Well, considering the share prices of both Magma Energy and Ram...

Well, considering the share prices of both Magma Energy and Ram Power(two industry leaders listed in Canada) dropped like a stone as well, one shouldn't be too surprised on the poor performance of geothermal companies listed in Australia, especially at this moment Australia does not have a geothermal power plant yet. In general, I think 1) geothermal companies are too small (market cap) for institution investors to follow and 2) the current market sentiment does not help the geothermal sector.

However, market sentiment does swing between two bipolar opposities so I'm not too worried about PAX. PAX is not a one trick pony and in worst case scenario even their flagship project doesnt make out they still have some other projects to work on.