AXM - Apex Minerals

[jeffTH]

Thanks Miner and Jman for your comments.

It doesn't look too good! I borrowed the following from over the road re capital raisings -

$ 35m @ $1 in Jul 07
$ 62m @ 85c in Mar 08
$ 19.6m @ 27c in Jan 09
$ 28m @ 20c in May 09

Total of $144.6m plus the $60m borrowed as Senior Debt.
Now they want another $108m @ 4c

All they have to show for this is $29.891m receipts from product sales!

I would wish that their action within the mine was as slick as their presentation yesterday.

I think it is time to salvage what I can and move on to FML, SLR to name a couple.

Cheers and good luck to those that remain.....

 

[Who Dares Wins]

I have just heard some information and tips on AXM and recently got in.. hoping to see some action within the next month.

I'd love to know what those tips were.......

Down 50% in the last 10 days since that post.

If I were you I'd go find the guy who gave you those tips and have a word with him.

 

[Riddick]

I'd love to know what those tips were.......

Down 50% in the last 10 days since that post.

If I were you I'd go find the guy who gave you those tips and have a word with him.

not forgetting rule number one. never ever follow someone else's tips. i feel for you guys, good luck.

 

[seen]

I'd love to know what those tips were.......

Down 50% in the last 10 days since that post.

If I were you I'd go find the guy who gave you those tips and have a word with him.

I am not a patient trader and ended up buying at 0.096 and sold at 0.100, with a feeling of relief. the tip was something to do with better mining techniques which I won't fully divulge...as if it matters too much anyway.

and the guy who gave me the tip actually didn't sell and now's he's in the same dilemma as everyone else doing this

 

[Miner]

I am not a patient trader and ended up buying at 0.096 and sold at 0.100, with a feeling of relief. the tip was something to do with better mining techniques which I won't fully divulge...as if it matters too much anyway.

and the guy who gave me the tip actually didn't sell and now's he's in the same dilemma as everyone else doing this

Dear Seen

Congratulations for your sell of AXM on a profit.

I will be much obliged to just give some hints on the innovative and secretive mining technique which your tip ster gave to you ?

There are some well established techniques and AXM just do not have the capacity or capability to apply even some of the known established techniques which experts call as innovative. It is primarily due to their lack of fund situation.

So if your so called tip is not to be seen as ramping, please do yourself and us a favour by disclosing some of the truths - innovation based on which country, nature of mining and the nature of back ground of tip star.

If you can not share I am afraid to assume that your tipstars probably belong to the group of bookies from overseas who try to rig a cricket match

Look forward to see your clarificiaton !

 

[Sean K]

For some reason I started looking at this closely for the first time today. Maybe because of the big jump on Friday.

And, after looking though the past years anns I see no reason whatsoever to go anywhere near this puppy.

Wiluna looks like it's a bottomless pit. Money pooring in, for about the same gold coming out. They might as well be just buying gold from the Perth Mint and claiming it as production.

Still claiming 120k pa production somewhere too I think. lol

Has anyone checked the Directors remuneration? OMFG! 08 they paid themselves about 3/4 of a million bucks each to take the price from 70 to 20c. This year they've taken a pay cut (good on 'em) to only take in a half a million or so, and take the price from 20 to 5c.

Nice rights issue. lol. Only a 50% shortfall. The poor underwriters will be loving that.

Anyone got anything good to say?

 

[Wysiwyg]

That capital raising is ridiculous really. Average cash costs of A$1,078/oz. Hard to believe people sign up to throw money into a fire place. Must have nothing better to do with it I suppose. Probably keep some poor bugger employed for another year or two.

Seen the writing on the wall ages ago. The dunny wall.

Heading for the "Bad Company List" thread.

 

[skyQuake]

For some reason I started looking at this closely for the first time today. Maybe because of the big jump on Friday.

And, after looking though the past years anns I see no reason whatsoever to go anywhere near this puppy.

Wiluna looks like it's a bottomless pit. Money pooring in, for about the same gold coming out. They might as well be just buying gold from the Perth Mint and claiming it as production.

Still claiming 120k pa production somewhere too I think. lol

Has anyone checked the Directors remuneration? OMFG! 08 they paid themselves about 3/4 of a million bucks each to take the price from 70 to 20c. This year they've taken a pay cut (good on 'em) to only take in a half a million or so, and take the price from 20 to 5c.

Nice rights issue. lol. Only a 50% shortfall. The poor underwriters will be loving that.

Anyone got anything good to say?

On the contrary, maybe its a windfall @ 5.2c now. Maybe pump and dump? I wouldnt touch it!
They've raised money continuously for ages now... really makes you wonder.

 

[nunthewiser]

Oh No.................

Wish i saw this thread before .......

I entered AXM today as a pure technical play .

Nice base formed , nice volumes sneaking around and will have a cupla bucks to carry them for another monrh or 6 until there next handout

Tech play only and as with all penny dreads it could go **** up at any given moment .

Blessem.

 

[jman2007]

Oh No.................

Wish i saw this thread before .......

I entered AXM today as a pure technical play .

Nice base formed , nice volumes sneaking around and will have a cupla bucks to carry them for another monrh or 6 until there next handout

Tech play only and as with all penny dreads it could go **** up at any given moment .

Blessem.

Haven't poked my head into this thread for a while,

Doesn't seem like anything has radically changed with AXM since the rights issue, most other recent posters in the know seem to be echoing similar thoughts re this company. Be careful with this one nunthewiser, it's a real case of survival for them atm and it's basically almost coming down to a day-by-day basis one would think. Not a stock I would care to trade to try and make a quick buck, but if you manage to then I will raise my hat to you sir

 

[nunthewiser]

Thankyou and duly noted jman....... Im not in this one for sheep stations and prepared for any losses i incur as always .....Small punt only based on technicals only....


I do love these penny dreadfuls tho

 

[nunthewiser]

Walked away at breakeven - brokerage today on AXM ...........Got spooked ... happy to be wrong and will re-evaluate IF it breaks to the north .

 

[pedalofogus]

Hasn't been any chatter on this one for a while (probably because the SP has tanked over the last year and people hate it). Our Financial Planner at work recommended it to me a while ago when it was trading at 17cents, said it was a sensational prospect. Then when it got to 10cents, he said the same thing. Now that it is at 2 cents (and he is still saying it is great), i have decided to have a punt on it.

I have recently picked up a small parcel of the AXMO options as a bit of a play on a possible recovery by the company.....which may be helped by the POG. I am only in this one to the extent that i would be happy to lose, because i am fully aware that this company could be gone-ski's in the next couple of years if it doesn't turn around.

But they have really reviewed their operations, the gen is back on line which will reduce power costs. They have also got rid of the contract work, and everything is done inhouse now which should reduce costs.

If they can reduce the costs the way they have announced, and the POG continues to run higher, then a profit is not far away IMO and possibly the ability to start increasing production to say 10,000 oz per month. It would also give them the cash to start drilling again, and who knows what can happen then.

At 0.5cents per option, I reckon it is a pretty good gamble. Be interested to hear other people's thoughts though?

Cheers
Pedalofogus

 

[Sean K]

Our Financial Planner at work recommended it to me a while ago when it was trading at 17cents, said it was a sensational prospect. Then when it got to 10cents, he said the same thing. Now that it is at 2 cents (and he is still saying it is great), i have decided to have a punt on it.

Your 'Financial Planner' recommended it to you? HUH? A Certified FP advised you to buy this? OMG!!

Opex of $1250 an ounce? WTF? As I said above, why not just go and buy it from the mint and call it production? This is of massive concern if/when gold corrects for an extended period.

At least they are saving money on paper, their Sept Qtly production ann was just one page long.

The only good thing about this is that it can't go too much lower. Surely...

 

[Sean K]

What is even more bamboozling to me is how this company can keep paying their management and directors so much money when the company is such a total failure.

Creasy is taking home $580k pa.

Congratulations, you've taken the company from $1.00 to 1c. Take a half a mill...

 

[pedalofogus]

Your 'Financial Planner' recommended it to you? HUH? A Certified FP advised you to buy this? OMG!!

Sorry, i should clarify this. I am an accountant and we have a Certified FP in our office (who just so happens to be a total gold bug).

Therefore, he wasn't giving me 'advice', he and I were just having a 'friendly chat' about his 'extra-curricular' activities........if you get my jist

He certainly wouldn't be advising any of his actual clients to buy AXM as i would say it is outside of his 'accepted' list. haha


In relation to the costs, i think they may have the ability to work these down to a reasonable level, and if they can increase production then that could result in decreased costs per ounce. And i don't think we have seen the end of the gold rush either, so if POG went to say 1700/oz it would have them making good $$$'s per oz.

But I'm under no illusions, this company is just as likely to go belly up as it is to be a 10bagger. I am fully prepared to lose everything in this one.

 

[Sean K]

That's good that you obviously understand risk reward. Their ongoing problem with costs has been a significant issue for some time. At one point I think it was $1450 an ounce! Yes, if gold keeps going up then good, and if they can get costs down by continuing to produce quarterly reports on just one page, then great. If things stay pretty constant then these guys are in trouble.

 

[pedalofogus]

The initial paragraph on that 'September 2010 Quarterly Production Highlights' says that:

Apex Minerals (ASX:AXM) is pleased to provide a brief update on its operational performance for the September quarter in advance of the full quarter report due to be released toward the end of October.

So hopefully within the next 3 days we can expect a more detailed description of what they have achieved in the Sept Qtr. I'm not expecting anything sensational however.

 

[Sean K]

OK, look forward to the update.

I do see where your FP (gold bug) got the seed from. I've gone back to 2006/7 reading their reports and presentations. There were some high hopes for this little turkey.

It seems that they were relying on feed from outside Wiluna to get the costs down, but that has not eventuated. But I'm only half way through all their announcements so there may be some other issues or that is incorrect.

Gotta be something wrong though.

Charts rarely lie.

 

[pedalofogus]

Unfortunately for him, when he got the seed he proceded to buy in at 90cents (or some crazy amount) and he has been averaging down ever since.

They certainly have had some issues, but have had some key staff changes recently as well. I am glad to see that they have appointed a new CFO, I think a lot of people underestimate the impact a CFO can have on a company.


I am also glad to see you have taken AXM in the November tipping comp. I almost took it myself, but had to stay true to my current favourite (AJM). But I'm glad someone has picked it up. November could be it's month!