At the risk of being called a downramper, PNA will (emphasis) go out of business if copper drops far enough (obviously). That is the risk. I don't know what that level is, because I don't have access to all the information. A recent broker report indicated "total" cash costs of $1.25 pp. I presume that includes all overheads & interest on debt. I'm not sure if that includes repayment of principal on their loans. In any case, that doesn't leave much margin at today's copper price.
On the plus side, if PNA can make it through this market turmoil, this period of low copper prices, can get it's debt refinanced, and remain cashflow positive, then it's going to make huge money for those that hold.
PNA Price at posting:
11.4¢ Sentiment: None Disclosure: Not Held