Okay, good morning, ladies and gentlemen. My name is Owen Hegarty. I am a Non-Executive director of 29Metals Limited and Chair of the Board of Directors. On behalf of my fellow directors, I'm delighted to welcome you to 29Metals Annual General Meeting. Great to see you all joining in person, and online, and we have a number of people online and on the phone. Today's AGM is being conducted as a hybrid meeting, designed to maximize the opportunity for our shareholders to participate. I will ask our company secretary in a moment to take us through some of the logistics for shareholders participating online. Before we begin, I'd like to acknowledge First Nations peoples, the traditional custodians of the land on which we work throughout Australia.
We pay our respects to their elders, past and present, and extend that to Aboriginal and Torres Strait Islander peoples today. We recognize their connection to land, water, and community, and their rich contribution to society. We specifically acknowledge the Boon Wurrung and Woiwurrung people of the Kulin Nation, the traditional custodians of the land on which we are conducting this meeting today, and where our head office is located a short distance from here. The Badimaya people and the Southern Yamatji Nation, the Widi mob, who are the traditional custodians of the land where the Golden Grove Mine is located, and the Kalkadoon people, the traditional custodians of the land where the Capricorn Copper Mine is located. All other welcomes and protocols respectfully observed. At 29M, safety is our highest priority.
For those joining us here in Melbourne, if there is an emergency, the hotel will sound an alarm. Please stay seated unless we are directed via a PA announcement to evacuate. The nearest exits for this room are the doors to the side of the room where you entered today. The nearest fire exit for the building are the doors located on the left as you exit the room and following the exit signs. If we are asked to evacuate, please follow the hotel's evacuation response team, staff instructions, and make your way to the Esanda Building on Spring Street, which is the nominated muster point. For those joining online, in the event of an evacuation, this AGM will be immediately adjourned. Please monitor the ASX announcements platform and our website, where updates will be provided regarding the scheduling of the recommencement of the AGM. Introductions.
Joining me at the front of the room today is Peter Albert, 29Metals Managing Director and CEO, and my fellow Non-Executive Directors, Fiona Robertson, who did a magnificent job of chairing last year's AGM. Thank you, Fiona. Jacqui McGill, Martin Alciaturi, Tamara Brown, and Creagh O'Connor, and our Chief Governance and Legal Officer and Company Secretary, Clifford Tuck. Peter will introduce other members of the executive leadership team and management present today during his presentation. We're really pleased to welcome Tamara and Creagh, who joined the board a little over a month ago. We flagged in the prospectus the board's intention to appoint another two directors at the appropriate time, and welcome the fresh, new perspectives that they each bring. Tamara, an independent director with extensive executive and senior management experience gained in the precious metals and base metals mining sector.
Tamara serves on the Audit, Governance and Risk and Sustainability Committees. Creagh is the second nominee director by EMR Capital Investors. I have known Creagh for some time, and he also brings significant mining, financial, and commercial experience to the board and serves on the Remuneration and Nominations Committee. Both Tamara and Creagh are presenting for election at today's meeting. Fiona Drummond, from the company's independent external auditor, Ernst & Young, is also present here in Melbourne. I'm advised that there is a quorum present, and therefore, I declare this meeting open. The agenda for today will commence with a brief outline of the voting and other procedures for the meeting. I'll address the meeting before inviting Peter to present.
After Peter's presentation, we will move on to formal business, where there will be an opportunity for shareholders to ask questions at each item. Representatives of our external auditor, Ernst & Young, are available to respond to questions regarding the conduct of the company's audit, financial statements. If time permits, there will be an opportunity for shareholders to ask general questions regarding the company. The details of the formal items of business are set out in the notice of meeting for this AGM, which was released to the ASX announcements platform and sent to shareholders on the 28th of April, 2023, and is taken as read. A copy of this address and Peter's presentation have been released to the ASX announcements platform earlier today and are available on 29Metals' website.
I refer you to the important information regarding forward-looking statements, non-IFRS financial information, and mineral resources and ore reserves estimates set out on slide two of the presentation. Following completion of the AGM, for those able to be here with us in person today, please join the board and management team outside for refreshments. I will now ask Cliff to explain the procedures for today's AGM.
Thank you, Owen, and good morning, shareholders and guests. As Owen mentioned, today's AGM is a hybrid meeting, whereby 29Metals shareholders are attending in person and via the online platform. Shareholders and proxy holders joining via the online platform, AGM telephone line, and in person, may ask questions, whether written or oral, at the meeting and submit votes. I'll explain this in more detail shortly. For those joining us via the online platform and telephone line, if you experience any technical difficulties during the AGM, please dial the number shown on screen now for assistance. This number is also provided on 29Metals' dedicated AGM page, on our website, and in the online meeting guide.
Voting on each of the resolutions of this AGM will be conducted by a poll, with the results of the poll to be released to the ASX and made available on our website as soon as possible after the meeting. As we move through each of the resolutions today, valid proxies received for and against each resolution will be displayed on your screen for those participating in the meeting online and on the screen here in the room. The proxy figures shown are as at the closing time for receipt of proxies, which was 10:30 A.M., Melbourne time, on Tuesday, 30 May. The Chair will vote all directed proxies in accordance with the directions provided by the shareholder. As set out in the notice of meeting, the Chair will vote all open proxies in favor of all resolutions.
This includes proxy votes held by the Chair, which will be voted in favor of resolutions one to three, the remuneration-related resolutions, unless specifically directed otherwise. In order to provide shareholders with enough time to vote, the Chair will shortly open voting for all resolutions, at which time, voting on each of the resolutions will commence. For shareholders and proxy holders joining online, you may enter your votes for each resolution by selecting the Get a Voting Card icon at the bottom of your screen at any time after the Chair opens voting, unless the Chair declares the voting is closed. Shareholders and proxy holders joining online are able to edit votes up until the Chair closes voting. Please ensure that you click the Submit button to make sure that your votes are counted before you disconnect from the AGM.
For those of you joining us in person today, you will have received an attendance card at registration. Attendees voting at the AGM will have received a yellow attendance card. Your voting instructions should be completed on the back of that yellow card. Please complete the voting instructions on the back of the yellow cards, as these will be collected at the end of the AGM when requested by the Chair. If you need assistance, please see the registration desk staff located at the entry of the room. There will be an opportunity for shareholders to ask questions relating to each item of formal business and, if time permits, more general questions regarding the company at the end.
In order to maximize the opportunity for all shareholders to participate in the meeting, questions will generally be addressed in the following order: Written questions submitted by shareholders participating online will be addressed first, followed by questions via telephone or the online platform for shareholders participating remotely, then we will turn to questions from shareholders here in the room. For those attending in person, when invited by the Chair of the meeting to ask a question, please raise your yellow or blue attendance card. A roaming microphone will make its way to you so that those joining online can also benefit from hearing your question. When you've completed asking your question, please hand the microphone back to staff in order to be ready for the next question.
Those joining online may submit written questions at any stage during the AGM by selecting the Ask a Question icon at the bottom of your screen. If you have a question already prepared, please submit it now, so that as many questions as possible can be answered as we work through. We will address them at the appropriate time in the meeting. Please note that questions may be moderated, and if multiple questions are received on the same topic, we may combine those questions for efficiency. For shareholders participating online who wish to ask a question verbally, you will need your unique PIN provided by our share registry. This can be obtained using the telephone number shown on screen now. Once you have your PIN, please dial into the dedicated AGM shareholder telephone line, also shown on screen.
If you wish to ask a question during the AGM, dial star one on your telephone handset. A reminder to all our shareholders speaking at the meeting or via the telephone line, this webcast is being recorded, and a copy will be publicly available on the company's website shortly following the AGM. Thank you, Owen.
Thank you very much, Cliff, for that. This is now the chairman's address, released to the ASX earlier today. Ladies and gentlemen, it is my pleasure to be here for the 29M 2023 Annual General Meeting, our second. At last year's AGM, we reflected on 2021, a milestone year for 29M, with our successful initial public offering and listing, and a strong start to our life as a listed company. A little over 12 months on, there is much to reflect on upon again. 2022 in review. Since our last AGM, global markets have remained volatile, impacted by rolling uncertainties, the Ukraine conflict, China's net zero COVID policy, and housing market weakness, rising inflation with resultant central bank tightening, and the U.S. banking crisis creating financial uncertainty and heightened recessionary fears, to name just a few.
Unsurprisingly, copper and other base metals prices have also been choppy, as positive and negative indicators globally continue to compete with each other. Despite this complex background of global markets, the case for copper remains strong and simple. Demand is increasing due to its central role in the global energy transition, and supply at the current rate of discovery and development is insufficient. A sustained deficit is forecast from later this decade, which should result in buoyant prices, creating strong cash flows for existing producers. You can never, ever have enough copper. These multi-decade drivers have formed the basis of our vision: to be a leading ASX-listed copper producer, developer, and explorer, offering investors exposure to attractive market dynamics for copper and other metals critical to the global energy transition.
Entering 2022, the objective was to build upon the strong foundations laid in 2021 in pursuit of our vision and strategy, in particular, to advance our pipeline of organic growth opportunities. In this respect, there were several significant achievements in 2022. Notably, successful completion of studies for Gossan Valley and Cervantes, two of our in-mine and near-mine organic growth opportunities at Golden Grove. Secondly, continued success with the drill bit, with outstanding drilling results reported for Cervantes at Golden Grove and Esperanza South at Capricorn Copper. Completing our first field campaign at Red Hill in Chile, a unique toehold in a historically underexplored region in one of the most prolific copper-producing countries in the world. We also launched the company's approach to sustainability and ESG, and our roadmap for reporting aligned to the Task Force on Climate-related Financial Disclosures recommendations.
As a company barely two years young, these were important strategic milestones reflecting our commitment to sustainability and ESG performance. To reinforce that commitment in 2022, and again this year, we have established direct links between sustainability and ESG performance and executive remuneration outcomes. As we said last year when launching 29Metals, our approach to sustainability and ESG, sustainability and ESG must be part of everything we do at 29M. Peter will speak further about progress against our strategy here, in 2022, in his presentation shortly. Notwithstanding those achievements and more, 2022 was a challenging year across the sector, and 29M was not immune. A year that started with the hope that the direct and indirect impacts of COVID were behind us, quickly presented continuing and new challenges.
As we know, the direct and indirect impacts of COVID continued, and combined with tightening labor market conditions, winter illness and COVID-related absenteeism, and in the second half of the year, the reemergence of inflationary pressures. These challenges were reflected in the results for the year. They required management to be adaptable and implement alternative plans, and overall, the board was pleased with efforts to respond to these challenges and deliver production and cost performance within our guidance for the year. The impact on short-term shareholder value over the year was clear, reflected in a weaker share price. Sustainable shareholder value is our key performance indicator, and it was for that reason that the board exercised its discretion to revise down performance-based remuneration outcomes for our leadership team, including executives.
We have closely reviewed our performance-based REM targets for this year to enhance alignment between target outcomes and shareholder value. Another milestone in 2022 was our first dividend, an interim dividend of AUD 0.02 per share, fully franked. The board was delighted to pay that first dividend to shareholders, the owners of our business. The decision to pay a dividend was made in the context of very healthy cash balance and a positive outlook for the business at that time. Despite challenges in the period since the dividend, including the impact of the extreme weather event at Capricorn Copper earlier this year, the interim dividend last year remains a very clear signal of the board's commitment to return value to our shareholders, where and when we are able to do so. A quick recap on the Capricorn Copper extreme weather event.
It is appropriate to touch upon Capricorn Copper and the extreme event in March this year. Peter will speak in more detail about that event and the recovery plan that is underway to resume operations in his presentation. I will focus on two key points. First, I want to commend the site team for their efforts to manage the impact of this event in very difficult conditions, both during and immediately following the event. No uncontrolled release of water from our regulated structure, no loss of containment of tailings, and no health and safety incidents. A remarkable achievement in the context of this more than 1- in- 200-year event.
Moreover, since the event, the resilience of our people and collaboration between the site team and our functional expertise across the group to evaluate recovery options and establish a clear plan to recover, is a credit to the whole team at 29Metals. I cannot emphasize enough, so important, protect your people, protect the environment, protect the community, and that's exactly what happened. Second, I want to highlight why successful recovery of Capricorn is important for 29Metals and our shareholders. We have a responsibility to address the impacts of this event from an environmental risk perspective, and we will do so. Beyond that, however, recovery at Capricorn is about preserving and unlocking the very significant value opportunity at Capricorn for our shareholders and other stakeholders, generally. Capricorn Copper is already a long-life, high-grade copper mine, located in the highly endowed and prospective Mount Isa Inlier.
People are very familiar with that part of the world. There are multiple world-class, deposits and operations within that area. The organic growth potential at Capricorn is substantial and was reinforced in the Esperanza South drilling results reported in the second half of last year, and the Mammoth drilling results earlier this year, with exceptional and improving copper grades intersected, and Peter will talk a bit more about those. In addition to copper, the Esperanza South drilling results reported last year also reinforced the cobalt by-product opportunity. The copper and cobalt endowment at Capricorn Copper, both critical minerals and key to the global clean energy transition, highlight Capricorn Copper's value proposition. 29M task is to successfully complete the recovery, to improve the resilience of the site, to withstand significant weather events, and to unlock the significant value opportunity that Capricorn presents for our shareholders.
Looking ahead, 29Metals strategy for 23 and beyond. 2023 is an important, if not the vital, year for 29M, Peter will speak further about the business priorities and key performance drivers for this year. In addition to executing the Capricorn Copper, excuse me, recovery plan, there are a number of important milestones to deliver against our strategy this year and beyond, to unlock the value and realize the full potential of our high-quality assets. Despite the challenges of last year and the recovery ahead of us at Capricorn, 29M strategy remains intact. At the heart of that strategy is the critical role that the metals we produce will play in the global energy transition. In order to successfully deliver against the energy transition commitments made by governments across the globe, the world needs more metals.
29M is positioned to capitalize on that need through the metals we produce today, our pipeline of organic growth opportunities, and the new opportunities, like cobalt, that we need to unlock. There is a lot of uncertainty in the market currently, which I believe is reflective of the recent events, and is strongly reflected in the share price of the company. We all want to see a healthy and rising share price, and the board and management know what we must focus on. We must focus on delivery. Delivery against the operating plan and budget, including the recovery. Delivery against the key performance drivers for 2023. Delivery against our sustainability and ESG objectives, and delivery for our shareholders via a rising and buoyant share price, which is grossly oversold, grossly undervalued, and as the Street would say, a screaming buying opportunity.
Earlier this year, we were delighted to invite Tamara and Creagh to join the board. In addition to the particular skills that Tamara and Creagh bring to the board, they will both bring a fresh perspective to assist the board in this important year and beyond. In closing, on behalf of the board, I want to thank Peter and the rest of the 29M team, employees, contractors, advisors, and other stakeholders for their commitment, dedication, and resolve in 2022. These characteristics will form the foundation of the company's performance in 2023 and beyond. Thank you also to our shareholders, of course. Thank you for your wonderful support. Participating in this meeting, for your support, I look forward to the opportunity to speak with those attending in person here today. I now invite our Managing Director and CEO, Peter Albert, to make his presentation to the meeting. Thank you, Peter.
Well, thanks, Owen. Welcome, everybody, to, as Owen said, this, our second annual general meeting. Before I start, I'd just like to introduce a couple of the senior team that we have with us today. We've got Peter Herbert, the CFO, Ed Cooney, the COO, Mike Slifirski, Manager, Investor Relations. We've also got Grace Fong, Group Financial Controller, and Naomi Dolmatoff, who is the Manager of Governance and Secretariat. We've got some senior members of the team here with us today. Broadly, sorry, these are the topics I'd like to cover off this morning, as shown on the screen here. First of all, a recap on our strategy, our recovery plan for Capricorn Copper, our performance last year, and our key drivers for 2023 and beyond.
The strategy we described and discussed at our IPO almost exactly two years ago, second of July, 2021, I think it was, remains unchanged. Well, as Owen said, over the period and over the journey, we've had a number of ups and downs and challenges over the last two years, some internal and many external. With that background, we did meet our guidance in 2021, and we did meet our guidance in 2022. That's the first layer, if you like, of our strategy, the second layer being our organic growth, and we've significantly advanced our pipeline of organic growth opportunities, and I will talk to those through the presentation.
In terms of the third layer of our strategy, the external opportunities, external growth, we remain active and opportunistic in this space, as opportunities present themselves, and really focused as and if we do anything in terms of asset value and accretion and benefit to the company and to the shareholders. Turning to Capricorn Copper before we get into the rest of the discussion today, Owen has talked already to the magnitude of the weather event we experienced at Capricorn Copper. He said, greater than 1- in- 200 year event. In perspective, we had a year's average rainfall over almost two nights. It was very extreme.
This slide here is, if you're unfamiliar with the facilities we have at Capricorn, helps to show the what the facilities we have and the impact on those facilities. At the top right-hand corner of the screen, you can see the Esperanza South subsidence zone, as it's called. We have two mines, mining fronts at Capricorn, the Esperanza South and the Mammoth Ore Body. Esperanza South is a sublevel cave, as termed in the mining terminology, and as such, it's a very efficient mining operation in terms of tons per vertical meter, and it expresses to surface. There's an opening at surface, and we had water ingress through the opening at surface, so we have water in that sublevel cave.
The two large structures, you can see, Esperanza Pit and Mill Creek Dam, they are our regulated water structures. Those became pretty full, as you'd imagine. In the bottom left-hand corner of the picture there is our water treatment plant, workshop, warehouse area, which also became flooded. In total, approximately 1.5 gigaliters of water in those combined facilities. As Owen has already pointed out, Very extreme weather event. The team, the leadership team on site, the team that was on site at that time, we couldn't get people in or out. It was the team that was there. No safety incidents, no accidents, no release of untreated water from these regulated structures, and no loss of containment of tailing. Our tailing structures stood up extremely well. Significant achievements, given the magnitude of the event.
Turning to the recovery plan. We released our recovery plan in detail last week, 23rd of May. As I said, we have two ore bodies at, or two mining fronts at Capricorn, and we plan to recommence mining and processing from the Mammoth and Greenstone ore bodies, which are materially unaffected by the storm event. Owen has already referred to some of the advantages that the opportunities that presents. Of course, it provides some revenue. It also engages and provides an opportunity to keep and retain really important resources, i.e., human resources, our people, both the 29Metals people and our contractors. Retaining that dedicated team and all of that IP that we have within the team there.
That really strong incentive to get it going, but also starting up Mammoth Greenstone accelerates our water management outcomes and accelerates our opportunity to deal with the water. Multiple advantages in getting Mammoth Greenstone going. Once we've got Mammoth Greenstone in operation, and we talk about the middle of the third quarter this year, in the August sort of timeframe, we'll then be in a position later this year to commence dewatering of the Esperanza South sublevel cave. That's our plan, and then we would look to get that back into operation somewhere towards the back end of the first quarter next year, sort of March, April next year, sort of timeframe, roughly, approximately. That's our plan, and the teams on site absolutely focus on delivering that.
The teams in the corporate office, very focused on that. We also have great support from our Golden Grove team, the other mine, of course, in the 29Metals stable. Some really significant capability and expertise that exists in that team, which is being deployed and applied to our recovery plans at Capricorn. I'll come a little later to the incredible endowment that we have at Capricorn. Our absolute focus is to get this back up and running, to deliver the long-term value that Capricorn has for the investors and the shareholders of our business. If I can turn now to 2022 operating and financial results. They were solid against a fairly challenging backdrop.
Of course, we're all a little bit tired, if you like, hearing about COVID, border closures, absenteeism. I'd like to think it's all a little bit behind us, but the reality of those events last year did have an impact on our business and did have an impact on most other businesses, and specifically in the Western Australian context. Golden Grove, of course, is a big part of 29Metals, and Western Australia impacted greater than the East Coast. Notwithstanding those impacts, as I said earlier, we met our guidance for last year in terms of production and costs. We have a lot of flexibility within our systems at Golden Grove, so we were able to redeploy.
We had lack of resources. We were not able to deploy the resources into the areas of the mine what we really wanted to get into. I'll come to that a little later. An ore body called Xantho Extended, a very, very rich ore body. We weren't able to get down into that ore body to the extent that we wanted. We were able to redeploy resources into multiple other ore bodies to meet the guidance and the plans that we had for last year. From a, from a growth perspective, again, talk to this a little bit later, we released and advanced our pre-feasibility studies at Cervantes and our feasibility studies for Gossan Valley.
Financially, we had a solid EBITDA of AUD 152 million, and we settled all copper hedges to be completely unhedged, with full exposure to copper prices going forward, a position that the board was very clear that it wanted to have that full exposure, and we settled those hedges last year. Our balance sheet at the end of that last year was, as we came through the end of the year, was in very good standing.
Probably more importantly, as we came through the first quarter of this year, results we've released relatively recently, we had AUD 163 million of cash at the end of March, and we have just drawn, in the last few days, the U.S. $40 million revolving capital facility to give us additional liquidity as we manage our way through the recovery of Capricorn Copper. Turning to sustainability and ESG. As the Chair has said, it's part of everything we do at 29Metals. Our ESG pillars outlined there, safe and inclusive workplace, responsible environmental stewardship, partnering with stakeholders, underpinned by our core values teams, S stands for safety first.
If you look at the top right-hand graphic there, our TRIFR, our total recordable injury frequency rate, over the last five quarters has continued to improve every quarter over the last five quarters. A sure sign of good leadership and commitment by the teams across our business and a strengthening of our safety culture. There's no better demonstration of our commitment to sustainability and ESG as to what was achieved at Capricorn as we went through that very significant event two or three months ago. No safety incidents, we protected the environment, and we got straight on the front foot talking to all of our stakeholders, local employees, contractors, investors, et cetera, et cetera. You know, that a really good demonstration that we live by our values.
Now, turning to immediate, if you like, short-term or some of these long-term organic growth enablers, and our plans to achieve our growth objectives that we've described and articulated in recent announcements. Ventilation as is a key component of what we need to implement, especially at Golden Grove. I've talked about the Xantho Extended ore body. It's a little bit deeper ore body in one of our mining fronts called Gossan Hill. We are delivering very shortly, two very large booster fans, as they're called, to provide enhanced ventilation at that Xantho Extended ore body. What that will do, will enable us to deploy more equipment, more resources, more people to that ore body and drive the production from Xantho Extended.
Our intention is to drive the production to a point of somewhere around 1 million tons per annum from Xantho Extended, and I'll show you a little later the value of that ore body and how it stands out as just one of the best sort of ore bodies, assets that you can see in these types of systems globally. Turning to tailing storage facilities. We have a commitment at both operations to implement life of mine tailing storage facilities. At Golden Grove, we are bringing together all of the documentation, all of the preparation of that documentation, and intending to submit that application to the regulator in the third quarter of this year, and then advance from there in terms of construction once we get that approval. Capricorn Copper, not dissimilar.
We've identified the site, we're undertaking the study work, and again, intending to submit approval in due course for a life-of-mine tailing storage facility at Capricorn. Both of these mines have long lives. We've got 60 million tons of resource at both operations. We've got 15, 16 million tons of reserve at both operations, with +10-year mine lives. Really great endowment at both operations, and providing a life of mine tailing storage facilities is part of the long-term strategy to provide the sustainability for the infrastructure and the facilities to deliver upon those mines. The third box there, in terms of Capricorn Copper, a little bit longer dated. Owen has already referred to the cobalt endowment that we have at Capricorn. We've been doing work on that.
I'm told that with our copper endowment, sorry, our cobalt endowment there is second or third largest in Queensland, a very significant resource, and we're studying the opportunity to extract the value from that cobalt resource. That work is ongoing. The second focus area that, or second area we're keen on, is something called CopperString. CopperString is a government-backed power, green power project to deliver a power line from the coast all the way up into northwest Queensland, and along the route, tapping into green power providers: solar power, wind power, et cetera, et cetera. We're signed up to be a receiver of that power from CopperString when it gets delivered ideally sometime around the end of this decade or shortly thereafter.
Staying with organic growth, as I said, I've talked about the long life and the asset quality that we have and the endowment, and now to talk a little bit more detail about some of the work we've done in recent times in respect of that pipeline that we've got available to us. Cervantes pre-feasibility study, as I said, was delivered third quarter, sorry, end of last year. That work is ongoing. As we came through our resource and reserve evaluation, resources for Cervantes grew 82% to 2.9 million tons. It's a great ore body, and I'll show you in a minute how good it is.
This year, 2023, we have a drilling program to convert to grow the confidence level in that ore body. We've got 7 km of drilling planned for this year at Cervantes. As we get through that drilling program and get the results of that, of course, we'll put those into the marketplace. At Golden Grove, at Gossan Valley, the project, which will be a third mining front at Golden Grove. Feasibility studies completed last year in the market. We're bringing together the documentation to submit that for approval in the third quarter of this year. Gossan Valley, well, as I say, will provide a third mining front. It will provide flexibility to the operation.
It will potentially allow us to increase the tonnage throughput at the mill from where we sit today at about 1.6 million tons to up to 1.7 million-1.8 million tons. It is an ore body that requires. Well, the development of Gossan Valley requires very little surface infrastructure. It is an ore body that is only 400 meters below surface. These VMS systems, these polymetallic systems that we have at Golden Grove, what they've done over the last 30 years, as you get down into the ore bodies, you're able to develop drill platforms, drill laterally, drill at depth, and you continue to find more and more and more. 30 years ago, when Golden Grove started, it had a resource of 10 million tons.
Over the last 30 years, we have mined and milled 40 million tons. Today, we have a resource of 60 million tons. Looking backwards, we've got a 100 million ton ore body. It's been going for 30 years, it will likely go for another 30 years. Moving up to Capricorn and Esperanza South, that ore body, which unfortunately got some water in it today, which we'll deal with in the near term. We put out results for Capricorn resources reserves back in February. They're in the market, they're up there on the screen. I really wanted to focus on some of the results that we've put into the market. I think 12th of April, we put some results out, post the resource and reserve statement.
You don't see results like this in the Australian context anywhere. Nobody else is putting out results like this. 70 meters at 2.8% copper, 41.8 meters at 2.71% copper, and 23 meters at 3% copper. As we get deeper into the Esperanza South ore body, it does exactly what we predicted it would do. The ore body gets wider, and the grades get better, just reinforcing the incredible endowment we have at Capricorn. There, and there's more to come, as, and Owen's already referred to some of the great results we've had at Mammoth, which I'll touch on shortly. The...
This slide here, just, you know, back to really for Golden Grove, really, very quickly, to emphasize how good a quality we have in some of those ore bodies. Xantho Extended there, you know, right at the top right-hand corner, copper equivalent grades up there, you know, 5-6% copper equivalent grades, and massive tonnage, 7 million-8 million tons of reserve there. You'll see Cervantes, which is an ore body which is currently only in resource, and the size of that. As we do this conversion drilling, and we look to increase the confidence level in Cervantes, looking to grow that as well as to move it into the blue space, if you like, in terms of being a reserve. Then you can see Gossan Valley over on the left.
Good grade there, modest tons at the moment, expected, as I said earlier on, as we get into that ore body, will grow over time. Cervantes, sorry, Gossan Valley, really part of the future growth at Golden Grove. Staying with longer-term growth, two other aspects to focus on. Red Hill, Owen's already referred to Red Hill. We undertook that campaign there the first part of last year. A number of vein systems there. We extended many of those vein systems, and from our rock samples, we got fantastic results, 12.4% copper, 11.9% copper from two of the targets.
You don't, you know, you don't get results like that, and the geologist's interpretation of the work that they've done, suggests that we might have ore bodies going down 100 to 200 meters. Lots of opportunity, lots of upside there at Red Hill in time. Back to Capricorn, and again, as just to point out, Owen referred to this already. At Capricorn, at the Mammoth ore body, which we will be getting into, back into very shortly, the ore body at Mammoth has, at our understanding, previously was defined by something called the Portal Fault. That's where the ore body sat on one side of that Portal Fault. In the last periods, we've punched two holes through that Portal Fault with fantastic results, and we think potentially identified a new ore body at Mammoth.
When you see 228 meters at 1.2% copper, including 36 meters at 3.9%, and the second hole, 103 meters at 1.2%, including 34.8 meters at 1.7%. Nobody else has results like that. The endowment, the potential, the growth opportunities at Capricorn speak for themselves, both at Mammoth and at Esperanza. This is sort of priorities for 2023, and really, I think I've talked to most of those. At Golden Grove, it's really about Xantho Extended, getting the ventilation down there, getting the equipment down there, driving that production, moving that up over the next year or two to the 1 million ton per annum out-outcome.
That's our plan, that's our focus, that's the dedication from the team up there at Golden Grove. Ventilation is a key part of that outcome that we're driving for there. Regulatory approvals, of course, in terms of Gossan Valley, getting that documentation submitted, the life of mine tailings facilities at Gossan, at Golden Grove, and later at Capricorn. Finally, certainly not least, an absolute dedication to cost management and capital discipline. Last year was a real focus on making sure we got production. We were in a difficult space, as most of the industry was. Yes, of course, we always have an eye to cost.
Now is the time to really focus on ensuring we run our business as efficiently as we possibly can. A super effort going on, both from the corporate level and the site. Golden Grove, of course, being the focus. Capricorn Copper is in a different space at the moment, but real focus on cost management and capital discipline in 2023. Against that backdrop of strong copper market fundamentals that Owen has talked to, 29Metals is extremely well positioned for that future. Whether that's '26, '27, '28, you know, when those deficits start to materialize and we see the outcome of that in terms of prices, we are in a great position.
We've got two assets in the best jurisdictions in the globe, in both in Australia, with incredible resources, reserves, long life, and great growth potential. We're in the right space with the right people at the right time, and we have a bright future. Thank you very much.
Well done.
Thanks, Owen.
Thank you, Peter. Very, very good. Very, very encouraging. Very exciting, actually. It underlines the point that we made a bit earlier: oversold, undervalued, and a screaming buying opportunity. We will now move to the formal business of the AGM. As Cliff mentioned earlier and set out in the notice of meeting, voting on each resolution at this AGM will be conducted by a poll. I will open the polls shortly. The first item of business is the receipt and consideration of the 31 December 2022 financial report for the company, and the reports of the directors and the auditor. No vote is required on this item of business.
29M financial statements for the year ended December 31, 2022, were released to the ASX announcements platform on the 23rd of February, 2023, and were included in 29Metals 2022 annual report. A copy of the annual report has been made available on the company's website and was sent to those shareholders who requested a copy. I will take 29M financial statements for the year ended December 31st, 2022, as having been received by the meeting, and invite questions regarding the financial statements for the year ended December 31, 2022. I note that no questions were received for the auditor prior to the meeting. Cliff, have any questions been received online?
Yes, Owen. We have a question from shareholder, Mr. Steven Mayne, submitted online. The question is: 29Metals has a market cap today of AUD 339 million, and the audited net assets at December 31, was AUD 715 million. Could Ernst & Young audit signing partner, Fiona Drummond, please comment on the carrying value of Capricorn Copper, and the key inputs that will be assessed as to whether it can return to be a cash-generating unit that justifies the current book value?
Thank you, Cliff. I think thank you for the question, by the way, Steven. We see that Fiona is prepared to answer that question. I think just making a statement in advance, Steven, that of course, as you would expect, our accounting team, at the appropriate time, will go through all of that work when they get around to it once we close off the book, more or less, at the, for the 30th of June. We'll look at all of those processes and policies and procedures, and so on, taking into account anything to do with any sort of impairments, write-downs, and so on and so forth, as usually they do very efficiently. Fiona, would you like to comment?
Thank you, Chair. Thank you for your question. Before I address that question, I must state that my for the record, that my role under the Corporations Act is as the lead independent auditor here today, and I can answer questions relating to the conduct of the audit for December 31, 2022, the content of our audit report relating to that audit, and our independence. The question is in relation to the market capitalization today versus the net assets, which were audited at 31 December, and what will be the key inputs for an assessment as to the carrying value of that cash-generating unit going forward? As the Chair has said, the impairment assessment as at June 31, 2023, has not been conducted.
At this stage, we are unable to comment on what the specific inputs would be in terms of that impairment assessment, and we will work through the assessment once we receive it as part of the half-year review. At this stage, I can't comment on the specifics relating to June 30, 2023. Thank you.
Thank you, Fiona. Would the chair of our Audit, Risk and Governance Committee, Fiona Robertson, like to make a comment on the question?
I'd just echo what our auditor said. I mean, discussions are already in hand as to the processes that we will go through at 30 June in order to assess whether an impairment is required. That is, that is normal practice.
Thank you. Are there any questions shareholders wish to ask via the phone?
Chairman, there are no questions via the phone and no further questions online.
I'll now open to questions in the room. If you have a question, please raise your yellow or blue card. When I call on you to ask your question, please state your name, and if you are a representative of a shareholder, who you represent. We're looking for questions, if there are any, on those financial statements. There are no questions in the room. Thank you. I believe we have no further questions on this item, so we'll move to the five resolutions being put to the meeting. I now formally declare the polls are open. A reminder to those joining online, please record your votes using the icon at the bottom of your screen. For those joining in person, please record your vote on the back of your yellow card as we move through the resolutions.
I will give you advance warning before I move to close voting at the end of the AGM. Moving to the resolutions. We will now move to resolution one, the adoption of the 2022 Remuneration Report, which is shown on the screen. The remuneration report was included in the directors' report for the year ended December 31, 2022, a copy of which is included in our 2022 annual report. The remuneration report outlines 29Metals approach to remuneration, including remuneration for key management personnel, and includes information regarding matters being presented to this meeting for shareholder approval in resolutions two and three. Please note that vote on this resolution is advisory only and is not binding. However, any discussion on this resolution and the outcome, excuse me, of the advisory vote will be taken into consideration by the board, as you would expect.
As set out in the notice of meeting, a voting exclusion applies, to this resolution, and in the interests of good corporate governance, the directors have abstained from making a recommendation regarding this resolution. Slide 36, Remuneration Report Resolution Proxies slide. Proxies received are shown on the screen. We received one question prior to the meeting, which I'll ask Cliff to read out and also deal with any questions received online. Please, Cliff.
Thank you, Alan. The question received before the meeting was: Why is it that the board would wish to reward their executive with various incentives before the shareholders get anything?
Thank you for that question. It is to do with why reward the staff before the shareholders. Well, of course, we are obligated to reward our staff according to, effectively, the contract, the KPIs, the STI, and various other indicators and performance review. We take, of course, as you would expect, the board, and particularly the Remuneration Committee, chaired by Martin Alciaturi, we take that very seriously and go through it all. The actual STI was pretty much achieved, or the KPIs to achieve the STI, if you like, the key performance indicators to against the short-term incentive pretty much achieved.
The board actually exercised its discretion, and marked down, the key executive, team, because of the latent later performance, little bit less than, desirable performance towards the end of 2022. In fact, we have acted in the best interest of, shareholders, by doing that. As for dividend, of course, we are, as I said a bit earlier, we will look to pay as much as we possibly can, at the, at the right, time, when we have that, opportunity, and looking forward, to that particular opportunity of rewarding shareholders as much as we possibly can. Are there any questions queued via the phone?
Apologies, Chair. We do have some other questions online. The first question online is again from shareholder Mr. Steven Mayne. What is the legal advice as to whether EMR can vote on the REM report, given that its founder is our Chair and is paid AUD 250,000 a year to perform this role?
The reference to legal advice. Let me deal with the second part of that first. The chair isn't paid AUD 250,000 a year. The payment is actually received by the fund, actually, rather than the individual chair. That's the one thing. In terms of voting, would Martin Alciaturi like to address that particular question in respect of the REM voting report? Is that, would that be in order, Cliff?
Look, I'm not entirely sure I am in a position to provide a legal commentary on EMR's eligibility to vote on this resolution, to be perfectly honest.
Well, look, perhaps this is a question best answered by me at the first instance. Unsurprisingly, I mean, we won't talk about legal advice in the AGM or otherwise. What I would say is that the voting exclusions relevant to each of the items of business today were clearly set out in the notice of meeting. They were all considered and determined in accordance with the law and the listing rules. As part of the normal ASX process, the voting exclusions and the items of business today were also reviewed by the ASX in advance of circulating to shareholders. We're certainly satisfied that the approach to voting and the exclusions that apply are appropriate and consistent with legal requirements.
Thank you, Cliff. Are there any further online questions?
There are, Chair. A further question from shareholder Steven Mayne: "Given that the shares were floated at AUD 2 and fell another 4% to AUD 0.67 this morning, will the four long-serving non-executive directors collectively be paid another AUD 1 million in cash this year, similar to calendar year 2022? Why don't they collectively own more than 165,000 shares directly in the company?
Thank you for the question, Steven. I'll hand to Martin in a moment or two. Of course, the... As I mentioned, the share price a bit earlier, mentioned the share price fall. We can talk a little bit about that a bit later in the general area rather than right now in respect of Rem. In fact, we have a group of non-executive directors who have a remuneration. They have sacrifice in respect of shares and so on. It's entirely in order for that to continue as that. Martin, would you like to comment on that?
Sure. I guess the points I would highlight are, firstly, there's been no change in non-executive remuneration since the IPO. Certainly no inflationary pressure there, unlike most of the other costs in the business. Shareholders would be aware there is a non-executive director share scheme, through which non-executives are in the process of increasing their shareholdings. Obviously, there are other windows that occasionally present, not that often, actually, but for directors to increase their shareholdings if they choose. That's obviously a personal choice. However, there is an expectation that non-executive directors would hold, and indeed, I think slightly different for Peter as an executive director, but there is an expectation that within, is it four years or five, Cliff?
Is that the directors would hold a shareholding that is equivalent to their annual fees. We've been listed approximately two years so far, so perhaps unsurprising that that's not fulfilled as yet.
Thank you.
Do I have anything else to add to that?
Thank you, Martin. Cliff, are there any other online questions?
No further online questions or questions on the call, Chair.
Thank you. I'll now invite any questions from shareholders in the room on the Rem report. There are no questions from the room. We will now move to Resolution two: the issue of 2022 STI performance rights to Peter Albert. The resolution, shown on the screen, seeks shareholder approval for the award of performance right to Peter Albert under the company's 2022 short-term incentive plan, as detailed in the notice of meeting. A voting exclusion applies to this resolution, as set out in the notice of meeting. Proxies received are set out on the screen. The directors, with Peter abstaining, unanimously recommend that shareholders vote in favor of this resolution. Cliff, any questions received online?
There are no online questions or questions on the call, Chair.
Thank you. Are there any questions shareholders wish to ask in the room? No. We will move then to the Resolution number three, the issue of 2023 LTI as opposed to STI. LTI being long-term incentive, STI being short-term incentive, performance rights. The resolution shown on the screen seeks shareholder approval for the award of performance rights to Peter Albert under the company's 2023 long-term incentive plan, as detailed in the notice of meeting. A voting exclusion applies to this resolution, as set out in the notice of meeting. Proxies received are set out on the screen. The directors, with Peter abstaining, unanimously recommend that shareholders vote in favor of this resolution. Cliff, have any questions been received online or on the phone?
Chair, there are no online or phone questions for this item.
Are there any questions from shareholders in the room? There are no questions from shareholders in the room. We will now move to Resolution 4: the election of Tamara Brown as a director. This resolution seeks shareholder approval for Tamara's election as a director. Tamara was appointed by the board to fill a casual vacancy and now presents for election as a director in accordance with the company's constitution. Tamara's background and qualifications are included in the notice of meeting, on our website, and in the 2022 annual report. Proxies received are set out on the screen. The directors, with Tamara abstaining, unanimously recommend that shareholders vote in favor of this resolution. Cliff, are there any questions from online or phone?
There is, Chair. We have a question from shareholder Steven Mayne. "Could Tamara comment as to whether she has been informed about the funds under management situation at EMR Capital? Given the deterioration in the 29Metals share price, is there a risk that redemptions at EMR could put pressure on it to raise cash by selling down its stake in 29Metals? And could Owen also comment on whether this has happened and how much EMR is currently managing?
Well, thank you for that question. It's not really appropriate for us to comment, in fact, in respect of EMR behavior. I think it's fair to say, Cliff, that there has been no sell down by EMR Capital of any stock. Certainly, EMR Capital made a statement and certainly gave us a copy, gave 29Metals a statement a little bit over 12 months ago, that it is a long-term, committed shareholder to this company. Gone to a lot of trouble to put the assets together, to put the people together, to put the board together, assist in that, and is committed to the company. I would not expect any diminution in its holding or indeed any funding, but that's irrelevant from this meeting's perspective. Tamara, Is there any comment you think is relevant at this time, given that the question was addressed, in fact, to you?
Thanks, Owen. I'd like to just, I guess, thank Steven for his interest in 29Metals and obviously in the independence of the board from EMR. I just really assure him that I am informed. I feel very comfortable with that, with the process and the policies and systems in place here. Would just encourage him to reach out if he wants to offline with respect to independent directors from EMR.
Thank you. Are there any further questions from online?
There are no further online questions or questions on the telephone, Chair.
Are there any questions from shareholders in the room? There are no questions from shareholders within the room. Congratulations, Tamara. We will now move on to the final Resolution five, the election of Creagh O'Connor as a director. This resolution seeks shareholder approval for Creagh's election as a director. Creagh was appointed by the board to fill a casual vacancy and now presents for election as a director in accordance with the company's constitution. Creagh's background and qualifications are included in the notice of meeting, on our website, and in the 2022 annual report. Proxies received are set out on the screen. The directors, with Creagh abstaining, unanimously recommend that shareholders vote in favor of the resolution. I will now invite questions on this item. Cliff, have any questions been received online or on the phone?
They have, Chair. The first question is from shareholder Steven Mayne and reads: "Thank you for not sugarcoating Creagh's CV in the notice of meeting. From a shareholder point of view, his five years as executive director at Australian Magnesium Holdings between 1996 and 2001 was not a good experience, culminating in an AUD 813 million loss being reported in 2002, 2003. CVs matter with directors, so could Creagh please comment on the lessons learned and summarize what went wrong at that company?
Thank you, Steven, for that question. I will, in fact, invite Creagh to make a quick response. However, not direct relevance for something that happened such a long time ago, number one. Number two, everybody, whoever you are in terms of a director or senior manager, inside the business, of course, all of that background, that experience, those qualifications, those achievements, are all taken into account, in respect of appointments, whether that's staff, or directors, and a very large focus of Martin Alciaturi and the Remuneration Committee. Creagh, would you like to comment on that question?
Thank you, Chair. Thank you, Steven Mayne, for the question. I suppose it's fair to say, in my over 30 years in the metals and mining industry, that was one of the more significant learning experiences. There's no doubt about that. I'd like to think in the 20 years since that I've taken those lessons and added to them, working with numerous mining companies, I suppose most recently as a shareholder and director within EMR Capital. As for lessons, there's many. I'm not gonna bore you with all of those, but I suppose in terms of focus, one that's relevant from that experience is not to invest in, if we like, opaque commodities. I think deep commodities with growth outlooks that we all like to see, like copper, is something that I've decided to focus a lot of my future on, so.
Thank you, Creagh. Copper, zinc, gold, silver...
Yeah
Are there any questions shareholders wish to ask on this particular resolution in the room?
Apologies, Chair. We do have two more questions coming through online.
I beg your pardon?
That's fine. again, a question from shareholder Steven Mayne. "Why did EMR wait almost two years after the 29Metals float to exercise its right to appoint a second nominee director? Also, could the two EMR nominees please clarify how old they are, and whether there are any plans for the next generation of EMR representatives to be appointed to the 29Metals board at some point?
Thank you, Steven, for those questions. Again, on the first point, why would EMR... Again, not appropriate for us to comment very much about EMR here. This is a 29Metals meeting. We should stick to the point. However, we did say in the prospectus, which was a 29Metals prospectus, that EMR were going to appoint when it was, A, appropriate to do so, and B, when there was another non-executive director added to the board. The 29Metals decided that it would add another director, and that therefore opened the opportunity for EMR to make its nomination. It was a question of 29Metals actually deciding when they would actually make that decision to add another director.
The second point, the second question, can't remember what it was. It may well be age-related. Actually, yes, I am a septuagenarian. In my case, speaking for myself here, Cliff, but I have no intention of departing from the board, God willing, and so on and so forth. As I suppose, we can't comment too much, in fact, on EMR Capital's intention and the depth of experience and management and leadership that are in EMR. My understanding is that it is wide and deep and strong, and multiple opportunities for EMR nominees, whether they be inside or outside, to actually join the board at the appropriate time. That's a quick one there, in my case. Creagh, would... Can I ask you to make a comment?
I think the only comment from me is how old I am, and I'm 62. Just recently, I should add, too. With still a bit of runway, I hope.
Congratulations.
Thank you.
Well, Martin, as the Chair of Nom and Rem, would you like to make a comment?
Yeah. I might just touch on the timing point generally. Look, there's no particular precise magic to this. Obviously, if it had been an urgent thing for there to be a larger board, it would have been done at the IPO. It was signaled at the IPO that there were likely to be two additional directors added. The process has been a cooperative one. Obviously, Creagh is a nominee of EMR, but certainly the committee assessed, to the earlier question, perhaps, Creagh's suitability and certainly found him to be well and truly suitable to join the board and to have a lot to add to it. Obviously, we looked at Tamara and Creagh, to some degree, as a package, if I can put it that way.
Back to the timing point, it's something we've worked on. We've engaged external consultants, specifically, or more particularly around Tamara's appointment. Certainly a view towards the end of last year that it wasn't appropriate to be appointing someone at the eleventh hour of a financial reporting period or indeed before those accounts were released. There was a view that after the 2022 accounts were released, but before this meeting today, was the correct window, and that's why we are where we are today.
Thank you, Martin. Cliff, can I ask, are there any further questions from online?
There was one more question, Chair. It was asking for an opportunity for, to hear from Creagh, given he was seeking reappointment today. I think that question's been addressed.
Thank you.
No further questions.
Or on the phone. Are there any questions from shareholders in the room on that particular resolution? No questions from within the room. Thank you very much for that. We now move to general questions. Ladies and gentlemen, that brings us to the end of the formal business of the meeting, we are now on to the general question slide. We do have some time for general questions not related to the formal business. Before I open to questions, if there are any, a reminder to shareholders and proxy holders in the room to complete your voting on the back of the yellow attendance card, please. For shareholders and proxy holders participating online, please complete your voting and remember to press Submit before you disconnect from the meeting.
After dealing with any general questions, I will declare the poll closed for the resolutions at this meeting. With that, I'll now invite shareholders to raise general questions, not specifically related to the formal business of the meeting. For those joining online, please ensure you submit your questions now. Those using the phone can dial star one to ask a question. Are there any questions received online?
There are, Chair. We have two questions online currently. The first from shareholder Steven Mayne: With the benefit of hindsight, after the flood event at Capricorn, at Capricornia in March, were there any obvious design flaws in how the site was constructed and laid out, which exacerbated the damage and the length of time operations will remain suspended?
Thank you, Steven, for that question. I think it's appropriate that the CEO, Peter Albert, deal with that, please. Peter, you got the question?
I did. Thank you, Chair. Thanks, Steven, for the question. Just have to recognize, Steven, and other shareholders, the enormity of the event. It's well in excess of a 1- in- 200 year event, and very difficult to comprehend, really, as we sit here today, you know, the event, the enormity of the flood, flooding that took place. Notwithstanding that, as I articulated in my presentation, we did protect the site. The investment that we put in as 29Metals over the last two years, in terms of environmental protections, paid off. We did not release any untreated water to the environment. A incredible positive outcome, if you like.
Having said that, Steven and others, of course, as we work through this, we look to where we may seek to improve upon what we had previously. We're very focused on exactly that in terms of design, facilities, working with the regulator as to the best outcomes for the business going forward as a focus for us going forward. As I said, in terms of the enormity of the event, we did very, very well, and the team on site did extremely well to protect the people and the environment. Thank you.
It's fair to-- thank you, Peter. A very good explanation, and a lot of the information that we've provided, to the market and shareholders generally, includes an explanation of all of that. I think it's fair to say, that as we are building back better, so as to speak, that one eye clearly on, continuing to maintain those excellent standards in respect of environmental, management, and performance, and preparedness for the next 200 year flood type event. But also one eye on what other opportunities will exist there, in respect of Capricorn Copper, going forward. Cliff, the next question?
The next question from shareholder Steven Mayne: How much did EMR pay for the Capricorn Copper project, and who was the previous owner? How much was invested to restart operations, and how much of this had been recovered in operating profit by the time the storm hit on March 6 this year?
I think, first of all, thank you for the question. First of all, in respect of EMR acquisition, cost, price, and so on and so forth, we're going back into history a fair way here, and certainly, A, off the top of my head, and B, not relevant in a way to for this meeting in respect of that past. What we have disclosed, and again, don't think that we have those numbers at our fingertips. What we have disclosed is what valuations Capricorn Copper went into the IPO at. That's certainly disclosed in all of the information.
Steven, if we're very happy to sort of comb through that, if you like, and provide that, but it'll be in the prospectus in any event. I think that probably answers the question. We don't have any of those numbers at our fingertips. In terms of returns, et cetera, the accounts are very clear in respect of what earnings, EBITDA, net profit, and so on, have been made. They do tend to split out the different operations, more or less, or that can be done. It is discernible from the accounts of 2022 and 2021, more or less. Thank you, Cliff. Any further questions?
There are no further online questions or telephone questions, Chair.
Nothing queued. Okay, thank you for that. Finally, I should say, are there any questions? Nothing further online, nothing further on the phone. Are there any general questions that shareholders wish to ask from the room? I'd say, I'd have to say, ladies and gentlemen, that some of the questions that were answered by Peter and Michael and others of the executive staff, post the announcement on the 23rd of May, and the subsequent events in terms of share price and so on. I mean, the general market hasn't been too good, the last week or two in any event.
29M has taken a bit of a hammering, and as I said, it's grossly oversold and grossly undervalued and a screaming buy out on the street, so as to speak. A lot of the questions were to do with balance sheet. We've dealt with that today. A lot of the questions were to do with recovery. We've dealt with that today. A lot of the questions were, what are your options going forward in terms of continuing financials of the company? We've dealt with that. We've dealt with that today, and we've dealt with it in the in the statement. Multiple options going forward, the company is working absolutely through all of those.
The focus, absolutely at the moment, is the recovery, and short term, Peter mentioned the drawdown of the $40 million U.S. dollar facility, the cash in the bank. We talk about the insurance claims and so on and so forth. There are multiple moving parts going ahead here. The company and the board are very confident that we're in a very good liquidity situation. We've got a very strong balance sheet, got an outstanding management team and board, very much focused on that area at this time. They were a lot of the questions came in that particular direction, I think, Peter, Michael. I think, Cliff, we have no questions from the floor.
There are no further questions. In that case, we will go to the polls closing slide. We are now near the close of the AGM, at which time I will declare the polls closed, including the close of the online voting system. For those joining online, please ensure that you have clicked the Submit button on each of the five resolutions. For those joining in person, representatives of the share registry will now come to collect your yellow attendance cards. If you have them ready. Thank you to the share registry representatives for collecting the voting cards.
Thank you.
Thank you.
I now declare the polls closed. As mentioned earlier, the results of the AGM will be announced to the ASX as soon as the votes have been counted and verified. With that, I will also bring this AGM to a close. Thank you to all of our shareholders joining online and in person for your time, your questions, your support, your encouragement, and your continued engagement and support. Thank you very much. Thank you.