"They're no more innocent than anybody who goes to race three at Dapto Dogs and has a punt on a three-legged dog," said Craig Chapman, who joined with Jerrys Plains residents to oppose the Doyles Creek "training mine" proposal after its announcement on Christmas Eve, 2008.

A subsequent Independent Commission Against Corruption inquiry in 2013 found the mine exploration licence process was corrupted and the NSW Government could cancel the licence in 2014.

NuCoal has continued to argue its shareholders were "innocent" of matters raised at the inquiry and this week gained the support of Christian Democrat NSW Upper House MP Fred Nile and newly-elected One Nation MP Mark Latham.

Mr Nile lodged a notice on Wednesday seeking debate on bills that would open up compensation claims by NuCoal shareholders whose investments in the mine proposal collapsed after the inquiry and licence cancellation.

Mr Chapman said Mr Nile, Mr Latham and the NuCoal investors needed to read an ICAC report prepared for the NSW Government before the licence cancellation which made clear the extent of public knowledge about the controversial nature of the exploration licence from as early as 2009.

"NuCoal claims to be an innocent party but its eyes were wide open to the risks involved," Mr Chapman said.

In its 2014 report the ICAC noted "notorious public controversy... which was reflected in media coverage" in 2009 included the relationship between former union boss John Maitland and former NSW Government minister Ian Macdonald, and NuCoal responded to the controversy.

"There was widespread controversy calling into question the circumstances of the granting of exploration licence 7270 (for the Doyles Creek mine proposal)," the ICAC report said.

Mr Macdonald was charged with misconduct in public office after the ICAC inquiry and Mr Maitland with being an accessory but their convictions were overturned in February after both men appealed.

The ICAC found NuCoal acquired the Doyles Creek mine "with knowledge of the detail of the public controversy... and the risky nature of the acquisition".

"The investors in NuCoal must have acquired their shares in that company with an awareness of those risks."

The ICAC report noted that NuCoal executive Glen Lewis confirmed to the inquiry that he "dealt with potential investors" who raised the controversy about how the licence was granted with him.

The ICAC also noted a prospectus for investors emphasised the uncertainties associated with investing in NuCoal, and that "the shares offered under the prospectus should be regarded as speculative".

The prospectuses noted investors "should be aware that they may lose some or all of their investment and that prospective investors should make their own assessment of the likely risks", the ICAC noted.

The 2014 report noted Mr Lewis accepted, in evidence, "that investment from the time of the reverse acquisition onwards has occurred under the shadow of the controversy concerning the circumstance of the grant of the exploration licence".

Mr Chapman said it was "a bit rich" for NuCoal to continue its campaign.

"Why should taxpayers of NSW be liable for the losses of people who had a punt on a high risk investment?" he said.

In 2014 NuCoal lost a judicial review challenging the ICAC's handling of its submissions and a High Court application seeking to challenge the NSW Government's cancellation of the Doyles Creek licence.

On its website NuCoal said it launched a media campaign in March to "promote shareholder innocence" because "the fight for justice continues".