The current market is not particularly good at valuation. I agree TRF is comparatively cheap, but so are many others.
Take MZM for example, $6m market cap, $3.2M in the bank, uranium, gold and base metals in the portfolio, great board etc. Very undervalued.
Conversely look at others like FAS - something like $80M market cap, $5M in the bank, and pretty average assets. Very overvalued.
The market is a strange creature!
