If the POG is 5% higher then on that alone revenue increases 5%...

If the POG is 5% higher then on that alone revenue increases 5% (and logically so should the share price). Costs should not increase other than royalties (on a tiered structure which I believe exists with the Cote d I'voire).

Notwithstanding the above, you have raised a difficult question only because the share price will be driven by a number of factors other than just the POG (though this is a key factor). Other factors:

1. long term outlook for gold
2. cost of oil / energy (mines are energy intensive)
3. sovereign risk (this is Africa)
4. one mine vrs multi mine play (investors will value a company with multiple mining ops in better jurisdictions vrs a single mine even if the production / cost figures are the same. This is because an interruption at a single mining play basically means $nil production)
5. reserve/s and increasing them (punters don't want a mine with a finite resource);
6. meeting production targets

These will all lead to determining the share price and if TIE navigate this could see a valuation of up to $1.35/share