The PP was announced on Feb 7....NOT closed at $4.37 that day and as recent as Jan 25 it closed at $3.45.....likely during negociations.

Since the PP we've had news of a JV on Feb 11, an announcement of "significant" Rhodium and other elements present in drill cores on Feb 19, the announcement that Eagle 2 has landed on Feb 25, near surface high grade gold at Windfall on Mar 18, an update on Burnt Hill on Mar 25, news of JV partners beginning their drill programs, other area plays announcing drill programs, another DE update with more mineraliztion

and the share price closes at $5.30

I would tend to think if NOT was worth $4 on Feb 7, it is surely worth $5 today

Low volume tells me nobody was able to pick up any significant amount of shares without running up the price....you can ask why they didn't purchase a big position back on Jan 25 at $3.45 or a few days before that for $2.60....because they couldn't without running up the share price.....I for one will be very surprised if they do not exercise the warrants