I read the quarterly and was gaining a sense of optimism for...

I read the quarterly and was gaining a sense of optimism for this stock until I got to the page headed Processing then discovered this;

"*September quarter reported cash costs per oz of gold sold of $1,078 as opposed to gold produced"

AXM have now reported that September quarter cash cost per oz was $1220 in an attempt to create the impression that production costs have been significantly reduced.

Production during the September quarter was dogged by seismic issues underground so naturally you would expect the cost of production to be significantly less.

In usual AXM style the Sept quarterly was released to the market as late as possible. You can't tell me a company desperate for a $100m cash injection would wait a whole month to sell their gold hence the true cash cost of production for the Sept quarter was hidden.

What has been hidden this quarter???

Major excuses so far:
1. Free gold stuck in the bottom of BIOX.
2. Unexpected seismic problems causing delays underground.
3. Corrosion/rubber lining issues in BIOX - Somewhat routine for BIOX. Good opportunity to get that free gold out. They aren't running sufficient grade to run the BIOX plant at full capacity.
4. Crusher.
5. Power production.

All this not long after a major refurbishment.

They still haven't explained the 76% recovery.

I would have thought underground capital development is an ongoing expense so I am alarmed that the cap raising was used to fund this. I would appreciate some clarification here.

What excuse are they saving for next quarter???

Lets hope that free milling golden age gets them through.