what is pna's real vaule

Potentially it is worth a lot more or alternatively is is worth zero. You can make a case for either with a simple assumption on the price of copper.

All number are in US dollars

The company says cash costs will be 90 cents next year but right now they would be higher. However let use 90 cents

Copper is at 1.52 a pound. Lets use 1.50

Treatment charges ave not been indentified but probably around 10 cents a pound so will use 10 cents

Debt as per last quarterly is 310M. they have to pay interest on this but I have no idea at what rate. I will use 7% if someone else know the exact rate let us know. At 7% that is 22m per year

So at 60,000 tons that would be (1.50-.90-.10) * 2204 = 66,150,000. Lets say 66 Million

Sound good however have to take off 22M for interest. Leaves 44M, another 8M for admin leaves 36M . Still have to pay for exploration costs and capital development costs. That will not leave much at all left.

You still have 310M debt you have to pay off. At the current copper price this will probably take 15 years plus. This is longer than the mine life.

If copper falls to say 1.30 then their would be no surplus cash at all but the company could still limp along for a period of time as long as bankers are willing to wait for copper to rise.

The company would be unable to raise enough equity to pay off the loans given it's current share price. Market cap is now 120M versus a debt of 310. If you think about that, that is a very bad situation

I have no idea about when debt is due but at current copper price PNA have no ability to repay so it would have to be rolled over.

In summary this company is very high risk. It all hinges on the price of copper and support of their lenders.

I am personally not prepared to take these risks at this time.