Thanks for that introduction, Anthony, and it's great to be back in Noosa again. We always enjoy this conference. It's an important part of our calendar, and thanks for the shareholders who've been to say good day to us too over the last couple of days. Still a half day to go, so we've got a booth out there. Please feel free to come and say good day. We're a developer of high purity, low iron silica, and I'll explain why that is important, a critical mineral in global demand. Standard Disclaimer applies. Yeah, we have an ambition to be the largest producer of low iron, high purity silica sand in the world, certainly preeminent in Australia, principally for the supply of photovoltaic specialty glass used in the manufacture of solar panels, but our sand has other applications as well.
We have one of the largest high purity silica sand portfolios of scale, over 500 million tons, another 200 million tons in exploration targets. We have potential for delivery of three world-class low iron, high purity silica projects: our Northern Silica Project, which I'll spend most time on today, which is our flagship project; Cape Flattery Silica, which we acquired from Metallica Minerals following a successful takeover at the tail end of last year; and our Galalar project in the southern part of our tenement area. Global demand in the PV space continues to grow 5-10% a year, very regularly. We don't see this production displacing anybody. We see this importantly to supply the growth in the market. Our flagship project, our Northern Silica Project, we've released a scoping study, has really robust economics.
Our second stage study, PFS, we look forward to releasing over the next six or eight weeks. Again, it'll confirm what a robust project this is. Quick corporate snapshot: market cap around $100 million. Some really key cornerstone investors in Diatreme in Sibelco, and I'll explain why that's important: Ilwella, or the Flannery family, both over 20% each; Deutsche Balaton, which is a German mining fund as well, just under 10%, highly supportive of us, and Sticky. They're in there for the long run. They're there to see us get to production. Sibelco have a, at the HeadCo level, so they have a corporate interest in us, as well as a direct interest through the joint venture in our silica projects, over 27% in our silica projects. This gives us an enormous pool of expertise to call on.
They're one of the preeminent industrial mineral companies in the world and certainly preeminent in the silica space, particularly in high-end silica used in electronics, computer chips. They have extraordinary depth of knowledge, operating mines, incredible pool of expertise, which we call upon regularly to help us in our planning and practical implementation of our projects. Also, interestingly, the world's largest recycler of glass, which is interesting. Geographically, we're north of Cooktown in Far North Queensland, tenement area over 600 sq km, an extraordinary resource base. Concentrating on that, on our flagship project called the Northern Silica Project, over 230 million tons, close proximity to the port of Cape Flattery. We are a coordinated project in Queensland, so our permitting and approval process is handled by the Coordinator- General. We were also, a couple of months ago, granted federal major project status.
Surprised even me, but we're the only major project in Queensland currently with major project status from the federal government. Certainly assists us in our permitting and approval process because we have Commonwealth and state approvals. Where we're at, we're certainly advancing quickly. Really, somewhat dispiritingly, I note latest statistics around 15–18 years to deliver projects now in Australia, from discovery to production. We're about four years in. We've been fast tracking many elements of this project post-discovery. We have a series of offtakes already in place, MOUs with Mitsui and Flat Glass out of China. Sibelco have the rights also to 27% in the joint venture of offtake. Our major project status, our resources have recently been upgraded, exceeding over 500 million tons.
We're really at the business end of permitting and approvals, so we're looking to submit what's called adequacy review, our EIS, which is our environmental permitting, over the next four to six weeks. That then goes out for public comment early in the new year next year, and we're pushing to get our final approvals out by the tail end of next year. I think we also appreciate that there's no replacement for hard work during that process. We've spent two years on the studies to get this EIS ready. We're really confident about its process. Extraordinary amount of studies, in-depth studies. We hope by the tail end of next year we'll get those final approvals out.
Scoping study was incredibly robust, looking at targeting 3 million ton production profile at startup, potentially go to 5 million tons depending on market, CapEx around $350 million, free operating cash over $300 million a year, NPV $1.4 billion. This is a really robust and simple, in mining terms, very simple project. Great side of the port here at Cape Flattery, which we intend to access, nameplate capacity of about 6 million tons or 6 million tons, currently operating under 3 million tons, operated by the Port Authority, Ports North. Our scoping study allowed for constructing our own infrastructure, companioning the existing port. However, we're in an active negotiation with the Port Authority and the incumbent operator to get access. There's certainly plenty of capacity there. We remain optimistic that that will be negotiated and organizing over the coming months.
When I say simple mining, this is really, I hate to say it, but it's really glorified quarrying is in essence what it is. We mine above water table. We do simple screening, washing, attritioning, spirals to remove any remnant heavy mineral, and we produce a product that's a direct feed product for glass manufacturers. No intermediary products. Our finished product is at the gate. Recent metallurgical test work again confirms that incredibly high product yields too from raw sand. We're talking about 85% recovery to this incredibly pure product. Nature has done much of the hard work for us. It's been naturally leaching and attritioning this sand over many years, naturally forming humic acids from the breakdown of vegetation. The heat, the water has leached these dunes for many, many years. Over 99% pure silica straight out of the drill pipe when we explore.
We have to do very little to it to get it to this incredible purity. Again, very simple mining operation. All mining is above water table. We draw from the local water table. We recycle about 85% of our water, which then gets discharged back in. You can actually drink it. It's potable at the tail end of the process. No nasty chemicals used on site. No tailings dams. We progressively rehabilitate as we go, and that is very well-established methodology on sand dunes to get it back to its natural state. Ten, fifteen years after mine, you wouldn't know it had been mined. We've been pushing hard on our exploration, over 500 million tons, progressively working up the categories. We appreciate we've got at 3 million tons a year. It's not just about adding tons. It's not our focus. It's about understanding the nature of the silica within the dunes.
The tons come with it. These dunes are 30-40 meters deep before they go to water table. It's an incredible resource, very simple to mine. Just touch briefly on our Northern Silica Project exploration upside just north of our project in Kazarina. Again, you can see the operations there actually of Cape Flattery Silica Mines, Mitsubishi operations, right on the boundary of that Kazarina tenement area. They've been mining right up to the boundary, over 200 million ton target there. Again, incredible purity. The sand doesn't get any better than this. We take our responsibilities regionally very seriously. We deal with over 13 clan groups, two PBCs. We don't view it as a burden, but a privilege. We know we'll make a significant impact in our regional community. We're the only mining company regionally that has an office in the Aboriginal township of Hopevale, which we man full time.
We have community engagement officers. We do not just blow in, blow out. We are there permanently. We engage. There is a practical reason for that too, to get the pulse of the community and also de-risk this process for us as we move through now into mining project agreements with the traditional owners. They know us. We know them. We have a very good relationship. It is regionally incredible impact, over $400 million during life of mine injected into the regional economy, 130 people full time on site. There are over 240 full time equivalent positions. This project will be transformational regionally for the community and for the region. Why is that silica important? As Anthony mentioned, thank you very much. It is an important component of every solar panel. About 70% by weight of every standard commercial panel is actually the encompassing glass.
Our product is direct feed for those glass manufacturers to make these panels. It goes directly into their processing arm. Incredible growth market. Naturally so pure, we have no problem hitting the required specification. In silica, purity is really the key. The reward for purity is price. We think we've hit that sweet spot of high grade, low iron, the most visible demand too and growing demand. There are certain constraints that you can take silica sand to. Our quartz can go to those other incredible purities. We're also working with some offshore processes to look at exactly how pure this sand can go. It is quite extraordinary. We think we can move into some of the quartz products as well, which will give us a lot of upside. Where we're at in terms of delivery, this is the important thing.
We're in that, I hate to say it, that valley of death where we're in that final road of permitting and approvals. It's not sexy. It's just hard work. We relish that. We've got our sleeves rolled up. We're into it. We will deliver it. It's too important not to. Our EIS will go out for public comment early next year. We're looking to push through to our final approvals towards the tail end of next year. The news flow will be impactful as we progress through that, but it's just a head down, bum up. We're going to get this thing approved. We'll have it done by the tail end of next year. I look forward to coming to Noosa and updating you more as we progress through these major milestones. Good, strong board.
I know everybody comes up here and says, "We've got a good, strong board," but we do have Brian Flannery, Michael Chapman, Kara Keys. Wayne Swan is our Chairman. Really experienced crew, delivered many projects all over the world. That's a big company board, not a small company board. They provide a lot of support to us. I will touch briefly. We have spun out one of our gold assets, which is currently being floated off in Moonlight Resources. Many of our shareholders would have received distributed some information on that. I just wanted to make you aware of that. We think that's a good opportunity. Good for us too. It's a non-core asset. We're really concentrated on our silica projects. We think there's significant upside in this new float of Moonlight Resources and welcome our existing shareholders who've been given priority to participate in that.
Thank you very much. Again, we'll be at the booth. Happy to have a chat. Thanks again for those existing shareholders who give me a hard time. I appreciate it. New shareholders, I'm also there. Please come and have a chat.