Good morning, thank you for joining us. It's a pleasure to present the Black Cat story to you. For those who don't know us, to demonstrate to you how we've become one of Australia's newest gold producers. For those who know us a bit better, to describe to you our growth plans and how the discoveries at Paulsens set us up well for the next couple of years. I'm very pleased to have Nick Dwyer, our CFO, in the room with us today and happy to chat with you at the booth after this presentation as well. Black Cat has rapidly advanced over the last eight years from IPO to have two operations in production today, producing at a run rate of 100,000 ounces per annum.
We've got AUD 92 million in cash and growing, no debt, no hedging, producing from our two operations, which have 2.5 million ounces at 2.7 grams a ton. You'll hear me talk a lot about high grade and as I think most people know, grade is king. For us, we're very pleased with the way that our operations are able to produce highly profitable ounces from high grade operations that we manage ourselves. Over the last eight years, we've delivered shareholders 19% per annum shareholder growth. We're going to continue to grow this company and demonstrate to you over the next few years how the company will not only diversify production, but also grow from our internal means and funded by our own balance sheet. In terms of the assets in the company today, we have two producing mines, Paulsens and Kal East. Both of them are producing well.
Paulsens has now been in production for about 18 months since we restarted. At our Kal East operations, we are ramping up production from two operations at an open pit mine at Fingals and an underground mine at Majestic. In addition, we have the Coyote Mine, which is up in the Tanami, which is a development project that we're drilling right now. In addition, we have a antimony project, which is a critical minerals project, close to our Paulsens mine and which will leverage the infrastructure at Paulsens. I'll discuss a couple of our operations in a bit of detail. Paulsens, I'll start with. We have a significant landholding that we own 100% around Paulsens. The Paulsens mine historically has produced over a million ounces of gold, and we continue to find more gold and have recently announced two very significant discoveries.
Over the last 18 months of production, we've repaid the capital that we paid for the asset when we acquired it, and we're cash flow positive. The mine itself has 3.1 million tons at 5.5 grams a ton in resources. It has a processing plant that can have the processing capacity of 450,000 tons per annum, and that produces all the gold that we require, about 40,000 ounces per annum. Last week, we announced two important discoveries at Paulsens. Paulsens historically has produced significant gold, but the two trends that we've recently found were unknown about and unknown because of lack of drilling in the hanging foot wall. Firstly, I'll talk about Regulus. You can see some significant intercepts that we've made, 9.1 meters at 9 grams a ton, five meters at 90 grams a ton. We've recently developed a drive-through there.
That drive, the development drive, was 9.7 grams a ton at 76 meters. Not only have we found it, but we've now developed through it very quickly over the last three to six months. The deposit itself, Regulus, is open and up and down dip. It's very exciting for us, and that sort of grade provides us a lot of confidence about not only the near-term production, but longer-term production over the next few years. Regulus itself, also significantly, it's up dip and near surface and open to surface. The recent drilling was 13 meters at five grams, 1.5 meters at 54 grams. Again, we put recent development through there, 88 meters at three grams, and that's a diluted grade that's gone through the mill.
We've managed to discover these and get them into production very quickly because they're near surface, and it all goes through our existing infrastructure. It's this sort of can-do attitude that Black Cat has. The Paulsens mine itself is owned and operated by Black Cat. Everything that we do there is controlled by us. It's our workforce, it's our underground crew, our equipment. It's that ability to rapidly advance these projects that I think differentiates us from some other companies. About 5 km away from Paulsens, we also have the Belvedere deposit. Belvedere has been identified as 30,000 ounces at 6.6 grams per ton, and we're keen to put a few more holes in that later this year to provide an additional source of production to go through the Paulsens mill. Again, it's a highly capital efficient development.
We're planning to put in a decline of about 200 meters and that should be something that once we've done this drilling, we'll advance through the next 12-18 months. I'll move on to our Kal East hub. At Kal East, we acquired the Lakewood Mill a couple of years ago. We've been doing third party treatment and recently completed that program. We've got two small packages to go later this year. At the same time, that's allowed us to develop the Majestic Mine and the Fingals Open Pit. The processing plant can do 1.2 million ton per annum. We've got a 22 million ton resource at 1.9 grams a ton and that has allowed us to not only get into production very quickly through the acquisition of the Lakewood Mill, but also to do it in a capital efficient manner.
We have a very significant land holding around the Kal East area, 740 sq km. It's 100% owned by Black Cat, and that will provide us significant opportunities to continue to do further exploration, to increase the resources, to increase the reserves, and ultimately to increase the mine life of the Lakewood facility and our production profile. At Kal East itself, a little bit about the mines that we have there. The underground mine at Majestic, you can see there on the screen, we've just started stoping in the last couple of months. We're two or three levels down in that operation, and we'll continue to ramp up over the next six months. Majestic has a resource of 1.4 million tons at 4.4 grams a ton. At the moment, the mine grades are about 3, 3.5 grams a ton, and we're ramping up.
As we do ramp up, that feed will supply about 30% of the Lakewood material. The other 70% of the material comes from the Fingals Open Pit mine, which you can see there in the bottom of the picture. We're into the first couple of benches of that mine. It's got 1.6, so 3.5 million tons at 1.8 grams a ton at Fingals. It's open at depth and we plan to do some further drilling over the next few years to hopefully either develop an underground mine off it or to extend the open pit even further.
In addition, we've got the Imperial Pit, which sits right next to Majestic. You can see the resource there of 1.6 million tons. Again, it's open at depth and I think this just demonstrates the future production potential to increase the life of this operation. At the same time, there's other leases in the area.
We recently announced the Trojan Pit. We've got about four odd million tons of ore in the Trojan Pit. All of these pits will supply the Lakewood Mill over the years to come and allow Black Cat to continue to have significant operating cash flow to continue to grow the business. Part of that growth, I'd like to see come from an asset like Coyote. Coyote is in the Tanami. It's on the W.A. side of the border, along strike from the Newmont and Mount Gibson operations. It's a very high grade deposit that was discovered in 1998. It was mined for six years, producing over 200,000 ounces of gold, and it's got 350,000 ounces at the moment in resources that we're currently drilling. The advantage of this project for us is that it's fully permitted and it's got significant surface infrastructure.
There's a 300,000 ton per annum processing plant. There's a camp, airstrip. As you can see in that picture, there's a tailings dam, waste dumps, and all surface infrastructure associated with that. The plan here is to continue to drill out to depth. The current ore body is down to 400 meters. We'd like to extend it down to 800 meters. We've had hits in the past of 0.4 of a meter at 80, 90 grams a ton. That being very high grade, we think that this is a lookalike for what Paulsens is, which is a fairly narrow vein but very high grade underground mine. In the past, the mine was developed and was very high cost, and the reason for that was it was a very small decline, 4.5 meter by 4.5 meter decline.
Because of that, they could only use small equipment in the operation. If we restart this operation, we propose putting in a pit that would last about a year, and from that pit, put a new decline into the underground operation. That decline would be 5.5 by 5.5 . As I said, it would be very similar to our Paulsens operation. We think we could mine that and produce profitable ounces, and the capital investment would be relatively small because we have all the surface infrastructure already paid for. The other asset that we have in the portfolio is Mount Clement. It sits only 30 kilometers from Paulsens. It's a high grade antimony project with 2.6 million tons at 1.2%. The project itself has significant potential to extend at depth and along strike. Here you can see the mine plan.
Again, it's a narrow vein underground mine with a decline accessing it. We're considering options at the moment for the scale of this project. It could be anything from 200,000 tons to 600,000 tons per annum. At that sort of scale, it would be anywhere from 2%-6% of the world's market of antimony. At the moment, we're doing metallurgical test work and customer engagement to determine the pathway forward to developing the asset. Wanted to conclude today with why invest in Black Cat. The reason is because we can fund everything that we want to do internally from our own cash on the balance sheet and the cash generation from our operations. We currently produce 100,000 ounces of gold per annum. We will expand that over the next year or so as we continue to ramp up Majestic and Fingals.
Then we've got options for development of Coyote. Then at the end of the day, we've also got other exploration that we'd like to do on our existing leases and other opportunities to continue to grow this company in W.A., in gold, and look at options for what we do with Mount Clement. With that, I think I'd like to thank my board. I've been in the company for five months. I've really enjoyed getting to know the business, and I've got an aggressive plan for growing this company going forward. Thank you very much for your time.