MBIO62 closes down 51c to $91.71, page-5

In 2014 AGO had a share price of 1.15 (or there abouts) with 900Mil shares on registry.
This was at a time where IO was priced a tad bit above $100/ton average from their Feb 2014 half yearly.
This placed the at then company with a MC of 1Billion Plus.
Compared to todays registry of 9billion shares (10 times dilution to 2014) having a current market cap today of nearly half of 2014's.

Keeping in mind that back in 2014 they did not have full ownership over many of their mines today or as low as operating costs i would expect on a conservative basis for AGO to represent half as much comparative value now than what it did in 2014 making it 50% undervalued now or there abouts on comparisons balance sheet alone.

They have potential to be many multiples of price now provided reserves can demonstrate replenishment and IO prices hold.