From my brief investigation of AQG, the main issue is that they...

From my brief investigation of AQG, the main issue is that they are going to go ahead with the very large capex for extending the life of the mine. $800+ million is not small change. Especially, when they are already sitting on $320 million in cash. The new project has an IRR of 20%, which is passable, but when there are so many quality projects the world over dying from a lack of funding, I wonder if the 'market' is unhappy with their current plans.

If AQG had a longer life of the current project, I would agree they are extremely undervalued... but unless they change their long term plan. It will not provide any sort of dividend until perhaps 2020. Which I must say is ages away.

If you want gold exposure in a ASX listed stock, for downside protection perhaps AQG is a decent fit, hence my hold sentiment. But would I buy it, no, lots of other stocks with small E/Vs and longer mine lives.