RE:AKG undervalued ???Yup!! I'm looking at AGG fundamentals and longer term. You only look at SP, probably why you're always wringing your hands. That's very dangerous, not so much with AKG because of their cash pile, but with many others including VTR. Highly doubtful VTR and AKG will get developed as long as gold is under $1400.
Re: AGG, never forget there is more ways to raise money besides selling stock.
I know you cling to this belief I'm the old Sleepy Dog or whatever the name was but here's a friendly bet for you BP. I'll bet they're producing gold at Kobada before AKG is producing in Ghana. I promise, the board as my witness, I'll pay up if I lose the bet. How about a nice bottle of vino, $75 value or so. You can cut and paste this to the AGG and VTR board to witness as well.
BTW, I frankly think there is more country risk in Ghana than there is in Mali right now. Those Ghanian's are getting greedy with their royalty demands and yacking about a windfall tax. I'm sure that will die down though if gold stays around $1200 - 1300 though as there isn't going to be much new production coming on stream, at least from AKG or PMV.