Tesoro seems fairly valued for the Resource that has been...

Tesoro seems fairly valued for the Resource that has been estimated, but does not include any value for potential.
Current EV/Resource, at 8.1c, is $85/oz. That seems fair, IMO, for a project without reserve and without scoping study. Uncertainty created by the court case doesn't help.
Drills announced so far, including today, seem to be adding to the resource and it seems a fair bet that the next MRE will be 1 Moz plus, further de-risking the project. At $100/oz, and 1.0 Moz, this would raise the share price to 13c.
To get above this, IMO, we need to see a substantial Reserve, and positive scoping study. Improved sentiment for gold would help.
I have every confidence these will come, but we have to wait a bit yet.
With these thoughts in mind, I topped up today.