Our next speaker is Gareth Solly, Managing Director, Black Cat Syndicate. Gareth's career incorporates over 25 years in the industry, covering numerous commodities, deposit styles, and mining environments. This experience has included working as Chief Operations Geologist and Registered Mine Manager in both open cut and underground operations at Sarasen, Silver Lake Resources, and Norilsk. Gareth was appointed as Managing Director at Black Cat Syndicate in 2018 and has overseen the company move to gold producer status in recent years. Look forward to the update on Black Cat. Thanks, Gareth.
Thank you. Good afternoon, ladies and gentlemen, and thanks for that introduction, Duncan. I see we're running a bit over time, so I'll try and speed this up. It's great to be back here at Diggers & Dealers to provide another update on Black Cat Syndicate. This year we're here as a producer, as Duncan has just said. We've been positioning ourselves to be in production for a number of years now, and in the current gold price environment, we've been able to turn on our operations rapidly, and we're growing those rapidly as we speak. We really only started production within the last 12 months. Our target is to get to 100,000 ounces per annum run rate by the end of this calendar year, so in the next six months. We've got two producing assets right now.
Both of those have really started probably about seven months ago in reality. We've got great exploration tenure. We've got fantastic resources that underpin our production ambitions. We've got a little bit of antimony kicking around, which I'll talk to as well. We're very focused on production now. We've seen 33% quarter-on-quarter growth between March and June. We're going to see more of the same over the coming quarters. We're drilling again. We didn't do that much last year, and we're going to see lots of news flow coming out of that drilling, and some of that's already started to occur. Within our own current projects, we've got a number of projects as well as our operations, and we can see ourselves getting to 200,000 ounces in the near term. That's the goal in the business.
We've got cash bullion listed investments of around $56 million as at the end of June. We've got no debt facilities, zero hedging, and we've got a gold storage strategy, which I'll talk to as well. You can see on these charts, we've had a pretty good year. Obviously, the bottom chart is the gold price, the top chart is the share price, and it's driven, they are linked, what happens to gold happens to occur with our share price as well, but it's augmented by the fact that we've been very active starting two operations within that period. This time last year, we were just kicking off some open pits just outside Kalgoorlie, and that was to be processed through an ore sale, much like Horizon, through the Paddington Mill. We got first gold through that scenario in September.
We were refurbishing the Paulsens processing facility last year, and we got first gold from Paulsens in December. This year, it's been about Kal East and Lakewood. We made a significant acquisition by purchasing the 1.2 million tonne Lakewood processing plant, just eight kilometers, you know, to our southeast here. Now it's all about ramping up our production through those two operations. We've got 708 million shares on market. Current share price means it's about $600 million market cap. Don't forget, we're targeting to be 100,000 ounce producer by the end of this year. We're a pretty liquid stock these days. Top 20 have about 51% holding. We've got a very strong board and management team. Alongside myself, I've got Paul Chapman and Les Davis. They were founding directors of Silver Lake Resources, also founding directors of Black Cat with myself.
We've got David Bosio, Richard Laufmann, two new board members, very strong board. We're rounding out the executive team. We've got Nick Dwyer, our Chief Financial Officer, and a new position, our Chief Operating Officer. We've got Tim Mason, who's joined. We've got lots of experience and a fantastic group running this show. More gold sooner, that's our catch cry. It's also what we're planning to do. More gold in a high gold price environment means more cash flow. There's no point sitting on cash when it's a depreciating asset. We'd rather sit on gold if we don't need the cash. We set ourselves a target already to hold about 4,000 ounces. We've achieved that by the end of June. Gold is very liquid. We can sell it with a phone call.
You know, in the current gold price environment, we think it's worth holding a little bit of that for future growth. All of our projects are within Western Australia. That's good for us. It's one jurisdiction, and it's a good jurisdiction. Two producing assets. We're here at Kal East. Within 50 Km of where we are is the bulk of our resources. As I said, our mill is about eight kilometers to our east. We've got the Paulsens project, and that's an operation that's producing gold as well up in the Pilbara. Those are the two production assets which will see us get to 100,000 ounces at the end of this year. We've got a couple of really good projects along with a lot of other resources in the kitty, Coyote, which is up in the Northern Territory border in the Tanami region.
Again, there's built infrastructure here, and we've got a very high-grade resource. This will be one that we turn on in the future once we've got steady cash flow coming from our other operations. We've got the Mt Clement, and it's a polymetallic project, but the real value driver is in the antimony, and you've heard a lot about antimony from plenty of the other speakers. Obviously, the price is high right now. I think the future is looking bright for that commodity, and we've got one of the highest grades and largest resources with strong growth potential, and we'll be drilling there soon. Talking to the operations, starting with Kal East, this is going to be the largest producer in our portfolio for the time being. The big news here is the acquisition of that Lakewood processing plant, 1.2 million tonnes per annum.
We started producing from that about, I don't know, six hours after taking ownership. For us, it's a fantastic acquisition. It makes a lot of sense. We were going to build an 800,000 tonne per annum processing facility here. That was going to take 18 months. That was going to cost a few bricks. This facility is 50% larger than that. It was immediately available, and it's very good value. For us, we were able to start processing stockpiles straight away. We saw a 37% increase for over the March quarter production by doing that through our own plant and produced 12,000 ounces. In addition, we produced another 5,000 odd ounces for third parties during the last quarter. You can see once we do and get our own production ramped up, we'll be producing a lot of gold from Lakewood. Currently, we've been mining at the Myhree Boundary Pits there.
That's what we started mining about this time last year. They've got a few more months left in them. In the next month, we'll be starting a new underground and a new open pit, and they'll be ramping up over the next sort of 6- 12 months. We're optimizing plenty of other resources. We've got 1.3 million ounces of resource here and lots of other exploration targets as well. Now, the study metrics which are listed on this slide are obviously obsolete. This was based on an 800,000 tonne processing facility and a $2,500 gold price used in the optimization. There's going to be more gold produced more quickly than what this suggests. This is what's happening around Kalgoorlie at the moment. We're pretty active. We're hiring a whole new team. We're starting, as I said, a new open pit and a new underground.
That's keeping us all pretty busy. They will be, within 12 months, producing excess stockpiles. Our 1.2 million tonne per annum processing facility at that point could be upgraded. Thankfully for us, Carrara did a lot of work here and spent some money on refurbishing a secondary ball mill and getting that almost tied in. We just need to finish that process, and that should see a 20%- 30% lift in throughput through that mill. There are plenty of other resources and deposits that we'll be re-optimizing and bringing into the mine plan. Between Fingals and Majestic, that sees the mill full for the next three or four years. There's a ramp-up phase for our operations, which, as I say, is starting next month. That means there's a small window where the mill isn't quite full, but thankfully, everyone wants to process gold right now.
We've got third-party processing agreements already in place that will see us maintain that mill completely full for the foreseeable future. Paulsens, this was a Northern Star asset that we picked up in 2022. It was a big focus for us last year and in 2024 where we were focused on refurbishing that processing plant. That was successfully completed on time and within budget in December. We poured first gold just before Christmas. We only started mechanized mining this year in late January. We've been ramping up that operation over the last six months, and we've seen a 30% increase between March and June. We expect that to continue in September and then through December quarters as well. This will eventually ramp up to a 40,000- 50,000 ounce per annum run rate and potentially could go a lot higher. It's a 450,000 tonne per annum facility.
It's not full at the moment, but it will be once we've got the underground ramped up. We're also looking to bring forward a satellite underground operation from Belvedere and potentially start that as early as 2026, which will give us more options for high grades through that mill and allow us to then have a position to drill further at depth. A million ounces was mined from Paulsens in its previous life until we took ownership. It produced about 70,000 ounces on average for 13 years. It can do more than what we have in our original study, and we intend to take it back to a much higher run rate long term. It only ever had a two and a half year mine life throughout that mining history. At the moment, we've got slightly more mine life than that on our study.
We've obviously got lots of targets to drill, and drilling is key, obviously, to maintaining your mine life, to growing your mine life, and for your operations. We're doing that at the moment. We're having some really good drill intercepts. Have a look at the announcements that we've been putting out, and we're about to start drilling the Paulsens West target. Some surface drilling is going into what is a parallel structure. We're hoping it looks similar to Paulsens once we get into the sweet spot of that. That was evident in the 3D seismic that was completed after the mine was closed. Quickly onto our organic projects, Coyote up in the Tanami, very, very high grade. The underground resource grade here is almost 15 grams per ton. This is similar geology, similar structural architecture to what Newmont Mine has over in the Northern Territory.
It's got a lot of potential for growth. Every hole we drilled here in 2022 hit gold, and we actually haven't put a hole into this resource since then. We do plan to get back in and do some drilling over the next 12 months. We have a 300,000-ton-per-annum processing facility here. We've got a 180-man camp. There's an airstrip, tailings dams, bore fields. There's going to need to be refurbishment for all of that, and we intend to upgrade these to a slightly higher run rate. The scoping study will therefore be different, but we know it's going to produce cash, and we're pretty excited by what this will do for us in the future. Lastly, to our polymetallic deposit, the value driver here is the antimony. It's the fourth-largest antimony deposit, 1.7% antimony, so it's pretty high grade.
Importantly here, the resource is based on one vein of which we've mapped six. We need to get into and drill this, and we will be doing that over the next month. We'll have two rigs out here. We're a gold-focused business. We're ramping up our gold production, but there's a lot of value sitting here, and it doesn't take much to have a little project sitting off the side to look at this. Potentially, there could be 100,000 tons of antimony. That's what our exploration target suggests based on the fact that there's six veins and there's a lot of open ground. We'll be infilling this. We'll be doing network on this. Obviously, we're looking for the best pathway to extract the antimony metal and the best pathway to extract value for this project. In summary, we are a multi-operation gold producer right now.
We're ramping up hard, going from a cold start to 100,000 ounces within the first 12 months. We'll grow to 200,000 ounces in time. We're very much focused on our operations at Kal East. That is going to grow quickly once we get these operations, these new mines ramped up, and of course growing Paulsens as well. We've got lots of news flow coming from our drilling as well. We'll be drilling our organic growth projects and the multitude of other gold targets that we have around our belt. We do offer a good exposure to gold. We're going to hold a bit of bullion, but we're a gold miner. We've got a very strong balance sheet for our size. We've got no hedging, and we've got no debt.
If that looks good to you, please come and see the crew that are still here for the next few hours at least, but give us a call afterwards. Happy to run you through it. Thank you.