Excellent. Lucky last, Mike. That was a great presentation, but clearly they wanted to save the best for last. Certainly, looking forward to greatly appreciate everyone being here today and hanging around. As I've said before, and as I'll say every single time as long as I'm in this industry, every junior resource company and every investor in a junior resource company should have the same objective in mind. That is to build a billion-dollar company and deliver multiples in our investments. That is done three ways in the junior resource industry: through making discoveries, through building mines, and through M&A. That road isn't always a linear one, especially in the junior resource industry. It can look like a roller coaster ride, and sometimes a roller coaster ride that probably shouldn't have passed safety inspections.
Recently, this was pointed out to me by someone on social media responding to us commencing a drill program. That's what we do. We're a junior explorer. They posted our share price graph as if I wasn't painfully aware that it's been a roller coaster ride for Dreadnought Resources since we started in 2019. As Rick Rule often says, you have to stick in. You have to oftentimes suffer through 50% drops or more. You have to decide at that point, is the company down and out or are they simply on sale? I like to look at some of my favorite companies on the ASX, companies that I've seen succeed by doing exactly what we want to do, and that is drill and make discoveries. Two examples here. The one on the left drops over 90% in their share price value.
They fired their entire team using contractors, but they kept drilling. Company on the right, we're focusing on struggling to develop lithium and base metals up in the Pilbara that our Canadian joint venture partner pulled out of their big gold joint venture. What did both of these companies do? They kept drilling. Company on the left is Sandfire Resources, and the company on the right is De Grey Mining. After years and years of hard work, when these companies have their overnight success, those existential crises that you see at the beginning often just look like bumps. When you're in the trenches of that roller coaster ride, it doesn't feel like a little bit of a bump. Two other companies. One on the left, 90% drop, not once, but twice. They just reduced their board to conserve cash, but they kept drilling.
Company on the right actually went into administration twice, but they embodied drill, baby, drill better than any other company out there. That's Gold Road and Spartan. When you're looking at companies like Dreadnought and where we are and what we're doing, are we down and out or are we simply on sale? When you look at a company like Dreadnought, I couldn't think of anything better. It embodies what every junior explorer is trying to do. We have a track record of making discoveries. We've been awarded Prospector of the Year, multiple commodities, all in WA. The board and management have invested over $7.2 million of our own cash at much higher prices than we are now and own 10% of the company. The money in the ground, over 85%, is probably closer to 90% of all money raised has gone into exploration. I can't say it's just there.
At the moment, we're fully funded. We have $10 million cash in the bank. We've had some big groups come on board in that last fundraising to give us the funding for that exploration. Black Cat Syndicate is now our second largest shareholder. Hong Kong Ausino, Farjoy. In addition to the board, we have some fantastic funds that have come in to help us fund exploration. The Dreadnought strategy has not changed for the last 12 months. It hasn't really changed fundamentally since we started. It's make discoveries, bring something into production, and do deals. Our strategy right now has been, for the last 12 months, bring the high-grade Star of Mangaroon opportunity into production and generate cash flow. Add near-term production ounces.
Both of those projects, both of that work, is coming to the end of what we need to do and hopefully have approvals and commence mining by the end of this year and generating cash flow next year. Which means that now, with $10 million cash in the bank, a track record of making discoveries behind us, our team is focused on doing what we do best. That's going back to exploration, finding more gold faster to make that life-changing discovery like junior companies do to change their lives. In the meantime, as part of that focus on gold and discovery for gold, we're commercializing our base metal and critical metal assets, looking for partners to give us the upside and carry us through on some of those discoveries that we've made over the years. Teck Resources has now got three projects in WA.
Two of those are joint ventured with Dreadnought. We have the Money Intrusion, nickel-copper massive sulfide project that we have. There are boots on ground getting stuck into it. Bresnahan, copper-zinc play, and we still have the carbonatite complex and the YIN Rare Earth Ironstones at a time where after those assets took us to half a billion-dollar market cap, rare earth prices are starting to see momentum come back. We have YLU as our partner, not our partner, but as Hastings' partner next door. We're starting to see great inbound interest on these critical metals. While we get the Star of Mangaroon in production and focus on making that gold discovery, we also have increased commercial interest in our other assets. Looking at that Star of Mangaroon development, and we'll go through that in a bit more detail.
History discovered 1956 by the prospectors and passionists out in this region and mined by a single man, Eddie Munns, underground for many years. Produced a few thousand ounces at extremely high-grade gold. This is a region that's been very unloved for gold. Almost all of the existing mining leases and historical production was done by passionists and prospectors out here, never amalgamated or explored for by junior companies. When Dreadnought looks at exploration, when you look at the major successful discoveries, you look at your Nova Bollinger, you look at your Gruyere, you look at your Hemi and the rest, they're always in unloved regions. We've pegged over 5,000 sq km of ground in this unloved region, and Star of Mangaroon was the first thing that told us there was gold there.
If that's found by people looking for nuggets, what can people using the latest technology, the latest geological knowledge find in this area? We'll get onto that more later. I have to finish the mining stuff. The outlook there, we defined a resource, 23,000 oz at 12 g/t, 13 g/t , all within 100 m of surface. That ore nearly sticks out of the ground. We have hits as shallow as 3 m, 4 m. Robust scoping studies see that producing $40- $50 million in free cash flow. That's currently our market cap. Black Cat Syndicate has invested $2 million to date in us, secured the first right to negotiate the development of that and chuck that up to Paulsens Mill just up the road. We're also down the road from Fortnum and Plutonic. It's a fantastic opportunity. It's got high-grade gold coming to surface.
This is one of these deposits that should have been mined out 100 years ago. Metallurgical performance, and come see the gold in our booth, 96.7% total recovery, great gravity recovery, it's free gold in quartz, it's beautiful stuff, and it's all coming to surface. Nice, tidy, open cut, and we've recently completed drilling to the north and the south of that resource in the shallow areas, adding shallow ounces to that so that we can expand that resource and improve the economics of the already robust scoping study. Since we announced this strategy in July last year, the last 12 months have been busy. We've delivered the resource drilling, we've delivered the metallurgy, we've delivered the scoping study, we have the agreements and the funding in place. Right now we're finishing up infill grade control drilling and we're finalizing haulage, mining, and processing agreements.
From that point on, we can start focusing back on exploration as this gets into production, proceeding this year and producing cash flow through next year, which is where we see finding the greatest value for Dreadnought and our shareholders, exploration and discovery. When we look at regions to go explore, there are areas that should have gold but haven't been. Like I alluded to before, this is what places like Hemi look like and the rest before those big major discoveries were made. Very little drilling. We have known gold in these areas, and when we talk about being underexplored, this region is certainly at the top of the list. Over the last few years, we've been doing the work to define those targets. We've defined five camp scale targets through systematic stream sediment sampling across the 5,000 sq km package. We have these five camp scale targets.
Each of them are around 100 sq km in scale. If you're going in the gold fields or a proven gold district, people will be fighting over a fraction of one of these camp scale targets, and we've got five of them. We've been doing the soils, and we have the targets defined ready for drilling, and we've just started commencing the drilling of these new targets that we're defining. I started out at Steve's Reward, which is around 40 km, 50 km away from the Star of Mangaroon, an hour, hour and a half drive down the road. What we see there, Star of Mangaroon, we've got our resource there, drilling around that place. We put our first holes into Steve's, announced them earlier this week. There's some outcropping gold lodes there. We thought it was an area that was sort of around 300x 200 m in area.
Put some early holes in before we got the soils back and the other work we usually do. We hit gold in half of the drill holes that we put into that first program, and the soils came through, and that soil anomaly has quickly become one of the strongest, largest, most coherent gold anomalies in the project area, and an area of some of the strongest gold in stream camp scale anomalies. We are going to continue to expand that soil anomaly, and we'll be back out there as soon as we finish drilling the Star of Mangaroon and the infill grade drilling. We'll be back out there in the next four to five weeks, following up on the drill results we put out recently and testing this long strike where the anomalies are even larger and stronger than what we've already drilled.
Chapie and I were out there just last week standing on some of these soil anomalies, and you stand there, roading rocks, you can see these extremely sheared, highly altered, weathered sulfides, intense shear zone, essentially immediately uphill from each of these soil anomalies. These are some very attractive, very exciting looking structures, and we are very much looking forward to getting the drill rigs stuck into these at Steve’s Reward. In addition to that, we're also going to be drilling Midnight Star, over three km long, 400 meter gold in soil anomaly, never been drilled. Midday Moon, 2.8 km long, 800 m wide, we've already got rock chips there at 3.1 g/t, again, never drilled.
And Cullens, drilled by Peter Cullens back in the 1980s, hit gold, one of the only areas along that entire Minga Bar structure that has been drilled, and that produced a high-grade gold there as well. We'll be putting the first drill holes ever into Midday Moon, Midnight Star. We'll be following up Cullens and drilling Steve’s Reward, both new targets and following up our existing drilling, all part of our next drill program kicking off in the next few weeks. Very exciting time to be fully funded to deliver that sort of drilling. As far as finding more gold faster, we don't just have Mangaroon. Thanks to the funding that Petra and everyone brought in for us, we're able to hold on to our Olara project, which we picked up off Newmont when we first started in 2019.
Now, back then, we were a $3 million market cap, and it's kind of hard to go out and do a big aircore program over a greenstone belt, which is what Newmont's plan was. We only have $3 million as a market cap and $300,000 in the bank. Since we've grown, the Olara greenstone belt remains one of the most underexplored greenstone belts in the entire Yilgarn Craton. We're right next door to Ora Banda, Bright Star, whatever Delta Lithium's new company is, Bullard Mining. RN's got a mill operating nearby. We've got over 60 km of that undercover major structure right in the center of the greenstone belt. Going back to Gold Road, as our great Gold Road people here today, go back to that original work that was done that led to Gruyere and Yamarna. Yam 14, I believe, was the original high-grade target there.
Center of the belt, major structures, where those structures wiggle and jiggle, that's where the gold tends to drop out. That entire central part of the Olara is undercover, prime and ready to be aircore drilled. It's never been aircore drilled before. At the end of this year and start of next year, when it's too hot to be up in the Gascoyne, we'll be down here drilling this. With the Star of Mangaroon, all the boots on ground work getting done, the resource, the approval work, and everything else, hopefully in production at the end of this year, generating cash all through next year. For the next 12 months, my team, Chapie and Claude and Frank, will be focused boots on ground, delivering tens of thousands of m of RC and aircore drilling across Mangaroon and the Olara.
All of that work is fully funded by the cash we have in the bank right now. Touching quickly on the critical and base metal assets that we have, Teck just came in. They're spending $15 million to earn into the Monie Intrusion , a high-grade copper-nickel discovery that was made out of our Mangaroon project. They'll be boots on ground as we speak, getting stuck into the geophysics and looking at following up the drill programs that First Quantum left halfway through when they had an existential crisis themselves. We're really looking forward to working with Teck. They've been absolutely amazing to work with so far. Andrea and her team are amazing, and looking forward to seeing what they produce on that Monie Intrusion . In the Gifford Creek Carbonatite Complex, the asset, the Yin Rare Earth Ironstones, that took us to a half billion market cap before, $0.10, $0.15 +.
We have proven resource here, study ready. When the rare earth price ran from $120- $170, it was fantastic. We had a great run. These things were a billion-dollar opportunity. When the rare earth price dropped back down to $45, as it has been and Mountain Pass and Lynas aren't making money, it's hard to justify the new development or incentivize anything. As we're starting to see in the U.S., that floor price of $100- $110 for rare earths, these projects start to look very attractive again. YLU has now taken control of Yangibana next door to us, and this is a very, very exciting area, not only for the rare earths, for the niobium discoveries that we've made, which could all go through the same processing plant.
It's a very, very exciting opportunity, and we're starting to see a significant amount of inbound interest on commercial activity for this. We look forward to continuing those discussions as we advance our gold discoveries. It's always darkest before the dawn, but the sun is rising for Dreadnought. We're going to develop that Star of Mangaroon and generate cash flow. We're adding ounces to that and improving the already robust economics to increase more cash flow. Over the next 12 months, you will see a relentless pursuit of drilling and assay results as we generate, define, and drill targets as we look to make that life-changing discovery, the reason why we're in these project areas to begin with.
In the background, while we're focused relentlessly on gold, we will be commercializing our base and critical metal assets, looking to work with partners to help us deliver value for those discoveries that we've made as well. Thank you very much.