Many reasons:Weaker metals pricesDay traders heaven with lots of...

Many reasons:

Weaker metals prices
Day traders heaven with lots of shares in issue
No guarantee it will become a producer
Strong possibility of future capital raisings

But the main reason for me is market sentiment. It has destroyed the market caps of most stocks on the ASX, even the producers. People take profit wherever they can. Due to the macro-economic situation and the resultant market volatility, it has become a traders' market, not a market for investing