the numbers

Shares on issue 2011: 82,800,000
new shares issued after capital raising: 12,420,000
Total New Shares on Issue: 95,220,000
Market Cap: $2,856,600
Cash At Bank End of Last Qtr: $745,300
Cash Raised in Recent issue: $372,600
Expected Cash At Bank: Approx $1,000,000
Patheon Investment: 7 million shares at 8.0 valued at $863,500 AUD.

Total Current Assets: $1.9 Million AUD.

I am not an expert - but this would appear that the market is giving no value to the drilling that is expected to begin shortly by Xstrata.

Any sniff of good news and there is real potential for AXT to be above 10 cents purely on the fact no value has been given to the tenements it holds.

This is one to watch in my opinion.