Free cash flow of $30 million per annum divided by 130 million...

Free cash flow of $30 million per annum divided by 130 million shares and commencing production in mid 2019 provides earnings per share of 23 cents per share. With a share price close to 23 cents now that equates to a price to earnings ration of 1. And if each share is earning 23 cents per share, a nominal dividend payment of a of 2.5 cents per share equates to more that a 10% fully franked yield next year. Please let me know where my maths has gone wrong.