Two charts showing just how brutal it is raising equity

Contained in PriceWaterhouseCoopers' Thursday report on mining deals was a chart showing just how steep the drop off has been in equity financings.

After a high-flying 2011, the money dried up in 2012.

Looking ahead, the authors do not see much relief. Equity investors will be "content on the sidelines" until the markets come back. Cash-strapped juniors will have to seek other financing alternatives.

2012 saw much resistance from junior mining executives unwilling to hand over their company at current valuation. With dwindling cash, challenging equity market and senior miners focused on cost containment, not M&A, juniors may not be able to run their backs on opportunist offers from intermediate mining companies in 2013.

pwc raising money

Dog picture by Bad Apple Photography