Just a wild idea. I don't know much about Pathfinder, but I read the description of the enchantments... considering that the PC is a thief, what about this?
"The PC wants to steal something that is guarded by a single monster/NPC he cannot defeat alone... so he intends to throw (is this throwable?) the axe from a safe distance... if it hits, the guardian is pinned, allowing him to steal the object, then recall the weapon from a safe distance - if it misses... he can (I suppose) recall the axe in his hand and try again (supposing that he can do from a place where the guardian cannot reach him)."
Can you think of some thievery scenario where this plan could work?
Another possibility (assuming the PC is really interested in playing a Thief, even if I understand this is not the case, I am adding this to my answer as an inspiration to others):
I suppose that the axe+a rope could also be useful as a sort of grappling hook? Throw it against a (wooden?) balcony or beam, climb up, steal, climb down, teleport back to your hand...