"Am I missing something? Why is ECU trading at $0.98 and GOG $0.21?"

The most important difference between ECU and GOG I can see, is ECU's size and production capacity advantages and (for those same reasons) better access to capital.

However, I still think that a 1:1 acquisition offer in shares by ECU would be a reasonable price at this stage.

I must admit, that I bought some GOG shares last months with such a take-over in mind, so I may be biased. However, the new NI 43-101 for San Diego and the result of Argoz' excellent analysis of the new estimate gives me confidence this 1:1 offer may come true.