Share price action

A bit of price and volume action here over the past two days drew my attention. Volumes are low but have kicked well above the MA20 recently. Reading recent reports there seems to be three possibilities so I'm wondering if any shareholders have insights to share.

1. The Payne's Find EM survey results were never released despite being due early February (as stated in last Quarterly report). Perhaps the company's geophysicist has seen something in the recent data.

2. The equities held by the company have increased in value, but it is impossible to know because those holdings are not disclosed in either the Half Yearly (Note 8) or last year's Annual Report (Note 10). The reported fair value jumps around a lot and, despite the company saying it does not actively trade, there is a lot of equity addition and disposal compared to the total holding.

3. Someone has quietly started buying in the hope of attracting attention (eg, from me et al) to generate some momentum for a capital raising.

Any thoughts welcome.