Ann: Application for quotation of securities - A1M, page-3

Worth a read over, 2. Understanding Employee Share Schemes – Parliament of Australia (aph.gov.au)
Most research shows benefits from this kind of approach

The company I work for issues shares to employees.

In any case what you've detailed out here shows the value we are sitting on.

Note expenditure on Eloise was $27M including cash and equity.
Raise to extend life of Eloise of a total of $57M

Not to strictly say the costs spent mean a true reflection of value but for a revenue producing company that has now improved its core-producing assets, fixed assets, etc. Definitely does not feel adequately reflected in the current share price.