resource upgrade to 185mt io, page-7

The previous qrtly report said they were going to spend A$50M or so in the March quarter, which to me was a signal that they were getting it on.

Be interesting to see how much progress they have made in this quarter. Certainly the drilling of the resource is having some success, but the market has little patience at present for something that takes so long to complete.

I like AXO very much and I find their mgmt cautious and conservative, but the market and the brokers have little clue in distinguishing one iron ore player from the next.