cash 136m value 96m, page-11

I would suggest that the market is not convinced that PEM can survive the current low metals prices based on their cost of recovery. Without hedging they are completely uneconomical at current prices and the standard projections for zinc are at least another year before recovery.

I'm not saying the market is right but the value in PEM is determined by who will be right about the timing of the recovery of zinc prices. If the market is correct PEM is likely to drain their cash reserves and close their zinc operation. If the market is wrong well holders could do very nicely from this type of price level!! Good luck folks. :)