At this point, the trading action is largely driven by...

At this point, the trading action is largely driven by speculation about whether financing will be sorted in the near-term. If they can secure funding for the Stage 1 this is easily a 5-bagger in the medium-term. If not, they will have to halt construction and the price will fall to a point where people think a takeover offer is inevitable (not sure what that price is to be honest). You'd think predators would already be running the rule over the company.
JP strongly intimated in his presentation yesterday that funding is imminent (without actually saying it). There were lots of references about Chinese interest in the project, there now being a pathway to exports, and their confidence in being able to progress with the construction of Stage 1.
People who took him at his word probably thought it was a great time to buy. His presentation definitely was upbeat. But people who are jaded probably think he's pumping the shareprice before activating the ATM. There have also been a couple of after-market announcements, which set off a few alarm bells for those with experience investing in financially constrained penny dreadfuls (e.g. the after-market ATM announcement followed by an unnecessary trading halt, and then after-market quarterly report, which showed very little money is left in the till).
I hope financing comes through soon because the more JP 'cries wolf', the more credibility he loses, and the weaker the company's negotiating position becomes.
Just my take on things.