Our penultimate presenter for this session is Nic Earner, Managing Director of Alkane Resources. Nic is a chemical engineer with extensive executive experience in mining and processing. During his time leading Alkane, the company has demerged the separately listed Australian Strategic Materials, extended the mine life of the Tomingley Gold Mine, and progressed the landmark Boda-Kaiser project from discovery to scoping study. Alkane has just completed a merger with Mandalay Resources, and Nic will continue as the MD and CEO of that combined company. Thanks, Nic.
Thanks very much, and welcome everyone. Nice to see a smattering of attendees as we approach the graveyard shift, so good day to the myriad of people that I know would be watching online. I encourage everyone to check out our disclaimer. We've just completed the merger with Mandalay . The British Columbia court ratified that last night, so it's now completely done. A new board has formed, and we have our first board meeting of that new board tomorrow. I'm going to tell you a little bit about the merged company, but I'm particularly going to point out to you the Mandalay assets because some people in Australia don't really understand those, so it's a chance to introduce them. Where are we going? What are we doing? Who are we now?
What I'm going to do is also look back at the last year as if the companies had already been merged because it gives you a bit of an idea of what our steady state production is because we've both been operating for quite a long time. First thing to note is that if we look back at the last 12 months, three mines, Costerfield in Victoria, Tomingley in New South Wales, and Björkdal in Sweden, taking the antimony near Costerfield and making it gold equivalent, we did 161,000 ounces between us. We're going to do more than that this year. I'll talk about that. If you look at our market cap just pro forma today, then we're just approaching AUD 1 billion if you add Mandalay 's Canadian market cap last night and ours there.
They'll be delisted very shortly, and our TSX listing is going live at present. If you look at that, that AUD 1 billion, it's anticipated we'd enter the ASX 300. It's anticipated that we would double our share of the GDXJ. Alkane Resources is already on the GDXJ. We've been quite a low liquidity stock being in the sort of AUD 400 million-A UD 500 million market cap range. We expect that to increase. The different fund managers that I've seen over time, they said, "Look, we can't get an entry into you." That's becoming available. If we look right now at 30th of June combined, and so now in our bank accounts, we have AUD 218 million . We're certainly well financed. We're really looking to pursue the growth and maximizing our three assets that we have.
The board that's formed, we have myself and the Chairman, or now ex-Chairman, Non-Executive Director Ian Gandel from Alkane . We have the CEO Frazer Bourchier from Mandalay who has come on as a Non-Executive Director. Two of their existing directors, Dominic Duffy and Brad Mills. Brad was the Chair, so he's now a Non-Executive Director as well. We have a new Chairman who's freshly started. Andy Quinn might be a name known to you. CRBC London, ex-board member of Barrick, on the LBMA finishing up this year. We've got a global board and we've got global assets and we're keen to get stuff done. Let's check out where our assets are first. Tomingley is near the town of Dubbo in central western New South Wales, about half hour drive. Last year, did just a bit over 70,000 oz in gold.
Costerfield in Victoria, just out east of Bendigo, north of Melbourne, did about just under 50,000 oz equivalent antimony gold. I'll talk a lot more about that. Björkdal in Sweden, just under the Arctic Circle up in Skellefteå or near Skellefteå in northern Sweden, did a bit over 40,000 oz. Obviously, we want to look to increase that production. We have the large undeveloped Boda-Kaiser resource. I'll talk about that. You can see that split up there on the screen of sort of close to 50/50, but not quite. We're in different growth stages, I'll talk about that as well. Certainly got quite a significant reserve base and resource base for this company across our three assets. If we'd been together the last 12 months, this is what would have happened.
We produced pretty much 40,000 oz equivalents per month, and our cash balance went up AUD 20 million- AUD 25 million . That's cash post-tax, post-growth. Both of us had a really significant growth program last year at Tomingley, finishing a flotation plant and paste plant, as well as a mine expansion there to add to the mine life. I'll talk a bit about that. Costerfield, Björkdal, hell a lot of drilling, and that's going to continue this year. We expect our cash balance to continue to rise. Fair bit of internal growth options. I'll talk about all of these different points. We're antimony, we're the largest Western producer in the world. You've heard different people talk about antimony, and I think there's a fair bit happening in the pipeline, so it's pretty interesting.
The South Australian government, you saw in the news, just decided to say that they're going to support Nyrstar into doing antimony smelting. That's interesting. No doubt they'll give us a call if they're looking for supply. We want to be able to represent all these internal growth options because I think we really want to unlock that value before we look for other acquisitions, which we do want to do. Let's look at Costerfield. Like I said, near Bendigo, a couple of things I want to point out. This mines and mills at 140,000 tons a year. It's a narrow vein mine. The typical ore feed grades equivalent 12- 13 grams per ton. Very high grade. The mine life there is four years. Since it restarted, way back in 2007, 2008, and then came under Mandalay's ownership in 2009, that's always been the case on a reserve basis.
It's longer than that on a resource basis. We intend to demonstrate that. We have quite a bit of drilling, which I'm about to tell you about, which is really quite interesting in the area. This is a region that's starting to come alive a bit. You heard from Sean at AgNico, but certainly AgNico's been doing a lot of regional exploration. Southern Cross is having a blinder down to the south. These are similar ore deposits in the area, and I want to tell you a bit about those. We're very pleased to have the Costerfield as part of the scale. It's a significant cash generator. Just a little bit about Costerfield. Two declines at the moment. One at Augusta, one at Brunswick. These are some results we published just last week. This is very typical of what you see at Costerfield.
Very typical of what you see in the region. Three grams, two and a half grams over half a meter. Eight ounces, sorry, not I mean ounces, sorry. Eight ounces over 0.3 of a meter. Just under two ounces over 1.7 m. The typical mining width at Costerfield is around 1.8 m. Typical height between levels is 10 m. Diluted, these sort of grades would lift up to above an ounce per ton. This is very typical of the region. What we're really looking to do there is extend into these areas that we've discovered because this has gone on and on. If you think we've got 140,000 tons per year, you don't need many more tons at grade to turn a 50,000 oz production into a 60,000 oz production and so on and so forth. That's certainly what we're looking to do.
This Brunswick South, not an area in our schedules, not even an area in our inferred resource base, less than 300 m off the main decline between the two ore bodies. We're pretty, pretty pumped about that. The other thing we're pumped about is True Blue, nice Aussie name, to the west of Costerfield. Some great hits there. Obviously, I've put up really good ones, but you know, an ounce a ton over three meters, several ounces over half a meter. If you look at Fosterville, if you look at Southern Cross, if you look at Costerfield, this is the region. I think we're going to see a renaissance in Victorian gold as we bring Costerfield to the Australian market and pair it with some of the results being seen from other assets. Certainly, we're very excited about this.
This is a two, two and a half kilometer decline across from the existing mine. This is a really good chance for adding many years of life and potentially even mill expansion for Tomingley. We'll be running that, running that to ground. Significant cash generator, you know, across the group, we're going to spend AUD 40 million- AUD 50 million on drilling. Similar to what we spent last year, actually, across the group, and we still put AUD 100 million in the bank. That's Costerfield. Really happy to talk about it. I won't go into antimony because, you know, others have. What I will say is we are producing antimony. We've been producing antimony since 2009. There's a lot of antimony being talked about in the pipeline, and certainly, I think people will be successful in it. Right now, we are the Western producer.
When Labotto comes online, then it will be, and then, of course, we expect Southern Cross to come online soon after that. Right now, we are making hay when the sun shines. It's very good to see. Björkdal, northern Sweden. This mine has over 10 years' mine life, and it typically feeds the mill at about 1.3, 1.4 grams per ton from underground. Really low power costs here in Sweden, hydroelectric power. If you look there, that's a blue unit moving down as a marble unit, which has been a conductor for fluids. There's vein swarms above and below this, typically mined above one and a half grams per ton, two to three grams per ton below. We're expanding that, and we're looking to how do we increase the mine rate.
We've got a mill that runs at 1.4 million tons per annum, but often mining, and then we replenish from low-grade surface stockpiles, runs around a million tons per annum. There is a lot of chance here for us to lift this above 50,000 oz as well, which we're working with the team on, and Mandalay were already working on that. We also have some high-grade discoveries. Again, several meters right next to existing underground, you know, high grams over several meters right next to existing infrastructure. These scans, they don't typically go forever, but historically, they've added 10,000, 15,000, 20,000 oz within the production year. We're certainly looking forward to adding them across the next period of time at Björkdal. That is a really good asset for it. The team there is great, stable, very, very productive because of that low grade of feed.
That's the second part of our asset, certainly cash flow positive for us as well. We go to Tomingley in New South Wales. The schematic to the right is the Tomingley mine. There's an underground decline two and a half kilometers down from that processing facility. This is a mill that typically runs 1.1, 1.2 million tons per annum. Roswell to the south is a new underground mine we have running. Pastefield, we own and operate. We actually own and operate all three operations, I forgot to say. We mine this typically 1.2, 1.3 million tons per year. For those who think that really Western Australia is the only place in Australia that mining occurs, you'll be surprised to learn that. That's a normal size, probably a little bit bigger than some of the undergrounds here.
Our cut-off grade for that is at AUD 3,500 , is about 1.3 grams per ton. We're certainly mining that pretty efficiently. We'll do, you know, it's a 70,000 oz- 80,000 oz. There's expansion opportunities here. We have an open cut that we're commencing in a couple of years because we're just moving a highway to allow access to that. One of the things I really want to stress is, the federal minister's decision on McPhillamys certainly didn't help me as I marketed through North America last year. What people miss is that was a federal government decision. The New South Wales government had approved that mine. The New South Wales government has approved our mine expansion. We went through the whole review process. What we're talking about is a federal problem being represented as a New South Wales problem. That's not correct.
We, and certainly others here, you know, Evolution at Cal, and now at North Parks, we find this a very easy jurisdiction to negotiate our way through. I challenge people to rethink their views of New South Wales and Victoria because we're producing there. We've been producing there. We've done over 30 farm transactions. We've had project extensions approved. The new tailings dam unit at Costerfield was seven years ahead of it. Mine life expansion here out to 2032 and beyond. These places are profitable. These places are stable, and these places are not flying flat out. They're local. I really encourage you to have a look at not just at us, but a lot of the assets up and down the East Coast because they do represent value. What we'll be doing here is we will be looking at a lot of these extensions underground.
We continue to add to the resource and reserve base here at Tomingley. When this was first started, like so many things that you've heard, this is a 379,000 oz program. We've crossed 700,000 oz. We've got 750,000 oz ahead of us. It's, yeah, going gangbusters. That's the third operating asset. Last but not least is Boda-Kaiser. This is a large gold-copper porphyry that was discovered in 2019. It's interesting. I often chuckle, and I make the comment at New South Wales about the basis. You know, have a look at this. This is 15 million ounces equivalent. Probably seven, eight million ounces in gold, equivalent in copper. You've seen comparative charts here at this conference. Wasn't on it. This is the second largest undeveloped deposit in Australia on an equivalent basis, and the third largest on a gold-only basis.
Yes, it's low grade, but these porphyries are mined like this all over the world. The key thing for us now is getting it approved. That's the work that we're doing in the background. We continue to do exploration through the region because, of course, shifting the grade profile, of course, makes a difference. This project, make no mistake, there's billions and billions of dollars in the ground here, and the next step for us is approval. We own the land underneath. There's 260 km worth of drilling in it. Yeah, you know, watch this space as we pick away at the approval because that's the value transformation thing that's going to come. Let me recap. I just want you to, I encourage you to go away and look at our company afresh? We have three mines. Last year, we did 160,000 oz equivalent.
We will do more than that this year. We'll put out our guidance later in the month after I've had the new board ratified. Last year, we generated AUD 90 million cash . We should generate more than that this year. We're pouring money into the ground to expand the mine lives. We have a 10-year mine life, a 7-year mine life, and a 4-year mine life on reserves with resources above it all. Have a look at that. I just said the market cap was a billion bucks. There's a dislocation that exists. I encourage you to look at it. Have a look at the fact that we're a billion dollar market cap. We should enter the ASX 300. Mandalay was not in the GDXJ, excluded from volume. We were on the GDXJ. We should double in volume.
If that's not an opportunity for you guys to check out, I'm asked what is at this conference. Happy hunting on not just us, but any other assets that you think might make value. Thanks.