At 8 times cashflow it is $40+/shareThe sector average multiple for cashflow/share price is about 8. Putting aside AUR's huuuge NET CASH position which is growing by about 1 1/2 cents/day and now sits over $3.50/share, AUR trailing cashflow in 2005 was $3.17 I believe which would put its multiple a little over 5. Of course, its expected cashflow in 2006 at these prices is well north of $5 so it forward mulitiple is about 3 (not subtracting the NET CASH!!) When it moves it will move hard as a case can easily be made that it is terribly undervalued at $20, 22, 24, 26 ... well, you get the picture.
Each 5 cents over $2/pound that AUR sells their copper for will add at least 8.5 cents/share to earnings of $1.79 in 2006 (from Conf Call). Do the math.