Ann: Ternera Mineral Resource increased by 66% to 1.1Moz, page-109

I agree that TSO has a low resource valuation but by itself, that is not sufficient to make it a buy in my experience. after all, why has WWI been on a much lower valuation for several years even though it has reserves defined, and a DFS with respectable IRR=29% post tax. Perhaps confidence in management to deliver is a factor too? Along with jurisdictional factors?In fact, there are several producers/near producers that have lower EV to Resource ratios than TSO that you could buy if that is what attracts you.