I cannot see a capital-raising just now, personally. After all,...

I cannot see a capital-raising just now, personally. After all, there is something like AUD2mm in the bank and the burn rate is not that high per quarter. Also, with Xstrata effectively financing the ongoing exploration of Intercept Hill, and the UK market expecting some action in Pantheon Resources around May/June when it finally starts drilling (as per last announcement), that just leaves Toondulya, and I have heard nothing to suggest a major drilling program commencing there is imminent.

I agree about the selling, though - it's all a bit strange. The value of AXT's holding of PANR.L + existing cash alone is greater than the value of AXT at current levels. XStrata has just given a huge vote of confidence in the Intercept Hill area - with no discernible value attributed to this in the share price - and I still stand by previous calculations until more accurate information comes to light. I can only put it down to stale bulls heading to the exit, and good luck to them. Pantheon's share price has held very strongly around the 0.30-0.32 in the past couple of weeks and given the way these things go, you could probably expect some increase in this in the lead up to May when drilling is due to commence. That's not an eternity away, and probably the most visible driver of AXT share value at the moment. Why would you sell just now? It's at rock-bottom levels.

G