RED Chart, page-182

I actually agree with your valuation (approximately) should RED's current production not grow or shrink over the next decade, and if gold prices stay roughly the same.
But stock pricing also includes a premium (or discount) for future growth (or contraction) depending on sentiment. Yesterdays price was driven (at least in part) by bullish investors who believe there is high likelihood of RED's success.
I expect there will be alot of excitement in the lead up to RED's next couple of quarterlies... the last one was a real zinger and the price of gold has only risen since.