Our next presenter, Mark Rodda and Antipa Minerals.
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Only one of those. All right. Thank you for the introduction, and thanks, everyone, for your time today. That is our standard disclaimer. Let me start today by introducing you to the Antipa board and management, which has over 200 years of combined resources experience. It has a proven track record of success, having been involved in all aspects of mining, from 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. The team possesses a broad skill set, including geology, metallurgy, engineering, finance, corporate legal. The team was brought together to discover and build mines, and that is exactly what we are doing at the moment. Antipa's market capitalisation is around AUD 350 million, making us a multi-bagger since mid-last year.
The five groups covering us believe there may be a few more bags to fill based on ASX—AS—sorry, Antipa research price targets, which range from AUD 1- AUD 1.50. We have over AUD 60 million cash in bank and an EV per resource ounce of AUD 120. Over 50% of our register is held by a select group, with institutions holding 40% and major shareholder Greatland Gold, the owner of the nearby Telfer Gold Plant, holding about 6.2%. Antipa's massive portfolio, shown here in yellow, covers over 4,100 sq km of Western Australia, extending from the Telfer Gold Mine to the Winu Gold Copper Project in the north. Over the last decade, the Paterson Province endowment has grown by a staggering 20 million ounces of gold and 3.4 million tonnes of copper, all from greenfield 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 ounces and a proven standalone gold development opportunity. Our portfolio provides serious potential for further large-scale greenfield discoveries and brownfield resource growth. With over AUD 60 million in the bank, our major and aggressive drill programs and ongoing pre-feasibility study are all fully funded. In fact, we are fully funded to completion of 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 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.
Minyari Dome October 2024 scoping study confirmed the exceptional development potential for a significant standalone gold operation, boasting mining inventory of 1.5 million ounces of gold at 1.5 g/t . The project's initial processing life is 10 plus years at a throughput of 3 million tonnes per annum, producing an impressive average of 130,000 ounces of gold per annum for the first 10 years at an all-in sustaining cost of just AUD 1,721. Using a gold price of just AUD 3,000 per ounce, the project generated a pre-tax NPV at 7% of AUD 834 million at an internal rate of return of 52%. Post-tax, the NPV was AUD 600 million at an IRR of 46%. Using AUD 4,000 per ounce, the project had a post-tax NPV of AUD 1.2 billion and an IRR of 79%.
Payback for the AUD 306 million of CapEx was just two years, using the AUD 3,000 per ounce base case, and 15 months using AUD 4,000 per ounce. Minyari happens to be strategically located within trucking distance of Greatland's Telfer 22 million tonne per annum processing facility, the 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 ounce base case to an average of AUD 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.
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 both producer and non-producer-owned gold projects with a resource grade greater than 1 g/t , with Minyari placed fifth in the Australian queue for contained gold ounces. 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 more than 1 g/t and a technical study demonstrating plus 100,000 ounces per annum production potential that are held in non-producers' hands, and only two of those make money at AUD 3,000 an ounce. That's Minyari and Katanning. Antipa's bulletproof balance sheet is being applied to several key workstreams aimed at unlocking value.
This cash provides a longer-term funding pathway for us all the way through to final investment decision on the Minyari development project, delivering us the ability to complete multiple growth and discovery drilling programmes, the PFS, which is in progress, and a subsequent DFS. This schedule outlines a pathway to Antipa's first gold production. All key workstreams of the PFS are progressing well and are scheduled for completion around the middle of next year, next calendar year. The current plan is to proceed promptly into a DFS, allowing rapid progression towards a FID in second quarter 2027. Twenty months post-completion of the DFS is scheduled to finalise funding and complete detailed engineering and construction, and first gold production is currently scheduled for December 2028. On the drilling front, Antipa is full steam ahead with growth, discovery, and PFS programmes all being concurrently undertaken.
A total of approximately 100,000 meters of drilling will be undertaken this calendar year, and we have at various times had up to six drill rigs on site carrying out these drill programs. Drilling this year has confirmed step-out success across multiple zones at the Minyari Dome deposits, including significant growth at several GEO- 01 deposits. The delivery of meaningful resource extensions reinforces our confidence in the scalability of the existing resource and development opportunity. This long section highlights Minyari Dome's potential for significant resource growth, with all deposits remaining open at depth ranging from 50 meters to 600 meters below surface. There is another 12 kilometers of highly prospective Minyari Dome strike that has received very limited drilling. This year's resource growth drilling is focusing on priority targets where gold mineralization remains open down dip, with some also 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 surface, is up to 400 meters thick, and extends to a depth of 600 meters, delivering up to 3,000 ounces of gold per vertical meter. Exceptional Minyari intersections include 154 meters at 2.1 g/t , 142 meters at 1.9 g/t , and 35 meters at 3.5 g/t . Just 1.3 km south of Minyari is the GEO- 01 area, which hosts an existing gold resource of almost 200,000 ounces, which we are aiming to grow substantially this year. Several recent ASX releases have highlighted the potential for significant resource growth, success at GEO- 01 main zone, Fiama, and Minelli.
On top of that, 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. This GEO- 01 main zone cross-section shows a step-out drill hole which tested for depth extensions and hit 15 meters at 2 g/t gold, 290 meters below surface. This hole also hit 10 g/t gold less than 10 meters from the end of the hole. At 480 meters below surface, there is likely to be more high-grade mineralisation to come. This hole represents the deepest drill test across the large 800 meter by 500 meter GEO- 01 footprint, highlighting substantial resource growth potential, which we intend to pursue with further drill programs.
This year's drilling at Fiama has delivered bonanza gold intersections up to 520 g/m in new extremely high-grade zones with mineralisation open in multiple directions. Recent bonanza grades or intersections included 33 metres at 15.8 g/t , including 3 metres at 150 g/t , and 23 metres at 7.1 g/t , including 2 metres at 62 g. These new bonanza Fiama intersections are just another example of the exceptional high-grade potential within our Minyari project. The first phase of this year's gold copper discovery focused drilling programme comprised 22,000 metres . The programme tested 11 targets within trucking distance of the Minyari Dome development opportunity. First phase assays delivered discovery success across multiple zones, validating Antipa's dual track exploration strategy, and we did not waste any time kicking off a phase two follow-up programme, which is currently in progress.
First phase drilling testing of a 2024 aircore target discovered shallow gold copper mineralisation south of Rizzo and Fiama, defining an 800 by 700 metre target in an area which Antipa's access to was previously prevented by a former farming project boundary. Exciting discovery drill hits like 21 metres at 1.8 g/t and recent phase two drill hits like 8 metres at 4.4 g/t gold point to a possible change for the broader Minyari development by highlighting the potential for this discovery to deliver a positive maiden resource. 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 focusing on advancing key PFS workstreams on the Minyari Dome development in parallel with growth and discovery drill programmes, including testing high potential, high impact targets across our massive portfolio over the course of this year and next year. Together with discovery success at Rizzo and Fiama 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 gold investment opportunities.
While we are pleased that the Paterson Province is receiving renewed attention due to multiple tier one gold copper discoveries and recent M&A activity, including Greatland's purchase of 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 assets. Thank you all for your time. [You're back on time. Thank you.