Thank you. It's a good time to be presenting a growing Australian gold company with the backdrop of a steadfast AUD +4,000 an ounce, Aussie dollar an ounce gold price. Now, having said that, while sentiment has improved significantly towards gold stocks, it has come off a very low base earlier in the year. In fact, the brokers tell me that gold stocks remain under-owned and inexpensive, and you can see that looking at earnings multiples in the market, so the gold producers are trading on around 6x , 6x earnings, and the broader markets on more like 12x-14x , somewhere in that range, so first message is the entire sector is cheap.
I think it's fair to say that the larger generalist investors still remain largely absent from the gold sector, but they should come to life as that higher gold price is reflected in cash flows and earnings in the upcoming reporting periods. As sentiment picks up, that should favor growth, and that's where Genesis really shines. We're unashamedly a growth company, and there's one key word here today. It's the title of this deck, Accelerate. Our immediate focus is accelerating production, reducing costs, and most importantly, increasing free cash flow. Look, Genesis has had a rapid evolution, I guess you could say. Back in 2021, it was a AUD 150 million exploration company, gold explorer.
And then through a fairly aggressive cycle of M&A, countercyclical M&A, most importantly, we assembled a portfolio, and today it's a AUD 2.8 billion company with an aspirational production goal of 400,000 oz per annum. Look at Genesis. We're very happy to go against the grain. I think it's important to note that the gold price at the time of our acquisitions was actually 50% lower, would you believe, 50% lower than where it is today. And gold deals were few and far between. Today, things have picked up a fair bit. It seems like there's a gold deal sort of announced every other day, basically. A few callouts from this slide. So look, cash and bullion, AUD 172 million. That's at 30 September. No debt. The management team, look, it's a blend of a fair bit of ex-Saracen in there, a little bit of ex-Saracen and a few other.
Management skin in the game stands at 35 million shares or 3.1% of the register. We've got a really good domestic institutional ownership, and the offshore component is growing, and we do work closely with our brokers. We've got nine covering analysts at the moment, and 100% of them are on buy recommendations with an average price target of AUD 3 per share. Now, that list will continue to grow, and hopefully the price targets do as well. Look, a really simple business. We've got one production center in Western Australia. We've got 4.4 million tonnes of milling capacity across two mills. On the left-hand side of the image is the Leonora mill. That's a 1.4 million tonne per annum setup.
Then on the right-hand side of the eastern side, we've got Laverton, and that's a three million tonne per annum mill, and we've only just recently restarted that mill six months ahead of schedule. Reserves look an enviable position, I'd argue, 3.3 million oz. And crucially of that 3.3 million oz, two-thirds of it sits in just two base load deposits, and that's Gwalia and Tower Hill. Now, the other one-third sits in some top-up deposits, and whilst they're smaller, they inject significant flexibility into our business plan. And just on the plan, this is the 10-year plan, keyword is base, as in base case. Look, this plan is replete with features that set it apart. I'll give you a few of them. Firstly, just the duration, 10 years. Secondly, just the fact that more than 90% of it is underpinned by reserves.
So a lot of the peers, some of the peers in the gold sector, you'll see plans with significant components or contributions from resources that aren't in reserves. You'll even in some cases see significant components from exploration targets. So this one is relatively very high confidence. Third point, just the production growth. We've got 20% compound annual growth rate over the first five years. That's industry- leading. Many of the peers are running pretty hard to stand still. It is a tough business, this one, and gold, that is. And look, finally, just the declining all-in sustaining cost curve. So lovely shape there. We're going from AUD 2,300 down to AUD 1,600 an ounce. All Aussie dollars today, guys, when I'm talking. So yeah, going down to AUD 1,600.
You can see that structural leg down in financial years 2028 and 2029, and that's driven by ounces that come from our, at that point, from our imperious Tower Hill deposit. So more on that later. Looking to grow. We need to invest. So we've got AUD 520 million of growth capital over the five-year period, and peak rate of spending is actually in this current financial year right now. We are fully funded, so we've got the AUD 172 million of cash and bullion that I mentioned before. We're also generating healthy operating cash flows at the moment with almost 100% exposure to the buoyant spot gold price. And despite this plan being only a little bit over six months old, we've already upgraded FY 2025 guidance. So at the midpoint, we're targeting 200,000 oz in this current financial year at an all-in sustaining cost of AUD 2,300 an ounce.
Look, just honing in a little bit further on some of the points of difference between Genesis and some of the peers. So on the left-hand side there, Genesis shown in the honey color, right? So on the left-hand side, just production growth, clearly a leader there. In the middle, reserves. So reserve fade is indeed the Achilles heel of the gold sector. It's just very difficult to replace reserves. Really pleasing to see Genesis leading the way in this peer group with 3.3 million oz. And then on the right-hand side, resources. And again, we're in a pretty good position there. That FY 2025 production upgrade that I mentioned, that's been driven by the restart of our second mill at Laverton, six months ahead of plan. Look, we're producing lots of gold bars there. The mill is performing at the moment ahead of forecasts on every measure.
Our boss at Laverton, Lee Stephens, look, his daily report and his daily production reports become something of an instant bestseller at Genesis. It's going very well at this early point. So yeah, what else? As we push out more ounces from Laverton, of course, our production progressively increases, and that will culminate over time in lower costs on a per ounce basis. Further to Laverton, we're having mirrored wins elsewhere in the portfolio, and I'll talk to a couple of those in a second, including our development projects at both Ulysses and Tower Hill. So this is our high-grade, long-life Gwalia mine. The plan here is to transition this to quality over quantity, and that's well underway. What we're doing here is really simply taking the pressure off it. Hence, we're focused on that purple shape there. That's the seven gram per tonne head grade of gold.
This system has got the coveted trifecta, right? Grade, width, and continuity. It runs at an endowment of 5,000 oz per vertical meter. So that's industry leading. What that means, so every meter we go deeper, right? 5,000 oz per vertical meter. Every meter we go deeper, we mine gold with a revenue of AUD 20 million. What it also means is that to achieve our targeted production rate from this mine, which is around 130,000 oz per annum, we can vertically advance this mine at around, in fact, less than half the average of other less endowed mines in WA. So again, that's what we mean, taking the pressure off it. In terms of volume, so the trick here, we've got the Ulysses mine. So really simple plan.
On the left-hand side is the established Gwalia mine that I was just talking about, the one that we're focusing on quality at. And then on the right-hand side, we've got Ulysses 35 km away. The plan here is to blend the old with the new, blend the deeper with the shallower. Share fixed costs across the two sites, which are only 35 km apart, and end up with a better outcome overall. Specific to Ulysses, developments: we cut the portal there back in March, I think it was, and development rates have been consistently running around 50% ahead of forecasts. What that translates into, hopefully, is a bit of an early Christmas present. We're shooting for first opening there in the not too distant future. Tower Hill is a key value driver, simply because it's one of the highest grade undeveloped open pits globally.
In our 10-year plan, our 10-year plan features the champagne colored pit shell there. There's a million ounces in reserves in that shell at two grams per tonne. You can also see the blue shell sitting around the champagne shell. That's another 400,000 oz. That's up for grabs either via a larger open pit or potentially an underground, work that out in the future, but another 400,000 oz there. So none of that, none of that 400,000 oz, for example, is in the 10-year plan. You can see on the lower left-hand side of the slide, I'm not going to read them out, but there's a number of drill intercepts there. So that gives you a flavor for the widths and grades that we're going to be enjoying when we get into mining this. Capital spend, so I mentioned group total was at 520 right at the start.
So AUD 200 million of that goes onto this project, of which AUD 120 million is allocated to pre-stripping and there's AUD 80 million allocated to site infrastructure. Our plan with this is to truck it over to Laverton. So the haulage cost on that will be around $14 a tonne, which at spot gold price is about 0.1 grams per tonne. And again, to remind, the reserve here is two grams per tonne, right? Two grams per tonne. So look, we only actually, we've had this asset since the middle of last year, and we've been quietly advancing it towards production. As an overarching comment, all stakeholders are supportive of this project. We're having excellent engagement and buy-in with the local shire, the community, the state government. We've had environmental approvals fast-tracked, and we've got an excellent relationship with the traditional owners, the Darlot Native Title Group.
In terms of the rail, so the rail sits in the. You can see it on the yellow and black line coming down, sitting on top of the planned cutback in light green. So the task with the rail is to shorten it by around eight kilometers. So that is shorten, not relocate it. So that's quite important. And look, we continue to have quality engagement with the rail users, and our guided timeline to first ore from Tower Hill remains intact at financial year 2028. So as I mentioned before, our base plan is very much a starter plan. So there's significant upside not included in that plan. I think it's fair to say we should acknowledge that Genesis is on a learning journey with respect to resources, having only owned these assets for a short period of time.
There are a number of conversion opportunities to close the gap between that 15.2 million oz in resources that I mentioned and the 3.3 million oz in reserves. As we work through that, as we optimize the plan, from a market point of view, that should throw up steady news flow. So stay tuned on that front. And first cab off the rank, and the only one I'll talk about today is Westralia. So this is basically a re-evaluation of Westralia. It's 15 km from the Laverton mill. The previous owner worked this project as a narrow selective underground mine. We're turning that on its head and looking at it as a bulk open pit. And also using, so the previous owner had an external contractor. We've got our own low-cost internal Genesis Mining Services division that'll do the open pit work for us.
So we're recutting this, seeing where we can go with this one. So yeah, stay tuned on that as well. Just driving the contrast between the new bulk and the old selective Westralia. Look, I won't read through all these points. You can have a look at your leisure. I will call out, and look, we're certainly not apologising for it, but I will call out that the Aussie dollar gold price has put on more than AUD 1,400 since Westralia was last mined only in September 2022. So that's some of the economic advantages that are presenting through this gold price. Next steps for Genesis at Westralia. We'll do some closer space drilling. We'll do some more detailed financial analysis, of course, and we're targeting, aiming for an open pit resource in March.
Look, I guess the aspiration with this project is actually to return it to its healthy days when Dominion was operating this. They mined nearly a million ounces at more than three grams per tonne, and that was one of the most successful open pits in Westralia in the 1990s. That's where we'd love to take this thing. We've just got to do the work. Look, in terms of capital allocation, we're getting great bang for our buck investing in organic growth. And we're making our business better every day. That is absolutely our immediate focus. In the medium to longer term, we've got the Aspire Thirds model, right? That's a third back to shareholders, most likely through dividends, usual mechanism. A third invested in growth and a third retained on the balance sheet.
So look, in summary, Genesis, I think the growth credentials are pretty clear. What is perhaps less obvious is that free cash flow is set to markedly increase and sooner than expected. So that's been driven by a few things. Firstly, rollover growth capital, and secondly, increasing production into a buoyant gold price. We've got a progressive 10-year plan, and our business can get better every day. So we're looking for potentially more free cash flow in the next half compared to the current half, and potentially more free cash flow in the next financial year compared to the current financial year. Thanks for your interest in Genesis. Compelling gold story right there.
Now, next up, James Bay Minerals has enjoyed a breakthrough few months on the ASX following a recent transformational acquisition of the 800,000 oz Independence Gold Project in Nevada, USA.
With drilling about to commence, I'm excited to welcome Executive Director Andrew Dornan to tell us a little bit more.
Thanks, Grady, and thanks everyone for coming today. I'll spend today talking about our recently acquired Independence Gold Project. It's an advanced gold project located in the Battle Mountain region of Nevada. It's about 20 minutes' drive from the town of Battle Mountain and just over an hour from the fully serviced mining town of Elko. It has an NI 43-101 mineral resource of 1.18 million oz of gold and 7.6 million oz of silver. There's a high-grade component within that of 796,200 oz of gold at 6.53 g per tonne gold. There's a Measured and Indicated portion of 334,300 oz of gold. We sit directly adjacent, neighboring the Phoenix Gold Complex, which is [NGA].