ASX's most undervalued Gold stock, page-24

Beer & Co's 8.5 cent valuation is based on a US $1250 gold price and a 0.75 exchange rate.
That converts to a $1562 AUD gold price. So even at 8.5 cents it would be undervalued going off todays $1753 Australian gold price.
That valuation also takes into account the risks of AQQ getting to production, Once they are in production the SP valuation is a lot higher then that, refer to the un-risked valuation sensitivity analysis from Beer and Co.
Patience is the key, this will get re-rated, its just a matter of time, as long as the AUD gold price doesn't collapse, which looks highly unlikely with basically every central bank in the world increasing their base currency supply and lowering interest rates.
Its really just a matter of how long the US govt can fool the world with their phony recovery, main stream is still buying into it.
Another possible reason why the stock price is lagging is that AQQ is yet to convert their indicated resource into reserve category, this is obviously critical for the Bankable feasibility of the project. They will look to do this as they progress through the pre- feasibility study with further drilling.