what am i missing ??

TRF has 75 million shares (+9 million options)maket cap $51 million

IFE has 44 million shares (+7 million options)market cap $61 million

TRF effectively owns 60% of Wilcherry Hill and has approximately $15 million investment in ROL.

If market values IFE's 80% of the project currently at 61 million, If 50% is worth 30.5, the free carry 20% is worth at least 12.2 million.
Thats 30.5+ 12.2 = 42.7 + ROL investment 15 million

I get 57.7, lets throw in a couple for their other exploration ground and I come up with a rather conservative maket cap for Trafford of 60 million

TRF at current prices relative to its holdings is currently 20% undervaled.

Should see some price appreciation shortly. Im in as of yesterday.

Cheers