RE: ...I am not sure predictions of $3 are correct, you still have to look at fundemantals. At current price, the FD market cap is around $135mm. This means that the market is valuing in around 3mm+ oz Au. At $2, ROG would be expected to define over 4mm to 5mm oz Au. I am using a generous $50/oz Au valuation for an African play.
For e.g look at GCU, which is expected to have over 5mm oz Au. after all is said and done. At around $250mm market cap, its trading around $50/Au oz.
This means that they are fully valued right now. Only time will tell how many ounces they can add up and how quickly. Not to discount the fact they will get a premium for the higher grades and being only one of the few exciting plays in this market.
GTLA