Thanks everyone. From horses to cats, next up we've got James Bruce, Managing Director of Black Cat Syndicate. James Bruce is a mining engineer with extensive operational experience and financial experience across the resources sector in Australia and internationally. He began his career in underground gold operations around Kalgoorlie before moving to nearly two decades of resource analysis and portfolio management in Sydney and San Francisco. Most recently, he has held senior leadership roles at Mineral Resources and served as Chief Operating Officer at Core Lithium. James brings a strong combination of technical expertise, capital markets insights to support Black Cat's multi-site gold production strategy and growth ambitions. Thank you.
Thanks, Tim, and it's a pleasure to be here. I've only been waiting 34 years for this moment. As a 20-year-old at the School of Mines doing mining engineering, I was lurking outside the Palace Hotel this day all those years ago, and was intrigued by the first time that Diggers & Dealers came to Kalgoorlie, and that spurred my interest. Over the last 34 years, I've been both a digger and a dealer, as Tim referenced, and it's a real pleasure to present to you what will be the year of the cat. The other thing I'd like to say is there's a lot of talk about critical minerals, and I think the first critical minerals ever in Australia was actually the gold industry. Over the last 200 years, gold has played a really important part of the development of Australia as a store of wealth.
The industry itself does everything from exploration all the way to producing the bars. We're the only part of the mining industry that does that, and it contributes significantly to the Australian economy, to the communities that we support, and to Kalgoorlie itself. I think the industry itself is growing from strength to strength, and it's a real pleasure for me to, having started here in Kalgoorlie, traveled the world, I now get the opportunity to lead a company like Black Cat. The company was listed eight years ago. We've given shareholders 19% per annum returns. Along the way, we've grown the business, and I'll go through that and how we've done it. Today, we've produced 90,000 oz just in the last year, and continuing to grow that from 2.5 million ounces of resources.
We've got AUD 105 million cash on the balance sheet, and it's that platform that I want to use over the next few years to continue to grow this company and continue to grow it here in Australia in gold, and to continue to deliver shareholders those sort of returns. The company itself has two producing assets. Paulsens is going remarkably well, and I'll talk about that just now. Here on the footsteps of Kalgoorlie, we acquired, a few years ago, the Lakewood Mill, and we're ramping up production from the Majestic and Fingals open-pit mine. We also managed to get our hands on the Coyote Project, which came to us with the Northern Star acquisition of Paulsens. In addition, we've got our own critical minerals project. It's an antimony project near Paulsens. Sorry, I just Yep. Just want to talk about Paulsens for a bit.
This has been one of Australia's great deposits. It was discovered in 1997. It has produced over 1 million ounces over the years. We acquired it from Northern Star in 2014 for AUD 14 million, and we invested AUD 92 million in getting it restarted and back into production. Very pleasingly, last month, we have generated more cash flow than we have put into it, so we have repaid that investment. As I will describe just now, we have also made some very significant discoveries.
Paulsens itself, we have got a very large land package of over 3,600 km, 3.1 million tons in resources at a very high grade. It has got a plant that produces 450,000 ton per annum, a camp, airstrip, and associated infrastructure. What is probably most pleasing to me in the last few months, we have discovered two significant discoveries, Lynx and Regulus. These were previously unknown. They are oblique to the existing ore body.
They are very high grade. They are near surface. We have rapidly brought them into production. Some of these grades are spectacular. We have got, in Lynx, 8.3 m at 9.1 g. We have also got 13 m at 5.9 g. More recently, we put a development drive, 4.5 m by 4.5 m development drive through it, 88 m of development, averaging, reconciled through the mill, of 3 g/ ton. Even more spectacular than that is Regulus. You can see there, we have got 5 m at 90 g. We do have carats in there. I could give you it in carats, but it is roughly a couple of ounces of dirt, and any dirt that high grade will always make you significant cash flow.
Again, we have put in at Regulus, a 76 m development drive at 4.5 m by 4.5 m, and that came back at 9.7 g/ ton average, and that was reconciled through the mill. We are currently doing surface drilling down into the Lynx deposit, and later in the year, we will also do further exploration into Regulus. We are getting after both these deposits. Paulsens is going very well. This all proves that Paulsens has got a much more significant life than previously understood. It is still open at depth, as everyone is. Paulsens is going very well for us and producing very significant cash flow, and will continue to do so for many years to come. I will turn now to our Kalgoorlie asset in Kal East. We have a 740 km² land package just 40 km to 50 km east of Kalgoorlie.
One of the most significant things that the company did a couple of years ago was rather than developing our own plant at Majestic, we managed to acquire the Lakewood Mill. I remember driving past Lakewood years ago when it was part of KalTails. The fact that we are able to acquire this asset, including some remediation work that we did, we acquired it for AUD 97 million. To date, we have invested AUD 158 million, and so far we have produced cash flow of AUD 88 million, and that is before we have even started to ramp up the mines into full production. We have got 22 million tons in resources at 1.9 g. Here, we did a site visit yesterday. It was very pleasing to get out there and have a look at it. This is yesterday with a group of analysts that we had out there.
You can see on the left the high-grade development. That development is going about 4 g/ ton. You can see there, we are looking at the first level of stoping. Very pleasingly, this production is ramping up, and it will be fully ramped up over the next six months. Then we have years ahead of us of producing from the Majestic underground mine. At Fingals, you can see we have opened up the top of the pit. We are still in the oxide material. Again, we are ramping up, and we will be fully ramped up by the end of this year. There is a significant amount of stripping that we have done, as you can see in this photo, but we are about to hit the main parts of the ore body, and as it steepens up, the grades will certainly improve and so will the volumes.
Just showing here what the future potential is. On the left, we have got the resources, we have got the mill, but maybe most excitingly, all of this is open at depth. We have not done much exploration in this area for the last couple of years, as we have been busy ramping up production. But now, as the cash flow comes through, and as we ramp up these mines over the next six months, the next step over the next year or two will be to do the further extensional drilling, which is down dip and along strike, and also beneath the Imperial pit. We have also got Coyote. Coyote is a project up in the Tanami. It is a long strike from the, and on the West Australian side of the border from Newmont's Tanami operations in Mount Gibson. The Coyote was discovered by AngloGold Ashanti in 1998.
It came into production for six years. It produced over 200,000 oz of gold, relatively high grade, about 6 g/ton-8 g/ ton from the stoping. But it was a very small decline they put in. It was only 4.5 m by 4.5 m, and as a result, small equipment, high mining costs, and in 2013, the operation was put into care and maintenance. But what is there is significant surface infrastructure. So you can see in the picture there is the pit. In the background, there is the tailings dam, waste dumps. There is also a 2,000 m airstrip, a 100-person camp, and there is a mill and processing facilities. We have been drilling for the last couple of months at Coyote, and we will have the results of that program in September.
But when you talk to our geologists, every hole in the Coyote central deposit, historically, has always hit ore. We have got 350,000 oz down to about 400 m depth. This program was to extend the depth of that mineralization down to 800-odd meters. So look forward to updating the market with those results in the next few months. What I am looking to do is to extend the known resources for a potential restart of Coyote over the next year or two. What we need to determine is the size of the mill that we need to put in. There is a 300,000-ton mill there, but is that appropriate for a restart if we have got bigger resources? So we will work through that over the next year, but this is clearly a project that we will look at restarting and doing the work to prove up the numbers.
I'm looking forward to taking it to the board in about the next year. At the same time, we've got Mount Clement. Mount Clement is a 30 km from our Paulsens mine. It's very high grade. We've got 2.6 million tons at 1.2% antimony. This is different to every other Australian antimony because it's not associated with gold. It's a lead silver antimony deposit. We'd look at producing a concentrate, and we're currently doing met test work to look at what recoveries are. Because it is not associated with gold, the processing route means it can go to zinc lead smelters around the world and not to China. That's pretty important at the moment. At the same time as doing the met test work, we're also doing customer engagement.
Just to give you an idea of scale, this project could produce anywhere from 2%- 6% of the world's antimony. Obviously, if you're producing that much of any commodity, you'd want to have good customer engagement and some sort of off-take or some sort of funding arrangement to ensure the project returns. What I know over the last 34 years, and it's from my time as both a digger and a dealer, is that you need to look at projects as project risk. I also want to look at projects from a cash-on-cash return point of view. If I'm putting AUD 1 in today, I want to get AUD 2 out over the next couple of years. I think too many mining companies actually get that wrong, where they're investing too much capital up front.
Black Cat's got a capability to develop these projects in a capital efficient manner. We've got a real can-do team, and projects like Mount Clement and also Coyote are part of the growth that I see going forward. So why invest in Black Cat? We've got a team that deliver, discover and develop, and we want to rinse, wash and repeat. We've proven with the Paulsens acquisition that we can pay back the capital that we invest. We've also proven that we are able to discover more. Then we've also shown that we can develop mines. We've developed Majestic, we've developed Fingals. There's other deposits around Kalgoorlie that we'd like to develop, and Trojan. Coyote is another one that we'd like to bring back into production. So we've got cash generation, we've got a proven build, own, operate model.
We've got existing infrastructure, which is pretty important in this environment, and we've also got an experienced operating team. So we'll continue to grow this company. Looking forward to presenting to you as we go forward. There have been over 2,450 presentations at this platform. I've seen some pretty good ones. I hope this has been a good one. In three to five years' time, when I come back, I look forward to updating you on how Black Cat has continued to grow. Certainly, what I want to do is build the company, diversify production from Australian gold. It stores its value well. It supports the great town of Kalgoorlie and Australia and we look forward to updating you with that in a few years to come. Thank you very much for your time and look forward to meeting you all later.
Thank you, James.