RE: FR valuation metricsI don't see anything obviously wrong with your analysis dooby, but the 3.6 million ounces mined is a temporary number while they ramp up production to higher levels. Probably 5 million plus by this time next year. So the immediate future has FR at about 100,000 ounce production on a gold equivalent basis. Also the 6.73 cost/ounce is up slightly but if you look at in terms of gold equivalent its around $400 or less, which is not bad in today's environment and given that they are still in a semi development phase getting the mines to optimum production rates. Generally speaking your analysis is on a trailing basis with regards to production, profits and reserves/resources whereas I think most of us invested here are looking forward to what we expect/hope will be large significant improvements in all of these categories. My expectation is that as the development work slows down and FR focuses simply on mining ore we should see costs per ounce fall and huge increase in profitability. For me the bottom line is, where do I put my money to gain leverage to a rising POS or improved sentiment toward silver stocks? I see KN as a solid manager who will deliver growth and improved profitability. These are the ingredients for quick share price appreciation when the conditions in the junior silver sector improve. To me, FR looks like a reasonably safe bet as a silver proxy with leverage. The same cannot be said with such confidence about some of the other junior silver plays, IMO. On a side note, the stock is getting into a pretty narrow range of late so it will have to move one way or the other soon. When it does it should be a significant move. The bias is to the upside.