Is this the capitulation phase or just more shenanigans?

Volume is up over 100K already this morning, and at very low (0.27) prices.

Who is so eager to unload these shares at such a bargain price?

This represents a price of $35 per ounce for current NI-43 101 ounces at Friday-Petsite alone. (fully diluted, even including those shares represented by the unexercised 35 cent warrants)

With everything else; Deadwood, Buffalo Gulch, Chrome Mountain, owned land, buildings, cash on hand, trees, future additional ounces at Friday-Petsite, future drilling success all over the OSZ, all thrown in for free.

A great opportunity to buy low!

I know I am preaching to the choir here, but it baffles me how anybody would even let go of their shares at this extreme low price.

There simply cannot be that many shares out there that were bought any cheaper, so this is very unlikely to be profit taking.

Other than a very short period in October, when not many shares were traded, the price has not been this low in almost two years.

This means that the source of shares for sale are likely coming from:

a. Disillusioned investors bailing out at a loss - seems too eager for that

b. Long time holders (more than 2 years) exiting with a small profit - it they waited this long, surely they can wait another 3 to 6 months for better prices, and again, it seems too eager for that.

c. Warrant holders "pre-selling" the shares - this is pretty close to the "no-profit zone" on the 25 cent warrants, and seems too eager again.

d. Market maker(s) - I am not sure a small company like PEM even has such a beast. And if it did, why so eager to sell at the lows?

e. Shorts - not sure if "penny stocks" like PEM can even be effectively shorted. And if these shares are being sold by "shorts", they are playing an extremenly dangerous game at this price with this company. The risk/reward numbers are staggeringly against them here.

f. The only source that makes any kind of sense (to me) - somebody with a load of shares looking to depress the price further for some kind of "off-market" gain of even greater magnitude.

I may now have to liquidate some of my other positions to take advantage of this extreme opportunity!