Take note of the forward-looking statements because I will be making a few. Okay, let's get straight into it. For those of you who may not know us, who is and what is Kingsgate? So, Kingsgate is an Australian-listed gold producer. We have been around a long time. We were first listed on the ASX back in 1988, and we're currently trading around a market cap of maybe $250 million-$300 million. We have AUD 45 million in cash, bullion, and doré, so that's about, I think, $26 million. We have AUD 71 million in debt, which is around $46 million. And an important one to note, and I will focus on this towards the end of the presentation, our capital structure is quite small.
We've got about 260 million shares on issue, which is about maybe a half or a third of our other ASX peers, and that's quite meaningful for us. Our share register is very interesting too. In fact, our largest holder is Stabilitas Funds just over the road in Germany, and we have a number of high-net-worth Swiss and German individuals held through various private banks and other things like that. It's a great opportunity for us to be here today to talk directly to some of those holders and hopefully increase some of that. We have two key assets. As Kai said, we have the operating Chatree Gold Mine located in central Thailand, which I'll talk a little bit more about in a minute, and we have the world's seven-largest underdeveloped silver project in Chile, and that's very exciting.
We certainly think that's part of our organic growth plan going forward. So, let's jump straight into it. Let's get to the Chatree Gold Mine in Thailand, and I just need to preface this slide by saying, because it will help make sense, Kingsgate operated this asset successfully between 2001 and 2016, and in that time we produced close to two million ounces of gold, around 10 million ounces of silver. At the end of 2016, the Thai government didn't renew a key license that we need, so we were able to undertake an international legal process to have that asset restored to us. I'm pleased to say that occurred in 2022. So, over the last two years, we've been putting that asset back together, and just this year we've recommenced full production. So, a little bit more about it. Where is it?
It's located in the highly prospective Loei Fold Belt in central Thailand. So, that starts up in Laos, curves down through the center of Thailand into Cambodia. We've got first and only mover advantage. We're right in the center of it, and because we've been there for the better part of 30-40 years, we've been able to peg or put our foot on all of the best spots in that area. It's a large, low-grade epithermal gold deposit, and it currently has 1.3 million ounces of gold in reserve, 3.4 million ounces of gold in reserve. So, that's an approximate 9-10-year mine life for us. We have a steady-state production previously of around 100-120,000 ounces, and we're looking to get back up to that.
In fact, now that we are back to life, we put out production guidance earlier this year of 80,000-90,000 ounces, all in costs of around $1,650-$1,800, but we'll be working hard on getting those down, and I'll talk a little bit more about that in a minute. And the last point I want to make on this slide is that we have another competitive advantage in that we have a very highly educated local Thai workforce, and in fact, more than 80% of our workforce, and we've got 500 people there now, we'll have 750 people there when it's going at full capacity, are all from within villages that are located 10 km, you know, from the mine or closer. So, we're very proud of that.
This just gives you a visual of how we've been going since we reopened, and I don't want to dwell on it too much, but as you can see, the last quarter, September quarter, we had a 67% production increase on the June quarter. That's fantastic. We produced some really good ounces, both in terms of gold and silver, just under 16,000 ounces, close to 160,000 ounces of silver, and as you can see, our cost profile there on the right-hand side of that graph shows that it will continue to come down as the ounces go up and as we get our operational efficiencies going as well. So, just a quick schematic to highlight that.
In terms of our organic growth plan, and this is the really exciting bit about the Chatree Gold Mine, because we're the only ones there, we've got our foot on over 1,200 sq km of really exciting exploration potential. We've got 17 active tenements within 20 km of the mine, and we're basically taking a layer-cake approach to it. So, we're looking at metallurgical, geotechnical, structural, and hydrological programs to really drill down into it to see what the alteration zones are like, where there's areas of interest. We're spending $4.3 million on that this year to grow that. And one of the areas that I want you to look at, and I know it's a little bit hard to see on that schematic, but the Chatree Mining Complex itself is that brown diagram in the top center of the map.
In the southeastern corner of that, there are four prospects. There are Kumpee, Chalawan, and the BR prospects. What we're looking at doing with that is actually building that into an exploration complex and posting an inaugural resource on that next year. We know that's an extension of the Chatree system itself, and we're very excited about the growth opportunities there because it's less than three kilometers from the existing processing plants. In fact, it's closer to the processing plants than the A Pit is, which is where we are mining currently. So, that's a top priority for us to vend into the production profile as quickly as we can. In terms of other organic growth programs that we've got running, we're updating the reserve and the resource for the A Pit itself, and we hope to publish that in the next few weeks.
And we're also looking at the whole mining complex and update on the resource for that in calendar 2025 as well, which we hope will certainly boost our inventory. So, there's a huge amount of work going on there. As you can see from that schematic, we've obviously pegged all of those areas. That's about 100 km north and south is our total area of influence, and we've got all of that. There's nobody else there that's competing for us. So, we're only really limited by the amount of resources and effort that we can put into it. So, we think we've got an enormous growth opportunity. Just quickly, Thailand, and I mentioned before our issue with the metallurgical license. Thailand is a really relationship-driven country. It's really important to have strong interpersonal relationships. Without that, there is no social license to operate. Without that, there is no mine.
As I say, Kingsgate's been there a long time, and we've had a really strong ESG program for more than 30 years, and I just want to touch on a few highlights from the last 12 months. As I say, we've got a very high number of local employees. We have over 5,000 households within 10 km of the mine. Now, in the course of us being there over the 30 years, we've been to all of them, well, certainly our head of community tells me we have, but just in the last year alone, we got to 2,600 of them just to ensure that the community's kept up to date with what we're doing. We've been to more than 100 community meetings around villages and in areas where we need permits and licenses. We've got very strong support. We've done health checks. We've built hospitals.
We've built water filtration plants. We keep those in good order. We planted approximately 15,000 trees last year. We recycled waste, and there's a whole range of other microeconomic programs that we run. So, we've always felt that we've done that very well, and we've certainly been a benchmark in that area for a very long time. So, that's what keeps us in good order. That's what helps with our permitting, our regulatory relationships, both with the community and the government. Just jumping across the Pacific now, and I want to spend a little bit of time talking about this asset. So, when Kingsgate was developing the Chatree Gold Mine, in 2011, it picked up some patchwork ground from Anglo American and from Kinross, and together that ground became the Nueva Esperanza project.
It's exciting because it's located between Gold Fields' Salares Norte in the north, which is an incredible project, and Kinross' La Coipa project in the south. It's often been thought that the geology is quite similar. Our geology is quite similar to those projects, and we know that's elephant country. The original resource that was posted on it, it's got about 500,000 ounces of gold. It's got 83 million ounces of silver, and as I said earlier, it is in the world's top 10 largest underdeveloped silver projects. We think with silver fundamentals, obviously it's up 50% on where it was in June 2023, we are bringing it back to life as well, and we've got a targeted exploration program that we're currently putting together to commence in FY 2025.
We're updating the resource and the reserve statement for that as well, and we should have those details out in the next few weeks, and one point I want to make is when Kinross owned this asset back in the late 1990s, it was the largest silver mine in the world. In fact, I'm told Kinross got close to 40 million ounces of silver out of it in about 13 to 14 months, so it's certainly got the potential. The other key, or the other thing to note about this asset is previously there wasn't a lot of work done on gold assays, and the one time that we went looking for gold, this was back in 2017, we found a high-grade gold zone down the western side of one of the existing pits. There's two open-cut pits there, and there's one underground complex there as well.
We really like this. We've been approached by various parties to see how we can unlock the value of this. We did get it to pre-feasibility stage. We want to bring it on to feasibility stage and then to a development decision. We also want to add inventory. We've got 100 sq km of tenement there. Approximately 45 of those kilometers is a very, very juiced-up alteration zone. We're also adopting the layer-cake approach to the exploration on this as well. We'll be looking at a whole range of data that we can help build this project, and we're thinking along the lines of listing it or doing something, spinning it out so that we can maximize its value, particularly in North America, and we're in some early stages discussing with various parties about how we might do that.
But we really like that, and we see that as one of the organic growth pathways for Kingsgate as well. And just to sort of, I guess, finish on the highlights, so what sets Kingsgate apart from other ASX producers, what makes us a little bit different from other mining companies? First, I want to call out Canaccord Genuity. Now that we've come back to life in terms of the Chatree Gold Mine and we're developing Nueva, Canaccord put a coverage note out on us recently, and they called us the most undervalued gold stock on the ASX that they cover in terms of what our reserve and resources are in terms of our trading value. But I think our strengths lie in the fact that we're back. Our production ramp-up is going the right way. We had a 67% increase in the last quarter.
We're focused on building our production profile. So, from FY 2026, FY 2027, 2028, we'll be going back over 100,000 ounces, back up to 120,000 ounces gold equivalent. And I might add Chatree itself, the asset in Thailand, has historically produced somewhere between 500,000 ounces and 1,000,000 ounces of silver as a byproduct credit, which is a great thing to have as well. And it's practically brand new because we've refurbished and rebuilt the two processing plants that we have at Chatree, and they're fairly standard carbon-in- leach processing plants. They've got a massive nameplate capacity of 5 million tonnes per annum or better. It's currently running above nameplate capacity. So, that's how we get the efficiencies. That's how we get the ounces. That's how we get the economies of scale. We're very happy with that.
In terms of financial strength, we don't have a lot of debt. We've got $35 million. We've got funding from Nebari. I know Nebari's here, and a big thanks to them for helping us do that. They helped us bring Chatree back to life, and as I mentioned at the start, we do have a very tight capital structure by peer comparison with only 260 million shares out there. It's very high on the board's mind that if we get extra cash, we'd like to do some distributions to shareholders or some capital restructuring. And because our capital structure is small, those changes will be meaningful. The other thing is we don't really have a lot of CapEx to spend going forward. We've got a brand new mine. We've bought 41 new pieces of Caterpillar equipment as well, so our plant and equipment's brand new.
We don't envisage a big capital spend going forward, so that'll certainly help our bottom line, certainly help us chip down our debt as quickly as possible. In terms of organic growth, and this is a really exciting bit, as I was saying too, you can see the exploration upside we have around the Chatree asset itself. We're really only limited by the amount of resources we can put into it. It's a monster system. We're the only ones in it. We know there's an extension. We're following it out. If the mines run correctly, could be there 50-100 years. Very aggressive exploration program to underpin that. We've also got one of the world's top 10 most exciting silver assets that we're putting effort into bringing back to life as well. That's our value proposition for Kingsgate.
We are in different jurisdictions than some of the other people here today, but I think that's what also makes us exciting. Extremely undervalued at these prices. Our ticker is ASX KCN. Get in while you can. Thank you very much.
Thank you, Jamie. I think we have time for one or two questions. Do we have a question? Yes, we do. There's a microphone coming.
Yeah, I just wanted to know what was the fortune of the company when the license was revoked? And is that one of the reasons why you decided to change jurisdictions? And what do you circumvent? Like, what could you do to stop that from happening again? Because it did happen.
Yeah, look, that's a good question. So, since the Thai government didn't renew that metallurgical license, we activated our rights under the Thai-Australia Free Trade Agreement.
It's a bilateral trade agreement between the two countries. We were able to work through a legal process that is sanctioned by the World Trade Organization and come to a mutually agreeable outcome. We and Thailand both felt it was beneficial to have the mine returned to operation, and Thailand incentivised us to come back. Some of the things that Thailand has given us to come back, they've given us a $100 million eight-year tax-free holiday. They've given us access to 115 Special Prospecting License areas, which is a lot of that exploration area that you saw, some that we've had under application since as far back as 2003, giving us withholding tax incentives, all these things. There's been three governments since that government didn't renew that license, and I would say the current government is very, very commercially focused.
In fact, the Prime Minister, her father opened the Chatree Gold Mine back in 2001, so they're very supportive. We've got the best relationship with the government that we've had in 15 or 20 years, so we feel that certainly the next three to five years for us should be a real golden era, excuse the pun, for the asset. We think because of those measures, the relationships we've built, the legal framework that we don't envisage any further licensing or permitting problems going forward. But it did have a large impact on the company. We effectively had to put it into care and maintenance, work through the process. We did have some debt funding to get through it. We're back out the other side now, and we've got access to all these areas. Fantastic.
Thank you so much, Jamie.
Thank you, Kai. Really appreciate it. Thanks for.