Never mind. Found my answer in the General Discussion forum . . . "pm is not a RAW converter"
Not sure you found the correct answer.
PM is not a RAW converter but you can certainly save the embedded preview in the RAW file to JPG. Simply use Tools/Extract JPG Previews from RAW. If your camera embeds a full size JPG as a preview, you can get excellent images in JPG format. If your previews are not full size they may still be large enough for your purposes. If your previews are not large enough, one way to resolve that issue is to use Adobe's free DNG converter on your RAWs and have the converter generate a full size JPG preview. I convert all my RAWs to DNG and PM displays them and extracts them perfectly.
I am pretty sure that the Save As command will be upgraded in a future version so that the embedded previews can be directly saved as JPGs without resort to the extract command.
Regards
Bill Wood