I'm new to this company but after a first look they seem fairly...

I'm new to this company but after a first look they seem fairly valued at the current price, the 2009 prospective PE (ie 18 months away) is around 12-13 and they haven't started producing gold yet. I also saw that Lodge Partners gave them a 12 month target of 80c in September and they're already there.

Where do holders see the upside from here? I'd assume it's from increasing production but that's going to take a few years.