this is the correct re-post of my above post i asked to be deleted.
i must say i laugh when u say "fat puppets".
i remember they had a buy on AXT back at 41c or 45c in the early days too before it went to circa 70c.
they had been so positive on the potential of AXT's tenements (potential for an IOGC deposit similar to olympic dam), their focus on only 2 sites - intercept hill and toondulya, the management, the way they conserved cash during the GFC. so i was so surprised to see how quickly their opinion changed when they decided to sell AXT below asset backing.
astute buying by you too picking them up in the 4c. well done. the cynic in me thought i was only competing with FP to buy AXT in the low 4c range. my opinion only.
also what i like, is that we havent seen any "hotcopper rampers" here, which to me indicates the buying is based on the announcement rather than imaginary "hype" - a pump and dump by a syndicate with enough money to manipulate a thinly capitalised company's shareprice.
intense buying in the last hour today. would have loved to have watched it but didnt check AXT until after close.
Xstrata sole funding exploration to earn in... so going forward there is now a shareprice driver (newsflow, at NO cost to AXT) which was not there before. the chances are, AXT is now in a sustainable uptrend.
"the next olympic dam" are the words people throw about when they discuss new discoveries by companies. now after all is said and done, AXT has Xstrata join them to explore their "olympic dam" potential. what other companies have THAT?? what an epic day.
i think that most of the stale holders would have thrown in the towel circa 5c, especially after the FP sell recommendation. the share has based at such low levels for so long. and today 5.5m shares changed hands, giving some their chance to exit. potentially some did buy at much higher levels and will sell when they break even. that's why i think 30c is the first target (listing price), then old highs 60c-70c potentially (market cap of $50m, sounds reasonable?).
what approach are you taking here cribbo?
AXT Price at posting:
11.5¢ Sentiment: None Disclosure: Held
