$3.50 spot=~$3.57 selling price=~$3.90/share EarnApplying the chart presented during the AGM, each 5 cents above $2.50/pound that AUR sells their (remember, it gets an LME premium over spot for its Grade A production) copper for in 2006 will add about 7 cents/share to earnings of $2.46/share. Should Spot prices average $3.50 for the year, AUR's selling price would be about $3.57/pound which means that if that is the year's average AUR would be on track for earnings of about $3.90/share with cashflow near $5/share and NET CASH nicely over $6/share even after paying out 30 cents in dividends. Buy with confidence and hold with conviction because unless you believe the bull market in commodities is over after only 4 1/2 years, I would think that a stock trading at about 3 times forward cashflow (and that is without subtracting the NET CASH or considering that they are increasing production into 2007 to a near doubling by 2009) is a bit undervalued. Tell a friend.