Substantially Undervalued, O&G Situation in play, page-37

Updated valuation using a PANR price of £0.28 & an exchange rate of A$0.458

	Column 1	Column 2	Column 3	Column 4	Column 5
1	Price $	Cap $	NAV	NAV
2	0.017	2,230,740	1,705,860	2,099,520	;
3	£	A$	A$	A$	A$
4	0.250	0.546	3,820,961	0.029119	0.025918
5	0.280	0.611	4,279,476	0.032613	0.029412
6	0.300	0.655	4,585,153	0.034942	0.031742
7	0.400	0.873	6,113,537	0.046590	0.043389
8	0.470	1.026	7,183,406	0.054743	0.051542
9	0.500	1.092	7,641,921	0.054812	0.051800
10	0.510	1.114	7,794,760	0.055908	0.052896
11	0.600	1.310	9,170,306	0.065775	0.062762
12	0.750	1.638	11,462,882	0.082218	0.079206

As can be seen by the table at the current PANR price AXT has a fully diluted  NAV of 2.94 cents.

LOTM