Selected items from the AGM report: "Increased activity in the...

Selected items from the AGM report:
"Increased activity in the minerals sector – particularly in Canada, Western USA, Latin America, West Africa and Australia
Increased market share
Activity uplift initially associated with stronger gold price – now a broader‐based recovery
[Quote from] Goldcorp CEO – David Garofalo - Garofalo noted that the underinvestment in exploration over the past five years was a major issue. “We have not replaced what we’re mining,” he said. “We’re going to be busy for the next decade.”
[Quote from] S&P Global Research Analyst – Christopher Galbraith - .... gold exploration budgets were up 22% in 2017 compared with 2016. .... as the industry rebound gains traction, we expect 2018 budgets to increase at about the same pace as this year
Activity within major mining areas is robust – early stages of cyclical upswing
Broader‐based recovery – steady and sustainable
Our company has emerged stronger after the sharpest downturn in our history."
[my bold]
And the numbers look pretty good too.

Two disappointments: 1. They are out of oil&gas but the oil price is showing signs of recovering. (Maybe IMD has less competitive advantages in o&g??). 2. The market dropped the share price from being up 7% to down 6%. Ouch.

Is the market right to be selling? P/E is high at ~40, but wouldn't a couple of years of decent growth from a sustained cyclical upswing easily blast past that? Thoughts, anyone???