I know it's hard to believe, and I know that the 'something is wrong here' comments are generally just designed to generate fear, but sadly, I think in Volta's case there is something definitely wrong.  And I don't think it has anything particularly to do with the company or mgmt, it's just that the market has decided that VTR will never raise 600 million to finance the mine, and it's really stopped being a company that's in any way investable.  The gist of the mindset has to be "1.2 billion shares to finance construction - never going to happen".  This effectively turns VTR into a low-rent penny stock inthe market's eyes, and a cheap buyout at best (maybe somebody comes along next May after the money runs out and steals it for .60) or a complete bust at worst.

 

Honestly, the market has decided that the company is just another penny stock - and the 5 million oz are worth nothing anymore, because there's no way to get them out of the ground.  I'm sure mgmt is having a terrible time coming to terms with this as well, but I don't think the situation can be denied.

 

For me it's been a disaster, as I got caught in the trap of believing in the company, and in the idea that the juniors would turn around and get investment money again as the price of gold stabilized above 1600, but it's clear to me now that I've deluded myself, and let the slow grind down lull me into a sense of worried complacency, instead of the abject panic that was warranted by the price action a year ago.

 

I see it much more clearly in other juniors that are in the same boat, and which I don't own - it's clear that they are doomed, and I wouldn't touch them with a 10 foot pole, regardless of analyst opinion or quality of management.  Stupidly, refusing to realize a large loss a year ago in VTR is now going to result in a completely catastrophic loss.

 

I honestly can't see any way this thing even gets more than a  .01 bounce between here and .35.  And even then it's a brutal falling knife.   When they get this low, they are dead to the world, and eventually  bankrupt.  Sadly, the 20 million in the bank that VTR has at the moment just means the process will take longer to play out and be more painful as a result - water torture instead of the guillotine.

 

So sad, I guess there were just too many believers in the junior sector willing to lose all their money waiting for the next pm miners boom.