I don't share that view - if the POG went above US$3000, I...

I don't share that view - if the POG went above US$3000, I suspect that the world economy would be in bad shape and hence the value of any stock be it gold miner or other would be difficult to estimate. I remain of the view that a gradual POG rise is best, and that RED is fully priced now, at current POG.
BUT if the POG gravitates higher, and the market believes it's sustainable, then RED's MC may go higher.
I struggle to see higher SP while debt remains substantial and hedging remains a drag on FCF.
Of course, it M&A comes out of the blue then a SP >40c is possible, and if more than one suitor appears, perhaps 50c.
If the A$ hyperinflation occurs then MRRC hope for $5/share may eventuate.
One thing that might be a fillip for RED's SP is addition to the GDXJ as some are speculating at the next rebalance - that might push SP to 40c ?