Good morning, everyone. That's quite hard to beat, I guess. One thing I can say, it's really nice to stand up here and be a copper and gold producer when copper price this morning hit AUD 20,000 a tonne or AUD 9 a pound. It's probably the highest it's been for a well, ever, I guess. Really nice to be a producer, really awesome time for us to invest and de-risk and set the business up for the future. I'll touch base on what we've done in the last 12 months and clearly show the progress we've made, but also talk about where do we take the business for the next 5 - 10 years. Aeris has got two operating mines. We got the Tritton Copper Mine in New South Wales. Tritton do about 24,000 tonnes of copper metal with gold and silver.
We got the Cracow Gold Mine doing about 40,000 oz of gold. The two projects in the portfolio, we got the Jaguar Copper /Zinc Mine in W.A. That mine is currently in care and maintenance, we're working up the way forward, we'll talk in a bit more detail. The Stockman Project in Victoria, which we will release a feasibility study in the next few months. Just sort of taking a step back, last year at the conference exactly today, 12 months ago, we sort of clearly set the strategy for where do we go with the business over the next 12 months. The key focus for us was Tritton starting up a new open pit mine. We've spent about AUD 25 million - AUD 30 million across the group on exploration.
That was the first time in as well probably 12 years we've put that much money in, we've seen the results of those. We also always said we want to grow and look at that region to consolidate, we did a transaction. When you see the slides, you'll clearly see the impact of both exploration and M&A on the Tritton mine. At Cracow, it is about life. It is one of those mines we bought at Evolution six years ago. We thought there's 4.5 years. Six years later, we sort of say, "Well, we think there's probably 5- 10 years specifically focus on Golden Plateau as an opportunity," which we'll touch on. We divested the non-core assets, we achieved all of that.
The Jag mine we put into low-cost care and maintenance but clearly focus on bigger base metal resources, we'll talk about exciting opportunity and then Stockman feasibility to come out. Basically, the result of all of that has put us in a position where last year when I was standing here, we had about AUD 20 million in the bank. Today, at end of the year, we had AUD 165 million in the bank in cash. We had AUD 40 million in debt at the time. We got zero debt today. Really we can see the business, and you can see down there we did EBITDA of AUD 285 million for the financial year and cash and receivables over AUD 200 million. The business is well set.
We achieved the group guidance for FY 2026, and we're really looking for where do we take the business and create and actually publish these 5-10-year mine plans as what I'm talking about. You can see that the current market cap sitting a little lower than AUD 600 million. That was last week, Friday. AUD 165 million cash and there's still some. Really the big change for us is the balance sheet in terms of zero debt and the cash on the balance sheet. This is sort of how we believe we secured the future for Tritton. December 2024, we are 2.4 million tonnes in reserve. We published a new reserve update, and you can see it's now up to 10 million tonnes. So it's a fourfold increase in reserve. Some of it is due to exploration, and you'll see when I show you the slides.
Some of it is through M&A. We bought Peel Mining, and those two assets has been brought into the business. We convert immediately Mallee Bull about 2.7 million tonnes into reserve. Clearly with Constellation, which you can see there, will start as an open pit mine and then go underground. Mallee Bull, we can see Tritton getting to that 30,000-tonne producer within the next three years with a 10+ year mine life. Very successful in exploration. Tritton has got a 1.8 million tonne process plant. The reserve now at 10 million tonnes, resource at 33 million tonnes and targeting that 24,000 tonne-25,000 tonne copper production in FY 2027. This is where we see the future. You can see how much of the resources is still not converted into a reserve. For example, Constellation, you'll see the slide come up. That's a new discovery.
We discovered that about six years ago. We will actually start digging this week with a cutback on an open pit mine. It has got a large resource, and that is still open at depth. You'll see the slide coming up. We see a very high level of conversion from resource to reserves at Constellation. You got Mallee Bull and Wirlong. That's a new acquisitions. Wirlong is not even a reserve yet. It needs a bit more drilling. The first one up there, although it's small, Avoca Tank, it is + 3% copper. Historically, all the resources in Avoca Tank converted to reserves. That is just a lack of drilling, and these are exciting prospects coming up. This is sort of FY 2027. We will mine between now and November, 1.2 million tonnes from the Murrawombie open pit.
That will create a stockpile, and that sort of de-risks FY 2027 because there's already 1.2 million tonnes mined of the 1.8 million tonnes we'll process. Constellation, as I said, is the future. That will start this week. It starts eight meters below surface, so by third quarter, it will be in production with a big ramp-up on both grade and tonnes for quarter four as we get that in production. There you can see Constellation, small open pit. There's already a 5.3 million tonnes of reserves. Mineral resource, 8.4 million tonnes at close to 2% with good gold. The idea is two-year open pit. After 12 months, we'll start the decline, and then the mine plan you see there is already a 12-year mine plan, and it's still open at depth. Really exciting for us.
We're investing about AUD 106 million over the next two years in infrastructure capital. That's to set up a 12-year mine plan. The timeline you can see there. We've got the mining lease approved a few weeks ago. We're ready to start the pre-strip this week. We will go underground in 12 months, then within two years, we will be underground, and that will be probably a 10-year underground on the current resource. Mallee Bull, that's a new acquisition. You can see on that image, the dark green is what has been converted to a reserve, 2.7 million tonnes at 2.4%. We are doing more work because the original mine design included pillars. We always use paste fill in our mine designs. That will bring a bigger reserve in. Through drilling and extensions, we see Mallee Bull also becoming a 10-year mine plan, if not more.
The development phase for that, it takes about two and a half years to get approvals. We see that coming into production within a 2.5 , three-year process. There's already an exploration decline approved, which we can start early to access ore as soon as we get approvals. This is just an indication. These are all the mine or currently mining areas in the Tritton where we got the tenements. They all still open at depth. Over the last few years, we haven't spent enough money on exploration. This year, we have, and we clearly see the results. They all open. We do drilling at Avoca Tank and Budgerygar. You can see in that slide, suddenly we started mining Avoca Tank with a very small reserve.
You can see on the right-hand side with the drilling the team has done over the last 12 months, it's actually doubled in strike, in width, and keep on extending at depth, and it's good grades. That will be a mine which will be kept mining for the next three to four years, and it's still open. It's just a lack of drilling. The same happened at Budgerygar. You can see working from the left to the right. It was a small deposit. We drilled it. It extended, and it's still open. For us, all those ore bodies, it's about how much money you spend is about the results you get in those ore bodies. Moving on to Cracow. Cracow, as I said earlier, a gold mine, really good infrastructure, low capital. The plant has been well-built and well looked after by Evolution and previous owners.
It is just one of those mines which never got more than two years of reserves but always replaced what it's been mined. The key opportunity is basically that image on the right-hand side, which is exploration and potential. You can see that's an old, small open cut mine called Golden Plateau. That was mined in the 1930s as underground at 10 g a tonne. In the 1980s, someone put that open pit over the top. They mined 2.5 million tonnes at 4.5 g a tonne. The team are doing some work on drilling. You can see in that image that old workings and a lot of data available, we can't use it for resource. We've got a drill program to really define the resource and opportunity.
We will work up a mine plan and a future on that. That can potentially give us a mine life of more than 5-10 years for Cracow if this comes together. Current indications are we're getting exactly what we're expecting. You can look at some of those grades. Really good grades. The mine design, we're doing a design for both open cut and underground for Golden Plateau. On that image, you can see where Golden Plateau is set. It's only about 2 km from the plant. All the production, historic production came out, is still coming out of the Western Vein Field. It's one of those narrow vein, high-grade ore bodies. It keeps on extending. The combination of Western Vein Field plus Golden Plateau is where we see that opportunity for Cracow to have a defined longer life.
That also allows us to go for greenfields exploration. If you look at that image, the Southern Vein Field really hasn't been tested. Brad and the team has worked really hard to work different targets. We will start to do some drilling in that Southern Vein Field this financial year to see how do we find potentially another Western Vein Field, because that's the target. It is a repeat or continuation of that Western Vein Field in that area. Cracow, it has been just one of those mines. It's generating good cash. It's low capital. Golden Plateau allows opportunity to really build that life of mine plan out to significant extensions. Just touching on the two projects. Stockman, that's a copper, zinc, gold, silver deposit. It's already 17 million tonnes in resource. You can see the grades down there, nearly 2% copper, 3.7% zinc.
It's a copper equivalent grade of around 3.7%. It's high grade. There's a resource of close to 10 million tonnes already on it, a reserve, sorry. The feasibility study will come out in the next few months, clearly indicating where we want to take Stockman. A lot of people who I presented this over the years keep on asking about approvals. I can tell you one thing there, Victorian government are very focused on getting projects up and running and has been approving a lot of projects. We already got a mining lease on it. We already got environmental approvals. It's finishing off the studies and work on the design programs. We got the Jaguar Copper/Z inc Mine in W.A., close to the Vault assets. It was a base metal mine.
We put in care and maintenance about three years ago with the aim to look at exploring for bigger and better base metal deposits first before we do a restart. We don't want to start with a five-year mine plan and think there's more, let's go and find it. In the last six months, or the last three months, we drilled eight new base metal targets. We're waiting for those results, and we've done down-hole EMs, and we're waiting to get those results back to decide which is the best way forward. The real other opportunity, and we heard earlier about the consolidation of gold and where people are taking gold, is actually the gold on this tenement package. It sits between King of the Hills and Thunderbox. It's 62 km of greenstone belt. Hasn't really been explored for gold.
Historically, they found base metals first, that was the focus. We will start to do some gold drilling. The view is it's not will you find gold, it's how much you'll find. That is a real nice option value on top of your base metals to have for the JAG business. Just touching very briefly on FY 2027. Clearly for us is for Tritton, it's delivery of Constellation, building up that 10-year life of mine plan. For Cracow, Golden Plateau is clearly the opportunity where we can see the life. JAG is now low-cost care and maintenance, and we're quite excited about both base metals, but also looking at gold exploration. Stockman, as I said, will come out in the next few months. We have got the balance sheet under control.
We are investing quite a bit of money into these new projects, but it's all to grow and start up long-life assets as we move forward with the business. Thank you.