production

MCR trade on such a low PE because of their short mine lifes and high operating costs.
The high costs make them very sensitive to the Ni price.
Also,don't forget 35% of their production goes to WMR as part of their agreement.This needs to be factored in when valuing remaining reserves.
As for exploration success,well,sure,there might be some upside from that.
Considering the intensity of the drilling programme,I would have expected more results of late,unless of course they haven't found anything.