now it's getting interesting., page-4

Any improvement in commodity prices would really benefit PEM now. If you can believe their announcements, PEM has restructured to maintain their business at current price levels. And the current price of Lead and Zinc are at GFC levels... The upside:

$0.01 movement in AUD v’s US$ = +$2.5 million on profit
1% movement in zinc/lead prices = +$2.5 million on profit

Currently in a worst case scenario PEM's earnings may still sit around 3-4c per share, making it pretty good value P/E wise. Commsec's P/E forecast shows 2.8x / 3.3x, but even if it came in at 4 or 5x PEM is trading well below it's peers. It's simply a safer investment now than when it was at 40c per share.

Since their latest announcement the dollar has dropped, lead and zinc have gone up small amounts and the market has stabilised. I am confident this will jump very soon.