Thank you very much, and it's an absolute pleasure to be here today to present the FireFly story, which has been a story of really rapid growth and transformation for our company in the last 12 months, so just in summary, what I'll be talking about today is the Green Bay Copper-Gold Project. It is a world-class and emerging VMS deposit. We've currently got a resource that we just put out a few weeks ago, 59 million tonnes at 2% copper equivalent, and it is probably one of the best undeveloped copper resources in Canada, and look, the growth will continue. We also have the Pickle Crow Gold Project in Northern Ontario, and very similar to what we just saw with Talisker, very high-grade, nuggety gold. We currently have a resource of 2.8 million ounces at a grade of 7.2 grams per tonne.
So we won't talk about that in this particular presentation. We're going to focus more on Green Bay, where there's been a lot of work done. We picked up the Green Bay Project out of insolvency just a year ago, and it's hard to believe how the company's been transformed in that period of time. And when you look back at what's been achieved in the last year, the team have done a magnificent job in delivering results and doing what we said we were going to do. So a year ago, there was AUD 100 million of debt associated with the project from the previous operator. That's been wiped through the insolvency process. The stream's been wiped. Off-take agreements have been wiped. So this asset has a clean slate. They ran out of money. We've been very successful in raising money, and the story's been well backed.
We have AUD 88 million of cash in the bank at the moment. We've just completed a raise recently. The market cap's gone from AUD 70 million to AUD 700 million in the space of a year, and the share price has performed really well. We've grown the resource in just one year by over 19 million tonnes and still maintaining the grade at 2% copper equivalent, and a key part of our strategy is to grow the regional exploration because for those that know these VMS or these volcanogenic massive sulfide deposits, they rarely occur in isolation, so we've been tying up the district land holdings. We've grown from 58 square kilometers of ground on acquisition to 326, so we're rapidly enacting our strategy to grow this into a serious world-class copper asset. In terms of the register, we've got a really strong supporter base.
57% of the register's institutional, headlined by BlackRock out of London, who are our major shareholder at 14%. And there's a whole heap of other Australian and North American institutions supporting us. One of the other things that I'll note on this particular slide is we will be dual-listing on the TSX. We're currently just ASX-listed, but by the end of this month, we will have a listing on the TSX as well. Really exciting to get that presence in Canada, given where the asset is located. Board and management, really well-known team. We're lucky enough to have Kevin Tomlinson, our chairman, here today. Very experienced team in terms of delivering mines. These guys are the ones behind Bellevue Gold and successfully built a mine that's producing over, will produce over 200,000 ounces of gold a year.
And myself, from Northern Star, Barrick, and Newmont background, we've made a living out of buying old assets, investing in drilling, and turning them into significant operations. So we're located in Newfoundland, and it is a world-class mining district, and I know that gets thrown around a lot. It is genuinely a top 10 on the Fraser Institute in terms of mining jurisdictions. We have great support from the community and the government. And the support to get this project off the ground is second to none. It's got serviced by great infrastructure. We've got hydropower, and we've got a community of skilled labour that want to come back and work at the deposit. So when we think back to why did we jump into this asset that was formerly held by Rambler Metals and Mining? And there were four key areas that we looked at.
The first thing was the base load, so there was already enough there to have a mine when we bought this. It had a resource of 39 million tonnes, which is still pretty significant at 2% copper equivalent, and obviously, we've grown the resource since. It was an operating mine up until March 2023, so there's a lot of operating infrastructure there. We can get down to 950 meters below surface. It's fully dewatered. There's an old shaft. There's a 500,000-tonne per annum mill, so all of that stuff gives us a head start in terms of bringing this mine back into production. The next thing we noticed during the due diligence was that the ore body was still open. There was a surface exploration hole 460 meters away from the development that had 102 meters at 1.7% copper in it.
Given the nature of these deposits, it was likely it was continued. Now we've proved that with the drill bit, and that's included in the resource update. And then the other thing that attracted us is the world-class exploration potential because this part of Newfoundland has not had systematic exploration since the 1980s when Noranda did a brilliant job of unlocking the potential then. But as we know, technology's changed, and there's a lot more to be discovered using geophysics and investment in the drill bit. So how we turn this mine around, it's a really simple strategy and really easy for people to understand. There's three key pillars to it. The first one is the resource growth. Let's get out there and prove that this is a world-class deposit. So the first thing we did when we took over this operation was invested in an exploration drift.
The rigs couldn't get in a position to drill, so we've done over 1,500 meters of development to date. We've got four drill rigs turning underground. We've done 40 kilometers of drilling in the last year. We've got 90 kilometers to go from the development. We've got another 1.5 kilometers of development planned. And that's resulted so far in a resource increase up to 59 million tonnes at 2% copper equivalent. So we're seeing the fruits of our labor. We're doing what we said we would do, and we're growing the resource. The next phase is the operational reset. And look, part of the reason this thing failed is because the ore body, which is a large-scale, massive, high-grade ore body, did not match the infrastructure that was there. And to put that into context so people understand, the mill was 500,000 tonnes per annum.
We've got the resource up to 59 million tonnes now. So even without us adding another tonne of copper, it would take 118 years to process through that existing mill. So it's clearly a mismatch between what the ore body is and the infrastructure that was set up to treat it. And that resulted in high unit costs. That mill was built for an old gold deposit that was 40 kilometers away. We want to rebuild a new mill on top of this mine and make sure that we can extract maximum value out of it. And then the third pillar is the regional discovery. As I said, this area is ripe for discoveries. VMSs do not occur alone. And we'll invest in geophysics and continue to consolidate the ground in the district.
This is just the drilling that we've done in the last year, and you can see this ore body is spectacular. It consists of two parts. You've got massive sulfide lenses on the surface deposited on the seafloor. And beneath it, you've got stringers of copper mineralization, which is a bulk zone amenable to bulk transverse long-hole open stoping. So you've essentially got two mines in one, and we'll have a look at it in 3D shortly. But the ore body remains open with the drilling we've done. The deepest hole into the current resource has 61.8 meters at 1.8% copper in that lower footwall zone. And that is true thickness. With the resource update, one thing that's really interesting is that this is very sensitive to cut-off grade, particularly in the bulk zone. And you have a major deposit here.
This table here shows the sensitivities to cut-off grade. A lot of copper mines in the world operate at a head grade of 0.5% copper. If we were to drop our head grade to 0.5 or our cut-off to 0.5% copper, you end up with 93 million tonnes at 1.6% copper equivalent. There is an even bigger prize to be had at this deposit. We're working through the economic studies at the moment to work out how to maximize the NPV. It's always a trade-off for a junior company looking at the amount of capital to spend versus the scale. If we were a major and we had a blank check, there is seriously a huge deposit here to exploit.
When you compare them to some of the other operators around the district and in Canada, the one we often get compared to is Foran in Saskatchewan. And the big difference between us and them at the moment is the AUD 1 billion variance in the market capitalization. We are purely a copper and gold ore body, and we have nearly a million tonnes of contained copper in our resource to go with 550,000 ounces of gold. So we think there's a lot of room to move in the share price as we develop. A huge advantage that we have is that infrastructure. We can go underground. It's all dewatered. Great ground conditions. There's a shaft there, and we can get this thing started up relatively cheaply and quickly. In terms of the future plans, you can see here our resource model.
We're going to continue that development, continue down plunge drilling. We have two resource updates planned for 2025. And we've done downhole geophysics in this area that demonstrates that the ore body is highly probable to continue. So we expect to see this resource growth continue. We're at 59 million tonnes now, and we certainly haven't finished. And by the end of 2025, we'll have added another 700 metres of strike and another one of these high-grade surface lodes. So just to quickly flick through this in 3D, you can see our regional land holding, which is now quite substantial. Just last week, we announced that we picked up all this ground here called Tilt Cove. And that hosts an historic mine that produced 170,000 tonnes of copper in the 1800s.
There's been very limited modern work done on that, and we think that there's potential for discovery around that particular deposit as well. We're going to see a lot of growth from the region. The small mill, the key thing is we got rid of the off-take agreement. It's a very high-quality copper concentrate. There's no arsenic. There's no antimony. There's no bismuth. It's highly sought after. And given that we don't have the off-take agreement, we're getting inbound requests from lots of different metal traders. Another thing we've done since acquisition is got access to a deep water port only six kilometers away. We have all the ingredients for a highly successful and large-scale future copper mine. With the infrastructure that we inherited, the way I look at this is this is money that we don't have to spend. It's already got water treatment plants.
It's got workshops. It's got all the stuff that you need to start a mine, and looking at the ore body underground, as I mentioned, you have two styles of mineralization. One is the upper high-grade massive sulfides, which are purely copper and gold and very high-grade as well, and those individual lenses or shoos can be 100 meters wide. We now know they extend over two kilometers and are anywhere between 15 plus meters in true thickness, and then underlying, you've got that bulk stockwork zone. That can be over 300 meters in width, over 200 meters vertical, and we now know that that has a plunge extent of 2.1 kilometers, so this is a large ore body. And basically, this is the work that we've done in the last 12 months, which is a real credit to our team on the ground.
Basically, every drill hole from here onwards has been drilled by our company, and we've extended both the high-grade zones and that bulk zone. The deepest hole we have in that is 61.8 meters at 1.8% copper, so we know it's still open. As you can see, a lot of the historical mining did focus on that high-grade VMS, which you do expect, and they've only just managed to access that lower footwall zone, so the majority of our resource tons are in the bulk zone, but we have extended that high-grade massive sulfide, so we have over 6 million tons at a grade of 4.3% copper equivalent, so there is very high-grade tonnage left to complement that bulk ore body beneath. You can see some of the historical grades you get from that high-grade zone.
It's not uncommon to get hits over 10% copper equivalent, which is just phenomenal and world-class in anyone's books. And then underneath it, we have that large-scale bulk footwall zone with very thick intersections that are amenable to bulk, low-cost mining. And this is our game plan on the resource growth. It's very simple. Keep drilling. Keep extending the resource. Demonstrate the scale while in the background doing all the studies to work out the right-sized infrastructure to maximize the NPV of this deposit. But what we do know is that we've got a world-class deposit on our hands, and it's pretty rare to get these in first-world jurisdictions. Mentioned before the geophysics, you can see we've done downhole EM, first time that it's been really applied routinely. And we're getting downhole conductors that are well beyond the extent of the current resource.
So we're very confident that we will continue to see the resource grow. As I mentioned before, the land holding we're building does have the potential for some really significant discoveries. And what we now have is five historic mines that were mined between the 1960s and 1970s that are still open, still part of the same system, and will add resource. And one of those mines that's only three kilometers away from the main deposit has 24 meters at over four grams gold and 0.5% copper in it. So we think the resource growth will not only come from underground, but also come from the surface exploration campaign. So look, just to wrap it up, there's going to be plenty of news flow from us. There's going to be a lot of drill results coming out from the step-out drilling that we're doing on the resource.
We're planning on two resource updates, one in April and one towards the end of the year, and then we're moving to release the study, so pre-feasibility study in the middle of the year, and then a feasibility by the end of 2025, so thank you very much, and it's been a really great conference, and if anyone has any questions, myself and Kevin Tomlinson will be kicking around, so thank you very much. Thanks so much.