qtr report

1. I am still confused what is the status of reserve and resources. I still cannot figured it out how much more resources or reserve AXO has. Sounds like:
Reserve: 103Mt
Measured & Indicated Resources: 82Mt
Inferred Resources: 140Mt
Total: 325Mt

Basically, AXO has not find more ore, just converted some Inferred resources to Measured and Indicated Resources.

Looks like next step is to go deep to 300-400m at Western Pits, not to convert the Western BLOCK from inferred into Indicated/Measured

2. Project Finance:

It looks like they need from $225m to $325m equity. The cash in hand might be good for working capital only. So at 210m full diluted (including options), and at current share price of 70c, AXO need to issue 300m to 500m shares!

I guess some external investors has to be introduced. The best existing shareholder can get is through right issue, and we have to average down to take the advantage of the situation.

It could explain why someone wants to see lower AXO share price. It could be easily manipulated by existing shareholders, or through share lending.

So the drives for share price could be either resource upgrade or HOA on Finance.