With Gold north of 1800 AXM might survive and even eke out a...

With Gold north of 1800 AXM might survive and even eke out a decent profit as a standalone entity. Most of their problems are related to financial constraints resulting in poor equipment availability and accordingly an under utilised mill. So it appears to me these problems should be overcome once somebody with the necessary financial resources and know how takes control. Apex alone would need much more time and given their lack of cash one major adverse event could ruin the whole effort. Apex remains a high risk/high reward bet IMO.

Several companies are actively looking for partners. As we all know, Northgate has been taken over, Focus has gained control in Crescent and St. Barbara first tried to partner with Catalpa who later joined forces with Conquest.

The Focus/Crescent combination could be seen as an example of what could happen at Wiluna. Focus IMO has the experience and resources to get Crescent's projects up and running at full speed. Crescent was suffering from problems very similar to Apex' ones. Focus had a close look at Crescent and made a bid. Once consolidation in the sector progresses, other companies looking to expand their business might have a look at Apex. As is the case with Crescent, Apex' problems seem resolvable and Wiluna could be transformed into a much more profitable gold mine.

To sum it up, I would not be surprised to see somebody make a bid for the company in the not too distant future.