Thank you, Roger. Next up, we have Shaun Day, Managing Director of Greatland Resources. Shaun has over 25 years of experience in executive and commercial roles across mining, infrastructure, and investment banking. Shaun was previously the CFO of Northern Star Resources and the CFO of SGX-listed Sakari Resources, which operated multiple mines before it was eventually taken over. Over to you, Shaun.
Thanks, Courtney, for the kind introduction. Thanks to Myles, Sharon, and the Diggers Committee for giving Greatland the opportunity to present today. We're bookending or anchoring the final session together with Daryl. Great to hear Roger's narrative around Antipa, which is our neighbors up in the Paterson. I think just gives a flavor as just to the quality and the geological potential of the province. In terms of those less familiar with the Greatland story, just over a year ago, Greatland acquired from Newmont the Telfer asset together with the 70% of Havieron next door that we didn't already own. This propelled us to be one of Australia's largest gold producers, coupled with just an outstanding growth profile. This year we delivered 329,000 oz.
Just to put that in context for those that have had a look at The Perth Mint world record gold bar, that's around 21 of those gold bars. Together with our 15,000 tons of copper, we generate the economic value of about two of those gold bars, world record gold bars, per month. With that, we started the year, we really put a lot of effort around investment in the drill rig to build up our inventory. We finished the year with 15 million ounces resource, together with copper, plus over 5 million ounces of reserves. That couples with this world-class infrastructure that Greatland owns. In terms of the acquisition for around AUD 541 million, we paid that back in just five months. We've generated over AUD 1.1 billion post-acquisition in that 12-month period, AUD 1.3 billion in the bank, debt-free.
We have over AUD 1.6 billion in free cash flow. What's not on this chart is the share price is around 15 fold that acquisition price in terms of delivering shareholder value. In terms of Telfer itself, what it is this bringing together of just world-class infrastructure on large scale together with one of the world's globally significant gold province. We have 30 million ounces across Telfer and Havieron. What we've done to unlock that post-acquisition is we did a 235,000 m surge in exploration. We'll do another 215,000 m of drilling this year. That's over 450 km of drilling within two years. We've taken the number of rigs at site from two to over 12, and what that has done is allowed us to unlock mine life and give us the opportunity to invest in the future of Havieron and the future of Telfer.
Of course, complementing it next door is our Havieron asset. Havieron is a brownfield development. The ore will come through that Telfer Mill. It's already delineated as a 17-year mine life. It will be Australia's lowest cost all-in sustaining cost mine at AUD 1,610 an ounce. Its large scale, high grade brownfield development enables a relatively low risk development over the next three years as we envisage this, not just with a single decline of truck haulage, but putting in a second decline to have conveyor haulage to surface. Good ESG, better economics, that allows us to bring Havieron up to around 3.9 million tons, 4 million tons to bring through the existing infrastructure at Telfer and drive that economy of scale and drive that value for shareholders. This is where we sit.
We've emerged as the third largest gold miner in Australia, just sitting behind the big Evolution and, of course, Northern Star. In terms of what got us there, it's the free cash flow generation. I mentioned having AUD 1.3 billion in the bank. Well, we're right up the top there in terms of free cash flow generation while still doing that investment, investing in Telfer, investing in Havieron, and in the drill bit simultaneously. In terms of that infrastructure endowment, it's the third largest mill in Australia. It only sits behind the Newmont infrastructure at Boddington and Cadia, you've really got to go a long way down that list to get away from majors. As one of the mid-cap gold producers, we have a unique infrastructure endowment. What does that translate to? Well, I think this chart captures it.
We occupy a quartile all by ourselves in terms of our processing capacity and the cost that drives down our processing cost to just AUD 17 a ton in the past 12 months. Perhaps KCGM catches us up. They come out maybe into our quartile, but it's still a tremendous competitive advantage for us. This is my favorite slide of the deck, and it's a great credit to the team led by our President, COO, Otto Richter, has just done a tremendous job. Mark Benson, site GM at Telfer. Just in terms of giving Mark and the team another boost, we've just finished our major planned shutdown for the year, actually bringing that back online ahead of schedule for a major shutdown. Again, just the quality, the effort, and the capability of that site team is reflected in this slide.
When we look at this slide, since acquisition, we've increased open pit productivity by 59%. We've increased underground productivity measured by development meters by over 180%. When we go into the mill, we've lifted long-term gold recoveries by 8 percentage points, from 80% to up to 88% average for this financial year. Copper, a little better than that. We've taken it up 11 percentage points to be running around 81% recoveries. That increase in recoveries has tremendously improved the economic performance of Telfer. What you can see in that top right-hand corner slide, this is over a four-year period. You'd expect some inflationary impact, some creep upwards in that all-in sustaining cost. What Greatland has been able to achieve is actually walking down the all-in sustaining cost. Then down in the left-hand corner, we've done all these improvements safer.
We've taken TRIFR from around 12 x down to 4.5 x over the last financial year. When you have a look at some of the lead indicators in terms of our safety performance, it's around 6x increase in reporting. That's a huge change in culture, and that's the performance that I think the team is making at site and how I think we've just rejuvenated the Telfer site since acquisition. This is very much the playbook I came out of, which is the 2015 Northern Star. This is the sixth time I've bought an asset off either Newmont or Barrick. You have wonderful endowments, wonderful infrastructure, good people, but then you come in, you invest in the drill bit, you invest in productivity, and you can drive shareholder returns. In terms of the spinning rigs, when we got there, we had just 600,000 oz there at Telfer.
That's the dark blue on that upper chart. Today, it's 8 million ounces, 7.9 million ounces. That's the benefit of just the first 110,000 m of that planned 450,000 m drill program. We think we continue this conveyor belt of adding inventory and delineating that into JORC resource and JORC reserve. We'll do some additional infill drilling, so there'll be a confluence or a combination of growth and infill drilling. We think we've been rewarded by that investment into the drill bit, and we want to continue that. We think it drives value for shareholders, but we think it also allows us to invest into the future. When we look at reserves, we started with zero at Telfer. That explains the acquisition price.
Today, we have 1.8 million ounces of reserves, and we can see the mine life opportunity ahead of us as we continue to infill and build confidence in that resource and indeed extend that resource. This just gives you an overall flavor for the site in terms of this schematic. We start in the top left-hand corner in terms of the West Dome open pit. This is the center of gravity for our mining operations. We're really working on that Stage 7 extension. This is a relatively shallow aspect of the mine. Very low life of mine. Strip ratio goes down to 1.1 time life of mine strip on that Stage 7. High up in the sequence, left for us because it's a bit of a notch down on grade, but it gives us a base load feed for the next three years.
During that time, you can see this big blue halo, this Stage 2 extension, closer to us on the south side of the screen. That is a potential multi-decade life extension there at West Dome underground. It's a notch higher grade, similar strip ratios to what has historically been achieved there at Telfer. It worked under the Newcrest cost structure running a AUD 2,400 gold price. We're really confident it can work for us. We're doing the infill drilling. We've taken the previous Newcrest playbook where they did 50 m drill spacing before bringing it into indicated. We're bringing that into 25 to give us additional confidence, but we really enjoy what we're doing there. If you have a look across that Main Dome, that hasn't been entered for about eight years. There's already a 20 million ton cut back there.
We'll have a couple of rigs there late this year. It's historically a notch higher grade. We like the prospect of drilling there. A, because we like the idea of increasing inventory. B, we enjoy the fact that this is potentially high grade. C, it gives us more flexibility, more optionality around the open pit mine plan to have this area, and we like the resilience that can bring into the mine. When we go into the underground, I'll start with Main Dome underground, where we're presently active. We do about 1 million tons - 1.5 million tons, about 1.3 million tons last year. That comes up the underground crusher, up to the hoist to surface, and conveyor into the mill. That underground hoist and crusher is rated for 6 million tons. We're using less than a quarter of its capability. That latent infrastructure is the opportunity ahead of us.
We think we can maintain that cadence in the Main Dome underground, we move across to Greatland's discovery of the West Dome underground. This is the highest grade ore at Telfer since 2005 restart. It's sitting just 1.5 km away from existing underground infrastructure, a beautiful horizontal hole. It's been running, especially on that eastern limb of the Lower Limey Unit. It's running +4 g, plus close to 1% copper. That's an exceptional opportunity for just tens of millions of dollars of incremental CapEx to bring that out through existing latent infrastructure. We're incredibly excited about what opportunity is ahead of us in terms of West Dome underground. We have two rigs spinning on that. We like what we're seeing. We already have two drives out there. The one in place, that's the drill drive. The second one is 92% complete.
It will be complete within the next three months. We're working on the study now to better delineate what we have there. The other exceptional outcome, Damian Rodger and the exploration team, John Doolittle, was stepping out 1.2 km, a long strike, and hitting that Pinnacles intercept. This was a magnificent hole in terms of conception, execution, and outcome. Their model of where this West Dome structure came along, they stepped out 1.2 km, thought they'd intercept it at 1,700 m. They intercepted structure at 1,708 m. Had they been out by more than 1% in terms of execution of that rig, they also would have missed it. Instead, we hit 60 m at over 6.5+ g copper. This is also just 1.5 km away from our underground crusher and hoist. We love the structure this puts us on to. We actually stopped that hole in structure.
We just wanted to make sure we preserved that hole. The drill string was looking a bit wobbly. We're actually just kind of finishing off that hole now. We'll punch in some daughter holes, we'll come in and do a fence across it more along the Northwest. We love what this structure potentially is, we're going to spend time, energy, and effort to reveal that better. When we took over this asset, we had one underground mine feeding this large mill and mainly relying on that open pit. We envisage under Greatland that we actually move to potentially four underground mines. Continue the Main Dome underground, develop the West Dome, Havieron we'll talk to. The other opportunity for us is the Main Dome underground. You can see that large gray area. That was the sublevel cave.
There's 2.4 million ounces already drilled out sitting under that cave, and the opportunity to restart the cave, we're really excited about. Again, subject to a study, but we have 6 million tons of latent infrastructure in place. The opportunity to do that and not just deliver what we have in terms of mine life at Telfer, but deliver improved grades. In terms of Havieron, it's just a world-class opportunity. It's brownfields. It will come through Telfer, deliver 270,000 oz with high-grade ore at an exceptionally low, AUD 1,610 all-in sustaining cost. One of the other things about the Havieron feasibility study is at the time, remember, Telfer just had 600,000 oz of resource, zero reserves, unlike today. We didn't go out with a Havieron feasibility saying, this is what they look like together. The study was, this is what Havieron looks like standalone.
No synergies. Today, I think people see the longevity of Telfer. Is that a decade? Is it two decades? When you run these together, in the standalone study, we assumed 4 million lonely tons going through that 20 million ton mill. We assumed a AUD 36 a ton processing cost, as opposed to our current 17 for the half. We could comfortably take out AUD 10 a ton of Havieron processing cost. Shared overheads, shared sustainability. Telfer and Havieron make each other better. This potentially puts downward pressure on what's already a sector-leading, all-in sustaining cost at Havieron. This is where we presently are. We have the EPA approval. For good order, we're waiting on a couple of secondary approvals, but that is now weeks away. We expect to get underway here imminently. The main decline is already 340 m down to 415 m basement.
This is a brownfield site, again, it's half built. We have another 80 m vertical of work to do there. That red line is bringing in that conveyor decline. That's what allows us to walk it up to 3.94 million ton per annum, and again, drive that better economic outcome. I'll just wrap up here, but it would be remiss of me not to mention O'Callaghans. O'Callaghans is one of the world's great tungsten assets. We've heard about critical minerals across this conference. Joe Hockey said incredibly eloquently the importance of it, and to the West. This is one of the world's great assets in a Tier 1 mining jurisdiction. It was part of our value. I actually tried to buy it off Newcrest in about 2009, so I've always liked the asset.
Really with present tungsten prices, there's just an excellent opportunity for us to create shareholder value with this asset. That doesn't necessarily mean Greatland has to own it and develop it, but we'd like to create shareholder value. Just to wrap up, Greatland has this confluence of strong production, mine life, where we've demonstrated the increase and believe we will continue to do as we do the next three quarters of this 450,000 m drill program. World-class infrastructure. The balance sheet, AUD 1.3 billion of cash, no debt, plus an undrawn AUD 500 million debt facility gives us AUD 1.8 billion to deliver the growth strategy I just described. That growth strategy is without peer within our sector. Thank you very much for your time. Really appreciate it.