Hecla, your calculation is good but a bit wrong,

you first calculate that the profit for the 56% of shareholders and then divide by the total number of shares 200 million.

You should be dividing by only the 56% of shareholders, or take the $225 million and multiply by 70%, and divide by the 200 million shares, that leaves $0.79, at P/E of say 15 and you get closer to a share price of $12/share.

Even if you use a P/E of 10 you get a diluted share price of $8.

Also during the first year Baja will use its past expenses to reduce thier tax bill to near zero.

Although we can only deal with current copper prices, it would not be completely unexpected to see copper over $4 in two years.