Maybe they have been destroying capital, or maybe it has been...

Maybe they have been destroying capital, or maybe it has been invested as required but getting to full production has turned out significantly more expensive than expected. Budget overruns do occur for legitimate reasons sometimes, but then so too does mis-management.

My judgement is that the risk/reward ratio in this case is definitely on the investors side at current prices. There is no denying this is a high risk play, but the entry cost is low and if the stars come into alignment, the reward here will be huge.

For those who invested at 5 - 10x the current price, it has obviously been a dog. I feel their pain, but the current reality is that for 3 cents you can buy the rights to spend 40c and receive 10 AXM share plus 1 6c/3year option.