vol has been heavier from early march

Note volume has been thicker since about 4 March, which may mean someone is building a stake. Vol was very weak from just pre-Xmas until early March. Recent vol is not unlike May 08 when the SP hit 35-40c range, Ah - memories.
Yet I would have thought that the increased difficulty of raising capital over the last 18 months effectively pushes Ann Mason value further into the future, notwithstanding the recent Sino metals buying pushing up the Cu price.
I conclude that PMH SP is mostly reflecting Sentinel value so IMHO the best news we could hear might be a big germanium player getting involved. A flow of favourable metallurgy test results would help too.
I have also thought that because Sentinel has the lignite association and that part of the State has extensive deposits, PMH might be trying to quietly see if there might be other similar deposits around which could conceivably trump Sentinel.