This is very positive news and the Baruun Naran and the area is...

This is very positive news and the Baruun Naran and the area is very close to Red Lake (the Tavantolgoi basin), which has recently announced the movement to produce gas. Hopefully I am reading this correctly, and please advise me if I have misunderstood: Jade say that in Red Lake they have 246 Bcf for a 20 year mine life. A single Bcf of natural gas is equivalent to 1,000,000 MMBtu. The spot price was $1.63 per MMBtu. So, $1.63/MMBtu * 1,000,000 MMBtu = $1,630,000. therefore the estimated value of Red lake is $1.630,000 * 264 = $430,000,000 yet the company has a valuation of $63,000,000 what am I missing?

https://www.educationalwave.com/how-much-is-1-bcf-of-natural-gas-worth/#:~:text=Unit%20Conversion%3A%201%20Bcf%20of,of%20MMBtu%20in%201%20Bcf.