Ann: Quarterly Activities Report, page-17

I see it differently Micky.

Mincor held cash from the "great Nickel price bubble" of somewhere round 2007 (?), when prices went over $10 per pound. This cash has seen them through to today, and they still hold $25m of it.
To me, that seems to be conservative and fairly longsighted management of capital.
Mining and exploration are high risk occupations as I see it, so the PNG venture, while unsuccessful, was part and parcel of the risks.

They are well positioned for any upswing in Nickel, and have sufficient cash to ride out this storm for a number of years, if necessary.