An expectation around what I might be able to say today. Hopefully, I've given you enough guidance without saying too much. I am here this morning if you'd like to come and have an individual chat. Thank you.
Thanks very much for that, Patrick. Next, we have Roger Mason, MD of Antipa Minerals.
All right, thanks, Nick, for the introduction, and thanks everyone for your time this morning. The standard disclaimer. Antipa's market cap is around $370 million, making us a six-bagger since August last year. The five groups that are covering us reckon that there might be a few more bags to fill yet, based on their AZY research price targets, which range from $1- $1.50. We have $71 million in cash and an EV per gold resource ounce of $120. Over 50% of our register is held by institutions, and our major shareholder is Greatland Resources , the owner of the nearby Telfer Gold Plant, and they have 6.3% of the company. In yellow is our massive portfolio. It covers 4,100 sq km in WA , extending from Telfer up to Paterson.
In this province over the last decade, its endowment has grown by a staggering 20 million ounces of gold and 3.4 million tons of copper as a result of greenfield discoveries. The province now boasts three significant gold-copper development projects, including Antipa's Minyari Dome . Antipa's value is underpinned by a resource base of 3 million gold-equivalent ounces and a proven standalone gold development opportunity. Our portfolio provides serious potential for further large-scale greenfield discoveries and brownfield resource growth. With $71 million in the bank, our major and aggressive drill programs and ongoing Pre-Feasibility Study are fully funded. In fact, we are fully funded to complete the Definitive Feasibility Study , and we'll have significant cash reserves.
This world-class region is firmly in the grip of an M&A consolidation phase, with Newmont selling Telfer and its share of Havieron to Greatland, Rio Tinto selling 30% of Winu to Sumitomo, and speculation is rife as to how Greatland will fill their massive gold plant, which is surrounded by Antipa. Our Minyari Dome October 2024 scoping study confirmed the exceptional development potential for a significant standalone gold operation, boasting a mining inventory of 1.5 million ounces of gold at 1.5 g/t . The project's initial processing life is 10+ years at a throughput of 3 million tons per annum, generating an impressive production average of 130,000 ounces per annum for the first 10 years, and an All-In Sustaining Cost of AUD 1,721 per ounce.
The base case used a gold price of just AUD 3,000 per ounce, and the project generated a pre-tax NPV at 7% of $834 million at an Internal Rate of Return of 52%. Post-tax, the NPV was $600 million and the IRR was 46%. However, if you use AUD 4,000 per ounce, the post-tax NPV was $1.2 billion and the IRR was 79%. Payback for the $306 million of CapEx was just two years for the AUD 3,000 per ounce base case. Minyari also happens to be strategically located within trucking distance of Greatland's 22 million ton per annum processing facility, which is the third largest gold plant in Australia. This plant is forecast to have huge spare capacity around the middle of 2027.
This slide summarizes the project's gold price leverage, with the post-tax annual free cash flow increasing from an average of $126 million for the AUD 3,000 per ounce base case to an average of $214 million at a gold price of AUD 4,000 an ounce. That's a 70% increase. Minyari Dome is today one of the top three or four gold development projects in Australia in terms of both technical and economic credentials, and the recent gold price run has made this development opportunity even more compelling. This graph highlights how material Antipa's resource is within the Australian landscape of undeveloped gold projects. This peer group represents a non-producer with some now producer-owned gold projects with a resource grade greater than 1 g/t gold. As you can see, Minyari is placed fifth largest in the Australian queue for contained gold ounces.
Notably, there has been recent corporate activity for all four gold projects ahead of Minyari on this graph, and there are only three Australian domiciled gold projects with a resource grading greater than 1 g/t gold and a technical study demonstrating + 100,000 ounce per annum production potential that are held in the hands of non-producers. Only two of these make money at AUD 3,000 per ounce. That's [Containing], owned by [OSGold], and Minyari. Antipa's bulletproof $71 million balance sheet is being applied to several key work streams aimed at unlocking value. This cash provides the long-term funding pathway for us all the way through to a Final Investment Decision , or FID, on the Minyari development p roject, delivering us the ability to complete multiple growth and discovery drilling programs, the PFS, which is in progress, and the subsequent DFS.
We are full steam ahead with the PFS and currently have four drill rigs on site undertaking resource definition drilling. This schedule outlines the pathway to Antipa 's first gold production. All key work streams for the PFS are progressing well and are on track for completion around June 2026. The current plan is to proceed promptly into a DFS, allowing rapid progression towards a FID in the second quarter of 2027. 20 months post-completion of the DFS is scheduled to finalize funding and complete detailed engineering and construction, with first gold production scheduled for December 2028. We recently completed our phase I resource growth focus 12,000 m drill program, with the first batch of assays confirming step-out success across multiple zones, including significant growth at the GEO-01 Main Zone deposit. The delivery of meaningful resource extensions reinforces our confidence in the scalability of the existing resource and development opportunity.
The first batch of assays represents just 27% of that phase I growth-focused drill program, so there's plenty more news flow to come, and we are very primed, ready to promptly follow up our successes with the phase II drill program scheduled to commence in August. This long section highlights Minyari Dome's potential for significant resource growth, with all deposits remaining open from depths ranging from 50 m- 600 m below the surface. There is another 12 km of highly prospective Minyari Dome strike that's received very limited drilling. The phase I resource growth drilling program focused on priority targets where gold mineralization remains open down dip, with some deposits open along strike. This Minyari deposit cross-section highlights the exceptional size and quality of this amazing gold-copper ore body.
Minyari's 1.9 million ounce gold resource starts at the surface, is up to 400 m thick, and extends to a depth of 600 m below the surface, delivering up to 3,000 ounces per vertical meter. Exceptional Minyari intersections include 35 m at 3.5 g/t gold, 154 m at 2.1 g/t , and 142 m at 1.9 g/t . You can probably understand why our ongoing phase I discovery focus drill program is testing for Minyari depth and structurally controlled repeat targets. Just 1.3 m S outh of Minyari is the GEO-01 area, which hosts an existing gold resource of 200,000 ounces, which we are aiming to grow substantially this year. Our 30 June ASX release highlighted significant resource growth success at GEO-01 Main Zone, Fiama, Minella , with the majority of the drill results remaining outstanding.
On top of that, the first batch of results delivered a new discovery South of Fiama, which I'll come to in a minute. The next slide is a cross-section through the GEO-01 Main Zone deposit, which is the pink domain at the top of this diagram. This GEO-01 Main Zone deposit cross-section shows the phase I step-out drill hole, which tested for depth extensions and hit 15 m at 2 g/t gold, with the possibility of further mineralization to come from the completed diamond tail of that particular RC hole. At 290 m below the surface, this intersection is the deepest drill hole test across the large 800 m by 500 m GEO-01 footprint, highlighting substantial resource growth potential, which we intend to pursue during the phase II drill program. Our phase I gold-copper discovery focus drill program is scheduled to comprise 26,000 m and is nearing completion.
This program is testing 11 targets within trucking distance of the Minyari Dome development opportunity. The first batch of assays delivered discovery success across multiple zones, validating Antipa 's dual track exploration strategy. This first batch of assays represents just 25% of the phase I discovery focus drill meters. There is plenty more news flow to come. As mentioned, we won't be wasting any time kicking off our phase II follow-up drill program. Phase I drilling testing a 2024 air core target discovered shallow gold-copper mineralization South of Rizzo and Fiama, defining a large 800 m by 700 m target in an area which Antipa's access to was previously prevented by a former farming project boundary.
Exciting discovery drill hits like 21 m at 1.8 g/t gold point to a possible step change for the broader Minyari development by highlighting the potential for this discovery to deliver a material maiden resource. This will be one focus of the upcoming phase II drill program. Phase II drilling will also investigate the broader target area shown on this slide, including magnetic and electromagnetic conductivity anomalies, which are largely untested. In wrapping up, Antipa is emerging as a potential significant gold-copper business with several rerate catalysts in a region which is emerging as Australia's next prolific mining province. Antipa is focused on advancing key PFS work streams on the Minyari Dome development in parallel with growth and discovery drill programs, including testing high potential, high impact targets across our massive portfolio during the course of this year and next year.
While we are pleased that the Paterson Province is receiving renewed attention due to multiple Tier 1 gold-copper discoveries and recent M&A activity, including Greatland 's purchase of the Telfer , Antipa is focused on what it can control, which is progressing the standalone development of the compelling Minyari Dome opportunity and unlocking the true potential of a deep portfolio of exploration targets. Thanks everyone for your time.