Can't defend them anymore:But almost every single junior/microcap gold producer is trading well below its NAV. There is no interest in them because the "fear factor" still overshadows the entire equity markets and investors don't feel comfortable in high speculation after almost 4 years of investing disaster. They'll go with real value plays but the speculatives are out right now. However, I believe that the increasing price of gold and better financial results will at some time in the future act as the magnet that pulls back the speculative investor-types, to stocks like ANX.
The market is essentially valuing ANX at ZERO and giving this Company nothing for the Pine Cove Mill facility and mine and NEG. ZERO for the iron deposits in Chile. It may be that ANX has greater liabilities right now than what the entire asset base of the Company is worth, but this too can be worked down with positive cash flow from increased production on a consistent basis.
With so many Private Placements etc. and almost 180million shares issued and outstanding, we are paying the price for this Company's mismanagement of the treasury. It is a tough lesson when you get enamoured with the speculatives and one I too can't seem to stop making. I won't touch another share in this Company no matter how low the price of them get.