Same boat here.

I ask that very question about every junior miner I am involved in right now. There are so many very big players holding major paper losses and so many small investores sleeping so poorly.

I think that there is a lot of short term perspective out there. A lot of retail hobby day traders trading for penny wins/losses, that add to volume over time. A lot of institutional investors forced to re-balance portfolios but are trading only what they have to and buy back as soon as they can. Of course there is always the disillusioned or impatient who choose to take the loss today hoping to find a better play or for re-entry later for lower. As well, those who over extend and are forced into realizing a loss. Finally, these cross trades things which appear to have no monetary impact but provide much of our volume.

To me, It really does not seem like a lot of shares being traded. No one really bailing on Noront, just shareholders doing what they have too to stay in this great play in a really beat down sector.