Thank you very much, Dick.
Hi everyone. A bit of change of pace back to gold from copper. We are an ASX-listed mining company based in Australia, and our assets are in New South Wales, on the east coast of Australia. So you often see particularly Western Australian companies presenting, like Paul was earlier, so we're on the opposite side on the east coast. This region that we're in, many of you will know the large mines that Newmont has, such as Cadia, is in this region, and then Evolution, particularly with Cowal, Northparkes. So the town of Dubbo, which you can see there, it's about four and a half hours' drive from Sydney. That town has about 40,000 people. And so our workforce is residential. It is one of the advantages that we have is that we're a predominantly residential workforce.
What I'm going to tell you about is two parts of the company. The first one is our existing mine, Tommingley, and I'll talk a bit about that, but it is a mine that's been running since late 2013. This year we're going to produce. We do a July to June financial year. In that financial year, we expect to produce between 70-80,000 ounces. Boda-Kaiser is a large copper-gold porphyry. Not as big as the one that Rob just spoke about, but still quite sizable, nearly 15 million equivalent ounces contained in that. I'll tell you about both of those things. Firstly, a little bit about us. We're trading reasonably flat, modest volumes, so only sort of AUD 650,000-AUD 700,000 worth of trading per day. We're held reasonably tightly. Our chairman, Mr. Gandel, owns just under or just over 18%.
And then of those domestic and foreign institutions, a large part of that is index and quant funds control the majority of that. So we only really have a very small number of fundamental funds, which are Australian-based, probably about 5%. And our spot price today, after the sort of Australian dollar-gold price correction, is about AUD 3,970 per ounce at the moment. Our spot price is just a bit lower than the number I have on the chart, which is from last week. We've got reasonable analyst coverage for anyone that's interested. So they're all a group of Australian analysts there with the exception of Edison, based in London. And let me explain a little bit about our debt position because it's important for people as I head into it. All the development that we've done and whatever, we took out a debt package in March, April 2023.
That's a AUD 60 million facility with Macquarie Bank and ANZ. We've drawn AUD 45 million of that. There's AUD 15 million left to draw. There's no impediments to drawing that. We don't expect to draw that, though, and we have a solid cash balance, so at the moment, we've gone through a cash inflection point. We're starting to fund our own development going forward, which is important, and at that time, we took out hedging, which is in Australian dollars, AUD 2,840, above our cost of production but below the spot. And that has a reasonably flat line payout until the middle of June 2027. The easiest way to think of it is, on every ounce we sell, we get paid about 90% of that value after the hedge is taken into account and applied across all ounces, so here's Tommingley. You can see a couple of things.
The first thing is I've just got a cartoon schematic there. We had an original mine that we ran for that period of time, and now we're mining into a new area to the south, which is higher grade. Our idea of higher grade is to move from being sort of 2.1 grams to 2.5 grams, right? So we mine about 1.1 million tons per year from underground. And so you can see over the last years of production, originally open cut transitioned to underground and now underground on a higher grade in the new area. The AUD 115 million capital that I'm referring to, I'll break that down for you a little more. We have just finished building a paste plant and a flotation and regrind plant. So in this new mining area, we need to put paste in for full ore recovery.
We've also put in a flotation and regrind circuit, which has been commissioned, and so that's now operational. It still needs to be steadied out. We have another AUD 15 million of that AUD 115 million that's going to go out in this quarter, in invoicing this quarter. Then we have a road that we can move. The road is that road, you can see the dark blue line. We move that so that we can mine open cuts. That's going to cost us AUD 50 million. Then we can also expand the throughput of the plant should we choose for another AUD 30 million, plus as well as that pre-stripping costs. That's our forward profile, and that's what takes us to 100,000 ounces from the existing 75,000ounces-80,000 ounces by putting those open cuts online.
So I'll really break it down for you quite granularly. These are the coming quarters that we have over the next two years. So you can see the September quarter. This December quarter, we expect to be pretty similar to September quarter. Swings and roundabouts on ounces and costs, but we do see the recovery rise. And then you can see that we slowly ramp an increase in production purely due to grade all the way through to December. And then we're expecting the open pits to come online, which is why you see the tonnage go up. So that's one part of the mine, or of the business, sorry, is an operating mine now heading towards a, call it 80,000-110,000 ounce run rate, depending on what we're doing, with a mine life out to 2032.
I get asked a little bit about, you know, what's the upside? You can see drill holes there. This is open all around it, but particularly at depth. And so we're quite bullish about our likelihood of extending the mine life further. So next, we talk about this large copper-gold porphyry we have. That's to the east of Dubbo, all right? So this is about 110 kilometers north of Cadia. So this has 15 million equivalent ounces in resource. There's 8 million ounces of gold at 0.3 grams per ton and 1.5 million tons of copper at 0.2% copper. So it works out to be about a 0.55 gram per ton equivalent. And you're looking at a cross-section there of about 240 kilometers' worth of drilling that we've conducted. So this resource is both indicated and inferred. Two-thirds is indicated, one-third is inferred of that resource.
We did a scoping study on it, and really this is a PEA or preliminary level if you're talking in Canadian terms. This is just to give people an idea of where we're heading on it. So were we to build a 20 million-tonne open-pit mine, we'd run for 15-20 years. It would cost us AUD 1.8 billion to build, and it would generate, if you did gold equivalents, it'd be about just under $2,000 an ounce. If you did it in copper credits, AUD 630 an ounce is all Australian. And if you did it in gold credits on the copper, you'd produce the copper for free, but you'd only produce 35,000 tonnes per annum of it. So we're quite like this, but what we're looking at is, obviously, with a AUD 1.8 billion price tag, we're looking at what's a potential joint venture partner that we can do.
And most importantly, we're looking at what are the environmental studies that we need to do. Because obviously, a large amount of value is released here when we take it from preliminary through to approved by the government, that being one of the largest challenges in any jurisdiction around the world. So we've commenced that already. We own properties underneath this, so the purchase and management of farmland is important. Heritage issues are largely cleared. It's a freehold land, which means that native title is extinguished on those bits of land within Australia. And there's power nearby and all the other stuff because it's the location that is in New South Wales. So we're quite bullish about its prospects, but it is a medium-term prospect.
So to give you an idea, we'll do two and a half years of baseline environmental studies, and then there's two years in the submission and approval process. So that's five years away from that. And along the way, we look for a joint venture partner. So if I can just recap, and then we can take some questions if anybody has them. We have two parts of our business. We have Tommingley, a mine that's been operating for a decade. There's another at least seven years in front of it, moving to 100,000 ounces per annum and already now at a 75,000 ounce run rate. We've got a judicious capital spend that we continue to spend to expand that over time. And we have Boda-Kaiser, a large behemoth in-ground resource that we're progressing through the environmental approvals process.
And just so the environmental approval is such a hurdle, particularly in the Australian context. Just to give you, you know, our team has had three major projects approved in the last 12 years. So we're certainly not in any way babes in the woods in terms of getting this stuff done. And I think versus some of our peers, our stock presents value opportunity. Certainly have a look and have a look for yourself against the relativities. Our market cap at the moment is about AUD 310 million. And a large part of that negativity on the stock has been that we've been spending money when other people have been raising, but now we're going through that cash flow inflection point. So I certainly encourage you to have a look. And thanks very much for your time. And throw to any questions if there are any.
Yeah, thank you, Nick, and let's go straight to questions. Microphone to the front, please. Thank you.
Just yell it out, Pascal.
So I'd like to know what's the major difference of New South Wales compared to WA in terms of mining codes and/or tax regime?
Yeah, so the mining safety codes are very, very, very similar in terms of safety codes. In fact, almost all the regulations are exactly the same. New South Wales has a higher landholder density, so more smaller farms, right, because the farmland is of a higher quality than in large parts of WA. And so it tends to be that things like dust, light, and noise need to be more carefully considered because you're closer to neighbors, right? That's one part. Two, a second part is native title. The native title rules are the same Australia-wide. The big difference is in WA, there's a lot of crown land, right, which is then held under lease by farmers. So native title applies. In New South Wales, there's lots of freehold land, so native title is extinguished.
However, the offsets of that are because New South Wales has such a comprehensive river system and was so fertile, there was a lot more Aboriginal presence over many, many millennia. And so heritage things to consider can often be more within New South Wales despite the lack of native title. So it's a different type of arrangement. In general, New South Wales has a reputation for more scrutiny from an environmental perspective, a little to do with the fact that the mining industry, whilst coal is by far and away the largest contributor to New South Wales, then gold is the second. If you're in Sydney, you would think that haircuts and coffees were the most important aspects of the economy. And so that tends to drive legislation and legislative review and public perception, whereas WA is a well-recognized thing.
So in general, if something were to take a year to be approved in WA, it would take a year and a half to two years to be approved in New South Wales. Summarizing all of that, yeah. So however, New South Wales has been very resistant to changing the royalty regimes, whereas some of the other jurisdictions within Australia have been more opportunistic.
Nick, thank you very much. No, she's a very good question. Thank you for that.
Thank you.
And good one.
We'll see you.