There is no doubt that the AXM price performance has been...

There is no doubt that the AXM price performance has been atrocious over the last 2 years due disappointment regarding meeting forecasts, cash burn and dilution, but I don't know if its fair to say management have been misleading. Is there a particular example you are thinking of? Missing a target is only misleading if they never believed it was truly achievable.

Perhaps management should have been more pessimistic/realistic about the prospects, and raised more money when there was more blue sky built into the price rather at the current highly diluting price, but they have got a lot of skin in the game and its clear they believed that progress would be better. Mining is a tough game - a lot of things can go wrong. That is why the profits are so high when everything works out, and why you have to price in a significant risk-premium.

It seems to me that just about everything that can go wrong with AXM has, which has brought the share price plummeting back to earth. Management have one last throw of the dice or will surely lose their jobs and reputations, and they have enough cash in the bank and low enough expectations to make it work. For the first time in years the price offers upside commensurate with the risk.