sub 10c, page-9

Yes their cash costs are high, nearly double that of the previous owners of wiluna. However these costs will come down. AXM have plenty of other projects that are promising. They need to be considering wiluna has at best 4 years of life.

Plenty of upside for the future, its got a good management that cannot be ignored.

All the info we have is what is available on public domain, the low sp I cannot understand, the long term downtrend I cannot understand. Unless there is something not made available to the public.

See below:

This is pre apex
2000 117,974 ounces 6.47 g/t Aus $ 335
2001 117,360 ounces 5.53 g/t Aus $ 423
Jan - Sep 2002 89,683 ounces 5.01 g/t Aus $ 487


Since apex started production in December 2008, the company has announced the following quarterly production figures:

Quarter Production Grade Cost per ounce
Fourth Quarter 2008 [20] 385 ounces
First Quarter 2009 [27] 17,000 ounces
Second Quarter 2009 [19] 29,000 ounces 5.1 g/t Aus $ 952

Apex target is $560aud per ounce, and expects to reduce $40aud per 1000 ounce's poured.

After removing the emotion of the last few weeks, I still consider AXM a long term viable investment.

Remember wiluna is only a medium term project, other projects include:

Gidgee:
The Gidgee Gold Mine is located 640 km northeast of Perth in WA and includes a 600kt gold treatment plant. As at November 2008 total measured, indicated and inferred resources were 3.27Mt @ 6.0g/t Au for 626koz Au.

Youanmi:
The Youanmi Gold Mine is located 480 km NE of Perth in WA and includes a 600,000tpa gold treatment plant, a 270,000tpa sulphide flotation plant and a BacTech bacterial oxidation treatment plant. As at November 2008 total measured, indicated and inferred resources were 8.23Mt @ 3.6g/t Au for 953koz Au. Production is scheduled for Q3 2010.

Aphrodite:
The project is located 65 km north of Kalgoorlie in WA and hosts a resource of 1.44Mt @ 6.2 g/t for 287koz Au.

Other:
Other projects include Apollo Hill JV (earning 51%), Lawlers Nickel JV, Jillawarra JV (diluting to 30%).


I am sure there is much more, if the sp goes to 7cents, then I see that as an opportunity.

I have not averaged down yet, but when this stock moves, so will certa.