Ann: Quarterly Activities Report , page-38

PEM need to be careful to not want to grow too quickly, stretch the bal sheet, the world have a "black swan event" and PEM suddenly find they have no "wriggle room". Small and mid sized miners went bust during the GFC for this very reason.

With a market cap of approx $250m, IMO, PEM needs to get the cash flow from the current expansion, pay the debt off to where they are net debt free, then consider growing. Yes - it is a slower growth profile, but equity is not diluted, and management credibility is maintained (and enhanced?). There is still a plan there, but the business is working to that plan, not being "bullied" by analysts screaming "growth at any cost".

BHP and RIO have both been rewarded for scaling back on their capex. Would PEM also be?

HT1