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$4.70 could be on the cards today. Quite astonishing to think what impact this is having on Minto's profits and little old Pembridge still seems to be in hibernation. Hopefully it will wake up soon.

FireAnt - My numbers are from the interim results for Jan - June 2020 which were released on the 7th of September last year.
Although they were interim results they published the realised copper, silver and gold prices which was useful and allows a good comparison for the increased copper price.
As you say, production is being ramped up and this should achieve an improved AICC and much better profitability.
Once the mine extension is agreed this will add even more to the storey.
Full production could certainly see quarterly revenues of between $40-50M and could achieve annual profits of $60-80m.
If that was achieved our share would be $7-9m per year. Not a bad income stream for a little company only valued at £6m.
Also none of the above takes into account the value of the operation should these numbers be hit. A mine making $70m a year could be valued at anything from $200 to $400m. So 11% of that is.............................................

Just been doing some very rough and ready numbers now that the copper price has reached $4.60.
From last years interims we know that revenue was $25.4m and we made an all in loss of $9.95m for the 6 months.
In the report it states that the average copper price realised was $2.32, we are now double that.
As the majority of sales are copper, I think over 80% from memory, our revenue should have doubled to $51m. If we allow a 10% increase in our cost base we would have comparative costs of $38m which gives a $13m half year profit or $26m for a full year. PERE's share, at 11%, would therefore be $2.9m.
The above clearly demonstrates that at £6m market cap we have some catching up to do to get to a fair valuation.

heading north again today, about to touch $4.6.

I see we have a few sells following the large rollover just now. As it was done at the lower end of the spread I think there are one or two who read the trades as large sells. People should not be investing if they can't read the trades!!

It would seem the market is still punishing Pembridge for the events of last year.
However I do think this is very short sighted as Minto must now be very profitable at the current copper price.
PERE was at 15p 18 months ago when copper was at $3 and we owned 33% of the mine. I would much rather have 11% of a very profitable mine than 33% of a loss making mine.
Also remember that when we dropped our equity stake we also relinquished a large amount of debt obligations.
I guess the market will catch on eventually. I can wait.

Flaberghast I am sure investors will catch on but probably when these are north of 10p.
Now is the time to buy and tuck these away.

Totally agree FireAnt with your comments and assumptions.
For me the four key drivers are:-
1. Increased production which will result in a lower AISC.
2. Mine life extension - which can't be far off.
3. Increase in Copper prices - this looks nailed on.
4. Valuation against its peers - As RMM increases in value PERE has to catch up at some point.

believe how cheap this is now that copper is back to $4.35. We are nearly at twice the price realised by the company for the first 6 months of last year when we turned over $26m. At this rate Minto should be making $10-15m annual profits. Pembridges 11% of that would be $1.5m and we are sitting at a valuation of £5m. With copper prices expected to go ever higher the value gap just gets bigger!

Good update yesterday and a very positive Proactive Interview. Copper price now up to $4.178 this morning which only adds further to the PERE coffers.
FireAnt I agree with your valuation appraisal here and believe the market is missing out on a huge opportunity.
A 10p-20p valuation here in the next few weeks and months is not out of the question.

is the only way you can buy at the moment. MMs controlling the stock very tightly.

"talks at an advanced stage with a major partner seeking to take a strategic equity stake in the Company at a premium to the current share price."

That's one massive trade!! 102m at 0.5p.
Maybe that's the seller done or someone taking a large stake. Time will tell.

Just shows how rigged these markets are.

Great news yesterday, 2500MT of copper locked in at $9000 a tonne. So that's $22.5m of guaranteed revenue plus 10% more at a price TBD. Given that their income was £26m of the first 6 months of last year, this nearly doubles their revenue on a comparable basis. That is one amazing turnaround. I have put my money where my mouth is and bought again this morning.

A slight copper price pullback on Friday which IMO is healthy for its continued rise. On a technical level is was overbought. Should move further north during this week. Price here has held up very well considering a few seem to be taking some money off the table at this level. We are still in the foot Hills here, got to hold for the big gains.

Well he got his timing spot on with RMS. Accumulated 74m of them below 1p up to July last year then sold them into the rise.
By my calculations he must have cleared over £1m on that call alone!
He was very confident with RMS and seems very confident here as well.
Follow the money.

There appears to be some chunky sells going through the market today, however these are not having much effect on the price.
There was a time when a couple of sells would knock the MM's off their perch so I see this as a good sign as the MM's seem to want to take a bit more stock on their books.

Well someone has confidence that the RTO will happen, they have just picked up £34K worth of shares.

Bit more interest here today. We really should be trading nearer 10-15p given the rise in copper prices.