Inefficient markets offering opportunity in gold equities?

Currently, it seems investors are “throwing away” their shares of selected gold “explorers”, without any consideration that perhaps owning the equity in these companies, when considering the value of their reserves of gold (accounting for various costs) is cheaper than buying bullion itself.

When owning equity in gold companies, I understand there are pro’s and con’s of operational leverage versus failure and the results of decisions made by management, however it’s often advisable for a junior explorer to leave the gold in the ground rather than spend money to become a “producer”, in order to “extract” the value.