Firstly, I write this post only in the interest of sharing my...

Firstly, I write this post only in the interest of sharing my thoughts, I am in no way wanting to upset anyone that has held AXM past or present. I am always trying to learn more so as to assist myself in not making too many mistakes. AXM is for me, a good example of a company with management that have overpromised for years, with ever increasing production goals whilst ever increasing costs and delays.

I also continue to watch AXM because I am a holder in BLK, which has open pit resources within 17 kms of the Wiluna plant, and obviously would be much more viable than AXMs underground pit resources, which, after 4 years of production, have failed to make any money!!! The more I read, the more I wonder how they have stayed afloat at all!

Here are the first of many scary details about AXM.

AXM Capital Raisings since 2006

The total is in no way %100 accurate, but after much reading, I think I have gathered all the relevant information (happy to be advised of any errors etc).

Total raised from shareholders -
$394 million.
+ asset sales of $29.5 million.

Grand total == $423.5 million.

All I can say is unbelievable.


Somewhat off topic, but interesting to me as I did not realise, but Sirius Resources was spun off from Apex because of Mark Creasy. Ha… SIR market cap is over $400 million. AXM…. $12 million.
No wonder Mark was able to keep holding on to the AXM steering as the 'ship went down'.

More scary details -

22/12/2008 "Wiluna Gold Pour"
It is unbelievable that Wiluna has been producing gold for over 4 years now, yet not made a profit.
Surely after 1 year you would go, ok, its no good lets move on. No no.. Lets wait till just over 4 years of failure to finally give up…. ( In Dec 2008, they were targeting cash costs of $600/oz… hmm.. They have pretty much been unable to get it below $2000/oz).

AXM even mentioned in presentations back in 2008 they their medium term goal was 500,000 oz pa.!!!

As I said at the start of the post, it’s a sad story, I have lost money on many stocks, CCC a very good case in point. Managements inability to respect shareholders is staggering. They should all be ashamed of themselves.