RE: Full Picture Ok, Behr, here's a fuller picture, from the Q3 (Sept 30th) financial statement and most recent management information circular:
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Cash position: $3.3 million
Working capital: $3.1 million (amount receivable: $880K, accounts payable: $1.2 million)
Last quarter's expenses (excluding deferred exploration costs): $992 K
2010 salaries paid to top 5 AXI execs: $793 K
2012 Commitments: $426K for office and equipment leases, $275 K payment due to Roche Bay plc
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AXI's currently paying for a full feasibility study. These typically cost at least $5 million. With their burn rate (salaries, rent, maintenance costs at both Roche Bay and Tuktu, feasibility study expenses) they are almost certainly currently running a working capital deficit. And there's a distinct possibility that Wardrop has halted work on the feasibility study because AXI can't make regular payments to them.