In our next presentation, Black Cat Syndicate, Gareth Solly. I would almost say, take your time.
I was going to speed it up for you as well.
Perfect.
I'm just waiting for these people to leave.
Look, Black Cat Syndicate, the first time we've presented here in Europe at all, so hopefully we get some new investors out of this presentation. We have been around eight years as an explorer, developer, and we've been a producer now for the last 12 months. Arguably, we're probably the fastest-growing gold producer on the ASX. We've gone from nothing in the 12 months ago to sort of 100,000 ounces is our target this quarter and from this quarter onwards. In terms of the project, we've got three sort of major operational areas, so we've got 2.5 million ounces of gold spread between those. Two of those are now in production, so we've managed to do that in the last 12 months. We're targeting 100,000 ounces per annum run rate from this quarter onwards, and we're going to grow that over the next few years to 200,000 ounces per annum.
We're marketing ourselves, we're comparing ourselves to other 100,000 ounce per annum producers. We're there from now on. We're going to be growing just as fast as what they are, if not faster. What's different is that we're remarkably undervalued in comparison, and that's partly because we've just started on this journey of production. We've got no debt, no hedging, really good cash flow coming into the business, AUD 90 million in cash bullion and listed investments as of the end of last Quarter. This slide just shows how we're going to get to that 200,000 ounce per annum run rate, and it's not just a one step to 200. We've only just started in the last 12 months, as I say, so last financial year, we had only sort of half a year on small mines that were ramping up.
This year we'll get to that 100,000 ounces. Next year is when we'll upgrade one of our mills. They should get an extra 25% throughput from that mill, and we can see ourselves at that point getting to the 130-plus thousand ounces, and then we need to start our third project, Coyote, to get ourselves up to the 200. Within a three or four-year period, we can easily get to that run rate, and it's all from internal projects, it's all organic growth, and it's all met out of internal cash flows. Here's where the company's been, the journey of the last 12 months. It's obviously been a fantastic time in a rising gold price environment to be starting operations. We've got first mines starting up, we've got first gold poured a number of times.
We went from 18 months ago a market cap of about AUD 60 million up to AUD 1.1 billion about a month ago and around AUD 700 million market cap right now. Good liquidity in the stock, like it's quite good liquidity. No hedging, as I said, no debt at all in the system. Good cash, good cash building. Top 20 have about 56% of the stock. Directors hold about 3.2% of the stock. Those directors include Paul Chapman, Les Davis, and myself as founding directors of Black Cat, and Paul and Les were founding directors of Silver Lake Resources, which became Vault Minerals. Obviously, they've got a lot of experience in building big companies. We've got David Bosio, Richard Laufman, and Amber Rivamonte all on the board have come in in the last year or so.
Rounding out the executive team, Nick Dwyer, our CFO, and Tim Mason, our Chief Operations Officer. There is a bit of research out there now. We've finally got our second research note out there from Morgans, and Petra follows us as well, so if you want information, please go talk to those people. More gold sooner, so that's our catch cry. That's what we've been doing over the last 12 months, and we've certainly been very successful in that. The gold price is also on the rise, so more gold produced in a higher cash flow environment. Sorry, gold price environment means more cash flow. For us, that means we've got more cash than we actually need.
We've elected to hold some of our production as bullion, and that's been very successful in the last few months that we've had that strategy out there, and it's increased in value in that time frame. I mean, the gold price in AUD terms is AUD 6,200 odd, so there's really good money to be made for Aussie producers right now. There's no real risk in this strategy. You can sell the gold anytime with a phone call, so we're very comfortable holding gold against what would otherwise be a depreciating asset in currency. All of our projects are in Western Australia. It makes it quite easy as a junior starting up. We're headquartered in Perth. We have a bunch of fly-in, fly-out, all residential and all residential projects.
Kal East is our bigger project, targeting 70,000 ounces per annum, and then once we've upgraded the processing plant there, we'd expect that to grow up to sort of 90,000 ounces per annum. Paulsen's, we're ramping up to a 50,000 ounce per annum run rate. That has been a series of quarter-on-quarter growth that we've had this year, and that'll continue over the next few quarters till we get to that run rate. Coyote is the third project that we'll commence in time. There's good infrastructure up there, good high-grade resources. We'll start that in the future, as I say, in a few years' time to get ourselves up to 200,000 ounces per annum.
Then the Mount Clement project is a polymetallic project, and there's a lot of antimony there, so there's a real driver of value in that critical mineral, and we're drilling that at the moment, and we plan to put out studies there next year. We'll look at our operations now. Kal East first. This is the larger of our two operations. The big news here at Kalgoorlie was the acquisition of the 1.2 million ton per annum Lakewood processing plant that we bought from Westgold at the end of March this year. That allowed us to start processing our own ore through our own mill, and that has allowed us to have good growth in our gold production, and that'll continue as we go forward.
Now, that mill is a lot bigger than what we ever planned to build ourselves, and what that means is we've had to scramble to start some new mines up to be able to get them ready to feed into this bigger mill, and that's happening. In the meantime, before they're fully ramped up and providing 100% of the feed for this, there's a bit of capacity that we actually have third-party material going in, and of course, we make some money off that, but it's not ideal. We obviously want our own feed, and by the middle of this year, we'll be producing more than enough stock from our own ore sources to fully fill this mill ourselves. The mill itself is fantastic. It's located just next to Kalgoorlie. It's got grid power, bitumen roads, local workforce in part, and nice and central location.
We haul all of our ore sources into that central facility, and the important thing here is it is expandable up to 1.5 million ton per annum, and that'll allow us to get an extra 25% production out of this. Brilliant pickup. It's been fantastic for us, and it's really boosted our production this year. Of the two new mines that we're starting up to feed into this, Majestic Underground, we started at the beginning of September. This is going really well, but obviously, it does take some time when you're starting a new underground before you have enough development in place and enough stopes online. This will take some time to get that in place, hence we've got the third-party ore and the other mines starting up. We've got a drill rig starting here this quarter, and that'll see more news flow coming out of this.
Obviously, we'll be looking to extend and grow the resource base here. The other new mine that we're starting up at Kalgoorlie is the Fingal's Fortune Open Pit. Again, this is a reasonably substantial open pit for us, three- or four-year mine life here, 40 km from the mill. It will be by the sort of middle of 2026, producing at around 100,000 ton per month, so that more than fills our current mill, hence later in 2026, we'll be looking to upgrade our mill to the 1.5 million ton per annum capacity. Now, this pit will provide 70% of the feedstock to that mill for the next three or four years. After that, this will go underground, and we'll move open pit fleets to the next open pit. We've got plenty of options and opportunities around Kalgoorlie. Quickly over to Paulsen's.
Obviously, this was the asset that kickstarted Northern Star's production, and they eventually made enough cash out of this and had a big enough name from their mining here that they could go and pick up the Barrick assets when they left Western Australia. For us, this was a great opportunity to buy a mine that had existing infrastructure. We took that opportunity in 2022. We put some drilling into this, got the restart study happening, and eventually, last year is when we were able to get the funds together to go and do the refurbishment here.
We finished that refurbishment on time and on budget and got first gold out of this particular mine just before Christmas, and then we started mechanized mining this year, and you can see on the graph down the bottom that we've been having steady growth in our production quarter on quarter out of this mine, and that will continue. Next quarter, we'll have three trucks hauling out of this underground compared to the two trucks that we have there now. This is targeting to get to a 50,000 ounce per annum run rate. There's certainly upside on that because this was traditionally an average 70,000 ounce producer, and that will potentially be something that we can target in the future. At the moment, 50 is a nice starting point for us. 70 is ultimately where this mine has run historically, and we're drilling at the moment.
We've been drilling all year. We haven't released any updated resources and reserves yet, but we've been getting lots of good hits, and we're doing that work at the moment, probably to be released next quarter. Lots of success in the Gavro veins. It's a parallel system to what was historically mined. We've also got new lodes on the hanging wall side in the upper parts of the mine, so there's lots of new areas of resource that we're discovering in and around this mine. Obviously, there's extension at depth that we'll get to in the future as well. Lots of life still to go at this particular operation. Over to our organic projects now. Coyote is the project that is up in the Tanami, up the northern part of Australia. This also was mined historically between 2006 and 2013, so there's good infrastructure already here, 180-man camp.
There's an airstrip. There's obviously a mill, but the mill was a constraining factor here. It's a 300,000 ton per annum plant. We see this as being a 700,000 ton per annum facility, so it obviously is going to need refurbishment, and we think it needs upgrading, so we're doing the work on that in the background at the moment. We'll be drilling here in the middle of next year, and this is ultimately the third project, so in a few years' time, we'll have this up and running, and this will be contributing in that last bit to get us to the 200,000 ounces per annum. Antimony. You heard Alkane Resources earlier. They get a lot of value out of their antimony. For us, Mount Clement is 30 kilometers from Paulsen's, and it is a satellite gold deposit for Paulsen's. That's how we always saw it.
On analysis of this a couple of years ago, we realized it's a polymetallic deposit with a lot of different commodities and a lot of payables here. It's a lead, antimony, silver, copper, and gold. For us, the real value driver in the current critical mineral environment is the antimony, and we've got 14,000 tons of that in the resource. We've got an exploration target of up to 100,000 tons of antimony metal. Right now, we're drilling here. We're growing the resource, and we're gathering material to do met test work. Of the 7,000 meters that we've got planned to go in here, we've drilled a couple of thousand meters. So far, every hole's got visible antimony mineralization, and we'll do the met work on the back of the drilling campaign, and then we'll work our way to an economic study sort of by the middle of next year.
This is going really well. We've got some deeper step-out holes that the government's co-funding to see how much depth extent we might be able to find and how many extra lenses that we find here. The resource is on one vein set, and we have at least six veins that we've seen on surface, so there's a lot of potential here for resource growth. We are investing money back into the business. We're a junior. We've only just started production, but in this gold price environment, there's good cash coming into the business. We're putting AUD 17 million back into exploration in and around all of our projects. Paulsen's Underground, we've got really good hits coming back from there. We're about to start the Majestic Underground. We expect similarly to be able to grow that resource and get good news flow coming out of that drilling.
Obviously, we've got our antimony drilling. We put first holes ever into some regional targets around Paulsen's. Big Sarah came back with 10 holes with gold in it out of the first 14, so we've got more drilling planned there. There's more drilling to do at Kalgoorlie and Coyote in the middle of the year, so lots of reinvestment in the business. It has been a big year of success. It's been a long eight years in this company, and we've been successful throughout, but really, it's coming together in the last sort of 12-18 months. Lots of firsts, obviously first production, first gold, some big acquisitions that have assisted us to grow this business to where it is, and we're not stopping there.
We're going to 200,000 ounces next over the next few years, and there's plenty of different avenues we can pursue that we're looking to make more achievements. Just to wrap up because we're out of time, took my time. More gold sooner, that's our motto. We're now a 100,000 ounce per annum operator. We have targets to get to 200,000 ounces per annum. We've got good cash coming in the business, strong balance sheet. There's no debt. There's no hedging, and if you'd like more information, please book a meeting with me while I'm here, or else get in touch when I get back to us.
Guys, great company. Great business time. Good to talk to you a bit. Thank you so much.