Ann: Mine Manager Appointment, page-28

Sufficient funds to see it through to gold production ERL’s ore reserve has been calculated at a gold price of AU$1500 per ounce using a lower cut-off grade of 1.41g/t Au, current gold price is 1,608.66 ...with every AU$100/oz. increase in the gold price above AU$1,500/oz. leading to an additional AU$2 million in free cash flow.

With access to a Resource of 470,000 tonnes @ 4.42g/t , The deal stipulates that Blue Capital will fund mining and related costs – to a maximum of AU$7.5 million – seeing it into full production and until the project is cash flow positive also ERL has a possibility of extending the mine life by 3+ years.

$2 million cap raise, and the A$7.5 million funding deal, show a far greater confidence from the market than where the company is currently valued..

Once production happens ERL will /should re - rate, as the risk reduces the market is more confident to re-rate in the positive..the mine is now operating 24/7..with gold ore being produced with little drilling needed , which keeps costs down ..as they stated ore will be ready for haulage to the gold processing mill in July..

Gold mineralization extends to at least 250 metres depth , with a deeper resource of 170,000 tonnes  
@ 5.40 g/t .

Definitely do not see that as unattractive  at all..as Fizzgig  said above - ( Basically ERL are damn close to producing gold and the share price then reflecting the revaluation of the company) .
It's just a waiting game.