5 years ago ERM SP was around 14-15c and we had recently (4th of...

5 years ago ERM SP was around 14-15c and we had recently (4th of July 2012) had an announcement headed "New high grade copper and Bismuth results extend Goanna Mineralisation", since that point we have had;

August 2012 - "potential Strike at Goaana doubles after latest drilling"
November 2012 "Goanna deposit extended High grade copper with Gold intersected at Goaana North"
November 2012 "Emmerson Resources and Ivanhoe Australia Joint Venture"
February 2013 - Large Copper- Gold Mineralised System confirmed at Goanna"
October 2013 New High Grade Drill REsult & Substanital Upgrade to Gold- Copper Resource Inventory (Gold Increased by 107%, Copper by 140%, Combined JORC resources now 800,000oz Gold equivalent)
November 2013 High Grade Chariot Gold Resource & Global Resource Upgrade (70% increase in Gold resource, Global Jorc Resources now 900,000oz eq)
Sept 2014 - High grade gold & copper at Chariot East & new extensions to the Eldorado Ironstone
October 2015 - New High Grade Gold Discovery at Mauretania
May 2016 - High Grade Gold Intersected at Edna Beryl West
July 2016 - High Grade Gold Intersected at Edna Beryl - further results to follow
August 2016 Further Bonanza Gold Confirmed at Edna Beryl
October 2016 - New Gold - Copper Projects in NSW
October 2016 - Intersections of bonanza high grade gold plus visible gold at Tennant creek
Nov 2016 - Rover Farm in Venture
Dec 2016 - Bonanza High grade gold continues at Tennant Creek
Feb 2017 - Extensions to high grade gold at Edna Beryl confirmed
June 2017 Production Commences at Edna Beryl
July 2017 First Deep hole at Edna Beryl intersects visible sulphides
July 2017 Large Porphyry Copper and Epithermal Gold at Kadungle NSW

And after all of that the SP is 11.5c.

Even at 900,000oz at $US1000, at AUD at 80cUS, with ERM entitled to just 25% and only 10% profit on the gold in the ground we are at $28m plus $5m in cash and a plant which I believe is worth $10m we get to our market cap of $43m - which effectively means no discovery beyond 2013 has been valued and everything before that is significantly under valued.