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All Esperance clay is down not just MRD.
MRD 52w High is 0.007 trading between 0.002 & 0.003. OD6 52w high is 70c and trading between 20c and 25c. Very similar trends.

Until they find a way of getting the RE out of the clay economically this will remain low. The smart minds at ANSTO are working on that right now. We know it will probably involve HCl but they are now looking at chloride substitutes which will bring the processing costs down significantly. If they get it right then the share price explodes. If they dont then all Esperance clays close doors. You're taking a punt that they do get it right and if they do then we're all in the $'s.

So why buy MRD:
They've drilled a lot of holes and know where all the good stuff is at.
They have heaps of RE just look at the past results.
Once they have a solution from ANSTO they are poised to run with it not like others that will still need to find their best resource.

It's a gamble but one that can pay off handsomely.