comparing ago with bci

It is good to see BCI doing well with their report today:-
"BC Iron says it achieved record production of more than five million wet metric tonnes of iron ore last financial year from its Nullagine joint venture project in the Pilbara.

BC's share of production for the year was 3.15 million tonnes after it bought out a further 25 per cent stake in the project from partner Fortescue Metals Group, taking its share to 75 per cent."

So I was thinking about their share price compared with AGOs. Someone out there who is much smarter than me hopefully can correct me if I'm wrong.

AGO has 909 Million Shares outstanding
BCI has 123 Million shares outstanding
a ratio of 1 : 7.39

AGO current share price is $0.795
BCI current share price is $3.36

Divide BCI SP by 7.39 = $0.45

AGO production will be approx 10 MTonnes
BCI production (minus FMG share) is 3.15 MTonnes

A ratio of 1 : 3.17

So I'm guessing AGOs share price should be around $1.42

I know there is other considerations such as the railway etc, but to me it's still seems that AGO is under value.
It would be interesting to see what others think, and please correct me if I'm wrong.