Hi Sector Lead, Not sure where the sell target is to be honest....

Hi Sector Lead,

Not sure where the sell target is to be honest.

1st event will be the flow-test results from VOS#1.

Once I have that, I can then put a ballpark valuation on the Kara Farms prospect as a whole.

I'll then combine that info with what's said in this weeks TV interview, regarding more drilling by Vision.

At some point AXT will sell down or completely out of PANR.

I've watched & I'm sure you'll have seen probably even more than me, all these reverse take-overs that are going on. Many of the shell's trading at significant premiums to there cash value. Most having A$5M max in them, which limits the size of asset's that are being reserved-in.

AXT is going to have A$20M+ of cash by the time anything occurs, allowing it take in a much bigger asset (hopefully one that really excites the market) and a very tight share registrar (at the last count only 114 accounts held over 100,000 shares in them).

A case of playing it by ear (or gut instinct)

In hindsight I should have tipped it for the short term comps, but the last couple I did that on had dry wells, hence my refusal to do so this time, I was determined not to jinx it.

LOTM