Substantially Undervalued, O&G Situation in play, page-36

Updated valuation using a PANR price of £0.28 & an exchange rate of A$0.458

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Price $	Cap $	NAV	NAV
1	0.017	2,230,740	1,705,860	2,099,520
2	£	A$	A$	A$	A$
3	0.250	0.546	3,820,961	0.029119	0.025918
4	0.280	0.611	4,279,476	0.032613	0.029412
5	0.300	0.655	4,585,153	0.034942	0.031742
6	0.400	0.873	6,113,537	0.046590	0.043389
7	0.470	1.026	7,183,406	0.054743	0.051542
8	0.500	1.092	7,641,921	0.054812	0.051800
9	0.510	1.114	7,794,760	0.055908	0.052896
10	0.600	1.310	9,170,306	0.065775	0.062762
11	0.750	1.638	11,462,882	0.082218	0.079206

As can be seen by the table at the current PANR price AXT has a fully diluted  NAV of 2.94 cents.

LOTM