Maiden MRE guesstimates, page-8

Congratulations nicolas. You are one of the very few who are making sense here.
When you value the company make sure that you allow for the amount of gold that TSO is entitled to and not the 100% amount for the project.
TSO holds 95% of the subsidiary that holds an 80% share of the Tenera asset. That reduces your 750 Koz resource down to 606 Koz attributable to TSO.
IMO, that still leaves TSO on the high side for an explorer with low ore grades.

I have to laugh at Corgi's attempt to introduce a new category of resource for TSO (or is it reserve?) called inpit. Sounds more like snakepit to me and thank goodness for a JORC standard to protect investors from Mark Twain's famous saying.