On to our final presentation of the afternoon. Last but by no means least, we have Emerald Resources Managing Director Morgan Hart. Morgan's a geologist with more than 35 years of experience, and prior to Emerald, he was the COO of Equigold and Regis Resources. It's his fourth time presenting at Diggers and Dealers. An interesting fact about Morgan is that he's never actually had a resume. He went straight from uni to working at Samantha Gold, which morphed into Equigold, and then that morphed into Regis and now Emerald. He's unique in that regard. Please welcome Morgan to the stage. Thank you.
Thanks, Paul. I hope you never need one. I think I'm in trouble if I do. It's always interesting for me to see who stays at the end of the day type thing. I actually never do. I've got to thank everybody else here. There's actually a stool down at the York that's actually screaming my name out about now. We'll get this over and done with and go for a beer. Obviously, thank you to Diggers and Dealers for allowing us to tell the Emerald story again for another year. I always like to start with the key takeaway from the presentation itself, and I'll give you it again at the end. You know why invest in Emerald? I think that's why we're all here to work out why we should be investing or not investing in different companies.
The key takeaway I want you to take with you after this presentation is that we've got an organic pathway to become a multiple mine plus 300,000 ounce per annum gold producer with no further dilution to shareholders. That's because we've got cash in the bank and an operating gold mine in a very, very handsome gold market at $3,300 US plus. We've got the right team. The Board of Management team's been together for very many years. As Paul just mentioned, they started back in the Samantha Gold days in the 1990s for some of us, and then through Regis Resources and Equigold and now to Emerald itself. A lot of our people have been together for over 30 years, and that's why we're very much a team.
With that team, we've got an in-house development team headed up by Mick Evans that has built in particular five great gold mines over the last 15 years, all on time and on budget at the very low end of the capital cost scale. Right team, we've got the producing asset in Cambodia and a fantastic gold price to date of some 410,000 ounces since commissioning in September 2021, at an all-in sustaining cash cost of $863 an ounce. That's despite a couple of soft quarters that whilst we're in cutback the last half a year, moving now into normal run of mine mining. We've got organic growth in Australia and Cambodia. We took over a company called Bullseye Mining last year. We only actually successfully completed 100% of that in June last year.
That project, we've just come out with a 1.3 million ounce resource for a couple of weeks ago. We're already actually started building the camp on that project. Expect to be in full development of that project in the first calendar half of next year. We've also got a second project in Cambodia, the Memot Project. We came out with a million ounces at 1.9 grams, which is what we started our Okvau project at five years ago. Again, that's a project that we're looking to be developing next year. We're well advanced on that project in licensing, very, very close to finalizing licensing on the Cambodian project. We expect again to be building that next year out of cash flow. To Emerald at a glance, we've got 50% institutional investors, mainly out of the, well, a lot of them out of the U.S. and Europe.
Board of Management owned 18% of the company. We bought our position. We're very much aligned with all shareholders. We put our own cash in significant amounts. What we're looking for now is obviously a dividend yield out of the company when we build these next two projects and the cash flow that comes from that. As I mentioned, Okvau, great asset to have in Cambodia, built during COVID on time, on budget. Mick Evans built a 2 million ton per annum processing plant with float regrind circuit for $88 million U.S. dollars, which I don't challenge anybody else to be able to do that. We've got two more similar sort of CapEx spends in the next two years to take us not just above 300,000 ounces, but we think closer to 400,000 ounces.
Dingo Range got 1,000 sq km of tenure, all underexplored, and I'll show you that in a moment. The same in Cambodia with the Memot Project and the surrounding ground. We've got some very prospective areas to keep exploring in. We've got the key assets. Resources, we started resources and reserves. We started with 1 million ounces of indicated resources at Okvau in Cambodia about five years ago. We've been mining that now for four years. It's obviously been depleted. We've still got over a million ounces there of what we think will be mining inventory, including some underground. We've built another + 1.3 million ounces at two other projects. It's another 2.6 million ounces. We started with one, we're now at 3.6 million ounces overall. Significantly, that's all been done at about $18- $20 per ounce.
It's obviously when you've got the ground, it's the cheapest way to build your company is through organic growth. Cambodian growth outside of Okvau itself, and I'll take you through that in a moment, but we've got over 1,000 or nearly 1,200 sq km of tenure. We're getting licenses all the time. We've got near mine targets within sort of 600 meters of the mill, things like 8 at 19, 2 at 34, or 13 at 5, 2 at 34, all within the top 30, 50 meters. That'll all become additional ore feed to Okvau as we go forward. The Memot Project is something that we're pretty excited about.
It's a project we got given because we told the Ministry of Mines during COVID whilst we were over there that we're already on time and on budget to be paying them something like $25- $35 million a year of taxes and royalties. We paid them $52 million this year in taxes and royalties. The second biggest taxpayer in Cambodia. By the time we're doing our second project, we'll be well and truly the number one taxpayer in Cambodia. With that, you get a lot of benefits with the government by doing the right thing. Memot's one of them. They gave it to us when they realized that if they double the amount of gold mines we have, they'll double the amount of taxes and royalties that we're paying them.
Underground at Okvau itself, the resource growth comes, there's 300,000 ounces of 6 grams already of resource in underground in the southern end of the project. That's the extension of the open cut with its flat lying arsenic pyrite rich quartz panes which stack and extend through a diorite intrusive at depth. The only thing stopping that getting bigger is the lack of drilling beyond the furthest zones at depth of underground itself. We've got tenure sections like 10 at 9.6, 11 at 8.4, 6 at 14 that make up that underground resource. More excitingly, on the eastern side of the pit we've got now what we think is an eastern feeder zone. That's a confluence of a vertical structure which we think is a feeder to the flat lying mineralization where they intersect. We're getting ladder rungs basically of high-grade mineralization.
You can see them here on screen: 14 at 15, 20 at 9, 15 at 11, 8 at 19, et cetera. What's exciting about that is it's only tested in the north to about 100 meters before the pit plunges away from that vertical zone, only a couple of hundred meters in the south. On this slide, if you look at the top right-hand corner there and you look at the intersections there at 15 at 11, 8 at 19, 11 at 8.44, 4 at 29, that's what we intend to bring into production underground next year. We think in the second calendar half of next year we'll start a decline from the northern part of the pit. That's the first ore it goes through, and we expect to increase the production at Okvau by replacing two-gram open cut material with six-gram open cut material on a percentage basis.
Memot is the other growth story I've been talking about. If you look at that slide on the left, that was Okvau in 2011. That's the footprint that Oz Minerals actually found. On the right-hand side is Memot , same footprint, same geological signature, diorite intrusions into hornfels meta sediments, same illegal miners. I moved them off of Okvau five years ago. They moved into Memot. I've moved them again this year, 150 of them, 150 families of them. They're now on another project we've got to the north, which I always tell my geologist, which I've got 50 of them in his team, that maybe we should be following these guys rather than me paying them money. It keeps them the audience, say. The difference between Memot and Okvau is Okvau was actually in some more sensitive sort of environmental area.
It was in the peripheral to a core zone, an environmental core zone. That took us some time to extricate from that core zone before we could build the project. Memot hasn't got that problem. There are no environmental concerns about it, but it does have families there, farming families. We've moved all the illegal miners off of it, which is about 150 families. We've still got another 280 families to move. We're doing that now. We're doing that with an agreement with the Ministry of Land and Urban Planning in Cambodia. We'd expect that all to happen over the next six months. There's a program and a mechanism in place to do that in a very favorable way for the actual existing landowners. Memot's a little bit different to Okvau in that it does have more chilled mineralized zones.
We get a lot of more higher grade, but narrower intersections in these flat sheeted vein swarms. They've only got about 10 meters between them. You get a meter sort of at an ounce type intersections in each of these flat sheeted vein swarms, the best of which you can see there's six at 348 grams, including a meter at 2,000 grams. In this long section, you can see all the high-grade gram meter plots. You can see those high-grade zones flat that are repeating at depth as we go deeper. Nothing is stopping this project getting bigger other than drilling. You can see the sort of intersections there, the 6 at 348, 4 63, which is pretty typical of the meter at an ounce type mineralization. You know that the 5s at 15s, the 1s at 44, et cetera. It's an exciting project. It's free milling.
We should get somewhere between 85% and 90% recovery out of it. It is the same as Okvau, that the gold sometimes is occluded under sulfides. In this case, we've got 40% gravity recoverable gold. For a conventional CIL circuit, we get high 80s recovery out of the project. It has got some copper in it as well. Everything in Southeast Asia has some copper with the gold or some gold with the copper. In the cases of our project so far, there have been dominant gold and less copper. The copper isn't a problem in our processing. We are now, though, seeing some projects, some big intrusions with plenty of moly in them that's obviously indicative of potentially finding some stuff at the copper end of the scale. Those who followed us in the past will know that in all the previous companies, we've been dividend paying.
To be an effective dividend payer in Australia, you need to have franking credits. We picked up a project in Australia. We took them over, as I said, last year, finished the takeover of Bullseye Mining in June last year. What we liked about it was we could see the potential for a million ounces in what was already drilled. We could also see an open area of exploration of over 1,000 sq km , which have been very, very poorly explored over a period of time. I'll explain that to you in a moment. If you look at this slide, you can see the Dingo Range Belt. We own 100% of that. You can see there's no little gold occurrences on that for two reasons. One is the guy that found this originally, a guy called David Mueller, a very smart geologist.
He did it in the time when the gold price was $250 and couldn't raise any money. After that, he got into some splintered companies, which were finally solved by Bullseye Mining, a private company. They did a real estate deal to put it all together. Unfortunately, they ended up in court with a shareholder. It took 72 days in the Supreme Court. We solved that last year, and now, obviously, we're off exploring this area. I just reiterate that. If you look at the right-hand slide, you can see the boundary through Bungari Zone. We've got our 1.3 million ounces already. We go 5 km north at Great Northern. We get 11 at 3.8, 2 at 16. We go 5 km to the southwest at Freemans. We get 5 at 20 and 21 at 3.98.
We go 25 kilometers to the south at Banjwan, the first line of drilling there, 14 meters at 1.06. All we need to do is the systematic exploration work here, and we're sure we'll be adding more satellite and supplemental ore to our central mill. Oh, geologists like me always love to see 100 gram meter intersections. Every one of those blue ones on screen are 100 gram meter intersections. It's got grade. It's got grade at depth. It'll go at depth. We believe in the sort of 6 gram type underground feed with the sort of intersections we're seeing. There are some bulk zones as well in some of the porphyries that we're seeing in the district itself. This project is only lacking in drilling and the fact that we've only basically had it for 13 months, 100% of it.
Geologically, there's a lot of different lithological units in here. They're all mineralized. It's all about the structures that go through them. I won't bore you with the geology on this particular one. Other than to say on that bottom slide, you can see Boundary in the north, Bungari in the south, the 6.4 km of strike, and you can see that we've only drilled the areas which are daylighting at present. That whole belt is still open to us, and it's just a lack of drill holes at present getting us to the point where we've fully closed that area off. The southern end, the same thing. That's the Bungari early. It's a big gap in between those two zones when they drilling. Environmentally and socially, we do all the right things in Cambodia. We just finished a program planting 115,000 trees in the Cardamom Mountains.
That's part of our carbon offset strategy. We actually price our own carbon and we plant our own trees. In our projections, we're carbon neutral in about seven years' time. Every year, obviously, you know, seven years from the time that we actually put the trees and we expect to be carbon neutral. We don't really do that because of being carbon neutral. We do that because of the habitat replenishment and habitat protection that we support. On our actual project itself, 11 sq km is fenced off. Inside that 11 sq km is the most pristine bit of jungle in Cambodia. We've got animals that haven't been seen in Cambodia for 25 years because nobody's poaching them. Nobody's burning trees down. That's what we want to do a little bit more of in Cambodia.
That costs us less than 0.5% of operating costs on a yearly basis to be carbon neutral and do all that positive work for the environment. There's obviously a lot of other stuff coming up this year. We've got to reiterate a lot more or give a lot more meat to the development timelines of both Dingo Range and Memot. You can expect that over the next five or six months. We've obviously already started building on our Dingo Range projects. We're about halfway through building a 240-man camp that'll be available at the end of October, early November. I started with the key takeaways. I'll just reiterate, we've got the right team. They've done it before. We've got a producing asset in a great gold environment. We had very low cash costs, life of mine so far.
Organic growth in Australia and Cambodia to take ourselves basically to a well and truly above a + 300,000 ounce per annum producer with no further dilution of the shareholders. Thank you.