It's a whole new world out there where now shareholders say if you have the resource mine it.
So why the poor markets for Juniors, IMHO the following has EFFECTED THE MARKETS.
In the old days Juniors were there to find a mine and sell it and in the process issue paper to fund exploration. What's changed ? Majors are not interested in a couple of million ounce resource these days they want the large deposits that haven't shown up for a long time. So Juniors are now forced to mine themselves, enter inexperience and lots of teething problems which results in heavy dilution as in the case of ANX.
Naked selling, we can't ignore this. As dilution becomes an issue then it's easier for naked sellers to come in and sell short all stocks on the venture. I was always against interlistings on the Frankfurt exchange as it increases the chances of short selling and this is happening.
The Alpha exchange, this exchange run in part by the major banks is causing lots of problems in the junior markets as it confuses the market depth and when you see orders fliiping from one exchange to another you see inconsistances with market lots and just general problems when trying to size a market.
Finally, the new breed of investors want safety and growth something venture listings don't always offer. The days of pure speculation and blue sky potential are becoming something for the history books as too many invesotrs lost their shirts on these markets in the late 90's and depression of 2008.
ANX needs to become cash rich just to satisfy many investors litmus tests and so far it's not happening. I'm hoping now that they seem to have milling under control that increased exploration improves the future grades and eventually they pay off their debt and have at least $10 mill sitting in the bank to protect them in case Gold ever capitulates.