AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Holy Shxt - this dog has had a 5:1 and a 10:1 consolidation in the last 4 years and it is trading 2.5c?

The directors and management of this company has turned $10m in 2006 to $264k today - a loss of 97.36%!

How much of that has gone to them in salaries, fees and benefits?

What a freaking waste of time!

Balance: I think what is interesting, is that perception is everything. AXG doesn't seem to be compelling at the moment, yet they have taken in something like around C$32mill of shareholder funds since 2006. There are not too many who will supply cash funds now, yet in early 2013 there was quite a bit coming in from investors, including me. The difference is that instead of spending most of the cash on exploration that didn't quite make it, from 2013 they scuttled about $4mill on (what turned out to be) a doomed alluvial project. It seems that might be their last chance in the current format.

It's not unusual for greenfield explorers to raise $2-$4mill, and spend it on exploration over a two year period, often to no avail. GEL/AXG managed that several times over, still to no effect. Bad luck? It's true that Simon Henderson and Peter Liddle earned reasonable salaries over the duration, plus travel and the use of some toys. Most of the capital was spent on external contractors, the govt for permits, company staff including geologists and students etc. And in buying gear and permits from Otago people, who were smarter than Mr Henderson and Mr Liddle.

It has been an interesting journey.

On the TSX yesterday, AXG announced that they have given up on the raising of more capital via shares. Instead, they are in negotiations with an unnamed third party. Considering Newmont are owed the most from AXG contract commitments, and that the AXG permits that remain are on their Waihi doorstep, it doesn't take too much of a sleuth to guess who the party is.

http://web.tmxmoney.com/article.php?...&qm_symbol=AXG

There was apparently no need to post the same info on the NZX today, two days later.