ten months ago to now

http://www.eagleres.com.au/images/pdfs/reports/2012/gry3may12v1.pdf

Upside Potential
Our modelling has been based on the existing March 2011 resources for Nogbele, Fourkoura and Samavogo, and allowing for ERA's expected possible tonnage increases (to Nogbele ~20% and Samavogo ~50%, plus an estimate for Stinger) and is only based on relatively shallow open-cuts. No value has yet been given for the other 20 drill-ready targets such as Oahiri, the likelihood of deeper pits, an underground on the high grade lode at Nogbele, or lower strip ratios from the infill drilling at Nogbele.
And there's the Mauritania assets and the barely touched Cote d'Ivoire, inferring that aside from the NPV (which has conservative capex and exploration provisions), Gryphon's market cap could be justified at closer to $1bn or ~$3 per share or more than triple the current share price.