Your maths is not flawed (although I think its more like 6% of...

Your maths is not flawed (although I think its more like 6% of ROL...)

My entry preference has been TRF over IFE. Both are fundamentally under valued in my opinion, but I think TRF has been discounted by the market to a greater extent.

Forgetting the 'hard' TRF assets you've already listed you could also add the cash balance (circa $2.2 million based on the last quarterley), metal credits from wilcherry and attribute some nomimal value to the exploration tenements

I've likened the 47 cents per share to be similar to a traditional NTA calculation for a REIT, except more accurate because rather than fudged book values we can work off daily market pricing for the ROL/IFE holdings

Just my 2 cents worth, DYOR