...also

It sounds as though Mexico was a struggle for UC geographically, because it was so far from anywhere.. there was nothing doing in terms of top up loan from the Mexican govt, even assuming they got a break even price for silver , had to be over $25 from what I recall.

Apparently all the potential developers tend to get on the gravy train at the end of the commodity run and create the top (with over supply of opportunity as well as silver- gold)..The problem with juniors in 2011 was so many of them in Canada, often with dubious opportunities that were being literally paid for by shareholders, which started failing, causing investors to lose significant money - and reducing confidence in the rest. With less available and interested capital for investment and too many (hundreds) of explorer/developers there was just too many to be supported, and lack of experience in making good choices.

I recall reading an article a few years ago which called for shareholders to get out of failing explorer/developers and just let them fail, to allow the industry to recover. Not that UC was in that group, I think they were doing well, just hit a stream of bad luck