AXT said in today's announcement they were valuing the PANR...

AXT said in today's announcement they were valuing the PANR holding at A$9.1M, slightly above my valuation of A$9M.

On a fully diluted basis using my more conservative number, it works out at a cash value of 6.1 cents a share, or 6.4 cents undiluted.

PANR are close to TD with the second well, might even be there by now, so potential for considerable upside is still there. The second well is targeting a similar sized structure, but one that was classed as having a high chance of success before either well was drilled.

A very nice clean cash shell going forward.

4.5 cents currently is a bit of a joke really, far too big a discount to its true value

LOTM