I make the P/E ratio as 31 on an annualized basis. It's great...

I make the P/E ratio as 31 on an annualized basis. It's great for a maiden profit but we need to see how the earning change when the upgrade is bedded down. This ann will make MRX even more attractive to instos especially at these prices. I've been topping up over the past few days and if the price weakness continues, I may be buying again next week.

MRX likely has a significant IOCG orebody below the oxidized material being currently mined. The company is ideally placed to grow organically into a significant miner.

In addition, the company has an ongoing interest in uranium through its JV with Deep Yellow. Uranium is still out of favour with the market atm but with the possibility of a carbon tax growing more certain by the day, Uranium is likely to enjoy a resurgence later this year