Play with the numbers
Here is a company with approximately 371M shares out.
Their production range guidance for 2018 is 120 - 130,000 oz
The AISC guidance is between $740 - $790/oz
Let's take the worst case scenario and a 2018 average gold price of $1275. Just some quick rough numbers using a 10x multiple because there could be other variables involved.
120,000oz x ($1275/oz - $790/oz) / 371,000,000 shares = .1568733 x multiple of 10 = $1.57 /share
Roxgold must be undervalued at current levels !!