Good afternoon, ladies and gentlemen. A pleasure to be back in Noosa presenting Black Cat again. We've been here for a few years now, and it's really good that we're finally in production. What we said we would do last year, we've achieved. We are a very fast-growing gold producer. We've got multiple operations that we've started within the last 6 to 12 months. Let's go through that. You can't hear me? Stand a bit closer. Well done, Tim, if you're still here. First gold is a great achievement, and we certainly have done that ourselves in our operations. Who's Black Cat? If you don't know us, we have been here for four years, but if you don't know us, we are a fast-growing gold producer. This time last year, we were starting open pit mining at Kalgoorlie, and we were starting refurbishment on our processing plant at Paulsens.
We have achieved both of those operations, taken both of those operations through to production. We got first gold at Paulsens just before Christmas, and we got first gold from Kalgoorlie initially through a third-party mill in around the end of September, and then through our own processing plant in this last quarter. We'll talk through that in a minute. We've got great ground, high-grade resources that underpin our production targets. We are seeing this year a big year of ramping up, not just one operation, but two operations, two mills in two different areas. So far this year, 33% quarter-on-quarter growth from those operations. We had a good June quarter. We're expecting a much better September quarter and then a final big quarter for the year, and we'll get over that 100,000 ounce per annum run rate.
In the portfolio, we've got other projects, and I'll talk to those as well, but we do have aspirational targets of over 200,000 ounces per annum within our own organic projects. We have about $56 million in cash, bullion, and listed investments as at the end of June. No debt facilities, zero hedging, and we've got a gold bullion storage strategy, which I'll talk to as well. We are very much highly leveraged to the gold price. It's been a good year for us, partly because of the gold price, which is the chart below, and partly because we have been so active turning on new mines, lots of news flow coming out, and lots of production starting up. As I said, we poured first gold through a third-party mill at the end of September.
We poured first gold at Paulsens just before Christmas, and now we've poured first gold in the last quarter through our own processing facility just outside Kalgoorlie at Lakewood. 708 million shares on market, about $600 million market cap. Top 20 shareholders have 51%. The board, again, Paul Chapman was mentioned in the last slide, and he's our Chairman in this company as well. Paul and Les, founders of Silver Lake Resources. We've got Davide Bosio, Richard Laufman, who joined us late last year, and rounding out the executive team is Nick Dwyer, our Chief Financial Officer, and Tim Mason, newly appointed Chief Operating Officer. Superior gold exposure. Our motto is more gold sooner. What's the point in producing gold if you're just going to convert it into a depreciating asset like cash?
Our strategy is just to hold some of that gold in bullion because we think it's going to go up versus cash. At this point, we've got about 4,000 ounces, just over $20 million stored. We'll maintain that. We'll change it as we need to. It's very liquid. All of our projects are in Western Australia. Two producing assets, both ramping up, seeing good quarter-on-quarter production increases so far this year. Additional mines starting potentially in the next 12 months at both of those sites. Good, strong resources there. We've got two other projects, the Mount Clement. We hear a lot about antimony. This is one of the largest antimony deposits in Australia and quite high grade. We've got that just outside of Paulsens, and I'll talk to that in this presentation. We've got the Coyote project up in the Tanami region. It's a very high-grade resource.
It's got built infrastructure. Three great gold projects and one really good antimony project in the portfolio. Talking to the operations, Paulsens, this is the asset that kicked off Northern Star, took them from an exploration company through to a producer. Go to Kal East. Let's talk about that. Kal East is just outside of Kalgoorlie. We've got 1.3 million ounces at Kalgoorlie. The big news here is the acquisition of the Lakewood mill in the last quarter. Right at the end of March, we picked this up, purchased it from Westgold . It's a 1.2 million ton per annum processing facility. We always intended to build an 800,000 ton per annum plant that we would upgrade in the future at Kalgoorlie. This opportunity to pick up this mill brought forward production by 15 months. It's also much bigger than what we were intending to build.
It's a 50% increase in capacity from what we had in our study. The study metrics are down the bottom. Obviously, there's a lot that's changed: bigger mills, higher gold price, etc. So far, we're ramping up. This last quarter, we produced just over 12,000 ounces from ourselves, our own ore at Kalgoorlie, mostly through our own processing plant now. We also produced another 5,500 ounces for third parties through that mill. There is extra capacity there. We're not filling it at the moment. We're ramping up our operations, and that will continue over the next 12 months. Once we're processing all of our own material, we're producing a lot more ounces on a quarterly basis. Currently, we're mining the Murray boundary pits. That's what we started this time last year. We have additional pits starting within the next month and our first underground at Kalgoorlie starting as well.
We're drilling at the moment and doing lots of optimizations across our package. In terms of growth drivers now, as I've said, the mill is already 50% bigger than what we originally planned at Kalgoorlie, but it's also got expansion capacity. The actual plant, the previous owners, Karora, had started doing some work on tying in a secondary mill, which would probably lift production by another 20%. For us, at the moment, we can't fill it as we're ramping up our mines. At the end of next year, our intention is to probably be building stockpiles. At that point, we would look to expand that mill and get that upgrade and that more gold sooner. That work's ongoing in the background. We're grade controlling right now. Fingals, image down the bottom here, this is Fingals.
Currently, we're there with multiple rigs drilling that out and getting ready to get the diggers moving ore in the next month. We're dewatering the Majestic underground in the central photo there. That'll be a new portal that'll be established over the next month as well, and that'll be our first underground operation. Those two operations, Fingals and Majestic, will be the base load, most of the ore that's required for that mill as it stands. There are lots of other deposits we've got in this portfolio. We're re-optimizing those. There are some new deposits that are also being optimized. Some drilling around Imperial shows that has potential to grow. We're looking at a new open pit there. Lots of changes will keep going as the gold price grows and as our drilling discovers more. We have third-party agreements in place.
As I said, we don't fill that mill while we're ramping up our mines. In the short term, and it's only the short term, we'll process other feed as required and make money from that. Now I'll get to Paulsens. Paulsens, obviously, was a big focus for us last year on refurbishing that facility. We started that in about the middle of the year, and we were pouring gold by Christmas. It was a big effort by everyone, and that was great to see success. We started mechanized mining early this year. As Tim said, it takes a while to ramp these things up, and it will take a while to ramp this mine up. We're seeing good progress, good, strong growth each quarter, and that will continue through this year. We're drilling.
We started drilling. There are lots of good results that are being published, and there's more that'll be published throughout the rest of the year. Just recently, we've looked at bringing forward the Belvedere operation, which was originally going to start in about the third year of operations here, and that'll come forward potentially to as early as next year that we can start that. That'll give us more time to drill out and grow that particular deposit. Study metrics are listed there, and we're tracking towards this project. Paulsens itself, there's been a million ounces mined from Paulsens, all underground and all going through the one processing plant, 450,000 ton per annum nameplate. It operated for 13 years and produced on average 70,000 ounces per annum. Our study only has a 40,000 to 50,000 ounce per annum target on it.
Obviously, there's a lot of potential that we can get more out of this in time, and that takes drilling. We're into the drilling now. There are lots of targets in and around the mine, and we expect that we'll be able to grow this from four years onwards and get more ounces out of this mill in the long term. There's a lot of surface drilling that'll be going on in the region near Paulsens. We've got the Paulsens West Target, which is a parallel structure, and we've got some EIS funding to go and put some holes into that, and that'll happen within the next month. In terms of our organic projects, Coyote up in the Tanami, very, very high-grade deposit, a long strike from Newmont's money-making machine over at Callie, same geology, same structural regime.
We've got a 650,000 ounce resource here, and the jewel in that is the Coyote underground, 360,000 ounces at almost 15 grams per ton. We've got lots of infrastructure here, 300,000 ton per annum plant. We've got a 180-man camp, airstrip, etc. There's not much infrastructure up in the Tanami, so it's really good that we have that in place. We've got, you know, obviously cleared and approved sites. We expect that we will need to upgrade that plant, grow it as we're growing our resource, get more out of it, drop our unit cost rates. At the moment, there's a lot of drilling and a lot of discovery potential. There are some big active explorers in the area, and we've got a lot of really good ground here.
Certainly, we want to grow our mine plan, grow our mine life, and we've got to do some more engineering on the plant. This is a nice little third project that we've got in the portfolio that'll help us get up to that 200,000 ounces per annum. Mount Clement, we have heard a lot about antimony. We've got the fourth largest deposit, one of the highest grade deposits in Australia already. This came into our portfolio when we purchased Paulsens from Northern Star. If you go back a few years, we were talking about antimony, and no one wanted to know anything about it. Now everyone wants it. We're getting around to drilling. In the next month, we will have rigs out here drilling this deposit.
Importantly, although we've got one of the bigger deposits around, only 20% of the mapped veins here have actually been drilled, and only a small portion of that has resource on it. There's really a lot of potential to grow. We've got an exploration target of 100,000 tons of antimony metal. There's going to be a lot of activity happening here over the coming months. Infill and extensional drilling around that resource, as well as metallurgical studies for optimizing processing options. This is only 30 kilometers from Paulsens, so there's a lot of infrastructure that we own in the area that'll allow us to switch something on here in the near term. Some deeper drilling has been co-funded by the government as well, which is great, as well as some surveys in the area.
In summary, our model, the motto is more gold sooner, and we're getting around to that in a rapid way. Two production assets both turned on in the last six months and ramping up fast. We're targeting 100,000 ounces per annum run rate by the end of this year from a cold start. We've got organic growth projects as well that could see us getting up to 200,000 ounces per annum. We're ramping up those projects. There is going to be lots of news flow, lots of gold flowing out of those operations, lots of drilling and results that will come out of our organic growth projects, as well as around our near mine operations. We have that exposure to gold where we're holding bullion, and we'll continue to maintain a hold on some bullion because we do think the gold price will continue to rise.
We've got a strong balance sheet. We've got no hedging. If you'd like any more information, please come and see us over the next day and a half out at the booth. Thank you.