have we seen the bottom , page-5

Ktrianta,

Tend to agree with you.

However seems to me that we are back to the market giving MCR a PE of 7.

If this is the case we will be reliant on the two wild cards for further sp gains/recovery.
1) What MCR uses the remaining surplus $50mm (which will still grow at $20 to $30mm per Q) or so on for our sp growth.
2) Any spectacular exploration results.

I wouldn't discount 1. Moore has only been giving undivided attention to MCR for about a year (post TYC), and also did not previously have a huge amount of surplus cash.

EL