undervalued or what?

According to the quarterly there's an operating margin of 0.70c. On a zinc output of 60koz pa (Pb counts as by-product I think) that's around $90m pa (makes sense to me as last year they mentioned making $15m a quarter and now prices and thus margins have improved).

GlobeStar provides 9,300 koz Cu pa with cost of 90c, well lets say the margin is $2/oz Cu as I'm not sure of all the ins and outs of this transaction but even so that would be about $40m.

So $90+$40 gives $130m pa. Times this by 5 (a pretty conversative multiple to take account of higher than long-term metal prices) gives $650m which equates to a share price over a buck. Outlook for Cu & Zn by most commentators is +ve for the next year or two at least so PEM should have full cash coffers.

Sole mine risk lessened by Globestar.

Maybe I'm missing something somewhere but I reckon this should be at least double & hopefully it might get up there in the next couple of quarters if their reports are positive and risks appear diminished