Posted a similar thought a while back but I have noticed a few new names on here recently (great to see, welcome ☺) so going to highlight again... A quick look at the 5 year graph and you will see that AXT used to trade at much higher levels pre GFC...i.e. around 40c (with a high of 70c).. From my understanding, these higher levels were reached due to optimism in the Xstrata JV and (what was then) the impending drilling campaign...
Since then however all that has changed is the passing of time and lack of drilling through disappointing delays.(there was slight dilution from 72m shares to 82.8m which is negligible when you look at the erosion in the SP).
Basically AXT became unloved as shareholders lost interest due to the delays and moved funds elsewhere... Now that the drill is finally turning there is no reason why the sky is not the limit from these low levels...
Looking forward to this week as people continue to re-build their positions and are forced to buy at the ask... Agree with summit, think we will be past the 13 level in no time... The low quantity of shares on issue will make sure of that on any hint of a decent news release...
AXT Price at posting:
13.0¢ Sentiment: None Disclosure: Held
