And don't forget cash and cash equivalents are ~$4M-$4.5M depending on movements in the Pantheon SP.
Add in the $16M JV with the major that is Xstrata, and it all makes the current share price look a bit dirt cheap.
I spoke to Hugh last night and he did sound as excited about Pantheon as he was about the Xstrata JV and also covered most of the points that you have raised above (great post by the way).
Everything is just around the corner now, and can't wait for the scramble to get on board in a couple of weeks.
AXT Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
