You also have to hit it a sixth time to change it from the great axe to a pick axe.
i know we have to hit it again but when i try make the pickaxe it just goes to the sliding minigame as described by the other guy. i try to make the mithril pickaxe and it gives me the axe(2 headed) and it doesnt let me hit it again to change it but instead i hit it again and it gets the quality minigame up...