Thank you very much. Thank you to Morgans and Equity Events for hosting us. Thank you to everyone here for making the first session. Given the level of support that I was seeing for the community in the form of business at the surf club last night, I'm impressed to see just how many people have turned out this morning. Thank you very much. Since we were here last year presenting, it's really been, transformational is a word that's used a lot, but I think for Ausgold in the last 12 months, it really does ring true. Last year we were here, we were still yet to solve for a very long-running land access dispute between us and one of the farmers that's now been resolved. That was resolved in August last year.
That really opened up the project for development and was really kind of an existential threat to the project, and that's now been solved. Really now that that's behind us, we've really been able to put the foot down and concentrate on taking the project forward and starting to realize what we think is the considerable potential, both short, medium, and long-term at the Katanning Gold Project. During the last 12 months, we delivered a feasibility study in June and then updated that study once we had the access arrangements made. We were able to add more reserves because we'd solved for that land access. We tabled, I think, a really attractive sort of starter kit for a 10-year mine life, averaging a bit over 120,000 oz a year. It's sort of 143,000 oz, 145,000 oz in the first four years.
We are very confident that we can maintain that run rate and improve it over the 10 years and beyond. We're targeting 150,000 oz for 10 years plus in the next go around. We think we've got good growth. We've been really ticking off key milestones around permitting, financing, which I'll take you through, as well as undertaking a significant drill program to both bolster the resource, the resilience of the first two years of payback, expand the resource, add ounces to the main zones, to add ounces to the mine life, and also start to really prosecute the potential of the regional package. Project is very well located in Western Australia. I probably don't have to introduce Western Australia as a great jurisdiction for gold mining. It is about three and a half hours' drive down the Albany Highway, about 30 km from Katanning.
Katanning really is a community that's really looking forward to the goldmine coming. We have an excellent working relationship with the traditional owners and the local shire, and they've been very supportive. We've actually entered into several agreements with the shire to support the development, which I'll touch on. What you see here is a project that's ready to go. We are targeting a final investment decision by the end of this year, breaking ground and pouring gold mid-2028. It's coming down the pipe very quickly. You can see here this is the Gold Project. We control this district. We have 3,000 sq km of greenstone belt. There is no other processing plant in the vicinity. We own what we believe is the prospective ground.
What we've started really to do, I think this is fairly normal, is you start at the center, you start to work your way out. We have a ton of potential in the key mining leases around the Katanning Gold Project itself, we're also starting to see the potential, we expect to have maiden resources for regional exploration projects by the end of this year as well. That I think will start to show the fertility of this really as a district, that's how we look at this. It's not just an isolated project on its own. It's a district. We control the district. We have first-mover advantage. We're very keen to get the project up and running, cash flowing, then fully get the potential both in and around the mine itself, also on this large regional package.
The road network here, this is a wheat and grain, sheep growing district. The road network is excellent. There's a lot of heavy traffic running around with grain haulage. The effective range of the Katanning Gold processing plant is going to be very extensive, as you can see here. The study that we tabled in December was, I think, very attractive. As I mentioned, 10-year mine life. It's got very competitive costs. It sort of sits right in the second quartile of all-in sustaining costs in the Australian open-pit producer universe. Capital, AUD 354 million, very manageable. We have started to lock these prices in. We are not seeing any cost inflation so far. We've been very pleased. We're building the accommodation village today, we will deliver that for slightly less than the estimate in the feasibility study. We're very proud of that.
What we're seeing when we've gone to EPC or EPCM, we're actually getting EPC contracts, I think the pricing on that is very sharp as well. We are very confident that we'll be able to look everyone in the eye with our definitive feasibility study hopefully do a little bit better even. That which is very reassuring. Very strong returns. This is a project that its time has come, we're moving it forward very quickly. If we look at the schedule, we're targeting a final investment decision by the end of this year. We had a significant permitting milestone this week. On the weekend, we advertised that the EPA, the Western Australian State EPA, had approved our project for public disclosure. That advertisement ran in the newspapers on Saturday. That public disclosure period opened on Monday. It will run for 21 days.
The upshot of that is that the EPA is satisfied with the material that we've submitted said that it's okay now to go forward into the next stage. That's really significant for us. We are now on a relatively set formulaic pathway. There's sort of statutory timelines that we need to follow. We've been through the rounds of questions. We've made our responses to both the EPA and the Federal Department of Environment and Climate Change. We're in really good shape. We've been able to get the ball over the net on all of the key permits. That's why we're confident we're running towards that end of year FID, which we're permitting is still the critical path. We've started construction of our accommodation village. I'll show you some photos there. We've started long lead items.
We've appointed Lycopodium as our EPC contractor. They're starting to do detailed engineering and ordering key bits of equipment. We've signed an initial contract with CrossBoundary Energy to provide the power station. That's a third-party power over the fence. We've paid deposits for gas turbines. It's very competitive for gas turbines with the data center industry, we've had to get in the queue for that. That's done. The accommodation village here, you can see this is on the outskirts of Katanning. The Shire of Katanning was very keen for us to co-locate our accommodation village with the town of Katanning. This is on the outskirts. This is shire land that they have leased to us for the life of mine. We're building a 250-person camp with capacity to 350 for construction.
At the end of the mine life, the facility reverts to the shire for their use, and I think it's a really innovative partnership and I think speaks to the really strong support that we have from a key stakeholder like the Shire of Katanning. They want to diversify the economic base of their town and their region. Agriculture farms are getting bigger. They employ less people. Live sheep trade has been banned from the next couple of years. There are some headwinds for the town and the economic base, and I think they see this opportunity for well-paying jobs to come as a significant opportunity for the town. They've been really welcoming and not just words, but putting words into action, as you can see here. We broke ground here. We were down there for the groundbreaking about three weeks ago.
We expect those modular units, which have been well underway in Perth, to be developed next month. This project will be available and ready for construction in the fourth quarter, in the December quarter of this year. I mentioned environmental approvals. That was really, I think, if you're looking for key milestones, that one this week was it. EPA to give their blessing for us to go public with that application was a really significant milestone for us and really underwrites that timetable that we're speaking to at the end of this year. We've been very busy with the drill bit. In the last 18 months or so, we've drilled 60,000 m. Most of that has been around the key area of the mine, both in terms of infilling it to 20 m by 20 m to support the first two years of payback.
We wanted to make this project as bulletproof as we could, as robust and resilient to support our financing efforts. That's really a big check mark next to the project. Then the rest was really expanding it. As I mentioned, the company experienced significant challenges with land access with one farming family. That's now been solved. We now own that land, and we've been able to make up for really three lost years of developing and growing this project. I'll show you later on section where that is. Some of the most promising parts of this ore body were not available to be drilled by the company for three years, and that's now gone. We're, as I say, making up for a bit of lost time. You can sort of see here's a long section.
Along the left of that, you can see a really dense drilling. That's the real core of this deposit. As you move north, you'll notice the drill spacing gets a little sparser, especially at depth. That's really because the gate got shut and locked on the company three and a half years ago. That's now gone. Since really Q3 or Q4 last year, we own the gate now, so we can keep it open. We've been drilling into that, and there's obvious targets there. We are very excited about what we're seeing here and what we think we'll see continuing on and how many ounces we can add at this project, really just by doing the drilling that you would've done or we would've done two or three years ago, that's been held in stasis to some extent.
Extremely exciting. You can see here some of these results, really strong results up and down the central zone, which is really 90%. 90% of the ore or the gold from this project comes from one pit. It's a very efficient operation. The central zone is that, and it's getting bigger and better as we go. This is some of the infill holes. These are shallow near surface holes that will be mined in the early years of the mine life. We are very well advanced with our financing. We're starting to see some of our offers come back. We're running a process with Grant Samuel, and we've been very encouraged by the terms and conditions and especially the quantum.
The availability of capital for a straightforward, plain vanilla, open pit CIL gold project in a jurisdiction like Western Australia, probably not surprising, is very strong. We're seeing a lot of financiers, streamers, royalties, debt lenders, traditional banks, and traditional debt funds really, I think, starting to put their best foot forward. I think we're going to have a really good result in terms of the capital stack for how we develop this project. You can see here, I won't bludgeon you with section after section, you can see here just some of those down dip extensions. We're getting really chunky intercepts, 200 m down plunge of the existing pit shell.
That gives us the confidence when we come with our updated resource and reserve in Q4 or December quarter of this year, that we'll see, I think we'll make meaningful gains in the resources. These are the areas that we haven't been able to touch historically. Very much proof of concept. We always had a strong feeling that this gold was here, and it's now being able to prove it with the drill bit. Datatine, underground opportunity, open pit underground, about 5 km North. We're looking to put a resource on this come the end of the year. Small, but very high grade. Potential for us to sort of juice some of the production in the early years. Again, proof of concept that there's more to this district than just the Katanning Gold Project itself as it's currently envisaged.
Mentioned here, this is our land position. A key target for us has been Nanicup Bridge. This is about 30-odd kilometers from the KGP. We are looking to put a shallow, mainly oxide resource on this by the end of the year. Again, proof of concept. It's open in all directions. We think plenty of room to grow Nanicup Bridge and have this as a satellite feeding in to the Katanning Gold Project. Fairly clean corporate structure, 550 million shares on issue. Market cap today, just around AUD 470 million. Strong cash position. We have just under AUD 90 million in the bank, which has enabled us to confidently start building the camp. We can fund the full camp. It's enabled us to sign those early works with Lycopodium and CrossBoundary and start making those deposits, protecting our schedule.
We've been in great shape with that cash balance, and I think with the debt, the financing offers that we're starting to receive, we're not going to need much more than this. Supply will be tight, and get them while they're cheap is what I would recommend. Capital structure, we've built a really strong register, lots of institutional and national and international institutions, quality register that was done to be able to enable us to lift the project into production. Very pleasing that over the last two years, we've built strong institutional support. Two years ago, there were two institutions on the register. We now have about 20, and I think that's proof that the message is getting out there. Really, I would recommend, we'll be out at the booth outside. Please come forward and have a chat to Ben. Ben's our CEO.
We'll tackle all the questions. If we can't answer them, we'll find someone who can. Really worth a look. The project's been around for a while. People say it may be a little bit tired. I think we're shaking that off. The last 12 months have been really strong for us, and I think the company's not your old Ausgold. It's a new beast entirely. Thank you very much.