Thanks, Tim, and thanks to Diggers & Dealers again for inviting us back for another presentation of the Emerald story. I always try and start these presentations by telling you what I want you to take away from the presentation. If you're an investor, why you should still stay as an investor, and if you're not, why you should be buying, because there's a growth story in the company itself. The key to it is we've got an organic pathway to become a multiple mine plus 300,000 ounce per annum producer with no further dilution to shareholders. We've got plans beyond that to take ourselves to the 400,000, 500,000, 600,000, 800,000 ounce producer out of cash flow from the company. We've got the right team in place. My board and my management team's been in place for a very long period of time in successive companies.
We've got a strong history of successful operations and shareholder returns spanning 35 years. We build a lot of gold projects in-house. We've done five in the last 20 years. They've all been on time, on budget, the very low end of the capital cost scale, including the Okvau Gold Project we built five or six years ago during COVID, on time, on budget. That Okvau Gold Project now is funding the growth for the company. There's just under AUD 500 million in cash and bullion in the coffers at Emerald at present. That's funding the next two gold mine builds, one in Cambodia, one in Australia. They're already underway. The developments are already underway. Okvau itself to date's produced 510,000 ounces of gold at an all-in sustaining cost of under $900 an ounce. We're unhedged and debt-free, obviously that's a pretty good foundation to grow the company through.
We've got organic growth both in Cambodia and Australia. We've got the Dingo Range project that we picked up a couple of years ago, two and a half years ago, we've turned that into 1.4 million ounces of resources. We're now currently calculating reserves on those whilst expanding those resources at the same time. That project's fully licensed for development. We've already built the camp. We've broken ground on the mill or bought the mill. We've signed a contract with MACA for AUD 550 million worth of ERB. It's on its way, it'll be in production over the next 12 - 14 months. In Cambodia, we found a second project from our Okvau mine, very similar, the Memot Gold Project. It's 1.7 million ounces of resources we've calculated there or discovered there over the last two and a half years.
We expect that to expand again, we're calculating reserves on that at present. I'll take you through those in a moment. From those two developments and that Okvau Gold Project itself, we bring them online in the way that we expect to over the next 18 months, we're making about AUD 1 billion worth of free cash flow a year out of those three projects, which obviously sets us up pretty well to pay dividends and grow the company further. At a glance, in terms of the shareholder structure, like everybody else, gold price is AUD 4,000. We're all very handsome at a $4,000 gold price. Institutional investors are in at 55%. The number one shareholder in the company at present is BlackRock itself. Board and management own a large piece of the company, 18%. We bought our position.
We haven't given ourselves any options or shares along the way, so we're fully aligned with shareholders, and we're pushing towards growing the company and paying dividends at the same time. The key asset, Okvau Gold Mine, as I said, AUD 884 all-in sustaining cost for the life of mine to date. We expect that to carry forward slightly higher, probably more likely at about AUD 1,000 all-in sustaining. We've got a large footprint of ground in Cambodia at the same time to keep feeding that mill near mine and expansion of the Okvau project itself. The Dingo Range project, we've got 41 million tons of 1.1 gram in our maiden resource there for 1.4 million ounces. We like to quote those at a higher lower cut because that's how we like to mine them. We still stockpile the lower grade.
That resource we expect the reserve to come from is more likely the 24 million tons at 1.4 for 1.12 million ounces. We're still drilling. We're drilling at a depth on the southern end of the Boundary end of this, and I'll show you this in a minute, which looks like it goes underground. As I said, we've already built the camp. We've completed development of the camp itself, sorry, and we've started the runway. We've broken ground on the mill, and we've bought those long lead items. Memot's a similar story. We're probably two months behind on that because we're still buying the land that we need to put the process plant on in-country. That's just commercial purchase of lands. Everybody owns their land in Cambodia. We're about halfway through that process at present.
We expect by October to be in a position we can be breaking ground at Memot as well. The growth story in Cambodia, obviously Memot's one of them, but near mine at Okvau itself, there's 900 sq km of tenure. I won't read them out, but there's intersections all around the countryside. It's not every one of those is going to be one or two or three million-ounce projects, but they all add feed to one of our two mills, the Memot one we're building or the Okvau mine that's been in place for five years. Okvau itself gets bigger as an underground play. The southern end of the pit itself has large high-grade intersections at depth. We're already at 300,000 ounces, about 5.5 g, fully diluted for underground mining at the southern end of the pit itself.
More excitingly, on the eastern side of the pit, we've discovered what we think is a feeder zone. Wherever that feeder zone hits the flat mineralization from Okvau itself, we get blowouts of grade, things like 14 at 15, 20 at 9.8, 15 at 11. Where that's exciting for us in the short term is on the right-hand side of that slide, you see those intersections of 18 at nine, eight at 19, 11 at 8.4, two at 24, and three at 59 is where our first decline's going into, and we expect that to happen in early 2027. Memot, the reason we liked Memot on day one was that it had a very, very similar footprint and similar geology to Okvau. That left-hand side was about 1,000 illegal miners that had found the top of, obviously, the Okvau deposit, which is a diorite intrusion into Hornfels metasediments.
On the right-hand side of that slide at Memot, that's the same footprint 100 kilometers away, same geology, diorite intrusion into Hornfels metasediment. About 1,000 illegal miners there as well. Unfortunately, they're the same illegal miners I had at Okvau. When we moved them from Okvau, they went to Memot. We've moved them from Memot, they're now gone to another one of my projects called Antrong. We'd expect that that's probably where the next discovery will be. I've made the joke before, but I've got 40 or 50 geologists in the company. I think I should just be following these blokes around. What Memot looks like in long section, it's very similar to Okvau, but I think it's higher up in the sequence where it's actually coming. It's high-grade gold and quartz veins in flat-sheeted vein swarms.
You get a vein, you get 10 meters of waste, you get a vein, you get 10 meters of waste. In essence, and a lot of it's about 30 cm is 100 g, but continuous in these flat-sheeted quartz veins. You can see that in that long section with those higher-grade intersections, with the best one there, six at 348, actually includes 1 m at 2,000 g. There's a lot of the sort of 1 m-at-30 g type intersections. When you bolt them out for open cut, they become three and four-meter zones. They're continuous with waste zones between them, quite flat-lying, so relatively easy to mine. Open in all directions. We've only tested one of three intrusions on that tenement package. We're obviously expecting that to get a lot bigger. We're only limited by the number of drill holes we've put into it.
As I mentioned, there's already 1.7 million ounces at Memot. We're doing the drilling at present to convert that to reserves. We're doing all the mining modifier type drilling. Doing the same thing, I should have said, at Dingo Range. We're doing the preliminary grade control work and the duplicate work to work out what the dilution and ore should be and will be coming out reserves at some point in the future. We're in no rush. As I said, we don't actually need any money. We don't need to raise any money. I don't need any debt. This information will come out as we're ready to bring it out. We're just building the processing plants, You'll actually see production come out of it. You'll be surprised, I suppose, with the lack of information that's coming through, you'll see gold bars coming out.
In terms of Australian growth, the Dingo Range project is 1,100 sq km and is underexplored. I'll show you that in a moment on another slide. There's a 11.4 km mineralized zone in a 36 sq km mining license. That's why it's been easy for us to bring that into the point where we're producing from it in the short term. It's fully permitted for development and operations. We got that about last quarter. We've already built the camp, 270-man camp on the project at a lower price than what our peers would because, again, we're doing it in-house. That's our modus operandi, is to build the projects in-house and reduce the costs. We put, as I said, the orders in place for the long lead items and a letter of award to MACA Mining. The airstrip design's complete, and we've actually started clearing that airstrip at present.
The other thing in Australia that we do do, and this is what I'm talking about with AUD 1 billion worth of free cash flow goes to, is we're looking obviously for the next project for the company. Another 110,000, 120,000-ounce producer isn't really going to turn the dial for investors. It's harder and harder with the people that you've got in-house to actually man those projects. The next one we're looking for is the 300,000 to 400,000-ounce project. We're happy to look offshore for that. We're happy to look onshore, of course, as well, and we're happy to look in our own backyard in terms of our own tenement package in Cambodia.
We're trying to cut a deal at present to expand our tenement package with the government, which includes bringing in a mining major on a 50/50 JV, which means we get to have a look at a much larger part of Cambodia, which is pretty exciting stuff. You'll see that over the next couple of months. We've also invested in a company called Golden Horse, which has a tenement package with upcoming announcements of resources in the Southern Cross district. We like that story because we think Southern Cross is a consolidation play. Whether Golden Horse is the consolidator or being consolidated, we like the fact that we're in that district with a iron in the fire. You might have seen in the last couple of months, excuse me, we announced an investment into a private company called Manda Resources.
We put together several tenement packages in North Queensland, which were stranded packages previously, but collectively, there's about 1.4 million ounces of refractory ore on those tenements. Emerald holds 20%. If it gets big enough, obviously, we'd be in a position that we could actually build or take over that company. We do think the district's got the potential to be five, six, seven million ounces of refractory antimony, rich refractory ore. In the past, of course, antimony, we used to call it anti-money because it used to stop a lot of projects being brought forward. Now there's actually a payable with the antimony itself. We'll be looking into any value that we can drive out of that at the same time. The reason we liked Dingo Range on day one was it's a complete belt directly west of my previous company, Regis Resources, the Duketon Gold Project.
Very similar story to Duketon when we first got involved. It was completely underexplored. Very short period of time, the resources at Duketon were increased very significantly and three builds of gold mines were put in place. The Dingo Range project is exactly the same situation. For a lot of different reasons, it's completely underexplored. Everywhere we go and look at present, everywhere we can after heritage work, et cetera, is completed, we find more ore. The northern part of the Boundary through Bungarra Zone, it's at Great Northern. Already have intersections there, like 11 at 3.8, 10 at 2.64. To the west of it at Freeman's Find, five at 20, 21 at 3.98. At Stables, a new discovery in the last six months, 15 at 4.5 and 14 at two. Little bit slow because heritage slows you down in Western Australia at present.
Everywhere we've drilled so far, we've found ore, which we think will be supplemental feed for the mill we're about to build at the Boundary Bungarra Zone. An old geologist like me always gets excited about high-grade intersections, 100 gram-meter intersections. Every one of those blue intersections on that sheet are all plus 100 gram-meters, so like a 10 at 10 g type intersection. On the Boundary, one with the underlines there, all the deeper ones, which actually pointing to an underground play, a boundary itself. Things like three at 111, five at 60, 11 at 16 are all the sort of things that we think are the depth extensions of the Boundary deposit and a massive potential to increase the resources and reserves on that project. This also shows that this is a long section from boundary through to Bungarra.
You can see the zones which are completely untested in that area where there's a prolific amount of ore already been delineated. They're not drilled to depth, and they're not drilled in between. Again, that all just comes down to clearing the land by heritage so we can actually get in there and drill it, which is obviously all happening at present. Again, gram-meter plus, this is the northern part of that belt, 200 gram-meters, 214, 200, 230. The deepest intersection we've got is 184 gram-meter intersection. Pretty exciting for the underground development potential of the project and increasing the scope and size. Southern end, same thing, only drilled to about 100, 150 meters, with massive intersections in the supergene at Bungarra, 501 gram-meters, 440 gram-meters. It's a district that's just young. It's limited by the amount of drill holes we put into it.
We're putting in as many holes as we can pragmatically at present whilst we're still keeping control of the data, et cetera, and keeping ahead of the heritage work that we need to do to put those holes in. In terms of environmental and social values, the company is on the front foot in Cambodia. The fact that we paid $65 million of tax and royalties last year, putting us in the top tier of taxpayers in country, obviously sits us very well with the government. We do everything else in terms of the community aspects. We've committed in Cambodia and in Australia to be carbon neutral with our projects. It's about $350,000 a year of tree planting that we'll project to be, in seven years' time, to be carbon neutral on the Okvau Gold Project. We do that every year.
We'll double that up for Memot, and we'll add a third for our Australian operations, which means about $1 million of tree planting in Cambodia a year. We put a half a million dollars into a nursery program for the government this year. The plan for that is to be planting an additional 1 million trees a year in country itself. In terms of what you can expect in upcoming developments for the company, you'll keep seeing ongoing announcements about resource extension and regional exploration at Dingo Range. You'll see the same at Okvau Gold Mine. You'll see the Cambodian regional information I was just talking about for expansion. More tenure will be coming up in the near term. Memot Gold Project, once we have the ground all purchased, you'll see a lot more information coming out about that.
Dingo Range Gold Project development, you'll see some information on that coming out in this next quarter, along with the Memot Gold Project and our Okvau Gold Mine satellite strategy, which is to smooth production at Okvau. Means if we can find more than one source of ore. We have those sources of ore. We're just getting the license at present. Ongoing, we're evaluating, obviously, those strategic growth opportunities for the company, which takes us from that 300,000-400,000 ounce per annum producer, which we have in front of us right now, to the 400,000 - 600,000 - 800,000 ounce producer by using that AUD 1 billion of free cash flow a year to grow the company either organically or by purchasing or investing in other assets.
I said to you for the start of this, that the key takeaways that I'd like you to take was that we've got the right team in place. I think anybody who knows us will say that's right. We've got the right producing asset at Okvau to underpin our growth. We've got a great organic growth story with the two projects we've currently got into development. Clearly, with AUD 1 billion worth of free cash flow, which comes out of those, we can grow the company further. Thank you.