Antipa's market cap is approximately AUD 430 million, making us a ten-bagger since May last year. The five groups covering us reckon that there may be a few more bags to be filled on their research price targets, which range from around AUD 1 to AUD 1.50. We have AUD 71 million in cash and an EV per gold resource ounce of AUD 144. Over 50% of our register is held by Select Group, with institutions and funds holding almost 40%, and major shareholder Greatland Resources , the owner of the nearby Telfer Gold Plant, holding 6.3%. Antipa's board and management has in excess of 200 years combined resources experience. It has a proven track record of success, having been involved in all aspects of mining, from the discovery of mineral deposits all the way through to steady-state mine production, both open pit and underground, for multiple commodities and in multiple jurisdictions.
They possess a broad skill set, including geology, metallurgy, engineering, finance, corporate, and legal. The team was brought together to discover and build mines, and that is what we are doing right now. Antipa's massive portfolio, shown here in yellow, covers over 4,100 sq km of Western Australia, extending from Telfer in the south to Winu in the north. Over the last decade, the Paterson Province's endowment has grown by a staggering 20 million oz of gold and 3.4 million tons of copper from Greatland discoveries. The province boasts three large-scale potential gold-copper development projects, including Antipa's Minyari Dome. Antipa's value is underpinned by a significant resource base of 3 million gold-equivalent oz and a proven standalone gold development opportunity. Our portfolio provides serious potential for further large-scale greenfield discoveries and brownfield resource growth.
With AUD 71 million in the bank, our major and aggressive drill programs and ongoing pre-feasibility study are fully funded. In fact, we are funded to completion of a definitive feasibility study with significant cash to spare. This world-class region remains firmly in the grip of an M&A consolidation phase, with Newmont Corporation 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 Telfer 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 oz of gold at 1.5 g per ton.
The project's initial processing life is 10+ years at a throughput of 3 million tons/ annum, producing an impressive average of 130,000 oz of gold/ annum for the first 10 years, at an all-in sustaining cost of just AUD 1,721/ oz. Using a gold price of just AUD 3,000/oz , the project generated a pre-tax NPV at 7% of AUD 834 million at an internal rate of return of 52%, and post-tax, the NPV was AUD 600 million at an IRR of 46%. If you use AUD 4,000/oz , the project had a post-tax NPV of AUD 1.2 billion at an IRR of 79%, and the gold price today is in excess of AUD 5,500 an oz. Payback for just AUD 306 million in CapEx was just two years at the AUD 3,000/oz base case.
Minyari happens to be strategically located within trucking distance of Greatland Telfer 22 million ton/ annum processing facility, the third largest gold plant in Australia, which by mid-2027 is forecast to have significant spare capacity. This slide summarizes the project's gold price leverage, with the post-tax annual free cash flow increasing from an average of AUD 126 million for the AUD 3,000 an oz base case to an average of AUD 214 million at a gold price of AUD 4,000 an oz. 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 resources are within the Australian landscape of undeveloped gold projects.
This peer group represents both producer and non-producer-owned gold projects with a resource grade greater than 1 g/ton . Minyari is placed fifth largest in the Australian queue for contained gold oz. Notably, there has been recent corporate activity for all four projects ahead of Minyari on this graph, and there are only three Australian domiciled gold projects with a resource grading greater than 1 g/ton and a technical study demonstrating + AUD 100,000/ annum production potential that are held in non-producer hands, and only two of these make money at AUD 3,000/ oz: Minyari and Catani. Antipa's balance sheet is being applied to several key work streams aimed at unlocking value.
This cash provides the longer-term funding pathway for us all the way through to a final investment decision on the Minyari development project, delivering us the ability to complete multiple growth and discovery drill programs, the pre-feasibility study, which is in progress, and subsequent DFS. We are full steam ahead and currently have six drill rigs on site undertaking these various drilling programs. This schedule outlines the pathway to Antipa's first gold production. All key work streams for the PFS are progressing well and are scheduled for completion around mid-next year. The current plan is to proceed promptly to a DFS, allowing rapid progression towards a final investment decision in the second quarter of 2027. Twenty months post-completion of the DFS is scheduled to finalize funding and complete detailed engineering and construction. First gold production is scheduled for December 2028.
We recently completed a calendar year phase one resource growth-focused 15,000-m drill program, with available assays confirming step-out success across multiple zones, including significant growth at several GO-01 deposit targets. The delivery of meaningful resource extensions reinforces our confidence in the scalability of the existing resource and the development opportunity. Assays have been received for most of the phase I growth-focused meters, and we recently commenced a plus 25,000-m phase II follow-up drilling program. This long section highlights Minyari Dome's potential for significant resource growth, with all deposits remaining open at depth ranging from 50 m- 600 m below surface. There is another 12 km of highly prospective Minyari Dome strike that has received very limited drilling. This year's resource growth drilling is focused on priority targets where gold mineralization remains open down dip, with some also open along the strike.
The Minyari deposit cross-section, or this Minyari deposit cross-section, highlights the exceptional size and quality of this amazing gold-copper ore body. Minyari's 1.9 million oz gold resource starts at surface, is up to 400 m- thick. I'm sorry. Somebody's uploaded or put up a different presentation, which is also not very helpful. Minyari's 1.9 million oz gold resource starts from surface, is up to 400 m- thick, and extends to a depth of 600 m, delivering up to 3,000 oz of gold/ vertical m. Exceptional Minyari gold intersections include 35 m at 3.5 g/ton, 154 m at 2.1 g/ ton, and 142 m at 1.9 g/ ton. Just 1.3 km south of Minyari is the GO-01 area, which hosts an existing gold resource of almost 200,000 oz, which we are aiming to grow substantially this year.
Several recent ASX releases have highlighted the potential for significant resource growth success at GO-01 main zone, Fiama, and Minella. On top of that, phase one drilling has delivered bonanza gold intersections at Fiama and a new discovery to the west and south of Fiama, which I'll come to in a minute. Phase I drilling at Fiama has delivered bonanza gold intersections up to 520 g-m in new extremely high-grade zones, with mineralization open in multiple directions. Recent Fiama intersections include 33 m at 15.8 g/ ton gold, including 3 m at 150 g/ ton, and 23 m at 7.1 g/ ton gold, including 2 m at 62 g/ton. These new Fiama intersections are just another example of the exceptional high-grade potential within our Minyari project.
GO-01 main zone, the cross-section which is shown at the moment, we did phase I step-out drilling hole, a drilling hole which tested for depth extensions and hit 15 m at 2 g/ ton gold at 290 m below the surface. This hole also hit 10 g/ ton gold less than 10 m from the end of that hole. At 480 m below the surface, there's likely more high-grade mineralization to come. This hole represents the deepest drill test across this large 800-m by 500-m GO-01 footprint, highlighting substantial resource potential, which we intend to pursue during the phase II program. Our recently completed phase I gold-copper discovery-focused drill program comprised 22,000 m. The program tested 11 targets within trucking distance of the Minyari Dome development opportunity. The first batches of assays delivered discovery success across multiple zones, validating Antipa's dual track exploration strategy.
Assays have been received for just 40% of the phase one discovery-focused meters, so there's plenty more news flow to come. We didn't waste any time in kicking off our follow-up phase II program. Phase I drill testing of a 2024 aircore 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 from a former farming project boundary. Exciting discovery drill hits like 21 m at 1.8 g/ ton 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, which is a focus of the ongoing phase II 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 over the course of this year and next. Together with discovery success at Rizzo and the rapid progress of our PFS drilling, we are consistently adding value to our Minyari gold-copper project. We firmly believe that the combination of bonanza near surface high-grade gold hits, a large pipeline of high-quality new discovery targets, and a clearly defined pathway to production positions Antipa as one of Australia's most compelling investment opportunities.
While we are pleased that the Paterson Province is receiving renewed attention due to multiple tier one copper-gold 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. Thank you, everybody, for your time, and apologies for the unusual beginning to this presentation.
Thank you, Mark.