Business Description:
Apex Minerals NL (AXM) is gold mining company focusing on its projects in Western Australia. AXM currently aims at its flagship Wiluna Project.

Strategy Analysis:
AXM have assembled a new management team in April 2006 who had previously worked together for 8 years. AXM identified a strategic opportunity for a regional consolidation in the Eastern Goldfields, Western Australia focusing on high grade refractory gold deposits. Many of the discovered deposits had fragmented ownership and were lacking the critical mass for efficient operation. AXM address this by creating a central processing facility, fed by several consolidated high grade deposits. This has been led by the Wiluna project where AXM have consolidated it with the Youanmi and Gidgee projects. This has enabled the combined establishment of 4 years reserves at all 3 deposits making it economically viable. Future gold production is expected at 200,000 oz by 2009 with exploration upside. Apex Minerals reported positive cash flow of $44,000 for quarter ended 31 March 2009. Operating cash flow for the period was $(17.66m). Payments for exploration and evaluation were $(1.2m). Investing cash flow was $(2.18m). Financing cash flow was $19.89m. Cash in hand at the end of the quarter was $2.9m.