You are not wrong. But if you have priced in the performance...

You are not wrong. But if you have priced in the performance right then you should also price in the conditions of those rights:
1- Need to prove up a mininum of 2Moz @ 1g/t
2- Complete a DFS
At the end of December quarter the company has 19.4M in cash, by 13/1 we added 3M more from SPP so a total of 22.4M. EV at 200M MC (taken into account % ownership & dilution) is around 178M. 178M/2Moz = $89/oz. Now, the average EV/oz of similar projects in the research done by Pac Partner is $130/oz. Also, as per Pac, those in Tier 1 mining jurisdiction like TSO, a fair EV/oz should be close to CMM, which is trading @ $309/oz.

Now, an average grade of 1g/t as stated in the performance right is very high for a low grade bulk tonnage system like TSO. The actual resource could be much larger with a low cutoff grade. For example NVA used 0.18g/t as cutoff with average grade of 0.35g/t. Our resource therefore can easily grow from 2Moz @ 1g/t. For example a 3.5Moz @ 0.4g/t would give us an EV of $50/oz. And please keep in mind that the DFS is likely to be highly profitable with low AISC (I wont explain why again).

Now please tell me, do you think a EV/oz of $89 or $50 for top class deposit is fair? I think we still have plenty of upsides to go from here.