Thanks very much to Reed Corporate. This is in fact our first visit to this conference, and hopefully I will be telling you a story you haven't heard before. I will tell you why. There's a reason that our asset and the assets it sits within are so significant. Where are we? We are in Western Australia. We are in a town or to the south of a town called Kambalda. Kambalda's 50 km south of Kalgoorlie. I am sure you have all heard of Kalgoorlie, one of the world's most famous gold camps, the Golden Mile. Amazingly, that's over 100 million ounces now, 65 million ounces mined. There's still 45 million to go. If you drive for half an hour south of Kalgoorlie, about 50 km, as I say, you get to Kambalda.
Kambalda's most famous for being the birthplace of the Australian nickel industry with the discovery of nickel sulfides by Roy Woodall and WMC Resources in 1966. It's also actually one of Australia's best gold camps, and you hardly ever hear about it. St Ives now sits inside Gold Fields Limited, South African company. They are not listed here, so they don't really publicize or market much here. It's produced 18 million ounces, and there's still 13 million ounces or thereabouts to grow, and it's still growing. At one end of this Boulder-Lefroy Fault, you have got over 100 million ounces. 50 km away, you have got nearly 30 million ounces or over 30 million ounces, and we have got 23 sq km right in the middle of this amazing St Ives camp that you never hear about. Quick corporate snapshot.
The key numbers to focus on here is our market cap is very modest. When you remove the cash that we have accumulated over the last six months of endeavor, and I will take you through how we did that, AUD 41 million at the end of August. Our enterprise value is extremely modest, AUD 35 million. Gold Fields are our major shareholder. We have been working with Gold Fields privately, in joint venture from 2014, and then we listed in 2021. The founders of that private vehicle still own 19%. The register is extremely tight. Other key figures, got no debt, obviously. We have got a modest resource, 73,000 ounces of gold, and a very significant high-grade nickel resource. I will touch on nickel, and essentially what we think is a free embedded option in our share price for that nickel.
We don't get any value for our nickel, but I will finish with nickel at the end of the presentation. I have zoomed in here. Like I say, you don't hear much about St Ives. There's about 60 or 70 deposits been mined at St Ives. I was the last chief geologist at St Ives when it was sold by WMC to Gold Fields in 2001, and by default, I was sold with the furniture and became Gold Fields' first chief geologist. People back then who knew a bit more about St Ives thought it was a big asset. It was actually, we used to call it Norseman on steroids because lots of small and modest things, but now some very big deposits, none bigger than Invincible. This is a world-class address for nickel. It's also a world-class address for gold. It's one of Australia's best gold belts.
If this asset was inside Ramelius or Northern Star or Genesis, you would hear about it all the time. Unfortunately, it sits inside South African company, Gold Fields, as I say, and they do not really talk about it. So it is about 230 sq km that has produced that 18 million ounces. We have got 23 sq km right in the heart of Gold Fields' operation. We think the assets are underexplored because this belt was a nickel belt under WMC Resources ownership. When WMC Resources sold the asset to Gold Fields, Gold Fields had bigger fish to fry back then out on that salt lake at Lake Lefroy. That endeavor and that great work by Gold Fields has yielded fruit at an amazing discovery called Invincible, which I will touch on in a minute. We think it is underexplored.
We have generated some really significant cash in the last six months, and I will mention that in a moment. Our goal now is to demonstrate that not only do we think it is underexplored, but show it is underexplored by finding something bigger and more meaningful. So Invincible, this is a slide pulled from last year's Diggers & Dealers presentation. Typically, you only see one slide on Invincible every year. It is about 4.5 km long. It is 2 km deep. This is not on our ground, by the way. I wish it was, but it is not. It is out in the middle of the lake. It was found in 2011, 2012. It is still growing. They are saying that this is going to run till 2045, 2050.
They are mining a 7-km decline to get from their plant on the south side of that salt lake all the way underground, get rid of surface trucks and crush underground and convey direct to the mill. You do not do that unless you have got a very long-lived asset. It is already bigger in one discovery in terms of the way they have grown it than all the other deposits ever found in the history of St Ives put together. Geologists will tell you find the big things first, then after that, everything gets smaller. Here, the endowment at St Ives is so special, they have actually found the biggest thing ever last. That just tells you something about what a special camp it is. We have zoomed in once more. It is the same yellow polygon. That is our 23 sq km.
Field of view on that image is 7 million ounces of that 18 million ounces of past production. To our immediate north is a very famous mine locally called Victory- Defiance. That is 3.5 million ounces. I started there in 1987, came back in 1994 and managed that mine geologically for three or four years. To our immediate south, there are four deposits, Argo, Apollo, Hamlet, Athena. Collectively, that is another 3.5 million ounces. So 7 million ounces within a few hundred yards of the tenement boundary and virtually no gold dots, none of those gold deposits actually inside our boundary, and that is because WMC Resources thought it was a nickel mine, a nickel belt. There are two nickel mines, historical mines on our property, the Foster nickel mine and the Jan Shaft nickel mine.
They produced between them order of magnitude 93,000 nickel tons from the 1960s right through to the 1990s. But as a result, we believe it is completely underexplored. Remember, I was the chief geologist for gold. We never looked for gold here because we were told this was a nickel belt. So our goal is to prove that and to make a significant discovery. W e are able to do that because when we pivoted to gold, and I should say we listed as a nickel-focused company in 2021 and made a nickel discovery, which I will mention in a moment. Then I am sure you all know what Indonesia did to the nickel price and the nickel sector locally. We had to dust ourselves off when everyone thought Wyloo was going to come and buy us next after Mincor. We got to be like an AUD 230 million company.
The share price was AUD 1.30. We went all the way back to AUD 0.14. Very fortunately, when we were private, we negotiated the gold rights on this very ground, and I am sure Gold Fields, if they had the time again, would wish they had not given them to us. But we made a very small, modest discovery. We recognized very early that we could commercialize this extremely quickly, and we have taken it from first discovery to a completed first stage of mining in just over two years. We took it from a scoping study to a completed mine in just over 12 months. It was a six-month project. The most important statistic on that slide is we put AUD 39 million in the bank through our hard work. I am very proud of the team.
Free cash flow, pre-tax, but we have got an AUD 65 million tax shield, so we do not expect to pay any tax on that. I mportantly, against the Pre-Feasibility Study we put out in January, we pretty well nailed every single metric that we communicated to the market in January. We are within 1% or 2%. Like I say, the most important one was the free cash flow, and that was only 3% lower than we forecast. So a fantastic result, and that has given us the cash backing, the funding, the self-funding, to really now start aggressively testing this discovery opportunity. We put this out at the end of June. It is an exploration target. We think it is quite modest. Remember, we said there was 7 million ounces right around us.
We think there is 1.2 million to 2.4 million ounces at typical St Ives grades, 1.5 grams - 2.5 grams. W e have embarked on a 43-km drill program that is going to cost us AUD 13 million. If we achieve that is more drill meters in one year than has ever been drilled on this property in its 60-year history, and that is saying something because WMC Resources drilled a lot of diamond holes during the nickel heydays of the 1970s and 1980s, and I will show you that in a moment. All of those circles are our targets. The ones to the east are the blue ones, are conceptual targets. They are conceptual because there is a lot of infrastructure over these targets. There are roads, there are haul roads, there are tailing stands, there are old plant sites, there are old nickel mines.
A lot of this area hasn't been accessible for drilling, let alone received any drilling. I'll show you that now. I've blacked out the Gold Fields ground. You're looking only at our 23 sq km. Every little dot there is a drill hole, so it looks really, really well-drilled. The other key element there is that brown dashed line. All the nickel in Kambalda that's ever been found is at one specific geological contact. It's the Kambalda nickel contact. That's 1.6 million tons on one single contact. It's really well understood, really easy to target, and that's what WMC Resources did. You're at 100 meters below surface there. If I drop down to 300 meters, you'll see the black dots start hunkering around that brown dashed line. That is all 1960s, 70s, and 80s drilling by WMC Resources.
If I drop down to 500 meters, it is all nickel drilling. There's virtually no meaningful bedrock gold drilling whatsoever inside one of Australia's best gold camps that you never hear about. That gold circle at the bottom there, that's Ben Moore. We recently announced our very first line under that expanded program hit a 40-meter-wide structure. The mineralization, the alteration, there was the presence of some visible gold. We had grades up to 8 and 7 grams a ton. The overall intercept was a little bit modest. It was only 0.6 a gram, but it was a brand-new structure. We didn't even know about it until we drilled those first three holes.
That just tells us that we are in the middle of a significantly well-endowed camp, that if we've got the dollars to drill aggressively, we can find things, and of course, we do have those dollars. Price catalyst is we're looking for big things. We're looking for things that are a bit sexier than the asset we mined, because that didn't really move the share price. It certainly moved the cash balance, but it didn't move the share price. We're looking for big things. If we find small things, we'll monetize them. I think the team has shown we can take things from discovery through to a fully completed mine extremely quickly. We're on granted mining leases. We have a great relationship with the traditional owners, and of course, we have a great relationship with Gold Fields, our major shareholder, whose plant is not full.
That is the opportunity for a small junior like us. We have a capital-light start to go from discovery through to cash flow extremely quickly. We're going to continue to strengthen our balance sheet. We've got other small resources we can optimize, and we're talking to Gold Fields about that currently. That cash and that flexibility allows us to be nimble for when we think the nickel market might recover. I heard Centaurus Metals earlier talking about the nickel naughty corner. I know all about the nickel naughty corner. We were in it for a year or so until we made that gold discovery. We think our Baker nickel asset, which I'll show you now, is a key regional asset. It's the highest grade, highest quality nickel asset in the Kambalda region. You can't compete with Indonesia on cost.
I know Centaurus are because they are outside Australia, but in Australia, you cannot compete with them cost, you have to compete on grade. You need 3% nickel, and the only place you get 3% nickel is in Kambalda. BHP, I am sure you know, they shut their nickel business at the end of 2023. They said they would review it by 2027. They are reportedly selling the Kambalda concentrator. It is 20 km to our immediate north across Lake Lefroy. BHP has a right of preemption on our nickel offtake. We are assuming that if they sell that concentrator, the preemption will go with it. We hear all sorts of chatter. Reportedly, that sale process is still on foot and hopefully reaching a conclusion. If that asset ends up in nickel-friendly hands who maintains it as a nickel concentrator, then we are in the game. Our Baker mine is fully approved.
When the nickel times were better, we did all the hard work. We finished a Pre-Feasibility Study on Baker, and we got it approved by the department. That mine is ready to go, and as I say, it is the highest grade, highest quality nickel asset in the district with no deleterious elements. This is exactly the same polygon. This is an old slide from when I used to talk only about nickel. I have stripped away all the gold geology. You are looking at that famous Kambalda nickel contact. The nickel sulfides in Kambalda are like long rivers of sulfide. They literally were lava rivers when they were formed back in the Archean. You can see in the boxes, we have done heaps of metallurgy test work. This is some of the best nickel concentrate that you can get. It is high grade.
It has a copper cobalt, platinum palladium credit, and it produces very smelter-friendly concentrate ratios. We have done all the hard work. We are now just sitting, waiting for the optionality of that concentrator across the lake to come to fruition. Just to give you a sense, I mentioned it is a very low capital cost. On the top right-hand side of that slide is an existing gold open pit that is on our tenement. From the base of that pit to the top of the nickel ore body is about 300 meters. It is about two months of mining. Remember, it is fully approved. If the cards fall our way, this highest grade asset in the district is going to be part of however the nickel market shakes out in the Kambalda District. There is a cross-section.
Now that gold is so valuable and nickel is a little bit depressed, those nickel grades are kind of similar to what they would be if it was gold, so in terms of gold equivalent. They are still very impressive. 15 at 9.8% nickel, 14 at 6.5% nickel. This is some of the highest grade, highest quality nickel you will find. Discover, define, and deliver. We have just done it. We have made three discoveries now, two gold discoveries and that Baker nickel deposit. We are very good at taking things from discovery through to delivery, and we demonstrated that with Lady Herial. We think we are a free option on a nickel turnaround. We think we are a massive option on a significant gold discovery in one of Australia's best gold belts that you never hear about.
All the time, we will be strengthening our balance sheet by taking those small, modest resources forward with our major shareholder, Gold Fields. If you like the story, please come and see us if you have time before the conference finishes. Otherwise, thank you very much for your attention.