Great, thank you. It's great to be here on the Gold Coast. Thanks to the conference team for the opportunity to present today, and thanks to everyone in attendance, both here in the room and online. Why invest in 29Metals? As the world electrifies, we're going to need a lot more copper. At 29Metals, we've got a lot of copper. Two Australian-based assets, one producing asset in Golden Grove in Western Australia, and one growth project option in Capricorn Copper. Golden Grove is a fantastic 50,000-ton per annum copper equivalent asset, producing 20-odd thousand tons of copper, a lot of zinc, and also some pretty handy byproducts like gold and silver. We're growing metal production year on year, guiding copper up 7%, zinc up 15%, and gold up 7% from 2024 to the midpoint of 2025 guidance.
We're currently valued at $600 million market cap and have very supportive major shareholders in EMR Capital, Boomer, and AustralianSuper that hold approximately 60% of the register. In a world that is electrifying, we're going to need a lot more copper, and copper is becoming harder to find, lower grade, and harder to start a mine. We are uniquely positioned with two very large copper endowments, both with lots of geological upside in a low-risk jurisdiction here in Australia. That's the 30,000-foot view of the company. Why is right now the right time to have a closer look at 29Metals? For us, why now? We're nearing the end of an investment cycle that will dramatically optimize the asset over the coming years. The company has invested significantly over recent years to enable access to Golden Grove's highest grade ore, Xanto Extended, you can see here on the left.
It continues to ramp up and will also soon welcome our second highest grade, Gossen Valley Project, that is the box cut in progress. Together, Xanto Extended and Gossen Valley will result in an optimized mine plan for Golden Grove, which will deliver higher grades and more metal production over the coming years. Now is a good time to have a look at 29Metals. It's worth a look. If you've already had a look, it's worth another look because things are potentially very different going forward than looking back. Golden Grove, our key producing asset, gives investors exposure to 50,000 tons per annum copper equivalent production. It's a well-located, well-established asset, over 30 years of operating history. Golden Grove is a world-class VMS system with an impressive history of new discoveries and mine life extensions.
Production at Golden Grove started at the Scuddles Mine in 1990, with a little under 11 million tons in resources. Roll forward 30 plus years, and today, even after all of that depletion moving into production, resources have increased an impressive five-fold to 54 million tons. We're confident we can build on this history of new discoveries and mine life extensions. Just last week, we released some impressive drill results that I'll speak to a little later, which show why Golden Grove has had a long life to date, and we think it's got a lot of life ahead. The focus in recent years has been on Xanto Extended, so the number one you can see on this diagram, with a reserve grade of just under 5%. The investment phase to enable Xanto Extended is now largely behind us, and we're ramping up, delivering high-grade, meaningful tons to the mill.
It means more metal, high cash margins as the ramp-up progresses. Excitedly, we're also in the process of enabling Gossen Valley, which will provide production flexibility as a new, shallower mining front, and also bring the second highest grade ore reserve into the mine plan in late 2026. This graphic shows why having both Xanto Extended and Gossen Valley feeding the mill is expected to deliver an optimized grade profile and high metal production over the coming years. Xanto Extended, the big block on the left, our highest tonnage and highest grade ore source, and that's ramping up. Gossen Valley, our second highest grade ore source, coming online in the next 18 months, with significant growth potential, being new, relatively shallow, and the resource is completely open at depth.
Enabling these ore sources has been a result of significant investment since the 29Metals IPO in 2021, an investment period that is nearing an end and will optimize the asset for the long term. In addition to the investment in Xanto Extended and the investment in progress at Gossen Valley, which will enable the two highest grade ore sources into the mine plan, we've also had substantial investment in surface infrastructure, such as the paste plant, triple sequential flotation, and most recently the new tailings storage facility that will lower the deposition costs for the life of the mine. We are already seeing the benefits of this investment on a journey to substantially improved operational outcomes at Golden Grove, driven by the progressive ramp-up of the high-grade ore from Xanto Extended.
You can see from 2023 to 2024, Golden Grove delivered a 16% increase in copper equivalent production for copper and zinc. We're guiding towards ongoing metal production improvement with a midpoint of guidance 7% up for copper, 15% up for zinc. Production volumes are moving in the right direction, and we plan to continue that trajectory of production growth over the coming years. This production growth, combined with the ongoing cost and productivity focus, is already contributing to improved financial performance at Golden Grove. You can see H1 2025, all-in sustaining costs trending down 36% and EBITDA up over 600% versus the corresponding period in 2023, two years ago. With that investment that I've spoken to, optimizing the long-term value of the asset, it also coincides with diminishing headwinds.
Pre-IPO commitments, IPO costs, out-of-the-money zinc offtake agreements, gold hedges, stamp duty, all fade away from a $60 million cash flow headwind in 2025 to $20 million in 2026, and then gone. Once through these, that's all cash that won't be going to offtakers or to governments, but going directly to our balance sheet. In addition to the ongoing ramp-up of Xanto Extended and the delivery of the Gossen Valley project, we're refocusing our attention on exploration at Golden Grove, from $4 million that we spent in 2024 to up to $14 million in 2025. The drilling results to date in 2025 have been impressive and speak to why Golden Grove has had a long life to date and has got a lot of life left to come. Here are some of the high-grade resource extension results that we released last week.
Importantly, many of these are in easily accessed areas of Gossen Hill, which in addition to mine life extensions, provides the opportunity to leverage the existing underground infrastructure and development to build flexibility into the Golden Grove life of mine plan. In particular, it's been great to see such wide high-grade extensions in the upper areas of the mine, like Trial, 14.6 meters at 2.6% copper, and some amazing copper grades such as 9.2% within a wider 2.8% interval at Oison. In addition, drilling at Savanes continues to highlight its potential as a high-quality future growth option at Golden Grove, and resource extension intercepts that included 48 meters at 2.4% and infill of 80 meters at 3.9%. Seriously big intercepts and exceptional grades.
The drill results released last week continue to build on this 30-year track record of mine life extensions at our existing mining fronts of Scuddles and Gossen Hill, and show that even after 30 years, the mine's got a lot of life left. Excitedly, for the first time in 30 years, we are opening a brand new mining front in Gossen Valley. Once underground, the team are really looking forward to building on the track record and the long history of exploration success by testing extensions for the Gossen Valley resource, which remains open at depth. Watch this space. A lot to like about Golden Grove. Moving to Capricorn Copper, production is currently suspended due to the impact of the extreme weather event in 2023. We're working towards rebasing the asset in preparation for a future successful and sustainable restart of operations.
The size of the prize is significant: 64 million tons of resource, 1.2 million tons of contained copper, surface infrastructure, underground development going directly to the ore body of Touchdit, and all within the Mount Isa Inlier province. Over the last two years, the asset has presented some challenges, but on a look-forward basis, we see an immense amount of value to be unlocked at Capricorn Copper. We just need to deal with the water on the surface so that we can unlock the value of the significant copper endowment underground. When operating in 2021 and 2022, the asset generated $110 million and $66 million of EBITDA, respectively. It was running an all-in sustaining cost of around $3.70 per pound, hence operations would be very profitable at today's prices. What are we doing?
What do we need to do to rebase the asset for a future successful and sustainable restart of operations? First, we need to reduce the water levels on site, which do remain elevated following the impact of the extreme weather event. Second, we need a long-term tailings solution to set the asset up for success upon restart. Once we get those two things in place, we'll then progress a study in preparedness for a restart of operations. We're making very good progress on these. We've achieved over 1.4 gigaliters of water level reduction since the decision to suspend operations in March last year. Surface water levels are now beneath the maximum operating level, an important milestone towards resetting the compliance footing of the asset and positions the asset towards dewatering the underground workings at Esperanza South, the sub-level cave.
Since the extreme weather event, we've continued to invest in critical infrastructure to rebuild a more resilient Capricorn Copper as we progress the asset towards a successful and sustainable restart. Improved water treatment infrastructure, enhanced water diversion infrastructure, all investments made to progress the imperatives for a restart of operations and rebuild a more resilient Capricorn Copper. As I said earlier, the size of the prize is significant. 64 million tons in mineral resources, 1.2 million tons of copper, established surface infrastructure, established development directly to the ore body, all within the highly prospective Mount Isa Inlier province. The last two drilling campaigns have delivered some world-class intercepts, including 48 meters at 2.7% copper, 36 meters at 3.9% copper, and 7 meters at 4.8% copper. The potential for Capricorn Copper is unquestionable.
We just need to deal with the water on the surface so that we can realize the copper value underground. In closing, the heart of the opportunity at 29Metals Limited is copper. As the world electrifies, we're going to need a lot more of it. Across the mining industry, copper assets are hard to come by. Those that don't have copper want it, and those that already have copper want even more. Against this backdrop, we are uniquely positioned with two very large copper endowments, both with lots of geological upside in a low-risk jurisdiction here in Australia. We say 29Metals Limited is worth a look, and if you've already had a look, it's worth another look because things are potentially very different going forward than looking back. Thank you.