Doing circa 80,000 oz per year. It produces gold doré, which we refine in Sydney. We have Costerfield, north of Melbourne, in the region that James was just talking about, near Bendigo. This produces gold and antimony. On an equivalent basis, this works out about 45,000 oz a year. Then we have our mine in Sweden, Björkdal, just inland from Skellefteå, so about 700 km north of Stockholm and a bit below the Arctic Circle. That produces gold in different forms of concentrates, one nearly 40% gold by mass. That produces around that 45,000 oz. Last year, 41,000, higher this year in concentrate. Then last but not least, we have a large project, Boda-Kaiser, which is about 70 km to the east of Tomingley or about 110 km north of Cadia. That is a large copper gold porphyry.
I will tell you about that at the end. Together, these three mines produce circa 170,000 oz. As a result of that and the free cash flow that we have in our business, we find ourselves at the end of June with just on AUD 440 million in cash and bullion. Debt-free, apart from our equipment finance, a revolving credit facility. As well as that, we announced and have just gone ex-dividend, a AUD 0.02 dividend for the last financial year, and we have initiated a AUD 50 million Australian share buyback as well. That is part of the capital return that we have got going on. Our balance sheet is in great shape. Looking at this year, FY 2027, so starting on 1 July 2026 and going through to 30 June 2027. We are going to do pretty much similar year to what we did last year.
Last year was a lot of consolidation after the merger with Mandalay in August 2025. We are going to do just a bit over 80,000 oz at Tomingley and similar in Costerfield to what we did last year and a lift in Björkdal. If you look at our all-in sustaining cost, there is a bit of a message in that and the growth capital that I will take the time to talk now and then I will talk on each of the assets. At Tomingley, we have eight years mine life and the growth capital is moving a highway. I will talk to that coming up. That finishes in this financial year. At Costerfield, we are doing a lot of exploration and going to a new mining area. That is where that growth capital is going.
At Björkdal, our highest cost mine, we are looking to go into a new mining area to drive that cost down. That is where that growth capital is going, as well as increasing our tailings storage capacity. You can see we have got a pretty capital-heavy year, but that rolls off quite a fair bit out of this financial year. Of course, we still get reasonable free cash flow generation as well. Diving into these assets. Tomingley. Schematic there. If you drive from Dubbo down to Parkes, not where Evolution has Northparkes, you will drive right over the top of this mine. Started mining in 2013, poured our first gold in 2014. Still going strong. This mine was originally discovered by Alkane back in the early 2000s and then permitted and brought into production.
The big thing that we're doing here is we are moving a highway to where we have that dot that says Roswell and San Antonio. We're already underground there. We're moving a highway to allow us to get into 250,000 oz of open cuts. That finishes, thank goodness, because it's been a long way since discovery through the capital program to get to this position, but that finishes circa end of March, start of April next year, and then we start those open cut mines after that. Think 80,000-oz steady state, eight-year mine life here. We obviously look in two areas, up and down the belt and within the mine itself. We have an area in behind our existing mine we call Roswell Western Monzodiorite. We've been slowly expanding that and adding that in to production. We've got an area called McLeans.
We have a decline going from that Wyoming One down to Roswell. We've been drilling off that area of McLeans. We have a new system there, reasonable grades. As well, we have some deep seismic targets, which, to be honest, haven't yielded anything stellar yet at the moment, but they're quite deep, down a kilometer deep. Quite prospective in the corridor between our original open cuts and down at San Antonio. We're spending money there and we're also spending money at these one, two, three. The main one we're spending money at is El Paso. El Paso is on wholly owned land by Alkane. It's on land that we've diverted the highway around, but we're yet to put the mining lease there because we're still trying to work out what exactly is this size resource going to be. Almost certainly, we'll tackle it from underground.
We're looking at Peak Hill. How do we bring that back into production? We've got some drilling that we've been doing underneath that. Then we have smaller targets to the north of Tomingley. Quite a prospective area. As we look there, in our ideal world, we're chasing at least a half-million-ounce deposit in that because that's material to us in terms of either lifting production or adding another block of seven years mine life. At Costerfield in Victoria, very high-grade gold and antimony mine. I'll come to lift in resource and reserves in a tick, but you can see the grades here. This typically runs about 12 g per ton equivalent. Narrow vein, typical. Our drive width is 1.8 m in this location. We only mine about 150,000 tons per year. The plant is designed for 140,000 tons.
We do about 160,000 tons per annum at the moment. We produce a gold concentrate, which we get refined in Melbourne. We produce an antimony and gold concentrate, which is primarily sold into China. That is not contracted. We sell it on a shipment-by-shipment basis. Until Larvotto in the northern part of New South Wales ramps up further, we remain the largest antimony producer in the Western world. Here, our mine life is starting to get past five years in this, which has been a significant achievement for us. Here, everything's about our exploration prospects that we have. In the reserve, we're actually nearly developed across to that. At present, that's only about 300 m. Then we have some other interesting deposits. We have stuff at depth where you're chasing ultra-high grade. We have stuff to the north.
Number six is something that might look a bit like Southern Cross, the sort of dike-type structures. We are not really sure. Then we have step-out testing all along the True Blue Corridor. What we are trying to do is generate a target that we could convert into 300,000 oz, because that is material to here at Costerfield. If we then go to Sweden. Sweden has been running since the mid-1980s, so over 30-year mine life here. Still has a very long reserve life, but as I talked about, high cost. The main thing that we have here is we mill 1 million tons from underground and 400,000 tons from low-grade open cut stockpiles. The big thing that we are doing here is we have already commenced an open cut, and we have extracted our first ore from that at a mine we call Nylunds.
Then we are developing at the moment to Storheden. If we look at this map here, you can see that Storheden number one is up to the north of this existing deposit, 700 m away. So we are doing a decline across to that. That is part of the capital allocation. Then we continue to look more regionally in this region as well. But we are only allowed and permitted in and around the existing mine, and then we are working through mining out to number one at present.
The whole purpose of that is to take this to plus 50,000 oz and then drive the cost down. If you look at what we have been able to achieve in terms of reserve growth on these three smaller mines, you can see that for another year, yet again, we have replaced depletion in our reserves and we have increased our resources.
Now, I exclude the Boda-Kaiser mineral resource because it just dwarfs the scale on this. So we continue to look at these step-out deposits. We replenish year- on- year. But at Tomingley, we are chasing a half-million-ounce resource. At Costerfield, we are chasing a 300,000-oz resource. And at Björkdal, we have already identified it in the Storheden, and we are developing across to it. That is the next leg of life in our mines. And if the resources are big enough, expansion in production.
Touching briefly onto Boda-Kaiser. This, we did a scoping study in 2024. So we discovered it in 2019. I marketed it just as the COVID hit, and we released nearly a kilometer at a gram a ton, and the share price went down 10%, and I flew out of Sydney with the tail between my legs. But nevertheless, I got out before they shut the borders.
So we have this really large deposit. We have got 260 km worth of drilling in here. 14.7 million oz equivalent in resource. 2/3 of that, so just on 10 million oz, is indicated. It is large, low-grade porphyry. It runs at just over 0.3, so 0.32 grams per ton gold. Runs about 0.18%, so just under 0.2% copper. Works out to be just under 0.6 g per ton equivalent. Really large, low-grade project. Those economics were done right back when U.S. gold was just a bit over half what it is now, and copper was 2/3 of what it is now. So clearly, we have hit a price environment where this is interesting. But the main thing that we are doing here is getting it permitted. I am a really big believer in hitting as many areas of permitting at once as you can.
In this particular case, we're halfway through our environmental studies that go for two years minimum. We are looking at one of the things that you submit to the regulator in New South Wales, is you show you've had a whole heap of impact options. So we've done those options assessments. We're negotiating with property owners' underneath, where we either buy properties or do option arrangements on it. And obviously, consulting with other stakeholders. There's water sourcing and water license. All of that is actively underway at the moment. So in the middle of 2027, so 12 months away from now, we expect to update our pre-feasibility study and put our submissions into government for project approval. The reason why I have that bar starting in 2027 is you do this pre-approval arrangement where you liaise with government before you then submit the full approval.
We expect that that approval will pop out by the end of 2029, and we'll go to FID. The reason I go on about this is that I don't think much of this is reflected in our share price, and certainly, we see that there's a quite leveraged opportunity for us here, and we continue to pursue it pretty aggressively. If you're an investor, not so much here in the room, but listening online, why would you bother owning us or indeed do some research? We deliver on our production. Met our guidance consistently for over a decade. We're familiar with both underground and open cut. We continue to meet and expand our mineral resources. We can deliver on growth projects. We do have a history of progressing permitting. When we get Boda approved, it'll be the fourth permit we've done since 2012 in that jurisdiction.
We undertake corporate investment, like James just referred to in the last presentation. A difficult environment to do corporate transactions in, but certainly, we seek to look at that in terms of growth. I think we have a sleeping giant in Boda that's well worth people considering and doesn't reflect much in our share price. Above all, we have very strong free cash flow generation, and we're returning that to shareholders in dividends and buybacks. So thank you very much for listening. Thank you for anyone listening online, and take any questions if anyone's got them.
Questions from the floor first? No. Okay. Firstly, it's an interesting mix of locations, Victoria, New South Wales, Sweden. Would you be sort of agnostic where the growth might come from? Is it just economics based or do you see yourself.
Yeah. Economics. Well, within Australia, has its strengths. They can be ease of native title, ease of access, ease of obtaining water, all of these things. Whether you can run a hub and spoke type thing. All of these things are things that are considered. But for us, we look in Australia, New Zealand, U.S., Canada, and Scandinavia for acquisition opportunities. Yeah, we're pretty agnostic about those. They're all tier one jurisdictions and yeah, regulatory-wise, each has different strengths and weaknesses. Yeah, but absolutely it's driven by economics and what's value accretive.
So you've commenced the dividends and the buybacks. How did you weigh that up versus your own internal growth opportunities or beefing up the balance sheet, just the priorities there?
Yeah. Well, we're in the happy position from such a strong gold price with established mines that the growth that I outlined is all the logical growth that we can see at our operations at present. We're extending tailings dam lives, we're replenishing mining fleets. We're doing as much exploration as we have technical targets for. Then we still find ourselves with sufficient cash to distribute that to shareholders. That's absolutely what we're doing. I expect that continuing. We've certainly tried to pick a share return rate that we can continue to increase on for our shareholders.
Just a follow-up on that. You've got the ASX, TSX cross-listing. Is there a slightly different push for the capital management from either market?
Oh, absolutely. I think anyone familiar with both markets will know that the Australian investor, particularly a retail investor, is very driven by dividends, particularly with some of the potential tax changes being considered within Australia. In the U.S., particularly North American investors are very keen on buybacks as a method of capital return. That is why we choose both of those and I have heard other people talk about the tension between those two things. You do not get the same tax advantages as a shareholder in Canada or North America as you do in Australia. We really try and balance those interests in choosing how to return capital to shareholders.
Any questions, anyone? No. You touched on the antimony coming out of Costerfield.
Yeah.
As one of the key Western world supplier.
Yeah.
Is there any sort of short-term impetus to embrace those strong commodity prices or is that the exploration you are talking about?
I think potentially for exploration approvals, potentially you can get some degree of government interest. Those in the audience who are Australian will know that. Well, it is happening a bit in the U.S. as well. People talking about critical minerals is a way to try and, I think, engage the public in understanding that we do use mining. And so absolutely, you do get some degree of political imperative by having antimony, copper, and other things inside your portfolio. But the reality of it is it forms about 3% of our revenue and so in terms of acquisition, no, I would not look at a primarily wholly antimony asset. But I would look at another gold asset with an antimony, silver, or copper credit. Yeah. Thanks.
Just to touch a bit more on Boda-Kaiser.
Yeah.
Obviously very, very large compelling economics. But perhaps maybe a partner might be involved to develop the 20 million tons per annum. So where would you like to push the value to as Alkane first, studies permitting-wise, et cetera?
Well, I think it is getting approval, right? We can all get that there is a massive difference between an unapproved project and an approved project. So we would absolutely want to take that through the approvals. We do not think necessarily any partner is better or worse than us. Well, there is probably a few worse, but not any better than us at getting that approved. Then it really comes, let us say in 2029, well, how do we make the most money for shareholders? Is it a partial sell down? Is it developing ourselves? Is it a majority share down? Is it complete sale if someone wants to? We will evaluate all of those things when the time comes. At the moment, we want to redefine the economics of it.
But most particularly, we want to conclude all the intense work which other speakers have referred to that's required to get something permitting rumbling and away in this environment. And we are pretty confident that we will. Thank you.
Any last questions? No. Okay. All right.
Nope. Great.
Thank you very much, Nic and.
Thanks, mate.
Alkane Resources.
Cheers.