gold companies - asx nanocaps (under $5m mcap), page-11

Questions to ask before investing.

Has management found and developed a gold mine before ?
Has management published a methodology for treating the ore -- the digging it up is the easy bit.
There are so many things that can go wrong that Mr Market will not give a sustained price uplift until the 2nd gold pour which shows they will produce 100 k oz per year.

Any price gains before then are the result of speculators fighting between themselves.