The rally in Resources stocks in the first three months of 2016 has prompted substantial debate, centered on "will the rally last". Given the rapidity of rerating enjoyed by many mining stocks, including large companies, it is almost certainly not a rally that will endure. However, it is evidence of a substantial change in sentiment towards miners. The realisations that miners are 1) cheap and 2) probably have very little downside on price, have now set in – It would be very hard to “un-realise” that.