Ann: Half Year Report 31 December 2011 , page-3

Just under 12 months ago, the required number was around $50M, a number considered too large to raise on top of all the other raisings made to bandaid things. My guess is that it hasn't reduced since then, likely the opposite.
Power station, Capital Development, Dewatering, Resource definition and Exploration drilling and paying creditors all still need funds.
Only a (script) takeover can save this now (by someone brave, with cash and knows how to operate a less than straight forward mine - Panoramic??) but most would likely wait until it falls over, is picked over by administrators and get it for nothing which is exacly what AXM shareholders will get.
The gold is there and someone will make money from Wiluna again.