It has traditionally always been used as a hardener in metals. Lead-acid batteries, for example, and even electric cars have one of those, and as fire retardants. We will produce 7% of global supply from this mine. That makes it a globally significant operation on any level. There are not too many mines that do this. The U.S. does not have any. It cannot produce. It cannot take concentrate and do anything meaningful with it. They use about 40% of the world's supply. They are desperate for this material. A bit of a backstory on the plant. We got into this project in late 2023, buying it off the administrators. We were called a bit crazy at the time. We paid AUD 3 million for it, plus bonds. The antimony price at the time was AUD 10,000 a ton. Gold was about AUD 2,000. The project worked at that.
Our good luck was unfortunately Red River's bad luck that due to another mine site getting into trouble, this one ended up in administration, which is how we were lucky enough to get it. We started with exploration straight away. We released some very good results. Our best hit was 31 m at two ounces, proving that at depth the gold grade increases quite nicely. We put our PFS out with that 1.7 million ounces of gold equivalent in there. We undertook an offtake on the antimony concentrate with Wogen, who are the world's largest antimony traders based in the UK. The one thing that people were not sure about, we sold that one straight up. In 2025, we released our DFS, 636,000 ounces at six and a half grams. That's quite good. We've just been given approval to mine. We raised a AUD 105 million bond through Clarksons from Norway.
Why did we do a bond? Because we could do a bond. You can only do a bond when you have stunning numbers and a great story. It's the simplest, easiest way to do this task, to raise the money that we needed to build the plant. Eight weeks later, it's eight weeks after the DFS, we did the bond. That's pretty incredible, and that's due to the wonderful team that we've got here working so hard to make that happen. We immediately did a AUD 60 million capital raise. We've put AUD 250 million, or I'd like to say a quarter of a billion dollars, in the bank in six days. Again, a wonderful job by the team to get that done. We're fully funded. FID last week. We're all go now.
The build contract will be let very shortly and work on site will commence, and we will produce the first antimony in early 2026. The numbers coming out of the DFS were pretty stunning. AUD 251 million EBITDA, a billion dollars worth of free cash. This is over the first seven years. We will convert more of the resources into reserves, as we said, easily a 20-year mine life here. NPV, fairly good, AUD 700 million. Our CapEx is AUD 150 million, so about a five to one NPV CapEx ratio. Anything over two to one is a seriously good number. Five to one is a stunning number. We pay back in 11 months. That was our mid-tier pricing strategy: AUD 2,800 gold, AUD 41,000 a ton antimony. We're somewhat higher than that now.
Since we're realistically only nine months away from actually producing, spot price is probably a more meaningful number to have a look at. If we look at that, over the first seven years, NPV AUD 1.2 billion, IRR 153%. That's pretty good. The one that I love wrapping my mind around, all-in sustaining cost for the 40,000 ounces of gold we produce, -AUD 3,200 an ounce. We're knocking out AUD 40,000 worth of gold at about AUD 8,500 . That's actually fairly good. We also produce 5,000 tons of antimony. We also will produce tungsten. We've put out in our initial tungsten resource. We will be converting that into a reserve. The project has traditionally produced tungsten, and we will be continuing that, but we haven't built it into these economics. Tungsten also about AUD 50,000 a ton at the moment. On those numbers, we repay this in eight months.
On those numbers, it's AUD 127 million to build. Why a bit less? We get some money in as we commission the plant and sell the product. It is a pretty stunning number. These are numbers that most people would seriously love to have. We've been very quite lucky. Construction and commissioning coming up. MIQM will be on site next week. They've already been on site all the way through. That's Jeff Jones's team there. What a wiz he is at building plants on time and on budget. The money's done and production commencing realistically April next year. How's this been possible? A wonderful team. We've got our Chairman, Mark Tomlinson, sitting in the audience. To be honest, he's the best Chairman I've ever come across. As a mentor, wonderful. Myself, Rachel, she keeps the two grumpy old men under control and covers all the skills that we don't have.
She's a psychologist and an environmental scientist. If you're going to have a problem, it's going to be one of those two. She ticks all those boxes. The rest of the team, what a pack of wizards to get this project to where it has been from nothing to signed off, ready to go in 14 months. Shares on issue, 473 million. We're still pretty clean. Gage, our largest fund out of Beijing, 1832. Also here today, our second largest shareholder, and they've been extremely supportive. Very clean structure. We did win the award from the ASX for most improved last year. We're up 1,500%. Yesterday, Deloitte's gave us a nice award because we're also up for, I think it was best in WA. We're still up about 500% from where we started this ride 14 months ago. It has been an absolutely wild ride on the way through.
Where are we looking at the whole thing? We're in the top 10 global producers of antimony, the most critical of critical minerals. We also knock out a lot of high-grade gold. We've got a very good reserve that gets us there for the first eight years. There's no doubt that that will extend. Uniqueness of this all-body is that we can mine up to get more antimony. We can mine along to get gold and antimony like we've already got. We can go deeper to get high-grade gold, as you see at Fosterville. We're in a unique position to modify what's going on as we move if prices happen to change. Not a bad resource to start with. Remembering that we got this for AUD 3 million. Processing plant has done all of this before. We will be doubling the capacity of it. That's not a big task.
That's going to take about five months to do that. We will start underground mining to build stockpiles within the next couple of months. Importantly, it's not a free-for-all operation. Most of our senior people are already based in town. We've got a few more to go. It's something that we're very, very strongly pushing that we want people to be based in Armidale. It is a very nice town. I sort of started in Kalgoorlie and I lived here for 16 years. I don't want to see Armidale turn into a free-for-all type situation. It's not big. It's too big to do that anyway. Watching Kalgoorlie being destroyed by free-for-all is quite a shame. I'm very passionate about not doing that. We do spend a lot of time talking with the local community.
We've got a shop in town where people can drop in and also as a recruiting center. Where do we sit on the whole thing? We completed the plant upgrade study. We did the pre-feas. We completed a metallurgy study, DFS, project finance last week, FID. All we have to do now is commence the upgrade and the mining. What can go wrong from here? Who knows? There is the exploration upside as well. That's absolutely huge. We are touching a very small part of this orebody. There's a lot to go. There's about 20 km of strike. As we say, we can go up to get antimony, which people weren't really interested in previously, so they didn't. We can go down to get high-grade gold, which they'd only just touched on. We can go along and mine the antimony and gold that we've got sitting at the moment.
Really stunning position to be in and look forward to further updates. This time next year, we'll be telling people how it's gone. Thank you.
Thank you very much, Ron. Up next, we have Bellevue Gold. Joining us, we have Darren Stralow, Managing Director and CEO. Mr. Stralow is a mining engineering graduate from the West Australian School of Mines with over 20 years' industry experience, predominantly in hard rock underground mining. He joined Bellevue over three years ago and has overseen the transition from explorer to developer and now to producer with one of Western Australia's newest large-scale, high-grade underground mining operations. Thank you, Darren.
No worries. Thank you very much for the kind introduction. Look, the opportunity to speak at Diggers. It's always good to come back to Kalgoorlie. As you mentioned, I'm a proud Western Australian School of Mines graduate, and it feels like coming home every time I come here. I'm pretty excited to present the Bellevue story this year. I've actually got the opportunity to do two things that have never been done on the stage at Diggers before. Stand by for later in the presentation for when I can do that. We'll start with the disclaimers available on ASX. I just wanted to give a brief overview of Bellevue and where we are at the moment. We are a new mine up in the Northern Goldfields of Western Australia in a fantastic address.
We're surrounded by mines that have been around for decades and will continue to be around for decades. We've only been in production for about 18 months, and we see a big future ahead for Bellevue. We have a long mine life that we've defined. We've got great exploration prospects, and we're going to be growing production into fiscal 2026, 2027, and beyond. It's something that we're all really excited about. We have spent a lot of time over the past few years building infrastructure and building a mine out. That build part of our lives is pretty much behind us now, and we're able to just start to hit our straps from an operational front and deliver growth into the market. This slide here shows some of that journey. This is the mined tons from the mine on a quarter-by-quarter basis between when we started our development to now.
When you do start up a mine, it's never a straight line. You want things to run at 100% from day one, and they often don't. You learn a lot along the way. You reset, you look at things. What we're happy to say now this year is, in the past, it's always been about, we're going to get more jumbos in, we're going to do more development per machine, we're going to increase the ore tons, things are going to get bigger and better. What we're here saying this year is that all we need to do is just do the same rates that we're getting right now. We need the same tons that we're getting right now on a quarter-by-quarter basis, and that's what delivers our plan because we have a strong mine life ahead of us.
It's just about following the mining sequence, getting into the high-grade parts of the mine, and just doing exactly what we're doing. I'll jump to this one in a sec. I just want to talk a bit about FY 2025 versus FY 2026. It was a big ramp-up year for us in FY 2025. When we started the year, we were still building significant infrastructure. We were dealing with a large rain event, which flooded the old workings around our underground mine and affected our primary ventilation and other infrastructure. We also had to build a whole new mine on site called the Tribune Mine. We've done that over the past 12 months. What we've seen is all of those capital projects have been delivered on. That new mining area is now in full production. Whilst we did experience some challenges last year, we did produce 130,000 ounces of gold.
When you look forward into this year, we have a much stronger base that we're set up from. All of our mining areas are established. All of our life of mine infrastructure that we need to mine those areas has been built and complete. We're not a construction site anymore. We're just an operational site. You can see that in the CapEx. We spent AUD 150 million last year. We're spending AUD 80 million- AUD 90 million of CapEx in FY2026. As we get in there, the other side is Tribune as well. We've now built this Tribune Mine out and have it in full production. I think there's nothing like seeing it in 3D. I'll show you a bit of an overview of the mine.
You can see in blue there all of the development that has been done over the past five years or so since the portal was first cut in 2020. You can see that that weight of operations is trying to get deep down. You can't cheat your way to depth. We've done a hell of a lot of development to get these productive areas up and running. The way to think about Bellevue, it is one mining operation, but it's actually five separate underground mines that you have to set up and get working all at once and land five planes at the same time. When you move into what we're doing now with the learnings that we've got, it's going to be a much smoother ride.
You can also see there, just from the amount of blue that's on the screen, there's a significant amount of development that we've had to put in. Development has been the big story of Bellevue and the biggest driver. I thought I'd put up some slides just on development performance. Firstly, historically, what we've done on a per quarter basis. This is based on the machines that we've had operating and the development rate per jumbo per month, which is a good measure for us. What you can see in the early days of Bellevue , we were getting a good run. This black line on here is the 270 m per month rate, which is what we've used in our forward guidance. Consistently delivering above the line. We did something silly in December 2023 and turned on a processing plant to try and make some money.
The operational focus turned from just purely development into development and production. Coupled with a big rain event in January and March 2024, it caused some sort of ramp-up issues. You can see it in the development here being that good leading indicator where for calendar year 2024, we were consistently below the line and the mine wasn't being built as fast as we would have liked and fast enough to meet our targets. The pleasing thing when you look at it is the exit rate. As you get into calendar year 2025, the second half of FY 2025, we're consistently meeting those rates now and consistently above the line month in, month out with a really strong exit rate in June of 311 m per jumbo per month. We actually did 340 m in the month of July. We're starting to see that increased performance.
I said I'd do some new things. This is the first new thing. I'm going to explain underground mining to you using bell curves. Enjoy this bit. When you look at the first half of fiscal 2025, which is the gray line on this page, what you can see is that we're achieving this circa 260 m per jumbo rate that we have here. It's a flat curve. What that means is that you have high standard deviation. We were getting under the rates that we wanted to get, and we weren't being consistent with our delivery throughout that period. By moving further to the right, and you can see the bell curve starting to tighten up, what we're doing is what we did in the second half once we had all of our key infrastructure installed is we're able to achieve those higher rates.
8% higher development rate, but actually bringing in that standard deviation. We were getting better results on a more consistent basis. When you now plot the last two months on the black line on here, what you can see is we've actually really started to get the operational cadence right and start to deliver on a day-by-day basis even better. We've seen a 13% increase over those months from the second half of the year rate. You can see it's tightened right up again. More consistent, better results more of the time. In fact, in the month of July, we had more days over the 350 m per jumbo rate than we had under 300 m per jumbo. Why that's significant for our guidance for 2026 is that we've factored a 270 m rate.
Any extra development gets us to new mining areas, brings extra mine tons in, and it'll bring more ounces into the plan. There's an overview of the mine. As I said, it's a large-scale mine, three kilometers of strike, multiple different ore bodies. We do have some favorite ore bodies, and they're probably worth talking about. The biggest and best ore body at Bellevue is called Deakin. We're mining Deakin in three separate places: Deakin, Deakin North, and Marceline. You can see it's quite a significant ore body when you have a look at the ounce per vertical meter coming through it. We're right on top of the area of Deakin now where it rises to four, five, six thousand ounce per vertical meter.
We're really well set up as you come into this year and see those three mining areas moving into the high ounce per vertical meter areas that we're going to start seeing better grade and therefore better production coming out of the mine at that same development rate. Viago is another one where this is a flat dipping lode. High tons per vertical meter, high ounce per vertical meter. We're just coming in now to the top of that high OVM area of Viago. That'll be a big driver of FY 2026 and FY 2027 tons and ounces.
When you have a look at the drilling that we've got ahead of us, we have spent a lot of time in the last six, twelve months doing a lot of grade control drilling to really de-risk that ramp up and just make sure that there's no geological surprises as we get into the mining areas. It is quite a consistent ore body. It does pinch and swell as you chase it through the lodes. What we've done is really drill all of the areas of high geological complexity just to really understand what we're getting into before we get in there. It's been a massive focus for us and will continue to be this year. I encourage you to have a look at the presentation and see some of the absolutely world-class hits we have. That was Deakin, Deakin Main.
This is Viago, which will be a big contributor in the second half of 2026. This is Deakin North where we haven't actually hit the ore yet and looks as good as Deakin Main, which will be in production in calendar year 2026. This is Tribune. Tribune was a small contributor last year. You can see just a couple of stopes that were done in the top level that were done in the month of June. We're now going to have a full year of Tribune production. We're in a position now where, as I said, we've done a lot of the heavy lifting building the mine out.
As you flick through the FY 2026, FY 2027, and then FY 2028 plan, you can see the benefit of all that setup that we've done and that we're moving into more consistent mining areas where you have five separate sort of areas that'll all be just well set up on echelon mining, consistent contributors to the plan as we go through. We've certainly got a lot of life ahead of us with fully designed out to into the 2030s and lots of exploration success, I'm sure, in front of us. I'll talk a little bit about the processing plant. It's a new plant, 18 months old, built by GR Engineering. We have done a small upgrade on it. It cost us about AUD 14 million in the last couple of months. That was really just ironing out some operational improvements that we needed to do.
We do have some unique things at Bellevue in that 100% of the ball mill discharge goes through the gravity circuit. We get about 70% of the gold out of the gravity circuit. It's a very, very, very high pyrrhotite ore, so where the pyrrhotite is, the grade is. When you get that high pyrrhotite going into the CIL, it consumes all the reagents. If you don't catch it in the gravity circuit, you can end up putting leachable gold out to the tails down. What we did was we did a big upgrade to the gravity circuit and to the oxygen delivery system at the start of the CIL plant. That's allowed us to oxidize. We'll first catch the reactive sulfides before they get to the CIL. Second, they're able to oxidize those reactive sulfides when they get into the CIL and increase our recovery.
We've gone from, you know, you look 12 months ago where we had a high-grade quarter but a low recovery quarter, so 90% recovery at a high grade. What's pleasing now, if you look into the month of June, we had the highest month of the year so far in the month of June. We also had the highest recovery at about 95%. We're in a position now where we are confident at being able to continually get high grade coming to the plant and continually achieve good production rates. The FY 2026 guidance is based on a pretty conservative number that we're confident that we can beat. I didn't talk about the high pyrrhotite that's associated with the gold at Bellevue. What that has done for us is give us a bit of a boost up when it comes to the underground exploration.
Every single new lode in Bellevue was discovered through chasing up downhole EM targets. For the non-GEOs in the room, downhole EM usually lights up in things like base metals deposits, which are high sulfides, not in gold deposits. It works at Bellevue. That's how we discovered the Viago lode. That's how we discovered Tribune. That's how we discovered Deakin. It was all through following up downhole EM targets. We do have a bunch of downhole EM targets that we still haven't drilled because we've been busy building the mine, because we've been busy doing grade control. We haven't had the opportunity to be able to turn the drills outwards and start chasing some of these downhole EM plates, which will be a big part of the next part of Bellevue's future.
You have a look at the downhole EM plates and this southerly plunge of the ore body as it comes down that way. There's a whole bunch of downhole EM that just hasn't been drilled. It's not because we don't want to drill it. It's just because we haven't had the drill platforms. What you can see here is that as we build the mine out and as we go through FY 2026, we'll be building significant drill drive infrastructure in these sort of three key areas. What we're able to do from those drill platforms is start to get the drills ready, drill depth extensions at Deakin, as I said, our best ore body, drill Deakin South targets from Viago, and then drill the whole southerly extent of the ore body from the southern drill drive.
A massive amount of opportunity for us to extend to the already good mine life that we have. We're in a district where there are certain mines around that have had a three-year mine life for the past 30 years. We're very confident that Bellevue's going to be around for a long time. You look in particular at some of that drill drive infrastructure that will be built in the next few years. There were 3 million ounces discovered here. This, excuse me, it didn't work. This whole area down there, why don't I stop doing that, is open and is something that we can target from underground. Before I finish, those that have followed the Bellevue story for a long time will know that as an explorer moving into developer, there was a big focus on sustainability within the company.
Like Tony was talking about when he was presenting Liontown before, we made some strategic decisions to build large renewable energy power stations. We had the benefit of new technology, a new build, and no available grid, and took the opportunity to build a really high technology, high renewable power station. We've built this 90 MW hybrid power station. It's capable of running engines off. We've had several occurrences over the past month where we have been running the mine at + 50- 60 hours at a time without turning any thermal sets on. It's a really nice bit of infrastructure. We're forecasting to be 80%- 90% renewable energy penetration, which will be the highest renewable energy penetration of any mine in Australia.
The other thing that we are announcing today is that as part of our strategy, we have been targeting net zero by 2026, which was ahead of the rest of the market. We're here today to say that we've actually done it. The first half of 2025, we have achieved net zero greenhouse gas emissions for the Bellevue Gold project. As I said, it's forecast to be the most renewably powered off-grid mine in Australia. The way that we've been able to do that, we've increased the amount of renewables. We've decreased the amount of greenhouse gas emissions. We've looked for opportunities throughout the mining cycle to just reduce and eliminate carbon from what we do.
What it's allowed us to do is work with some like-minded partners to see if there is a benefit to that in terms of revenue and look to sell our gold in a little bit of a different way. To cover off on a bit of that stuff, I've got a video to show you.
Since the discovery drill hole in 2017, Bellevue's made record progress from an idea in the ground to a net zero gold producer. It's been a journey of rapid progress and conscious decisions to show what's possible when innovation and purpose come together. With a brand new mine and a strong gold environment with a unique value proposition, we're all very excited for the future of Bellevue.
At Bellevue Gold, we're very proud of what we're doing with this 27 MW solar farm and a 24 MW wind farm to be Australia's most renewably powered mine and the world's first net zero greenhouse gas emission gold mine. Being the first net zero gold producer is amazing and really paves the way for what industry can do to decarbonize mines and to decarbonize the world, which we all need to do.
Sustainability has been a core focus to us as a company and is embedded in everything that we do. We have communicated our focus on it since we were an exploration company all the way through development while we were recruiting a workforce, while we were bringing on contract partners, and we've attracted a bunch of like-minded individuals that are all really excited to see the end product.
Judas wanted gold that is fully traceable but is also on a journey towards decarbonization. We believe that Bellevue Gold is absolutely world-leading in its decarbonization of gold mining, and this is providing an incredibly exciting new source of gold.
I think that people are prioritizing sustainable investments. People like premium products. When you can see a product that you want to buy, be it in jewelry or in any other type of investment, having these positive ESG outcomes attached to it creates a product that people are going to want to own.
What you've seen there is a new mine in a fantastic mining jurisdiction, producing a product that everyone should want to own. After a significant reset in FY 2025, hopefully it's a stock that you want to own as well. Thank you.