quick summary

I have posted this or an equivalent before, but here is a quick summary again:

Cash at the end of this quarter (June 2011) will be ~$1M. Cash burn is ~$250k per qtr.

Pantheon Invesmtent:
AXT invested $1.7M, current value ~$3M, value has been as high as $4.6M and will most likely be at least that once they actually find a suitable rig which is well overdue as they have been trying to do so for 2-3 months (targeting 400 bcfe in one of the areas). "Argo interprets these developments to be a positive indication that a spud date is near at hand."

AXT Share on Issue: 82.8M.

Cash/cash equivalents: ~$4M.

JV with major, Xstrata: $16M.

Current Market Cap.: $8.6M

Currently drilling right in the middle of where past drilling encountered:

"The Winjabbie East prospect has been tested by ONE diamond drill hole to date, Argo's hole IHAD8."
That one hole returned: "IHAD8 returned several meter increments in excess of 1% copper and ranging up to 2.8% copper."

Situated in World Class IOCG mineralised Province which contains deposits in all surrounding directions - Olympic Dam, Oak Dam, Prominent Hill & Carrapateena (OZL bought out Carrapateena for US$325M only 2 months ago (have a look at some of the OZL announcements, everything sounds like AXT).

AXT SP was around 16c 3 weeks ago on speculation of the first drill hole, which was at the end of the day a stab in the dark. I wonder where the SP will move to in the coming 1-3 weeks on speculation of the current drill hole hitting something that AXT already hit (1%-2.8% Copper) with the first and only hole they tried with in this area?

Good luck and get ready for the ride we've been waiting for since entering into the $16M JV with Xstrata.