PEM has a small but fairly marketable resource. They are quite a few years out from where they'd have a marked change in share price. They are under valued in a very big way. Far too much emphasis is being placed on the cost of money. Looking at the track record for raising money, I think they will continue to need patronage. Continued patronage shows support but limits the companies ability to make strides. Will the style of the deposit continue to dictate resource or with they pull a BAR? Without a detailed geological assestment I would say that basing value off current expectations is a wise way to trade this stock. This type of deposit has a small chance of becoming a real mind blower.

Given the properties I would suggest a price of 30 cents in the next couple of NR's indicating more results or positive steps. If I applied the timelines of SPA and costs etc I would say $3.80 6 years from now. That is the cost of money in action.