Thanks, Tim, and thank you, everybody. Apologies for my voice. The cool [cowgirl] here got me. Brightstar Resources, we're a West Australian gold producer and developer. This business, in its current iteration, has been around for a little over two years. We have, in that time, gone through a significant growth period. We have migrated from an explorer to now a producer. A number of M&A transactions have positioned us with substantial mineral resources. We have just under 4 million ounces of resources per former across the Eastern Goldfields in the merchant districts of WA. We do have a strategic focus now to pivot from what was a very corporate-heavy journey for the last two years into operational delivery and growing our production profile.
We've recently completed a definitive feasibility study for our Menzies and Laverton projects, which delivered fantastic economics, over $460 million of free cash flow below spot gold prices, and then a benefit of $316 million. We are a current gold producer. We have two operating underground mines south of Laverton, the Second Fortune and Fish Mines, currently producing an annualized run rate of about 30,000 - 40,000 ounces. That production at the moment is being toll-treated through Genesis Minerals' Mount Morgans mill under an all-purchasing contract. We have two key processing hubs that we see our business following: the Laverton area and Sandstone. With Sandstone, this has been an area of focus for us for the last 12 months.
Through a number of transactions, this is now largely the flagship asset for our business and something that we feel might present as probably the best open-pit gold development opportunity in Western Australia. We did recently announce the acquisition of Oryx Mining Limited by way of a scheme of arrangement, which is underway at the moment. That is the blue tender you can see in Sandstone. For us, that delivers a significantly de-risked development opportunity. With 4 million ounces across the group and 2.5 million ounces in Sandstone, Brightstar's got a great resource base to de-risk these projects and move them forward to material gold production. We do have a goal in our business to be a plus 200,000-ounce producer by the end of the decade, and that's a target we feel is very achievable.
I do think it's important that we reflect on the last 12 months for our business. It's been a significant period of growth. As I mentioned, we released a definitive feasibility study for both Menzies and Laverton. We also built an underground mine from scratch, 100% internally, on time and on budget. We are an owner-operator for both those underground mines, which means it's Brightstar's people, our workforce, our fleet, equipment, systems, processes, all at Brightstar. It's an important development because we are a gold mining business. We also announced a debt financing process, which enabled us to have balance sheets, flexibility, and strength to help support the development of fish. We announced an all-purchase agreement with Genesis, which is now the backbone for our current production. We drilled over 80,000 metres of RC and diamond drilling last year. On the corporate front, we were very active.
We announced and completed the acquisition of Alato Metals. We acquired the Montagu East Gold Project from Gateway Mining, and we've announced the acquisition of Oryx Mining Limited (Oryman) by way of a scheme of arrangement. That really does deliver us a significant asset in Sandstone, an asset that we're very excited about advancing rapidly. In terms of the business, we've got about a $270 million market cap. As part of the Oryman transaction, we raised $50 million. We have a great balance sheet, and we've got ongoing production and cash flow from those projects. In terms of the business, about half of the company is held by institutional shareholders. Two years ago, we were a $7 million market cap, not one institutional shareholder.
We've grown this business quite successfully and aggressively, and we now have a great team management, board, and assets in this business to be a substantial gold producer. Across the business, we do have three key operating hubs: Laverton, Menzies, and Sandstone. As I mentioned, Laverton's the current focus for our gold production. We've just got just under a million ounces in resources, about 160,000 ounces of ore reserves in Laverton with the existing underground mines. The DFS that we released last month envisaged the construction of a 1 million-ton per annum gold processing plant in Laverton. Importantly, that's on the existing site of our current processing plant that we do have. That enables us to have significant benefits, both from a timetable perspective and also from a cost perspective. Menzies for us is an attractive asset for a low CapEx development.
We've recently announced an MOU with Paddington, so 30K out of Kalgoorlie for a potential processing solution. That asset for us will, in production, deliver significant cash flows to our business, which we then redeploy across the company, both for development and exploration. Sandstone for us is that key flagship asset. It's a substantial mineral resource, pro forma, including Oryman of nearly 2.5 million ounces. Importantly, that area within Western Australia has significantly lacked investment and exploration. We see the opportunity for that to be a substantial asset in time, and we certainly have got over 100,000 meters of drilling targeted for the next 12 months and something that we feel could be a very, very large asset in the Eastern Goldfields. We are looking at about a 3 - 5 million-ton processing plant size in Sandstone, which would make it a very large gold producer.
Just zooming into the DFS itself, we outlined about a five-year mine life across both Menzies and Laverton, producing about 70,000 ounces per annum. Our current gold production is circa 30,000 - 40,000, and we're seeing that grow towards 70,000 ounces. That is a step towards our target of 200, where we see the development of Sandstone in two years' time significantly increasing our production profile. In terms of the economics, very robust, very fundable project, $120 million of peak funding requirements, which we feel is very fundable both for debt and equity. We are targeting FID by the end of the year, both across Menzies and Laverton. In terms of our execution timetable, we're looking at, as I mentioned, FID towards the end of the year, mill construction next year, which would see both Menzies and Laverton in full-flight production from 2027 onwards.
Importantly, we see those projects as delivering the cash flow to fund Sandstone. We would like to get towards an FID scenario in Sandstone within 12 - 24 months, and ultimately, we see that being funded by our near-term operations. Just zooming into Laverton, this is where our current projects are. As I mentioned, Second Fortune and Fish currently operating two underground mines. The DFS envisaged the construction of a mill in that center of the map there, as well as the open pit developments of Cork Tree Well and Lord Byron. We're looking at, from our Laverton portfolio, about 54,000 ounces per annum of production. Importantly, we see that that mill site there has been very strategic. Despite there being significant milling capacity across Sunrise Dam, Granny Smith, and Mount Morgans, there is actually very limited opportunity for small-scale explorers, developers to really kind of monetize their assets.
We see a real strategic nature of that milling infrastructure southeast of Laverton. These are our current mines, Second Fortune and Fish. Consolidated between them, they're producing about 35,000 - 40,000 ounces. As I mentioned, we are owner-operator. It's an important point to note that we do, you know, it's our people, it's our workforce. It's something that we can take that mining IP, that intellectual property, and that skill set and experience and deploy that across the business and across the assets. The two open pits at Laverton, Lord Byron and Cork Tree Well, a little over half a million ounces between the two of them in resources, significant exploration upside across these assets. It's a feature of, I suppose, all of the assets within Brightstar, but due to the corporate history of the previous owners, they really lacked that exploration spend.
We're really excited about the opportunity that continued sustained systematic exploration will deliver and add resources. Just zooming into our Menzies portfolio, as I mentioned, it's about 120 kilometers north of Kalgoorlie. We see Menzies as the next development within our company. We're looking at making FID in the coming months. Ultimately, this will be a mine and toll-treat scenario. Paddington is the likely processing solution for this particular resource. Menzies itself has got a great storage mining history, 800,000 ounces of production at nearly 20 grams per ton, historically. We've got 600,000 ounces of resources here. Again, the corporate history of this asset has meant it's really lacked that exploration focus, despite significant production, very high grade, and it's a fantastic district. We're very excited about the opportunity for continued exploration and development here. Menzies itself will contribute about 30,000 ounces per annum of production into our group production.
Just zooming into Sandstone now, as I mentioned, this is our flagship asset. The Oryman acquisition was announced a number of weeks ago. That will take about four months to complete. For us, this is a significant opportunity for us to develop a material asset that's going to have significant scale. With 2.5 million ounces there, we see, if you look at the history of the previous owners of this part of the world, it was last mined in 2010. At that time, the gold price was less than $1,000 an ounce. The gold price is up 5X in the 20 years since that was mined. In that intervening period, it's had very limited exploration. It's very strange, it's rare to have in the Eastern Goldfields or the merchants of Western Australia to have a district like this. In that 100 kilometre radius around Sandstone, there's not one operating mine.
There's no mid-tiers, there's no majors, there's no operating mines. Yet within that same radius, there's nearly 7 million ounces of gold controlled by ASX Juniors and private companies. Brightstar saw that as a real opportunity for consolidation, and that's what's driven us to be very aggressive from an M&A perspective to pull these projects together. We see the opportunity for this to be a substantial open pit development, and we're really excited. We've got a pre-feasibility study underway due for completion mid-next year. The Oryx Mining Limited (Oryman) transaction delivered a number of things for our business. Not only does it deliver nearly 1 million ounces of resources, completely contiguous with our current tenure, importantly, it's where the old mill site is when Troy Resources mined this. It's got its licenses and permits in place, haul roads, tailings dam, there's a camp, et cetera.
Significant infrastructure is in place to de-risk the development of both our assets and the pro forma. We are looking at being in a position to make FID in Sandstone by 2027 with a PFS and a definitive feasibility study in that intervening period. That does deliver the Oryx Mining Limited (Oryman) transaction tangible, significant capital savings for our business. It de-risks the development. Everything from the processing, sorry, the permitting pathway significantly de-risked, the capital's reduced. There's a lot that we can actually gain from that project. In terms of the scale, as I mentioned, we are looking at a potentially 3 - 5 million-ton per annum processing plant in Sandstone. When you look at the potential head grades here versus that mill throughput, you can see that this is a substantial asset.
When I look at the developer space, there's not a whole lot of plus 100,000, 150,000-ounce development opportunities in Western Australia. It does mean that Brightstar's a rarefied heir. This is a great project for us to develop, and we see the opportunity for Menzies and Laverton to fund that. That's the opportunity for us is to grow our production profile, grow our cash flow generation, and use that to then fund the development of Sandstone. In terms of the timetable, as I mentioned, a pre-feasibility study underway due for completion next year, and then a definitive feasibility study thereafter. With doing over 100,000 meters of drilling in Sandstone, we do see the opportunity for this resource to grow substantially. It's very rare to have an asset like this of this scale and to have very limited exploration and drilling at depth.
You only need to look at something like Dalgaranga and Spartan for the opportunities for exploring with a different mindset, with a balance sheet, systematic exploration that discoveries can be made around old projects. That's certainly some of the opportunities that we see around Sandstone. In terms of the Oryx Mining Limited (Oryman) transaction, that's due to complete in October. It's by a scheme of arrangement. For us, they'll end up owning just under 20% of the pro forma business. We see significant value from that transaction, de-risking not only our assets, but also bringing forward production and looking at the upside. In terms of our track record, from an M&A perspective, we have been very active. We've been strong advocates for consolidation across the goldfields. I think it's important that you need relevance and you need scale, both from an institutional investment perspective, from a mid-tier perspective.
If they're looking at an M&A outcome, Brightstar Resources having 4 million ounces, ongoing production, ongoing cash flows, and the ability to grow a substantial production base is important. We've done a number of M&A transactions. We feel like we've been very targeted with what we wanted to own. It's been very purposeful. It's been very driven. Ultimately, we've been very successful. We've acquired 3.5 million ounces over the last 24 months, all on granted mining leases, all in Western Australia, all previously disturbed, previously mined projects with significant exploration upside for $45 per ounce. Comparing that to the non-Brightstar Resources average of well over $100 an ounce, we feel we've been very successful in targeting key opportunities where we can get near-term production assets that are de-risked through on mining leases that previously been mined, they're well understood geologically, metallurgically.
For us, that's the opportunity to take those projects forward and to generate significant value for our shareholders. We are in rarefied air, I suppose, from an exploration development perspective. Pro forma, 4 million ounces of resources. Again, on granted mining leases in the Eastern Goldfields, it's a great asset base to have. For us, the opportunity is to take that and to continue to grow that resource, but also take those resources through to production. We are a gold mining business. We are here to mine these projects. Everything that we've bought will be a mine. That's a key distinction for us. Everything that we wanted to own, we've owned for a reason, and we're very driven in our purpose of actually taking these projects through towards production. In summary, we do have a number of limbs to our business.
We are a very aggressive explorer, 100,000 meters of drilling over the next 12 months. We are an existing gold producer and expanding our gold production. We've built a mine from scratch on time and on budget in the last nine months, where we took something from concept into reality. We've been very busy across both corporately and operationally, and we see the continued development of our assets to significantly add value for our shareholders. The definitive feasibility study that w e put out does show the cash flows that can help fund the next level of growth for Brightstar Resources. The current production funds the next level of growth, and the next level of growth funds the ultimate plus 200,000-ounce target for us. We have been very active on the M&A front. For us moving forward, the key focus is operational delivery.
For us, it's taking those projects that we own now and taking them through towards production. We see that as an opportunity to capture that value as you go through from an exploration company towards development and producing. That's when you capture that net asset value for the business, and ultimately, that's what returns to shareholders. Thank you very much. Appreciate the opportunity to present today. We do have a booth next door if you'd like to come talk to one of my team, probably not me. I'd love to explain more about the business. Thank you very much.