Hi Basemetal, the NZ IPO was in 2006, shares were C20c and NZ25c. As there were about 130mill shares in play after that, the Mcap was about C26mill after the IPO. At this stage the company had a large permit area to explore, and used some of the cash for NZ's biggest ever hi-tech aerial survey.

About 2 years ago there was a 1 for 5 share amalgamation, and here we are now with the shares at C20c, MCap a bit lower as there are 85mill odd shares out. Of course in the meantime GEL has needed to spend over $50mill on exploration, but they now have plenty of assets and IP.

Aerial survey data, detailed computer files amalgamating field data to help with drilling. Staff of 40 odd, trained. Placer permits and mining equipment earning profits of C3.6mill p.a, and this will only improve. Garibaldi, new discovery. Muirs (an old mine site), resource report in progress. Permits for placer and hard rock spread throughout the Waihi, Otago and Southland areas. JVs with Newmont, including the giant WKP, very near Waihi. WKP has never been mined, apart from sampling over 100 years ago. This is apparently the company focus, with good reason. 

This explains Brent Cook's interest in GEL. The shareholder funding has not been wasted, this company has been frugal when it needed to be, and bold at other times. With another project being signalled in the pipeline, I'd think it's a safe bet that the share is priced at the low end of any sensible valuation.