considering buying

I am considering this stock as a good gold play and was interested to read about the AZX and GGG relationship.

I did a few quick sums and saw that GGG was trading at 14 pence with 227m shares on issue. All converted that gives a value of A$51.6m for the company.

AZX has about 87m shares on issue so the 50c price gives a value of A$43.5m.

I was wondering why the difference. Also the last inferred resource upgrade from AZX was for 2m oz of gold. This is a substantial increase from the 450,000 oz they released previously.

I am relatively new to Gold stocks and was wondering if the EV/oz of $20/oz was inline with other explorers?

Any advice appreciated.