Hi Baukaw,
Just look in the accounts.
I presume its capital gains tax or such like, so the more PANR goes up in price the more tax AXT would be liable for when they sell them.
They have some tax losses carried forward (A$3M+) which they can help offset against the (A$6M+)
LOTM
Substantially Undervalued, O&G Situation in play, page-203
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