This rise in the share price makes as much sense as the fall in...

This rise in the share price makes as much sense as the fall in the share price to around $1.80. The market sure values companies "correctly".

I think the share price is roughly where it should be in the absence of a takeover offer. Once the hedge ends and they have actually added another 100k ounces pa in production then add around another $1 to the share price. Perhaps a bit more if the POG goes higher.

loki