At this point in the resource sector equity cycle - after an 87% median decline in the prices of ASX listed stocks since the beginning of 2011 - very large returns are possible from individual stocks as minor changes in sentiment produce disproportionate price reactions. Investors seeking to take advantage of these occasionally high returns need to exercise caution. Companies with inferior development attributes can benefit in this way as well as higher quality companies. Reasons for price movements are also sometimes hard to discern or predict. Against that, there are increasing numbers of companies with extremely depressed share prices and high quality mineral prospects or development properties. The table lists stocks with a high PortfolioDirect quality rating but with a cyclical price decline in excess of 85%.