Thanks, Sean, and thanks to Resource Horizon Stars for hosting FireFly and allowing us to give you an update of what we're doing. We're moving at a rapid pace, and historically, we've moved at a rapid pace. All the disclaimers are on the ASX platform, so please feel free to go read the three pages of disclaimers. Our flagship project is the Green Bay Copper-Gold Project. You know, three things that we always look in a project, and this thing comes in in spades. It has grade. It's got a 2% grade copper equivalent. It's got scale. It's got 60 million tons at 2% copper for 1 million tons of contained copper and half a million ounces of gold. This is a genuine copper-gold project with no other elements in it. We have infrastructure in place. It's an old historic mine.
It's got over $250 million of sunk infrastructure, camps, admin blocks, hydropower, plant, etc., and 20 kilometers of decline that sits there, which saves both time and money. We have invested close to 100,000 meters of drilling, and we've increased the resource by 51%. We certainly see that growing at a rapid rate, which you'll see come through in the presentation. Been asked many times about the Pickle Crow Gold Project. We're in the final throes of a strategic review on Pickle Crow. We expect to announce something to our shareholders in the next four to six weeks on a value-creative solution for Pickle Crow. It sits there at 2.8 million ounces at 7.2 grams per ton. In this gold environment, we suspect we're going to get some good value for that for our shareholders. Stand by.
We have a management team, as Sean alluded to, that does have a proven track record of value creation, where the people behind Bellevue, where the people behind Griffin, where the people behind Mingcor, and in Silver, we know how to create value for shareholders. A lot of that time we do it through the drill rigs. We've got eight drill rigs, as Sean has spoken to, and a ninth is on its way. The copper thematic, I think we're all copper bulls. I'm certainly a copper bull in this environment. With the decreasing copper grades, it's getting deeper. It's getting harder to discover. I am at the cold front of speaking to off-take parties. I'm speaking to a number of corporates. I'm speaking to smelters. I'm speaking to traders. There is a real deficit in copper. We don't even have a study. We are embarking on a study.
The amount of interest and the amount of courting that we're getting from those parties has been phenomenal. I see the solution here for financing this project and having a clear pathway to production that's not terribly dilutive to our shareholders is a clear path that we're doing. Remembering, we already have $145 million in the bank. We are well funded to a final investment decision. Just talking about where we've come from, we've had our foot firmly on the accelerator, and we're going to see this continue. Less than two years ago, we had a market cap of $70 million. We now sit here as an ASX 300 company of $819 million market cap. We've seen a great increase in our share price over that period. We believe we've just started on value creation, particularly through drilling.
If you followed, I guess, Steve Parsons and what he's been able to create over the last decade or two, he's an absolute advocate for creating value through the drill bit. As Sean said, we have eight drill rigs going. It is a substantial drill program. We've got four dedicated to infield drilling, two to extensional drilling, and two that are on regional discoveries, which completely excites us. We've increased the resource by 51% in less than two years. We're due another resource update that's coming out in November or early November, which is going to show the results of some of these spectacular drilling steps that we've been achieving over the past six months.
As I alluded to, we have increased our land holding from a postage stamp of 56 kilometers, and we've got all the ground around us now that has the same stratigraphy and eight old operating VMS mines that sit around us. We've got two drill rigs dedicated to regional discoveries too. As you know, VMS systems don't often occur once, they occur in clusters. A bit on the corporate slide of the company, we have $145 million in the bank. I think that's terribly important. We've just completed the capital raise, last at $0.96. We are well funded through the final investment decision, which is possibly towards the end of next year. We are completely unencumbered. We've got no off-take. We've got no strings. We've got no debt.
We're in a remarkable position to be able to negotiate with a number of those parties I talked about earlier, about non-dilutive ways we can show a pathway to production. We are ASX 300, and we're covered by over 10 global banks. When people stop by the booth, and please feel free to come and say hi, you know, what do you expect your share price to go to? I advise you to go read a number of those institutional research papers that, you know, the average price target on those is about $1.70. Please go and read those. We are very heavily institutionalized, led by BlackRock. We're 60% institutionalized, led by BlackRock and Regal. I guess board of management have a fair bit of skin in the game, owning 8% of a project of this company, which is capped at $810 million.
I won't spend too much time on this slide, but basically, it's a proven track record with a number of those directors and senior executives. Once again, the team behind Bellevue, the team behind Mingcor, Griffin Minerals, a number of, you know, companies that have performed really well and made our shareholders a lot of money, which is the reason we've got such a heavy institutionalized register. I think importantly, and not least to say, is that we do, we are now establishing a team of mine builders in country. We've got, you know, people there that are well experienced. We do have a fully operational mine. It's really important that we start collating that team that is going to take this through to development in the next sort of 12 to 18 months. What's really attractive about this project is just the high grade and thickness of the deposit.
There are two really distinct styles of mineralization that sit here at the Green Bay Copper-Gold Project. We have a high-grade VMS system that sits above a broad stockwork zone. As you can see, the upper VMS system there has spectacular intercepts of, you know, 10 meters at 12%, 5 at 12%, 3 at 11%, 11 at 9%. These are really exceptional intercepts. We have all the infrastructure to get to this ore body already. We have five or six platforms. The broad low footwall zone, which traditionally is lower grade, but as you can see, those grades sit comfortably in any high-grade deposit, and they are broad and very thick. 26 meters at 5%, 86 at 3%. These are true thickness. These haven't come out of historic databases. This is FireFly drilling. We think we're onto a winner.
I just want to spend a little bit of time about the scarcity of this project. We do have a really attractive commodity mix. We are a pure copper gold play. We're in a leading jurisdiction, which I'll come to in a minute. We are fully permitted from an environmental assessment perspective for a 1.8 million-ton per annum processing plant. We achieved that in 45 days. We are permitted. We have capital in the ground. That's $250 million. That brings the number of projects on a worldwide scale down to a limited number. You add the grade into what we've got. We are the last man standing of a project with all those items listed above, with a grade of greater than 1.5%, infrastructure, and such a large tonnage. We are the last one standing that isn't owned by a producer.
That should tell you something from a corporate perspective about the amount of interest we've got. What we're aiming to do, we want to be somewhere in that 40, 50, 60,000-ton per annum copper space. That's a genuine mid-tier producer. As you can see from an ASX and TSX perspective, there are very limited opportunities for you to buy a pure copper exposure on those platforms. They're getting taken out on a regular basis. NACT has got taken out or is in the process of getting taken out. Here we are in Newfoundland, the eastern maritime of Canada. It is a genuine tier-one jurisdiction here. We are now number six on the Fraser Institute from a mining perspective. My homeland of WA, which sits now at 17, and I can really understand why. We received environmental assessment release in 45 days. That is just phenomenal.
In any jurisdiction, you just will not see that. The government is really supportive of what we're doing and what we're trying to achieve. We've got 100% community support. A lot of the questions I've got coming by the booth today are about the government and how we're achieving things. When I say this, they're just dumbfounded. This is a genuine tier-one jurisdiction. Just quickly on this slide, we are a fully operational mine. We've got the infrastructure in place. We've got hydropower, so cheap operating costs at $0.06 a kilowatt hour. Once again, purely green and really cheap. We have very simple metallurgy. This has been an operating mine before. I think the reason the off-takers are really chasing our product, it is a clean con. We are getting up to 28% historically in our concentrate from a copper perspective and 10 to 15 grams per ton gold.
Completely clean. I just can't stress how important and how quickly we've moved on that environmental permitting. This is a ready-made mine ready to go. Here we are with the infrastructure. This is what we had before. We've done two kilometers of mine development that you can see there in sort of the light blue sitting to the right. We've drilled close to 115,000 meters of drilling. We've extended that resource to now sit at 60 million tons at 2% copper, a world-class ore body with high grade. What you'll see coming out in the October-November resource update is the extensional drilling we're doing at the moment. We've got four drill rigs sitting on the main ore body there, infield drilling.
That's going to be the genesis of our study that's going to come out in March because we're going to get that measured and indicated from 24 million tons to substantially more. You'll see the resource growth. As you can see, the grade and the intercepts are actually getting better at depth, which is great to see. You know, 25 meters at 5% and 12.4 meters at 6.8%. You can see that's from the VMS system that it's sitting really comfortably well and getting even better at depth, which is great to see. Very quickly on our regional prospectivity here, we've now got two drill rigs dedicated to regional exploration. We acquired close to 300 square kilometers around the Ming Mine. There are eight old mines that sit around there. We've punched two holes into this program because we've just commenced. We've got ore-grade mineralization already.
You're seeing 12.9 meters at 4.2 grams per ton gold, $0.005 copper, and then the 10 meters at 5.7 gold and 1.3% copper. Phenomenal intercepts. If I show you in the long section there with Rambler Mine beside the Ming Mine, you can see those intercepts that sit below that Rambler Mine. We've got one drill rig now dedicated to extensional drilling on that. We're looking for the VMS continuation of that resource, which we think will continue. Let's not discount that we come across another one of those bulk ore bodies that sit there as well. The exploration there is actually really exciting with two drill rigs. We look at the geophysics that we've completed over the last six months. The modern geophysics that has been conducted here is the first time that's been done.
I mean, the technology that you've used, you know, in your mobile phones has come a long way in 20 years, where geophysics is no different. It's becoming sharper and more reliable. As you can see there, we've got a number of untested targets that we've set there. It just is growing to sort of 325, you know, untested targets there. What's really exciting, and we've got one drill rig dedicated to the moment, is there's a number of untested Ming-orientated conductive trends that sit there along strike. We will be drilling those, and we'll be hoping to come out with some results, some numbers over the next two to three months. It's all getting very real. We are doing a study now. We've got some world-class consultants doing the study. We've got a study coming out in the first quarter of next year, which will be a PEA.
We'll follow that up with a definitive study three to four months later. That's on track. Our investors want to see a pathway to production. We'll be able to show that in spades come March next year. We are very catalyst-rich. We've got eight drill rigs going. You're going to see resource growth. You're going to see more drill intercepts. You're going to see studies, and you're going to see a number of intercepts that come out from those regional prospectivity, that big land package we've got. Strap in. We're going to go just as fast as we've done before, and we're well funded, and we, you know, we look forward to presenting in the next 12 months on our update. Thanks.