock, who say the share is high risk for many of the reasons you've said, DDzx- not enough info from the company about the project viability:

http://www.endocoal.com.au/uploads/res/1443364b-8cec-43e6-a96c-a7c459d79f36_AustockResearchReport200212.pdf

Also, Austock sees EOC as cum-capital raising, but they say this could be done other than by coming to the market. Helmsec's research notes are very bullish, but they are major holders. Perhaps, as you've said, there are too many financiers on the Board, without the project development skills needed.

It is hard to believe that EOC will only be spending $3.7m of the $5.2m they have, and as you've also said, not much will be done if they have those limits. If they raise capital, that could be a good time for entry.