We're coming up to our second last presentation for the morning session. We have Diatreme Resources, Neil McIntyre. Hi, Neil. How are you? Neil is the CEO, and the ticker code is DRX.
Thank you for that introduction. Always great to be here in Noosa. This is really the premier mining event for us in the year. Might explain why all my staff put their hands up to attend, too. Diatreme. Welcome those new to the story and also those who are current investors in us, which we appreciate. We're a developer of a high-purity, low-iron silica projects in Far North Queensland, north of Cooktown. Critical mineral in global demand. Our standard disclaimer applies. Our vision is to become Australia's pre-eminent producer of high-purity, low-iron silica sands, and that has a very particular use, which I'll explain, used in the growing global solar PV market and specialty glass markets. Our Northern Silica Project is our first project we'll be getting off. We have over 600 million tons within our portfolio.
This is an extraordinarily broad dune system in which we have a dominant position. We're looking to deliver multiple projects, but our Northern Silica Project will be our first project off the rank. I don't need to sell you the solar story. We'll be a key supplier to the manufacturing base. Our product meets the very exacting requirements of solar glass manufacturers. 70% of every standard commercial solar panel is made from the glass of this very particular product, low-iron, high-purity silica. We're advancing fast on our Northern Silica Project. Our PFS is imminent. Really looking forward to getting that out over the coming weeks. EIS has commenced and is advanced. Looking in our Northern Silica Project, a start-up of three million tons. Our PFS is imminent. This is a world-class silica portfolio across a range of deposits. Stage 1 production, we're looking at three million tons.
Has a potential incrementally to grow to five, market-dependent, supported by our joint venture partner, who own 27% of the joint venture in Sibelco. This is really a province-scale opportunity, and we're led by a very strong and well-credentialed board. That resource, if you look across that broad acreage there, we control 90% plus of this province. Discovery is no longer a risk for us, unlike some of our peers. We have a very well-established resource. Our Northern Silica Project, looking to produce three million tons at start-up with a 300 million ton in situ resource, 25-year mine life. You can see this is a multi-generational opportunity. We don't add tons for the sake of it. We do drill, again, to look at the purity in situ within the dunes.
We're talking about a very exacting specification for the manufacturers, less than 100 parts per million iron, we very carefully analyze our deposits. This is really simple. Mining risk is very low. Processing is very straightforward. I've deliberately kept the presentation very untechnical today. We only have 10 minutes, I'll just hit salient points. The processing itself, we use gravity and water and magnetics. There's no nasty chemicals in this processing at all. Lends itself to very well-established rehabilitation techniques post-mining. This is quite low-risk mining. One of my unkind peers referred to this as glorified quarrying, and I think that's not too inaccurate. We've identified our development footprint and again, because of the unusual nature of this deposit, we're not chasing narrow veins. The dune system runs between 20 and 50 meters deep.
We can position, interestingly, through the EIS process, our environmental permitting, we find we can modify our development footprint to absolutely minimize any environmental impacts we have, which is really key to outcomes for us. We are proximate to the Port of Cape Flattery. We see a port solution in our potential development case, and you'll see why when I share some of this other information. From mine site processing plan, again, very simple processing. Flow sheet is very basic. Conveyor direct to jetty. Shared facilities at the wharf with an outloading stream and three million tons start-up potential. When we look at the current port operations, nameplate facility at Cape Flattery, six million ton nameplate capacity, currently only operating around 32%.
We see more than enough capacity there for us. We're engaged in an active discussion with the Port Authority, Ports North, and also the key government stakeholders, shareholders in Ports North as well, to ensure we get access. It's really the only environmentally and commercially sound way to develop this project. There's a facility sitting there right to the north of us. This is a common-sense approach, and it's supported by the Port Authority. We estimate, too, that the port, if operated at optimal efficiency, independently we've assessed that it can do up to eight million tons. We're only looking at about three million tons at start-up. This has plenty of capacity for us. We see the incumbent Cape Flattery silica mines export around 2.2 last year, three the year before. There's plenty of capacity on a six million ton nameplate facility. Who is our partner?
Sibelco, a European-based, world-class industrial mineral company, very large, pre-eminent, particularly in high-purity silica. Absolutely dominate, actually, the high-purity silica market used in ultra-high-end electronics. They've invested heavily in Diatreme. They scoured the world looking for this opportunity. They settled on us, which we're very proud of, and they've been a heavy backer of ours over the last three years, and play a really active role in the joint venture. We have access to their technical expertise. They operate multiple silica mines all around the world. There's nobody who understands market better than Sibelco. They're pre-eminent in the space. The quality of this resource was really key to getting them in as a joint venture partner. It's also enabled us to be self-sufficient over the last three years and into this year, into next year, sorry, too. We don't need to raise capital. I've gotten a bit rusty.
I haven't had to get out on the road for quite some time. That's put us in a really strong position, and I think it's advanced our programs, too. That available capital, we've really fast-tracked the key elements of this project. Why is this sand important? It's high-purity, low-iron silica. Why does it matter? It's used in solar PV, specialty glass. This is a key component in photovoltaics. It's geologically rare, strategically important. Demands accelerating the solar story continues undebated. In silica, purity matters. Silica sand has some inherent qualities. Typically, the ultra-high purity is quartz-based, but we're getting right to the outer end of what the silica can produce. Our silica sand is some of the best in the world, no question. We are a coordinated project in Queensland. They run our EIS process. We're a federally designated major project.
We were the only one for a while. They've approved a couple more since. It doesn't fast-track, but it attaches teams to us who help us through the process. We're also looking at further downstream opportunities, including other high-end processing. Recently had a board refresh. Mr. Brian Flannery has come on as chair. We think that sends a really strong signal that this project will be successful, has a long track record. Deep pool of expertise within our board. Have developed multiple projects, mining engineers, project developers. This is a cracking project, and they're pleased to be involved. Quick corporate snapshot. Market cap sits around AUD 60 million. Cornerstone investors, Sibelco, corporately and within the joint venture. Ilwella, Flannery Family Office, and Deutsche Balaton, a big German mining fund. Really strong cash position still, AUD 2.7 corporate, AUD 8.9 in the joint venture.
They'll see us well-funded into next year as we really look to deliver our key milestones. That share graph, I think we're in the bad part of the Lassonde curve. I won't refer to it as the valley of death. That's too emotive. We're delivering really de-risking over the next two quarters as we move into PFS and the final phase of permitting. I think this is a great buy opportunity. I'm buying, I welcome you all. Key development workstream, as I said, that PFS will come out over the coming weeks. That'll be a very robust study. Environmental. We're moving through our environmental studies. We'll be out for public comment before the end of the year into major permitting and approvals into Q2 next year. We'll finish off our mining project agreement with our traditional owners.
We already have state and federal support, we'll secure those final approvals. We have a great technical partner in Sibelco, also a great funding partner. Once that PFS is out, we'll see the usual suspects, NAIF, EFA, already well-briefed, just waiting to get involved in this project as well. Final investment decision to follow in the tail end of next year. Thank you very much. I didn't mention, please come and see us at the booth if you have any further questions. Happy to answer any questions. Thank you very much for your time.
Thank you, Neil.