A method for protecting powder metallurgy alloy elements from oxidation and/or hydrolyzation during sintering. The method includes (1) coating the admixed alloy elements in an inert (e.g., nitrogen) atmosphere with a hydrophobic lubricant that is capable of becoming mobile during pressing, the amount of lubricant being at least 45% of the total volume of all components to be added to the base metal powder; (2) mixing the lubricant-coated admixed alloy elements with the base metal powder to form a mixture; (3) pressing the mixture to form a pre-sintered part having a green density that is from about 95% to about 98% of a calculated pore-free density; and (4) sintering the part.