Thanks, Paul and Sharon and Nick and team for putting on this fantastic conference. It is my favorite conference of the year, and that's because of you and the audience, my very loyal and faithful and longstanding shareholders in a couple of entities. Those that aren't on the register, hopefully in 15 minutes, you will be. I want to just take you through the business on our energy transitional mine ownership side and mining services. We really have built a platform here, and it's really time to supercharge this growth. I want to take you through, and Grady mentioned a legal team. I do have a legal team, and I do pay them a lot of money, so please read the disclaimer. This is the key slide for me and what we've been doing for three or four years.
We've established a great platform to be the preeminent copper and base metals company on the ASX with unique capability to DEVELOP and unlock opportunities both organically and inorganically. What better time to have that platform? Four of my peers are leaving the ASX or just left in the last week. You've got $5 billion of ASX capital in the base metals space that's about to get re-searched into this industry. Four of my peers. It's probably about 40% of the sector being taken over in three months. If you want to play this space of copper and base metals, you've got Sandfire at $6.5 billion. Brendan Harris's team have done a fantastic job in that business. Botswana and Spain, not Australia. The next company you play in that space is DEVELOP at $1 billion.
Below me, there's a handful of companies that are doing great work out in industry, but probably are a bit low of the radar of institutional support, which is probably the big end of town that drives your share price. Fantastic time to be on the ASX in base metals with very, very little competition for people, talent, and opportunities. Our five-year business plan, we're running hot through this. We're ticking off the boxes and the pillars very quickly. Our D&A capability is installed. We've got our asset base. We'll be producing in excess of 50,000 tons of copper equivalent in the coming years. Anyone that wants lithium, we've got exposure to that. We've got long mine lives.
We're not starting these assets with a two-year mine plan, which I did last time, and we're on the production hamster wheel, and we look like a duck on water, but it was hard work. We got runway before the plane takes off. A long runway, which is fantastic. Our mining services division is built. I'll talk about that a little bit more, but that's flying. Value creation in the last three or four years, we've only just started. We've done a lot of work to build this platform, capability, D&A, opportunities, and balance sheet. We've got the trifecta of all that in place now. As Paul mentioned, we've got in excess of a couple hundred million on balance sheet for what we did in June. Our enterprise value is only a billion for that. You get two world-class copper zinc assets.
You get a lithium exposure, and you also get a mining services division. The big end of town is starting to work this out, team. There's a lot of people in the room that have worked this out. $5 billion of capital is going to get researched very, very soon. Big end of town, BlackRock, biggest fund in the world, went from under substantial about two or three weeks ago. Now they've popped up at 6.4%. Expect those types of institutions to keep buying. When we did our raise, we got some amazing household names, that you've probably invested your super money in, are on the register. They dipped their toe on the water. As we keep de-risking and developing and de-risking the company, you watch that buying come in and obviously myself at 20% as the major shareholder. Got a lot of tax losses.
Pretty cool to have tax losses. Everyone knows the benefit of that. When we start producing a lot of profits from next year onwards, and we've got to pay back debt and continue to grow this business and do what we want to do, unfortunately, we're not having to dip our hand in our pocket and give the ATO money along the way. A great position to be in. Again, de-risk our balance sheet and opportunity to grow the business, without the ATO on our ass. Now, the assets that underpin the value of the company, first of all, you'll hear me talk about this a lot. It's people, people, people. We've got an amazing, that is our flagship asset, our D&R, our capabilities built, our senior management, our operational teams, the capability. We've got 650 champions in this business. They're all shareholders.
They've all got a hell of a lot of equity, probably a lot more than people in this room. They're more incentivized than anyone. I'm very much aligned with shareholders in this room greatly. Our senior management have got five years of LTIs up front, and all our workforces out in the mines have got a big chunk of equity, and that's worth a lot for them. Good luck anyone trying to pinch our staff as well. We've created a lot of culture, really important, amazing team environment, and a big shout out to my crews. There'll be people that are knocked off night shift over in Western Australia listening to this. Hopefully, the ones in New South Wales are in bed, and waking up for the night shift later on.
Big shout out to the team that do the blood, sweat, and tears and create the value that we all are benefiting from here in this room today. We built that. We'll probably be close to a thousand people this time next year, and you brought the conference forward in August. I'll try and make a thousand employees by August with what we're doing internally. Onto Woodlawn. We're commissioning, ramp-up phase, expanding production, growing mine life. I want to touch on these three slides. Our processing is going amazingly well. This is a three-stage concentrator. We produce copper, lead, and zinc with precious metals scattered through, gold and silver. The commissioning is going really well. We're into ramp-up phase. The crusher is doing above nameplate. We're commissioning on about a 750,000 tons per annum run rate.
We want to get all those operating procedures and parameters and recoveries of con and specs right before we start ramping up. We don't want to spew metal out in the tailing stem and never get it back. We've stress-tested the mill. We've already gone above nameplate of 850 and beyond. That's gone very well. The most important part we're focused on, and we're really seeing great visibility in these charts, so take away and have a look in your leisure. This is a real improvement. What we wanted to see was getting the recoveries out of the metal into the con, and that's tracking extremely well, and it's probably going a bit better than we expected. Anyone that wants to know anything about processing and metallurgy, I've got my new recruit, Nathan Stoitis, sitting in the booth, so please go out and have a chat to him.
He's our GM of Processing and Metallurgy. Took me 15 years to get that guy internally in our business. He's the world guru on metallurgy and processing. Nathan's joined us. People like that don't join you unless you've got an exciting business portfolio and growth options. Please, he's a guru. He can explain these charts better than I can. The last two points: we're producing salable concentrate from day one, copper, lead, and zinc. We've already shipped off a heap of product. We've got money. It works. It's been going extremely well. Mining side, we're smashing that. All the critical infrastructure's been installed: pumping, power, and vents. The monthly development, so the development we put into the mine underground, is a super, super critical part of building any underground mine. The development is the key.
We're averaging about 490 m per month for a single jumbo at Woodlawn, which is unheard of on the east coast of Australia. That's amazing. We've got three years of production now fully developed from a capital perspective. I've never had that in my career. I think last year when I sat here, I talked about two years. We're now three years ahead. We've got a lot of spatial separation between production up here and development here. We don't interact. That's super important again. Huge spatial separation on our production and development activities. Stoking sequence is now getting in its full swing. Postfill is up and running. We're ramping up that mining and we'll be steady-state in the mining side at the start of next calendar year. That's going extremely, extremely well. As you can see, a lot of stoked tons are starting to come out. Growth, growth, growth.
Why do we like growth? Growth creates value, and I think everyone in this room wants value because value equals share price growth. For us, we're in the next phase of this business. It really is the growth phase. Part of why we raised money, we saw opportunities at Woodlawn to grow production. We're looking at that now. We're putting a second jumbo in there now, literally in the next week, the second jumbo starts. That enables us to keep pushing capital development along strike, in and out of the page, and at depth. I get more production sources online and more flexibility in mine planning because you do have stuff up Sundebry and you want other areas to go to. That's off and running. Also, it'll be doing a drill drive, which I'll talk about next slide.
There's a lot of in-mine material there that was left behind by previous owners, about 3.9 million tons. We're doing work to potentially convert a lot of that into our mine plan in the coming year. A huge value creation piece. It's not in our mine plan at the moment. The other thing is I've got my head Geo in the room too. He knows more about geology on these things than I do. We're starting to drill, I think, Luke, in November on the satellite historical mine that used to feed Woodlawn Mill. It used to do about 250,000 tons to 300,000 tons a year of top-up feed. We're going to drill that in November. Amazing deposit, all great intercepts below it. We think there's an opportunity to bring that online in the coming years and again grow the production.
On to growth again, part of the reason we raised the money, people haven't seen it yet. Is anyone that followed me before? We create a lot of value through the drill bit. That's one of the best ways you can create value. The return on that invested capital is just stunning. We're about to embark on that in DEVELOP. People really haven't seen us create money with a drill bit. Why? We think we can take Woodlawn from a 10-year mine plan, which we ran out of time and money in 2023. We're going to put the drills back in. We've already got one drill now doing grade control and a bit of extensional, and watch this space on that. That's hitting shit everywhere. Our second drill rig comes in later this year, earlier next year, and that really is the growth phase.
We want to grow this from a 10-year mine plan to a 15-year mine plan. Why do I want to do that? Go back to my original slide and I'm flicking through it. Two of my ASX peers, one just left two weeks ago, the other one's going, Mac. They both just got taken out for AUD 2.2 billion and AUD 2 billion for 15-year mine plans on the same style, size, and scale assets of what we've got. It's pretty simple math when you do a 15-year mine plan on Woodlawn, what value you can create. I'll let you guys do the numbers on that. On Sulphur Springs, we're accelerating. This is probably half the reason we raised money, I want to accelerate this project. I want to get it into production. I want to catch that wave. We haven't caught a commodity wave yet, guys.
The gold guys are happy days, but the copper and base metals haven't caught that wave yet. You need to be into production to catch that wave. It's super, super important. We want to accelerate Sulphur Springs. DNA of this asset, it's a new zinc and copper discovery, about 60-40 up in the Pilbara East Greenfields. This is what I recapped the business on four years ago. We put out a DFS. We're updating that now. The design's been done. Schedule's getting dumped. The mining costs are getting recut. We're going to do bottom-up mining instead of top-down. Probably grow our production by 20%. We've got to update the DFS, the size of the mill. Obviously, it's going to produce way more metal than what we produced two years ago in the DFS. Expect updated metal flow, obviously bigger mill, obviously a little bit more CapEx with a bigger mill.
Since we did that study two years ago, one of our biggest offsite costs is treatment charges for zinc. They've gone from $260 a ton down to $60 a ton. Copper's gone from $80 down to negative $115 at the moment. People pay you to process copper at the moment. It's crazy. Also, commodity prices have gone up a lot since mid-2023. You could even do a back of the envelope on our old DFS and I'm sure you're going to end up with a much higher number. That will come out in the December quarter. We're really excited about what that looks like. We've already started activities on site, guys. We've got $41 million in the budget this year. We've already flattened off the site. We've set it up for being able to build a processing plant. We're cutting the box cut as we speak.
Come and have a look at some photos in the booth. I'll show you off my phone. Back up there again next week, a couple of days, and we should be cutting the underground in the next two to four weeks. Really excited about that. What we want to do is we want to push a decline down to—sorry, I'm getting the size. We want to push a decline down to 350 vertical meters below surface. If I do that, I've got 10 million tons of ore above me. I've got an eight-year mine plan. I want to grow this to a 15-year mine plan. Pretty simple math. A couple of my peers just got taken out for $2 billion each with 15-year mine plans. It's not rocket science. Anyone that wants lithium exposure, we've got a great project.
I can turn this into a mine in three or four months. If Timmy Gordon's in the room and he's sure to feed at Liontown at his amazing asset, Kathleen Valley, I can dig this up, truck it down the road and help out and we'll share the profits. Underground mining services, you know, we started this business three years ago, guys, and we just turned over $212.6 million last financial year. Who starts up a business three years ago from zero to $212 million? That's an amazing team effort, what people have done. It's our culture and our capability and our cash flow. It really is the jewel in the crown. It's a bit like MinRes. The mining services division is the jewel in the crown, no different here. Bellevue going very, very well. That mine is exceptional. It really turned a corner earlier this year.
People have seen that quarter on quarter. I'll let them tell their story about an amazing gold asset. As we start getting into the gutters of the ore body, that thing's going to spew out cash. I really love that story. We've identified a lot of opportunities. We're working on that. I've never seen the industry so busy. Anyone that comes and chats with me, I've been traveling so much in the last three or four weeks and still going to keep doing this. There's so much work on there. I don't know how the industry is going to cater. At gold at $5,500, $5,600, $6,100 a zit, guys, every single historical open pit has an underground hanging off it. Just put that. Plus everyone's expanding their own assets. Plus there's other commodities coming online. What a perfect storm to be in mining services.
Now, last two slides are my most important. I want to take you on a little journey. Sometimes you need to look at history before you look in the future. One thing I started doing a couple of months ago, and then I was on the plane last night coming in from site to here, and I went, it was just eerily. I looked at the first four years of my old business to my new business. This great audience here, when I come here in mid-2010, with $0.10 a share, over the next four years, this is the share price growth year on year. First year we went up. Thanks very much for the audience on that. The next year we went up a little bit. Year three we actually went backwards. People forget this. I had four + 50% retractions in Northern Star.
Those that hang on and sent, and I met someone today that still got their shares from $0.37 to $21, $22 today. Well done. There's a number of people in the audience like that. Over that first four years, when we only had one asset back then, we built our culture, our DNA, our capability, our balance sheet in that first four years. I tracked that year on year. The other purple side is what DEVELOP's done since the start at $0.40 for the last four years. It's bloody eerily. I reckon it's crazy. Like it's so similar. It's not even the year that we went backwards was the same as my history. The total shareholder return after four years, the first four years of both entities, is 100%, which is fantastic. You'd all be happy with 100% return in four years.
What I want to take you through is the next slide, which is, I think, the most important part because you haven't missed the journey. That was great, the first four years. We went from $0.10 to $0.60 or $1.00, whatever it was. That was our accumulation phase. This chart here is cumulative, so year on year, we've gone up. Obviously, year three, we went backwards. At the end, we're like 15,000% return. Don't get me wrong, that's at $15.50. It's now $21.00. If you hold on another six years, you would have made another 50%. I just want to emphasize this really important part was that was when we built the DNA, the capability, the balance sheet, team, all that sort of stuff. That first four years, that was great, 1,100% return. That's when I started buying assets at the end of year four.
I bought my first asset off Barrick, $0.60 a share. The next five, six years, we went from $0.50 a share to $15.50. That was a much bigger return than that first four years. Please don't be the investor that misses that next leg up because we're following the same track record and the same thing. We're planning a different commodity going back. There's no opposition, guys. There's no opposition. It's quite interesting on the ASX. Way different when I was in gold. I had a lot of opposition. Evolution was chopping up my heels every time. Now it's a very different stage. Most important slide of the day and hopefully of the conference. Please come and see us and thank you very much.