Optimistic forecast, page-40

Quote: "Anyways, to the question at hand, my short term (3 - 6 months) target is $4.00, then $8 (12 - 18 months) and then $14+ (24+ months) as the hedge book comes down and the price of gold (hopefully) goes up towards $2200."

At current gop $4 seems a fair guess as to the SP-potential, might even be slightly higher.
An up of 10% of gop (=> AUD 2.640/oz) will give room for a 25% increase of sp so that would lead to around $5.
McPhillamys approval would be good for another $ (=> $ 6).
When the hedges are sold of in 3y @ current gop EBIT would go up by 80 million which would lead to another EPS-gain of around 8 cents. So that would be another $ in sp (=> $ 7)

That would be a fine thing and so there is plenty reason to buy.
I agree with others that dividend should be upped as well when those upward factors are realized.
However, currentIy I do not see $8 or $14 w/o a more substantial gop-increase (which could happen so that scenario in 18 months is not out of the question).
And on the downward angle an inflation-driven rising gop will certainly be somewhat clouded by rising AISC.