To me it seems to be working as exprected:
SETCURRENTDIR("Media") // go to media files
LOADSPRITE "rect640x480.bmp", 0
SYSTEMPOINTER TRUE
GETSCREENSIZE sx%,sy%
CLEARSCREEN RGB(255,255,255)
LOCAL mx, my, b1, b2
WHILE TRUE
MOUSESTATE mx, my, b1, b2
X_MAKE3D 1,1500,80
X_DRAWAXES 0,0,0
X_CAMERA 111,111,111, 0, 0, 0
X_DRAWAXES 0,0,0
LOCAL x = -3
LOCAL y = 7
LOCAL z = (-320 + mx) / 4.0
LOCAL scale = (480-my) / 640 + 0.25
X_DRAWAXES x,y,z
X_SPRITE 0, x,y,z, scale
SHOWSCREEN
WEND