Excluding changes in the POG, and assuming a direct correlation...

Excluding changes in the POG, and assuming a direct correlation between profit and SP, then to double the SP, you need to double the profit from the gold output. One could see how the prospect of another 100K oz a year mine in Oz would dial into that, although I don't see how they can get the costs down anywhere close to Cambodia. On the up side, the markets will view a domestic Gold miner better than a solely foreign one, and also one assumes however they finance the mine it will be on better terms that when cambodia was financed as they are a far stronger company now, so less of the gold money flowing to a lender.

So maybe an initial OZ mine doesn't double the SP, but you could see it resulting in $5 a share when it gets close to production or starts first pour. That would make EMR a $3B or so company.

Again in a simplistic view, to make it a $6B company, you need 2 more mines, and to get there would be 5 years+, and not impossible that EMR gets gobbled up (at a premium) and Hart moves on before then.

So $5 certainly looks possible.

mind you the way the POG is going, who knows.