This is a simple gold story by a team that has built and funded a mine in Côte d'Ivoire before. I guess what we're trying to do, obviously, is to build another gold mine and create wealth and value for shareholders. That's first and foremost. To do that, we've thought about what can we do, because one of the real issues, and you'll hear today about the scale of some of the programs and so forth, it's an expensive game. One of the issues facing the industry, the cost of exploration is so damn high that most times you can't drill as much as you'd like to drill.
Our solution to the problem is to bring the drill rig in-house. I guess our drill rigs are anti-dilution machines. It saves shareholders lots of money, and you'll see how much we've been able to achieve. I guess the other aspect we've done is the team's discovered probably 7 million ounces in Côte d'Ivoire in our first project. That was around about 3.8 million ounces. This one, we're at 3.2 million ounces, and as David said, we've got another project as well we picked up.
When you look at the people involved, it's a team, it's this rinse, repeat. We've done it before, and we're doing it again, the lessons learned, we're moving even more quickly. We've got a relatively modest valuation when you look at what's on offer, and I think I'll leave you with the last slide when we get there, is just there's a great little comp compared to some of our peers, and I think we offer some significant value and there's lots more to come. We've got a Board that holds just under 10%.
We've also got a couple of corporates in there, so Perseus, nearly a AUD 9 billion market cap. They're our neighbors. They hold just under 10%. Zhaojin, who bought Tietto, Abujar, our first mine, for roundabout AUD 750 million. They're sitting on the register as well, a bit of optionality. Institutionally, roundabout 25%. Cash, we're pretty good at the end of the June quarter, had about AUD 54 million. We spend about AUD 7 million a quarter Australian all up. When you look at what we're doing, and we'll work you through it, I think you'll be quite amazed at how efficient we are at minimizing the capital spend.
Abujar at the bottom was our first one. We're in Côte d'Ivoire. It's definitely one of the premium destinations for gold exploration. The government is very supportive. They want to see they're getting up towards 60 ton of production. The mines minister said to Caigen, the MD, that any delays in getting this running will be on our part, not theirs. To that end, we've actually already secured environmental approval, and we're knocking on the door of getting our mining licenses as well. So we're up in the north there, Boundiali.
The exploration journey has been really easy. I guess we've heard today about lots and lots of real struggles. Well, for us it was a walk-up because we've taken what was a fragmented land package and consolidate, and we've been able to being carried on the shoulder of giants like Paul Roberts, who used to be at Predictive. So he was down here. He discovered Boundiali. So we do thank Paul and his Predictive because he thought there was multimillion ounces. He went off and discovered Bankan, but we've been able to prove him right.
3.2 million ounces. You look at that timeframe, two and a half years. We backdoor listed into Aurum. From 2024, we have been absolutely flying across multiple fronts. I will just see if I can get this to go. This slide is a bit of a handful, but what it is trying to demonstrate, this is a team that has done it before. That is Tietto, the buyout from IPO to eventually being taken out by Zhaojin for AUD 750 million. A little bit too cheap, we would say. I think there was more value there. Obviously past performance does not guarantee future returns, we would say that, but it is very good to know that a team has done it before and we are here doing it again.
You can see some of the rapid growth. We are compressing timescales compared to where we were before. In Côte d'Ivoire, you can do that. I guess it is backing yourselves as well. We have a target. Here we are in Côte d'Ivoire up in the north. We have got Montage to the south of us. They are a TSX-listed Canadian company. They have not produced a gold bar yet, but they are nearly probably about AUD 4 billion or AUD 5 billion. Then we have got Perseus to the north of us with Sissingué. They are currently trucking [120 km] from Bougouni. We have set up here what was fragmented.
We have got a gold camp. We have got the scale. We have got mining license, 3.2 million ounces. We think there is a lot more to come. Along the way from 2024, we also picked up the Napié project from the Mako guys. This is how we are trying to future-proof our growth. When you become a single asset producer, people go, "Well, what is next?" We can point to Napié, do some more drilling on there. We think there is a lot of growth to come from that as well.
Two standalones. We have got some work to do, but we have got our eye on the first one. Seven tenements. I guess the key there is all of these targets that we have drilled to date, they were really defined already by some shallow drilling by Paul Roberts. Drilling that had not really got below the oxide. This is the key. I remember in a previous job being at one of the events organized by Nick, and it was Bill when he was at Northern Star and gold was great, and he said, "Most companies never drill enough." That is kind of been, if I could say, drilled into me as well.
It is so important because exploration, unless you are able to do it at an accelerated rate, you can miss the cycle, and it is drilling holes into the ground that creates the ounces, that creates the value. There are some of the results there. We are looking at this stage and another resource update coming, but very simple open cut, as defined in the PFS, and you can see some good widths there, that is over 400 m. Inside an open pit, the PFS has demonstrated we will have true widths of somewhere between 50 m-60 m .
Nice wide zones suitable for open pit mining. This one we are really proud of. 230,000 m in just over two and a half years. Multiple updates in terms of the resource, increasing the quantity and increasing the quality. We have got another resource update coming. The drill cut-off is the end of September, so in October, we will be adding another 50,000 m. From October to December, there is probably another 30,000 m to go into it as well. Little chart you can see on the right-hand side is our drilling cost, so roundabout AUD 45/m .
Why is it important? Because currently, while we are not producing any ounces, we are actually required. We are spending money. This is what we can do to save you as shareholders from keep coming back to the market. Our discovery cost per ounce is probably, I think it is some of the cheapest. That is for everything, every dollar that we have ever spent. We are roundabout $8/oz . We are probably one of the most cost-effective explorers out there, and we do it because we run our own drill rigs. We have got 16 of them.
While we are doing exploration, we have been able to deliver a PFS in June this year, and this is something that will generate a significant amount of cash. The economics are very attractive. Early payback. Costs are sitting where they are now, so you have got a nice little margin. 6 million ton per annum. Importantly, in the first five years, just under 1 million ounces. What we plan to do, I will show you will see the opportunity that comes from further growth. DFS is planned by the end of the year as well. We will talk about that as well. In terms of where the PFS has come from, we have only got five of deposits in there.
Four of them are currently in the reserve. There is plenty of upside, just with what we have. Remembering we have only drilled the targets that were defined by others, so a lot of upside. I think one of the keys when we talk about valuation, we have got roundabout 23% inferred in this life of mine plan. We are currently addressing that with this next resource update, and I think that is where there is potentially a gap between some of our peers and valuation. Just keep on moving. There it is, unashamedly front-ended. It is all about generating cash flow. The drill rigs and the ground will look after the back end. Importantly, you want the early payback.
You pay back the lenders, and then you start thinking about how we generate free cash to build another project. That is what our long-term plan is, but ultimately, in terms of giving back to shareholders as well. Very simple. This is a very simple flow sheet compared to some of the other guys that are running in Côte d'Ivoire. It is just crush, SAG, CIL, and a bit of gravity as well. Nothing hard about it. Roundabout 87% gold recovery. As we are heading towards the DFS, plenty of opportunity to improve on it as well in terms of looking at items we do self-perform on drilling. We would also be looking at, is it worthwhile taking the contractor's margin and doing self-perform in mining?
We have got opportunity as we add more resources and present more material to the mining engineers that we are able to optimize the mine plan and so forth. Côte d'Ivoire is pretty well-placed in power, but there is always room to save, and so we are looking at also at solar across the fence, reducing power again, looking at strip ratios and so forth. The PFS is the starting point, the DFS, by the end of the year. The plan is to start earthworks next year with gold in the first half of 2028. Very ambitious, but as I said, it is a team that has done it before. We will just move on to the tip. We have been able to take out, getting on the ground in 2024.
We have worked very much from our first resource that we delivered at the end of 2024. We could say, "Well, look, we are roundabout 1 g." That works for open pit, but to be able to generate realistic cash flow, we need to have somewhere in the order of 6 million ton of throughput to generate that nearly that 1 million ounces within the first five years. One of the great things about Côte d'Ivoire is it is certainly a country that is open for business, and they want to encourage, and we have been able to engage with the government, local communities.
We were able to submit a plan roundabout where we are exactly with the 6 million ton per annum and the areas we had identified. Rather than waiting to get to the end and you say, "Well, maybe I will get my environmental, and maybe we will have our mining licenses," we are trying to get that all done. The environmental for a 6 million ton large-scale open-pit operation, that is done. That unlocks the next step, which is the mining licenses and so forth. We will have all of these pieces in play before the DFS is delivered, and that is why we are talking about having first gold delivered in the first half of 2028.
Important, we have been in country. I guess I have been in Côte d'Ivoire working since 2017, Caigen, the MD, since 2012. We actually have about 627 employees. We put our money where our mouth is. There is nothing better than giving someone a job and seeing the satisfaction that they get and being able to provide for their family and also their relatives. Shareholders, we also, all of our geological team are actually shareholders in the Topco, and they also are incentivized. We make sure that everyone comes along on the journey. We have got a build team in place.
Luke Stacey, ex-Lycopodium, so he built a mine. Richard Edginton, or as we call him, The Edge. He has run a mining contract business before in West Africa. This thing is fundable. West Africa, there are banks, there are lenders like Sprott, and we have seen it with Richard Hyde and others. We can get these projects done, and we have also funded a project previously. There is the work stream. We have got to look forward some catalysts. You have got the resource update. You have got the mining licenses, and you have got a DFS by the end of the year. We will be looking, we believe that there will be, and we will be able to talk about a little bit later in terms of funding solutions as well.
There is money available for gold projects in West Africa and especially in Côte d'Ivoire. [Demtel] there is more. This is our future growth project. Currently only 1.16 million ounces. But we do think that there is opportunity for this to be the second project once Boundiali is up and running. This one probably is the most important slide that you are going to see, at least from me today. This is the valuation. When we compare our peers, you have Turaco, Toubani, and we are Turaco, obviously, picking up the Afema project, which was historically a gold mine. We are ahead of Justin in terms of our environmental approvals. We will deliver our DFS before Justin as well.
We are mine builders, and we want to be mine owners. We do not want to sell it. I think those numbers there, when you look at it in terms of the valuation, this is when people talk to me and they go, "Well, I am in Toubani and you guys are about a quarter of the price." It is a great comp in terms of gapping up. We are de-risking. We are well-funded. I think one of the keys when you look at that, you have AUD 67/oz . You have [Stacey] has been to site. Have a look at his valuation for delivering this project around about AUD 1.50 or so. My time is out. Come and have a chat to us. Thank you very much for hanging in there. It is an exciting ride. Okay. Thank you.