Mr. Giulio Vella from Automic Group, the company's share registry, is also in attendance and will be the returning officer for the purpose of the conduct of the voting poll at the end of the meeting. The formalities of today will follow the common format for AGMs. Voting will be conducted by way of a poll on all items of business, and a polling card should have been provided to you on entry today. If you have lodged your votes by submitting by proxy voting prior to the start of this meeting and you'd like your proxy votes to stand, you do not need to take any further action. Completed polling cards will be collected by the representative of the share registry at the conclusion of the meeting, and voting results will be posted on the ASX announcements platform later today.
There will be an opportunity to ask questions on today's business after all resolutions have been put to the meeting. I will also address any written questions submitted by email from those that were unable to be present in the room today. All questions will be addressed prior to the conduct of the poll. As a quorum is present, I declare the meeting open. The proxies received for each item of business are now displayed on the screen. I inform shareholders that the minutes from last year's meeting have been adopted as a correct record of the proceedings at that meeting. The minutes of the previous meeting are available for inspection should any shareholders wish to do so. Please contact me after the meeting. I will now move on to the business of today's meeting.
The first item of business is consideration of the financial report for the year ended 30th of June 2024, which is now tabled. The auditor, Helen Bathurst of PwC, will be available to respond to any questions on the financial statements or on the conduct of the audit during question time. We will now proceed to consider the proposed resolutions on today's agenda. Resolution One, adoption of the remuneration report. The first resolution is the adoption of the remuneration report. This resolution is set out in the notice of meeting and as displayed on the screen, along with proxy votes received on this resolution. I now put the resolution to the meeting and will move to the next item of business, which is the re-election of director, Mr. Tony Lethlean. Resolution Two relates to the re-election of Mr. Tony Lethlean as a director.
This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on the resolution. I now put the resolution to the meeting and move to the next item of business, which is the approval of the grant of performance rights to the managing director. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting and move to the next item of business, which is the approval of the grant of performance rights to the technical director, Mr. Ian Chalmers. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution.
I now put the resolution to the meeting and move to the next item of business, which is Resolution Five, the approval of the grant of restricted performance rights to the Managing Director. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting and move to the next item of business, which is the approval of the grant of restricted performance rights to the Technical Director, Mr. Ian Chalmers. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting and move to the next item of business, which is the approval of potential termination benefits.
This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting and move to the next item of business, which is the Alkane Resources Performance Rights Plan. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting and move to the next item of business, which is the election of director self-nominated candidate. In accordance with the company's constitution, an external non-board endorsed candidate, Mr. Jeffrey Knight, has nominated for election.
The board, supported by the nomination committee, reviews the size and composition of the board, having regard to the board's skill matrix and the objective that the board comprise a mix of skills, expertise, and experience and diversity required for the board to discharge its obligations effectively. The board is satisfied that the current composition of the board aligns with Alkane's strategic objectives and enables it to govern effectively on behalf of shareholders in the best interests of the company. The board has carefully considered the self-nominated candidate. However, for reasons set out in the notice of meeting, the board does not support the election of Mr. Knight. This resolution is set out in the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution.
I now put the resolution to the meeting and move to the next item of business, which is the amendment to the terms of the affected performance rights. This resolution is set out in the addendum to the notice of meeting and as displayed on the screen, along with the proxy votes received on this resolution. I now put this resolution to the meeting, so thank you. That covers all of the business for this meeting, and all resolutions have been put to the meeting, and we can move to question time. Firstly, to those present in the room, are there any questions of the board on any item of business or the auditor on the financial statements or the conduct of the audit? Yes, Mr. Swan.
Graham Swan, question to the board and I guess also to the auditor with regard to the disclosure and the financials. Sorry, it's a question with regard to the disclosure and the financials with regard to the proceeds on the sale of Genesis and the profit on the sale of those shares compared with, say, the profit and loss on the sale of the Calidus investments. I just think in note eight we say that the proceeds from the sale of Genesis was some AUD 13-odd million, and we say that the cost of Calidus was AUD 19-odd million, and it's not clear what the actual profit on the sale of Genesis was.
I might pass that. Here's Jim.
I think, Graham, the easiest way to think about it is.
So I'll just try to grab the microphone too so they can.
Yeah, yeah. Sorry. I think the simple way that we think about it as commercial people, and I agree with you, some of the accounting is unclear because some profit was recognized in the year before. But the simple way is that we put about AUD 19 million into Genesis cash, and when we exited, our total proceeds were about AUD 75 million. So from a cash perspective, the net was AUD 55 million. So that's spread over a couple of financial years, and the profit, some of it is in financial year 2024, and some of it was in the year before as well. It gets a little bit complicated.
Maybe I can take it offline and try to explain how some of these investments, especially when we're close to the 20% mark, every time there's a movement up and down in our value of investment or sell, doesn't necessarily go to the P&L. It sits in a reserve account. But I think that most people think about it from a cash perspective that we put about AUD 19 million in, and when we sold out, it was about AUD 75 million. So net cash to the company was about AUD 55 million. I know you're looking a little perplexed there, but if you want to take this one offline, we can talk about it a bit further if you like.
I think you've summed it up quite clearly that the disclosure and the financials doesn't indicate how much cash you put into those investments and how much cash came out and what the profit was. And I think AASB 101 paragraph 97, to be technical, would probably ask that disclosure be in the financials.
Let's make them clearer.
That'd be great.
Excellent. Do the auditors have any comment on that? No. Okay, thanks. Any other questions? Thank you. So Dennis, do we have any written questions from shareholders? None. Thank you very much. Well, thank you very much. As all questions have now been addressed, we can now conduct the poll. As mentioned earlier, if you'd like your proxy votes to stand, you do not need to take any further action. If you've not lodged a proxy vote and wish to have your vote counted, or you wish to amend your proxy vote already lodged, please complete your polling card and hand it to the Automic staff acting as a returning officer for today's meeting.
So we can collect the polling cards. So I haven't filled mine out, but in favour of everybody. Good. Thanks. Thank you. I now declare the formal part of today's meeting closed, and thank you for your participation. The results of the poll will be released on the ASX later today. I'd now like to invite our managing director, Mr. Nic Earner to provide an update on the company's results for the year and an insight into what we can expect to come.
Thanks very much, Ian. I'm Nic Earner, the managing director of the company, and today, both myself and Ian Chalmers, technical director, will give a presentation because there's a fair bit going on in the geological section and exploration section of our business. We really wanted to dive into that, particularly talking about some of our main exploration targets that we have, particularly to extend the resource and reserves at Tomingley, so let me get into it. This is a presentation that I've given over a lot of the world into a lot of different broking houses and funds here in Australia over the last 12 months to really try and highlight to everybody the wonderful base that we have for this business. We have two parts of the business. We have our operation at Tomingley, and we have Boda- Kaiser.
In the last 12 months, we've released, and it'll come up in the highlights, but we've released our five-year plan for Tomingley, and we put out the Boda-Kaiser scoping study, as well as, of course, converting those to indicated resources. These are the two parts of the business. This year, we're on track to do between 70,000 oz and 80,000 oz, and I'll dive a lot more into that at Tomingley. Then on the other part of our business, we've defined a capital project for Boda-Kaiser that we're progressing forward through environmental approvals. Both contain value, and both have two different time horizons. As well as that, I've got a few different highlights and a status update on Tomingley, but I really want to keep circling back to these two key elements of the business as it stands today.
So let's look at what occurred over the last 12 months. Sometimes when you're really involved in a company, you're watching it, you think, "Well, you know, stuff seems to go pretty slowly." But then you just put up, "This is just the last 12 months," and you put up, "What's happened?" So we've increased the reserves at Roswell. So we arrived underground at Roswell, did pattern drilling out of the 15 by 20, and significantly increased the reserves at Roswell. And that's what underpins at least the next five years for the company. We've commenced stope ore production at Roswell. So we were bringing out development all late last year, but we commenced stope ore production in April. And that's in full swing. That now makes up 70%-80% of our ore source.
We've implemented a whole heap of new efficiency measures, and I'll dive into that a little bit. But we've bought new equipment, particularly some new diesel-electric loaders. We've got underground crib facilities. We've got an underground workshop and refuelling station. We've got an ore pass, all designed to increase the efficiency of that operation underground at Roswell compared to the more spread out operations that we had underneath Tomingley. We've built and finished a second tailings storage facility. We call it RSF2. That's operational and has been running for a little while. But the important thing about that is there's 3 million t of storage capacity within that. We're approved for further lifts if we want them, but there's at least three years because when you put some tailings underground as paste, that's a significant piece of infrastructure that's completed. We've built the paste plant.
I'll dive into that more. It's ready to commission. We've constructed and commissioned the flotation and fine grind. I've got a video of that coming up. We've moved Boda- Kaiser to indicated resources in both, completing the tail end of a 240 km drill program, and I'll dive into that a bit more, and then, of course, we completed the scoping study for Boda- Kaiser. That's just the last 12 months, so a fair bit's happened in that period of time, and our company has an excellent balance sheet. We're in good shape. I constantly hear people say, "Oh, wow, you guys, you've got your balance sheet under stress. You must be going to raise money." That is incorrect. That is incorrect, and there are some people in this room who have told me that, and they're wrong. We have AUD 50 million of cash and bullion in the bank.
We've only drawn AUD 45 million of our debt facility. We have AUD 15 million available to draw. Last quarter, our cash balance as an entire group went down only AUD 3 million. This year, we're on line for flat cash. Next, sorry, this quarter, we're on line for flat. Next quarter, we grow. We are a fully funded business, growing in cash. We are on track, and we'll dive into this quarter by quarter to generate significant amounts of free cash across the next two years. It is flat wrong for people to think that we are under stress. Our shareholder base remains unchanged. Mr. Gandel holds 18% of the company. And I have spent a lot of time trying to shift the institutional base of our shareholding because whilst we're 65% retail held, you can see from our stock we're quite volatile and our turnover is low.
These two things both have an impact on share price. So we have people who move in and out of our stock in one day, one week, three-month basis. We have long-term holders. But what we don't have is the capacity when we only turn over AUD 600,000 shares a day. We don't have the capacity for some fund who wishes to enter to take a substantial position. We need to increase the liquidity of our business. So I have met with funds in Europe who say, "I want to put in AUD 5 million into your business. How do I go about doing that?" The only way they can go about doing that is to wait and buy shares on market at AUD 100,000 a day for six to eight weeks without influencing the share price. Funds do not do that. It's rare.
I met one guy who's steadily accumulated AUD 2.5 million worth, right? So one way to do that is to raise money. The other way to do that is to lift the share price and therefore increase the volatility. And those two are in tension with each other. But I'll address that more when I talk a little bit about how we intend to grow the business. A little bit on our debt and hedging. So we took this out in March 2023, and I don't think there's a single person who would have bet their house in March 2023 that the gold price was going to move from AUD 2850 to AUD 4,000 an ounce. And if there is, good luck to them. Send me a note, but show me the trades. Don't just tell me, "Show me the trades," right?
So we took out that debt position, which is why our hedging is where it is, right? So we have 81,700 oz remained to hedge. We'll do another six odd thousand. That will get paid in this quarter. That goes out to June 2027. That's the debt period to pay off the debt that we took out to increase our liquidity to do the work that I'm going to tell you about. So I have people say to me, "Wow, you were foolish to take out the hedges." I don't think they are correct.
And I want to let you know, if you're considering putting shares in the company, I'm talking to people online as well, if you're considering buying shares in the company, if we do a further development and take out debt, we will put in another form of gold price protection again. We'll either buy calls or we will, I mean, sorry, buy puts, or we will take out hedging. But it will be at today's price, which would be AUD 4,000, and the forward curve and the associated interest rates. Because to borrow money without protecting it is foolishness.
That is our position as a board. That is our risk management framework. So if you want completely unexposed things, then look for another company that has either a massive amount of cash and then ask why they're taking out debt when they have a massive amount of cash apart from just increasing their availability, right? Or look for someone with a much, much, much greater risk appetite and understand that you're prepared to back someone that can blow up the company. Because the difference between a shareholder who can sell their shares when the gold price corrects to AUD 3,000 and running a business is only one of us is left, and that's us running the business.
The shareholder has left. That is why we take out gold price protection. And we took this out in March 2023 when the forward curve was AUD 2,840. The really happy thing is even this year when our gold price, sorry, when our all-in sustaining cost is forecast between AUD 2,400 and AUD2,600, that is still below the cost of our hedging. Everything is occurring exactly according to the financial plans that we set out with in March 2023. So that's the business as it stands, and we'll repay that debt across through to June 2027. And just to talk briefly on the puts, we can't sell at all the hedging at roughly AUD 2,850.
And the remaining gold, which is another sort of two-thirds of our gold production, none of that's going to get sold under AUD 3,000 an ounce. So it doesn't matter what President Trump does. It doesn't matter what this is. If gold price corrects by 25% and goes to AUD 3,000, we won't be selling any gold under that between now and June 2027. So that's the corporate profile. I'll be very happy to answer more questions around that, but I think it's pretty clear what I think. We're going to talk briefly about Tomingley. I'll draw your attention to Varun Patel, our processing manager in the bottom right, because you're going to hear his voice a little bit going on. So top left, you have a picture of our Wyoming One Pit, and the portal is in just here in the bottom right of the screen, so.
Obviously, we make gold, top right picture. And on the left, there we are underground. I've got a bit of video of that too to try and articulate to people a bit of what we do. So I'm just going to take the moment with a captive audience to recap the last period of time. So this is we poured our first gold. When was it? It was like February 2014 or something. Yeah, February 2014, right? And we built this plant through 2013. And I think for people to realize that we first started construction for that in about March 2013, and we were dry commissioning nine months later, and we poured our first gold 11 months. So 11 months start to finish. People forget that.
In today's environment, where people somehow seem to blow up stuff, people have said, "We need to watch these guys and the developments that they're doing now in case it doesn't go well." We built the thing in 11 months. I'm baffled at people's ignorance. So we ran open-cut mining, transitioned underground, ran the underground, and now we're going into our new mining area. And I'll dive a little. I've got this in quarter- by- quarter. I'll dive into it. But this growth comes because of the quality of the San Antonio and Roswell deposit, which we discovered. We didn't buy it. We didn't trade it. We didn't merge it. We generated the cash, drilled the holes, and we've developed it.
The last time this company raised any money off the capital markets was in 2019, when we raised money to keep drilling Boda while we split out Australian Strategic Materials. I defy people to find junior single mine companies with that track record. Every single year in here, we have met our full-year production guidance, except for last year, or exceeded it, except for last year, we did 57 at the bottom end of our guidance with 60. I defy people to find someone with that track record. So the capital project timing. We're past these now because these are complete. I've got a video of the commissioned flotation reagent. Of course, it still needs optimizing, right? That's the nature of what's going on. And we start paste plant commissioning at the end of next week.
So that's when the paste plant. I've got a picture of the paste plant. So what are we doing? What are we doing now? Well, now we're going to move the highway, and I go back. This is the diversion of the Newell Highway, and that enables us to mine, and we're going to start with the two San Antonio open cuts. There's 200,000 oz of gold in that roughly, right? You do the math. It's AUD 50 million to move the highway. It's AUD 35 million to upgrade the plant throughput, and then there's remaining expenditure on top of that. That's what we're commencing.
The next stage of that is, despite us having all the approvals in place for this project, we have the need for our contractor that we're using to register their, which is a sort of a routine thing, register their environmental reports and management plans and stuff with the New South Wales government. That's underway at the moment, right? We expect to get that about March, April next year and then start moving into that road construction.
There's pre-works and all the other stuff going on. There's eight and a half kilometers of highway there. We already own all the culverts. The design is 100% agreed. There's independent orders. All this stuff you have to do, which you'd imagine is a national highway between Melbourne and Brisbane. That's all done, right? So we start that next year in about the March quarter. And current plan indications are we finish that at the end of the year. What are the things that could derail it? Well, a lot of wet weather that would push it back, right? That's the main thing. But what does that mean if it does get pushed back or if the process plant throughput gets pushed back? This is quarter- by- quarter as we see it for the next two years.
What it means if it gets pushed back is that we continue at the rate of which is roughly 85,000 oz-90,000 oz odd . We continue at that rate, and we simply don't move to 100,000 oz-110,000 oz until that work is complete. We are in great shape. All we have there is a delay to go to 100,000 oz-110,000 oz . And I'll come back to comment on the capital on that. So let's have a look. How are we increasing in production? Well, the main thing is that we're just mining into an area in Roswell that's higher grade in the next 12 months-18 months. That's just the way it is, right? The Roswell ore body has a large central higher grade portion. The reserve grade is 2.4.
But of course, there are bits that are above 2.4, and there are bits that are below 2.4. We are, as it happens, just mining through a sequence over the next 18 months where the grade slowly rises. We're in the core of that system going on. And that is open at depth, and Ian will dive into that. So that moves us to, if you think back to the yearly guidance, this year is 70,000 oz-80,000 oz . Next year is 85,000 oz-95,000 oz , right? So we move into that. And then the open cut kicks in, which is why you can see throughput go up having built the plant, and grade comes down because, of course, the open cut is lower grade because it costs less to mine it.
It's also why our sustaining capital falls away, which is why, combined with the increase in ounce, the all-in sustaining cost falls away. At the moment, and I have a picture coming up, at the moment, we're doing two lots of development. We're developing up, and we're developing down. So we're doing twice the amount of capital development. That falls away sort of May-ish next year. And hence, we start to see the all-in sustaining cost fall. That's a one-off. This recovery, this is rising through this period of time because of the flotation and fine-grind facility. That adds 7% to what we're doing, and I have a video coming up of that. And then, of course, the growth capital. The growth capital, we have AUD 15 million roughly coming in this quarter that'll sit here out of this 60-65.
That's because we're finished now, and we've got the last invoices to come. After that, we have AUD 100-AUD 110 million to go at the door for the things I've described. That doesn't have to happen unless we want to move to 100,000 oz, and 110,000 oz , right? We are starting on the open cut. The reason why I talk about that in particular is, let's say another growth option, inorganic growth option, falls across our desk, and we continually look for that. Well, we might choose to allocate AUD 50 million-AUD 60 million somewhere else. Let's say at Boda, we drill, we hit something like Ridgeway, and we think, "Oh, you know what? Let's defer this, and we'll drill out our Ridgeway and add 40 million tonnes at 4 g or something." Well, of course, they're all different things we could choose to allocate capital.
We're in very, very good shape. So the next 24 months will be very, very interesting. This is just to briefly articulate what I'm talking about, Roswell. So we've come in, we've got the underground crew room and vent fans, and everything's all over here, developing up and down. You can see all the different intercepts. We have their grade control drilling, which are continuing to extend the resource. All I'm saying is this development, this development, and some of the lateral development off this is increasing our all-in sustaining costs over this period of time. And then that falls away because we hit a steady state on that, and we have enough mining fronts open up to mine at 1.1 million tons a year from underground. So let's have a look a bit. So we've got new underground equipment. One of the most interesting things is these four loads.
We don't always park them like this. But if you're taking a promotional video together with WesTrac, it is a good place to park. So I've got a brief video, and I'll try and give commentary in parallel. This is of the 2900 XE loaders operating underground. So they're a Cat loader. They're diesel-electric. So as distinct from a diesel engine with a gearbox and transmission and all the other stuff that goes on, these are effectively like a diesel generator at the back driving an electric-powered system, right? It's about 30% more efficient for fuel, and they have theoretically better torque on tires and all the other things. The same is the difference between accelerating away in a Tesla versus me accelerating away in my Mazda 3. I mean, that's not the greatest equivalency difference, but you get the point.
And a large part of it is that these operate under the Cat, you're going to see a video of the Cat Command system, right? Which is their method of remote operation and autonomous operation. I'll talk a little briefly about that at the end. Because what you'll see, you'll see in a video, one of our operators moving stuff around. You can, with this system and with other systems, but in what we have, you can say on one level. So we have an ore pass, right? So we can be mining at one level where we've got stopes that we want to bog out, and then we put into an ore pass, which means you're not interacting with a human in another loader loading a truck, which you'll see, another one of our operators loading a truck.
It means that you can say, "These two remotes here, boom, boom, boom. You wait here. You go and dump them here. No one goes in this level," and it just loads out of the stope until it's done into the ore pass. Then you have people at the ore pass level. Here's a video coming up, and I will attempt to give commentary on that context. This is what it looks like at dawn. That's the plant. This is all context setting as we roll in underground. That's down the ramp into the pit, one of the Epiroc trucks heading down to get loaded, heading into the portal. That's the 2900 at the moment. This is being driven by an operator at the moment for an underground stockpile loading a truck. Here's one of the lads with the Cat Command system.
That's what they can see, the different screens, the map underground, which, of course, is all linked up. It maps itself, but also you load the plans off the engineering dimensions. Oh, that's just a grader heading underground. And so you can see that what Glenn's done there is he's just thrown that into remote. And then at the bottom of the ore pass, we load again manually. You can see the low profile. The operators sit sideways, which is completely common in an underground LHD. And then we go back and park them in star style back on the stockpile once we've finished. So that's just a bit of a feel for what it's like underground. So, of course, we have drills and all the other stuff going underground.
But I particularly wanted to point that out because when people look at our debt, we say we've got AUD 45 million, but then we say, "Hang on a minute, the whole thing's AUD 65 million." AUD 19.2 million of that, which starts to get paid down this quarter, AUD 19.2 million of that is equipment finance. So those are financed Cat equipment. You could call it for some, when I've spoken to a lot of Americans, they go, "Oh, it's at least a buy." It's like, "Well, not really. It's owned and you're paid off." But anyway, whatever it is, it's equal installments over that period of time, which is that other part of the debt portion that you read.
So this is the paste plant. This is constructed. There's just final dry checks. Let me describe this to you. So you've got the pipeline coming in from Tomingley. Comes into here. We have a cyclone pack. You could, of course, recycle back if you wanted it. We have a cyclone pack which separates the slimes out, like the ultrafines portion of your tailings. Your coarser portion goes into your tank. You feed across the belt filter, actually feeds this way, across the belt filter onto this belt into a pug mill where you're mixing with cement and water. And then that goes underground, and you have pipework and drill holes to go underground. And then it falls 300 m, and you have a distribution network of pipes underground.
That is the paste plant. Very simple. Run all over the world. We've got people recruited that have run them before, etc., etc. So that goes live in 10 days. And what does that let us do? Just to reiterate, it lets us do full recovery of the ore underground. You bog out a stope, and then rather than doing a certain amount and leaving a structural pillar of rock, you fill the whole thing up with a modest strength paste, and then you blast up against it. That's the paste plant, and that's complete now.
You're looking at circa AUD 32 million worth of facility. We have a road network completed. I'll just describe this because here's the new residue storage facility. There's the down into the pit that we saw before. Here's the plant. We come around under the underpass, which goes under the Newell Highway at the moment. We've built this. This is a light vehicle road, and you can see the tailings pipeline going to the paste plant beside it. This gets expanded in width to be a haul road over the next 12 months all the way through.
And then down just below this picture, oh, sorry, this road here, which is a local road, Kyalite Road. One of the reasons for these bends is, in fact, we build a new Kyalite Road up through here, and then that has a bridge, and we drive our trucks underneath it. That's part of the road upgrade that's occurring. That's coming in the next 12 months. But that road network has been built. And then this is the flotation and fine grinding circuit, which is now operational. Let's recap. Varun is then going to give us a tour of this. I'll pretend it's live, but it's not. What does this do? Why have we done this?
Well, in any ore body, but in ours in particular, after you finish leaching, you go and you do a tails analysis to work out, "Well, why didn't we get 100% recovery?" And in ours, we've always had a fraction that is liberated if we grind finer. And that portion used to be 2%-3%. And we had about 4%-5%, which was truly bound refractory. So it's chemically bound, whereas this is just liberation bound. When we drilled out Caloma II, that proportion increased slightly, and we thought, "Oh, should we grind that finer?" The economics didn't really stack up. But then when we did Roswell, we found that, "Oh, the Roswell recovery is about 84% with about 9%-10% liberation bound." And so this clearly became something to do to pay for itself. This is about a AUD 40 million facility.
But if you take the years of production we have ahead of us and you add a 7% recovery, which we think is conservative depending on the metallurgical area of the ore body that we're in for Roswell, then you get that. So what does this do? Our primary mill has always ground to about 105 micron, 110-ish micron. So that's 0.11 of a mm. And so it feels like fine sand. So what does this do? This takes that material and runs it through a set of flotation cells so that the concentrate that comes off the flotation cells, which contains the vast majority of gold, particularly in sulfide, then goes through and is ground to 12 micron. So it significantly increases the liberation. But the percentage of mass is roughly 20%-25% of what comes in. It's then combined, and you'll hear Varun talk about that.
It's then combined, and then all of that goes into the leach circuit, so you have some stuff going through at 110 micron and a whole bunch of stuff going through at 12 micron, and that significantly increases the recovery because everything can then be exposed to the cyanide and then absorb onto the carbon in the carbon in the leach circuit. That's why we've put it in, and it's very relevant down at Roswell. It also increases the recovery of the remaining bits that we have, because Ian's going to show you. We've got a lot of stuff also over at Caloma. That gets the benefit of this recovery as well, so here's a tour of the flotation and fine grinding circuit. Varun is going to start up here and work his way through to here, and he's going to look over this side as well.
This is the flotation feed box. The first flotation feed hopper, which has a density meter, which tells us what the density is to the flotation circuit. This is the bottom view of the float feed hopper. As you can see up there, there's the density gauge that tells us the density of the flotation feed circuit. The float feed hopper feeds the first flotation dilution tank where we add water to get the right % solids to feed the flotation circuit. The second tank is the conditioning tank where we add PAX and frother. Then we [audio distortion] flotation cells. We add frother and PAX again to flotation cell two and to flotation cell three. The front hopper at the end, that is the flotation concentrate hopper, which feeds our flotation thickener. This is the first addition of PAX and collector into the conditioning tank.
This is rougher con one flotation across into the con hopper. This is flotation con two. Got flotation con three. Flotation con four. And flotation con five. These all collect into the launder that overflows into the flotation con hopper, which feeds the flotation con thickener. The tails of all the flotation tails report to the flotation tails hopper, which feeds the pre-leach thickener. Flotation tails report to the feed box of the thickener and is gravity fed to the feed well where we add floc. This is the feed well with the bit of floc going in. Get a mix. And the clarity of the thickener. It looks really good, by the way, for your process. Output of the pre-leach thickener feeds the leach feed tank, which is combined with the IsaMill discharge. The overflow of the pre-leach thickener water gets pumped back to the process water tank.
The flotation con is pumped to a flotation con thickener, and the thickener provides about 48% solids density back to the IsaMill feed tank, which is the flow we see at the moment. As you can see, it's got all the right minerals loaded out of the float circuit. Ready to present to the IsaMill for further regrinding. The IsaMill feed tank feeds the IsaMill feed hopper, which feeds to the front end of the IsaMill at a controlled density and flow. The feed end of the IsaMill, followed by the discharge. The IsaMill discharge then reports back to the leach feed tank, combined with the flotation tail to feed the CIL circuit. There's a density meter on the slide to let us know and control the density to the CIL circuit as well.
So there you go. That's roughly AUD 42 million worth of expenditure to put that in. So the blue item that you see is the IsaMill. That has ceramic media in it, and that's what's grinding to 12 micron. So look, we're very excited about that. We're already seeing early recovery improvements within the plant, and I'll detail more of that in the quarterly report. The big job of this now is to optimize it. They are a very simple yet need-some-finessing piece of equipment to operate, similar to the paste plant. So that is the flotation and fine grinding that's absorbed a large part of energy. We're really lucky to have a guy of Varun's quality leading that team. And the other thing I want to reassure you is we do have production beyond five years, and Ian will talk about that.
It's just when you look at all the different things that Ian's going to talk about geologically, the five years is pretty defined for us, but it's very difficult to say, "Well, where will we go? What will we do after that?" And we're grade dependent, but we intend to be operating at that 100,000-oz range. So now I'll talk briefly about Boda-Kaiser. And I won't dive a lot into the geology. What I'll dive into is the scoping study because Ian's going to take us a lot into the geology of what's occurred. Look, we've got 15 million oz of resource, and I'll leave it to Ian to dive into this more. But here's the scoping study metrics, which, because I couldn't resist when gold was at AUD 4,000, I updated the revenue to AUD 4,000. But it doesn't really change anything at all.
So I said this at the time when we released this in mid-year, but we looked at 5, 10, and 20 million-tonne per annum scenarios. Because when you look back at the resource, you can see that this is greater than one, the purple, right? You can see, "Oh, hang on a minute. This could be mined in this manner." It goes really close. It goes really close, and we'll continue to look exploration-wise. But the IRR at the time went 13%, 17%, 24%. You can see the impact that the move from 3,500 to 4,000, that's had a 5% impact on IRR. It's very sensitive to gold price, of course. And so the economies of scale made more of a difference. What that means is AUD 1.8 billion Australian of pre-production CapEx. Of that, AUD 1.3 billion is building the plant.
AUD 500 million of that is all the other stuff that you need to do: road, land, power, water, tailings, etc., etc. So sometimes we read other people's estimates of things from overseas, and they've just looked at just the plant cost. But we've really tried to include everything that you need to do in that. So we're pretty comfortable with that, particularly at a scoping study level. And you can see this production. In the first five years, this works out roughly to be about a 280,000-oz per annum gold mine, should you put it all into gold equivalent. And if you sell this copper at a price which is just above the spot price at the moment in U.S. dollars, and you make that a credit, then you'd be selling it at $ 630 an ounce.
And this is relevant when I come to talk about the path forward. Interestingly, if you thought, "I just want to call this a 35,000-ton per annum copper mine, and I make it a gold credit," then you produce the copper for free. It's about 50/50 in revenue. Really good NPV, really good cash flows. This payback period is just under four years. The issue, of course, that I get asked is, "Well, you guys make capex at the moment, AUD 300 million-AUD 350 million. Even when Tomingley's hitting its straps at today's prices, it's going to be doing AUD 150 million free cash flow. How are you going to fund that?" We have been looking for a joint venture partner. I'll dive into that. I'll dive into that at the moment. There's two different paths that we've taken.
One is to talk to copper people, and one is to talk to gold people. Because a lot of gold people are chasing copper credits. One, it helps diversify their business. But two, it lets them say that their all-in sustaining cost is lower, which is an important thing from a perception management perspective. The copper-only people, the broad majority of feedback fell into two camps. One was, "There's just not enough copper per year to interest us." That was the really big boys. And the other one was, "Oh, we really like that, but wait till you hit FID and then come and see us. We'll be really interested in doing something as part of a financing package or something like that." That makes perfect sense. So they're the people that we've approached. On the gold people that we've approached, and we have a data room open.
We welcome large and serious players into that to have a look. The vast majority of feedback is, "Yeah, we really like this. We're going to watch it. We want you to keep us updated. We don't feel any need to move at the moment into that." That's fair enough because everybody balances their different things. Some people are saying, "Oh, well, I'm focused on South America." Other people are saying, "Well, I've got a whole heap of exploration stuff myself." Other people are saying, "You know what? I just took over another massive company. I'm really digesting that." That kind of theoretical type feedback. So very much we have people interested, but it's forming a part of their watching brief of a series of 10- 15 credible projects capable for execution. So what are we doing about that?
Well, this was the 20 million-ton per annum pits. We'll continue to obviously optimize that. We're looking at. Just got the scope in yesterday for what would a sublevel cave look like under these, how that integrates. So we're continuing to understand it from a mining perspective. But most importantly, we're doing two things: regional exploration, which Ian will talk about because that could shift the economics of it, might even shift the centroid of where you'd put a plant. But two, we're doing environmental studies, commenced. People understand that is a massive amount of work. And the way things work in New South Wales is, broadly, you need at least two years of baseline environmental data to do any kind of impact statement. You need to understand the location of the plant because you're going to generate light and noise and all the other things that that.
You need to understand your mining method. You're going to do dust. So we understand that, but we don't understand yet the location of the plant. So we've made some assumptions for that. You've got to understand your impact on groundwater. You've got to understand where your employees are coming from, where your reagents are coming from. You're going to understand where you're piping your water from and your power. So this area has a lot of natural advantages. One is there's a whole heap of renewables projects in the area. So the power infrastructure connection is really good. The second is that it's very close to Wellington. So there's only sort of 13-20, depending which way you want to travel, type roads that may need upgrading for trucking and transport. We own some of the farmland underneath this already, but it's large landowners.
There's not a whole series of hobby farms underneath it. Most importantly, it's quite close to the Macquarie River, and it's a modest distance from some of the saline water deposits to the west of the coal mines on the east. We need to run those things to ground because we're capable of doing that. We've done that three times before Tomingley, then the Dubbo Project when Australian Strategic Materials was part of the company, and then again for Tomingley the second time. We know our way around that pathway. We're going to go on and get these studies done. Because you can imagine there's a complete difference to me in talking to someone saying, "Well, that process might take five years," and they say, "Well, okay, well, we'll watch that. But what if it's four? What if it's seven?" And me saying, "Oh, you know what? This is approved.
We're just assembling the funding. Totally different thing. This is a AUD 2 billion NPV or AUD 2.4 billion as it stands at the moment on today's prices. So of course, the percentage of NPV that should reflect in our share price should change with those environmental studies. That does not cost us a lot of money to do. It's time-consuming. It can be very frustrating. But we continue to work on that because anybody's going to have to do that and we're as capable as anyone else. So that's what we're doing on Boda-Kaiser, as well as a pretty exciting exploration upside which Ian will go to.
So I can answer more questions on that later on. So let's look ahead. We're going to commission the paste plant incorporated in the mining sequence. That's simple, but of course, anyone that's been involved with that understands that that's an important step. We're going to optimize what you just saw. And together with the ore throughput, there's a whole relationship between the speed you run the plant, the grind, the percentage of flotation you put. We want to stabilize that.
There's an optimum position there financially for us. And we may be able to increase the throughput sufficiently that we start to wonder whether we should take that next step to go on to 1.5 million tons per annum. So we've really got to understand that well, embed that in. Ian's going to talk about this. We're expanding the Tomingley resource base. It's really interesting. When I talk to some investors, if we take the journey of the last few years, it's like, "Well, when are you going to get that approved? Oh, we've got that approved. Oh, when are you going to build these things? Oh, we've built those things.
When are you going to increase the reserve? Oh, we've built the reserve. We've got seven years out ahead of us now." They're like, "Oh, it's not 10." It's like, "Oh, we'll give it a go." But that's okay. We're actually working on 5 MW solar plant at the moment. So we're going to finalize that and the supply agreement. That's in the sort of late stages of being signed off. That's one where power purchase agreement where someone else funds that and you buy the power off them over time. I'll come back and close this out at the end. We're going to do the Boda- Kaiser environmental stuff. And then, obviously, Ian's going to talk about this regional exploration. Let me talk about this and make it completely clear what we're doing here.
So we have between 80,000 oz and 110,000 oz, depending how you unpack it, mine that's going to generate in excess of AUD 100 million cash flow for the next period of time, say, 2031, etc., etc. People can do their net present values on that, and they'll come up with whatever number they want. Then you look at the premiums versus other companies, and you end up with a particular value. Then we have Boda out. Fastest approval on that is five-odd years plus two-year construction, seven years. So we have short- and long-term growth. But in terms of the medium-term growth plan, we don't have another production facility coming in. And I turn back to the challenges for us as a company. Our liquidity is low. So it's very difficult for large funds to take a position. Our medium-term growth doesn't exist.
Our size and scale, so we could re-rate, along with some of our peers, but we're going to be at the lower end, being at 80,000 oz-100,000 oz . We have other peers that are sort of in the 100,000 oz-200,000 oz. And all of these things impact on our share price, particularly on the people wanting to hold us in the register outside of free cash flow. So, of course, we're looking at a capital return strategy once we come into free cash flow. And we're yet to define that as a board, what that might look like, dividends or buybacks, because we're coming to a free cash period. But what we're looking at is two things. Can we buy or merge with another producer so that we increase our size and scale, number one?
Option two, can we purchase, scrip-wise, a development project that uses the very large free cash flow in 2026-2027 so that we're building something in 2026-2027, which is therefore an inorganic medium-term opportunity? That is what we would like to do. We are one of the most successful single-mine producers in Australia, but we don't want to be that. We want to de-risk. We want to be a multi-mine producer. And so you've seen us try that with different things, with Genesis, with Calidus, all these things. That's the purpose of it. That's what we're trying to do. And we think that there's a lot of shareholder value that can unlock with that, coupled with a capital return strategy. So we continue to evaluate. So we do that all the time. But it's about opportunity that actually coming.
So hopefully, we'll have something there throughout the next 12 months because we continue to work on it. So I'll just summarize again. We've got a really solid production base. We're generating cash flow, and we're ramping that up. And we have a big sleeping giant in Boda-Kaiser, which we're doing the environmental studies that will only continue to add value. And of course, we're engaging with potential partners. So if anything happens, we want to have any major companies that are involved ready and able to act because they're informed and aware of us, and they're watching us closely. And I really want to iterate. We're capable of these things. We have built and constructed plants before. We've operated successfully for 10 years. We've done plenty of environmental approvals.
And so we continue to think that the stock presents a lot of value opportunity for shareholders because we are significantly undervalued versus our peers. And I hope I've been able to articulate there's not a single fundamental reason why. Thank you. And I'll take questions on that before I pass to Ian. And if it's like, "Oh, Ian's going to cover that," then I'll throw to Ian. If there's no questions because that presentation was just amazing, then I'm really happy with that as well. And so I got any questions on that sort of fundamental aspects of? Nope. Great. Sorry. One there.
So the idea of you becoming a multi-mine operator, and I know the recent investment in Down. Are you sort of constrained by jurisdiction?
Yes. It's a good question. So if we look at development, so something that needs development and whoever it is doesn't have a team yet, then yeah, we're constrained in these sort of Australia, New Zealand jurisdiction because that's where our own expertise lies, where we understand. New South Wales, WA, South Australia, it doesn't really matter. We understand the jurisdiction. We're aware of the community issues. We're aware of the legislation. We know the contractors. So to develop something where we're in that jurisdiction, operationally, much less so. Because if you merge with another operating group who obviously will look at the risk profile, they already have an operating team that understands everything I've just described.
So from a merger perspective, we're less constrained. But from a self-development perspective, yeah, we only look within Australia, New Zealand. Just very briefly, Ian and I will be giving these same presentations tomorrow in Melbourne and then on Thursday morning in Sydney as well. So anyone online that thinks, "Oh, I wish I'd sent a question in," then they can come and see us there. Great. Thank you. I'll pass on to Ian. That was my extra slides in case someone asked me a question.
Thank you. Good morning. That's going to be a hard act to follow. I'm going to get down to the nitty-gritty, back to some rocks and among the dirt and the grime, which is a good place to be, as you can see. Jump through all this stuff. That's just to highlight. Nic sort of showed a regional map, but I just want to show it in a bit more detail of really over the last 12 months where the significant activities have been.
Obviously, Tomingley is a key. Tomingley is a cash generator. It provides the cash for us to keep doing other things and trying to find the next big deposit or get involved with another company. We've done a lot of work on increasing the resource base, and I'll come back to that. The large project, the big one sitting in the background, what we call the Northern Molong Porphyry Project, Boda- Kaiser system inside that. We've done a lot of regional work. We're building up to starting to redrill on regional targets, and we'll do some drilling inside the main deposit as well.
Then we've got other things more in the pipeline, what I call the pipeline projects. We acquired what we call now the South Junee Porphyry Project. We acquired it off Sandfire about 18 months ago. I've really spent the last 12 months pulling all that data together. There's a history of about 40 years of exploration in that area and trying to understand what we've got. I'll show you just a little bit of that. Again, on the edge, some encouraging gold, copper, lead, zinc results from a little place called Rockley, Apsley. Again, a very early stage, but enough indication to say at some stage that project is worth following up. Into Tomingley.
The left-hand side, you can see the geology map, a summary map with all the resources dotted down, the Caloma deposit, the Wyoming in the north, coming down all the way to the south, down to Peak Hill. We don't really say much about Peak Hill, except that in the last 12 months, we had an academic study which really heightened our interest again. The potential for a large-scale porphyry system below that mine is quite substantial. The right-hand image is a gravity. We did detailed gravity. We combined it with our magnetics and our other geophysical techniques and started to look at what other targets have we got in close proximity to the mine. The reason for that is logical. You've got an operating plant. If you can continue to find deposits which are readily accessible and trackable to that plant, then obviously, they're very valuable.
I just put up some of the intersections really from this year. You can see El Paso, if I can find the right thing to press. That's it. So El Paso is down in here somewhere off the south end of the current mine operating lease. There's San Antonio and Roswell there, and there's Tomingley up there. Enough indication of El Paso to say, "Well, this is something worthwhile." It's a bit more geologically complex than what some things like San Antonio and Roswell, but we're starting to understand that and more directed towards that. Surprising discovery was Plains out here right out on the far eastern edge.
And that was starting to give us some feedback and say, "Well, maybe there's another system, another Tomingley-type system coming down through here, running down on that eastern side of the belt." And these are just really totally untested areas. And then something we haven't talked about for probably 18 or so years is Tomingley 2, Tomingley 1 and Tomingley 2. Interesting mineralization to the north of Tomingley on a structure coming up through there. And you can see those intersections. I've only put up one for Tomingley 2 just as an idea of what's there. So lots of good targets and lots of interesting things to do over the next few years. And this is now focusing in on what we call Tomingley and the Tomingley Expansion Project. It's a sort of a tilted 3D model.
You can see the open cuts. You can see the underground working, so there's Wyoming 1 underground working, Caloma underground workings down there, the decline coming out of the Wyoming 1 pit all the way down to the bottom end of Roswell, and as Nick said, we're mining Roswell from the central here going up and down, which is kind of unusual in an underground mine. You don't normally do that, but certainly, it exists, and then the follow-up things, what are we doing? So San Antonio, really just an open-cut resource to date, but we're looking down below, looking to see what might be the potential longer term, something you could link up to the existing development work going back to Wyoming under here, and the drilling's underway on that, so hopefully, we might see some results sometime in the next month coming out of that.
Also, the mine guys, the mine geology guys are drilling in Roswell below the existing resource reserve and along strike from it, and we think Roswell is such a strongly developed deposit, there's a very good chance that it goes probably hundreds of meters below where it's going to here, so it might go down another 200 m, 300 m, which will add significantly to the resource base. McLeans is already a resource. At some stage, it needs to be drilled out into bringing it up into reserve status, but it's really a stone's throw from the existing decline, and then Myall United, and Myall was an old historic mine, the 1890s mine. It was mined to about 100 m, 150 m. They pulled out 70,000 oz from high-grade quartz vein structures. We put a few holes in, but given the grade, it averaged about 15 g per ton.
We need to go back and have another look at that down below the depths down here and then into the main mine site itself, and I'll show you the next slide which is showing what's going on, so that's it, again. It's a bit of a jumbled put together, but you've got the two or three open cuts there you can see. You can see the existing underground workings and just an idea of Wyoming 1. Wyoming 1 is about 400 m deep currently. It's quite substantially deep. We see no reason geologically why it doesn't continue, hence the red box down here, but in the shorter term, there's a lot of potential underneath Caloma 2, underneath Caloma 1, and there are these areas here, and then the Calomas both to the north of Caloma and then deep at Caloma.
So a lot of potential in those areas, a lot of potential for us to drill out over the next 12, 18 months just to continue to build up the resource base and then to convert that to reserves and longer-term supply that to the mill. Onto the porphyry project. And this is, again, it's hard to try and encapsulate all of what we're doing there. You can see the total project area there. It's about 180 sq km. And the map that's shown at present is from a gravity survey. We did an airborne gravity survey. Interesting gravity, probably until five years ago, couldn't be done with an airborne technique. The U.S. Navy developed a submarine detecting system using gravity about probably 40 years ago, which they eventually allowed mining companies. In fact, BHP bought the rights to it some time ago. And then now it's commercially available.
What it does, it gives you very quick detailed gravity. Gravity really helps you identify broad rock types like we talk about the monzonite intrusive complexes, which make up these porphyry systems. You can see where these big systems lie. This thing here is quite fascinating. It's a very large area. It's about 10 km by 7 km. Most of the northern half has never been looked at by anybody. What we've got down here, the south, another three or four projects, which appear to be curious peripheral, like peripheral to this large intrusive complex up in here. Similar to what we think we're seeing, what we know exists down here, there's Boda and Kaiser down on the south end. It opens up an enormous potential for us to keep looking.
The ground up here, we bought it as part of the Sandfire package. And again, like we're doing over in South Junee, just putting that data together now to see where there are targets. And there are some mineralized hits up in this area here. So a lot of targets, a lot of interest, a lot of things that we can see. And here I've tried to show, first of all, I'm going to show this. If I go back, that's right. So what I'm trying to do is, first of all, zero in on an idea at Kaiser and Boda. You can see the outline, the red and purple outline here. That's the existing resource, which is about 60% indicated and 40% inferred. What I'd like to focus on now is Boda in the central part here.
This is where the guts of the Boda resource are located. And you can actually see it's almost a semicircular elliptical-type body, probably about 700 m long, 400 m or 500 m wide. And I'm going to show you a section through that, through the central part of that system because it looks the type of the way we might be able to mine it in the future. Oops. That's right. So there's... hang on. There should have been a section. How do I go back, Nic? That's green left arrow. Little green left arrow. Red arrow. That's right. Sorry. That's what I wanted to show. Yes. Okay. Good. This is my most favorite slide. So what I've done is shown here one section. It's a bit cheating a bit, but one section right through the middle of the deposit.
There's the Eiffel Tower, just to give you a scale size. You can see the system extends from the surface down about a kilometer and a half. That's the depth that we've drilled to that sort of depth. It's a very big mineralized system. Here, it's about 500 m-600 m wide. The broad intersections, you see those broad, large low-grade intersections which make up the bulk of the resource. I've just listed a few just for interest's sake. Probably what's more interesting when you look at some of these intersections is we come in, we zero in on what we call the high-grade breccia zone. This is a sulfide breccia part of the system. This particular one here is probably the first significant one we found. It's about probably 700 m-800 m in vertical extent.
It's about 40 m-50 m wide in the central part, and you can see some of the intersections up here. It's 65 m, 2 g/t gold, 1% copper, 2.5 g/t gold, 2.5% copper. Very interesting, very spectacular grades, and we've got them in a number of holes, a number of intersections down through the central part of the system. I think when I come back and start talking about mining it, as Nic said, we've looked at it. We've scoped it in terms of a large-scale open-cut operation, but there's enormous potential for a large-scale bulk underground mining operation as well, and just to sort of allay some of the fears of people, we've often heard that Boda doesn't outcrop. There's too much cover on top. In fact, there's significant ore-grade mineralization right down through the first 200 m or so up here.
I'll point out that little hole up there. That's hole 43m, 31 m of three grams gold and 1% copper, and nine meters of nine grams gold and 2.5% copper on the surface. That's from 0- 30 m down. So yes, the system does come to the surface. It's important to note that because that impacts on everything, both your open-cut mining and your potential underground mining. I need to point out the famous KSD 7, which is a hole coming in at an angle from over here, was part of the original orientation of the drilling system. And that was probably close to a world-first intersection. That one over a kilometer intercept, half a gram gold and 0.25% copper.
But interestingly, when we hit the main breccia zone, here's the guts of it down here, nearly 100 m, 4 g gold, 1.5% copper. It's a spectacular intersection. And those are the sort of things, yes, they do drive the bulk grade of the system. However, equally, you could come back in and put a large Tomingley-sized operation on this if you wanted to come back to that. And so we could make that work as a smaller-scale underground mine. I don't think that's the ideal way to deal with it, but that's one of the options. And this just goes to emphasize that. So there's the pits that Nic showed you those. I've just got here, I've got the resource classification. So you've got the blue as the inferred resource, the pinky color as the Indicated resource. And I'll point this out to you.
Again, there's that sort of elliptical shape in Boda, which is plunging down at depth, goes off the bottom of the map. And when you look at the long section, you can actually see it quite clearly, that thing there. So that's a zone of mineralization. I said it's probably 500 m wide in the center. And here it goes down to about over a kilometer in depth. It's defined to over a kilometer in depth. I'm not a mining engineer, but I look at that a number of times and say that's a perfect option for large-scale underground mine with a panel cave or block cave or those sorts of things. And you can look at that and you can say, "Okay, you have to run the model.
You have to run the grades and see how does it work grade-wise and how does it work recovery," so we haven't just parked the open cut. We said, "Right, there's a lot of other options, and we need to look at those other options." Just to the south side of the system, so we're now down here, so just off the south end, there's the main Boda Deposit. And there's a thing down here we call Boda 2, 3. Well known, don't they? You go from one, two, and three. But that's the main Boda 2, 3 resource down there. Not well defined, but we did late last year manage to hit another breccia zone, high-grade breccia zone at depth. It's outside the existing resource. It sits down in here outside the existing resource. It's below that.
And again, got those spectacular intercepts that we see up in the central part of the Boda system. There's an example up in here, 65 m of a gram gold and nearly 0.4% copper. And going back and looking at that, where we've got the drilling, there's a 700-m-high peak to that system, which is just not tested. We know it's not tested along strike. It's not tested up dip. And it's certainly not tested down dip. So that opportunity is for another high-grade breccia zone, which when we incorporate that into the existing overall resource, should help the grade, help the tons, but also provides an alternative high-grade target. So other exploration we've talked about. So there's that large gravity. This is representing it as a different form, a sort of large sort of annular-looking shape there.
Some of the targets which we've got some existing drilling on, Haddington up in that area there. That's a typical early-stage Boda-type intersection, nearly a gram gold, over 0.15% copper. Good indication that we're in a Boda-type porphyry system. Glen Hollow, a little bit further to the south, again, similar kind of intercept, 45 m at nearly a gram gold and 0.2% copper, with that core zone 21 m. We're saying that these things, these other things similar to Boda, similar to Kaiser, already exist in another area, which in that area there alone is probably at least the equivalent of the Boda-Kaiser system. Driell Creek, interestingly, was a target that we hit only probably a few months ago without great expectations and dragged in 130 m at 0.25% g old and 0.1% copper.
And that was from 174 m down hole to the end of the hole. And because it was an RC hole, we couldn't go any deeper. But certainly, it does indicate that this style of mineralization, the Boda style of mineralization, does exist in this target. Onto South Junee Porphyry System. Just to put in this perspective, if you remember the regional map, this is about 100 km, 150 km south of Tomingley. So it's in a totally different area. Just to the north of us here is Evolution's Cowal operation, 15 million ounce gold operation, substantial system, slightly different to Boda. And the database that we got off Sandfire, this is magnetics. We've flown some gravity over it as well to try and assist target definition. This is sort of like a complex geology map with the different targets showing up from the magnetics.
And if you zero in on that and come across to here, Sandfire, other companies over time had drilled a number of generally shallow holes scattered across this whole system and actually generated some surprisingly interesting results. Like at Imola, you can see the results there. Further down, if you look at these closely, you'll wonder why the project site here is called the F1. All of these targets are all named after F1 tracks, hence Imola, Silverstone, Catalunya. So I can't at this stage pick the best. But again, I'm just trying to emphasize that we've just scratched the surface.
All we've done so far is pull the existing database together, use our own techniques to analyze that data based on what we've seen at Boda and Kaiser, understand the whole system and what drives them. And this is project down the right. So this is part of the long-term strategy of the company to find other targets over the next five or so years that potentially will develop into resources. I think that's it. Thanks for that. Just any questions first before I—great. I'll hand back to the chairman. Yep.
Got up easy, no questions. Okay. Well, thank you very much for attending and joining us today. That concludes the annual general meeting of Alkane Resources this year. As a reminder, Ian Chalmers and Nic Earner will be conducting investor presentations in Melbourne tomorrow and in Sydney on Thursday. I'll be joining them in Melbourne. You're most welcome to join these meetings in person. We'll have the opportunity to ask more questions if you have them. So I'll close the meeting and invite you to join us for light refreshments just outside the room. Thank you very much.