I'm starting to wonder if my maths is flawed. TRF curently has...

I'm starting to wonder if my maths is flawed. TRF curently has market cap of $25.5m (at SP of 30)

TRF owns 5% of ROL - this holding is worth $6m based on ROL's MC of $120m
TRF owns 37% of IFE - this holding is worth $20m based on IFE's MC of $54m
TRF has 20% free carry of the Wilcherry Hill project - this holding is worth at least $13.5m based on IFE's MC (which is the value the market is giving to IFE's 80% share of the WH project)
TRF has the rights to all gold and other non-Fe minerals at WH - value unknown at present but potentially very significant.

Now, just adding the values of the first three holdings I get total value of $39.5m which equates to a SP for TRF of
47 cents.

Am I missing something ???