Thank you, Abbey, and good morning all, and thanks for logging in and dialing into the JMM Gold Forum. It was great to hear from Sean Russo and thank you to the other presenters that preceded us. This slide's not a bad place to just show everyone where our project is, for those that aren't familiar with NMG. New Murchison Gold has the Garden Gully Gold Project just to the north of Meekatharra in Western Australia. So near the northern end of the Yilgarn Craton. You can see that that's outlined there in a yellow shade overlaid on the map of Western Australia. We're around 900 km from Perth but serviced by the town of Meekatharra. Next slide, please, Abbey. Disclaimer, I'll let you read that at your leisure. These investment highlights cover a lot of the headline numbers that we are able to talk about.
These numbers are all based on the end of June numbers, the end of June quarterly numbers as well. Noting that it's just at the end of September today, we'll have our quarterly report for the September quarter out in the third week of October. Please look forward to that. Just some highlights in terms of what we've been up to at Crown Prince Operations, part of the broader Garden Gully Gold Project. We've produced 58,000 ounces in the 10 months to June. We generated significant cash, ending June with over AUD 200 million in the bank. That cash balance is building every day, pleasingly. We've grown our resource base to 360,000 ounces, which is a 47% increase over the last 12 months. From here, we're looking at growth. We consider ourselves a growth-focused merchant and gold producer.
We are both expanding our production and expanding our mine life by bringing on satellite deposits that are in close proximity to Crown Prince operations, all the while looking for a large standalone operation in our Abbotts Greenstone Belt. We'll go through some of those regional prospects later on in the presentation, and I'll just cover off the Crown Prince operations in the first few slides. Next slide, please, Abbey. NMG, a little bit of background for those that don't know. Market cap today at AUD 761 million. Cash on the bank at the end of June, AUD 202 million. Gives us an enterprise value of AUD 560 million. Share price has had a good run over the last few months with increased recognition of our strong track record at Crown Prince and in recognition of the strong cash flows that that operation is producing.
Recent weakness just in the broader market has seen us come off a bit. I think that's a combination of concerns over global macro factors that we can't really control, but also the market waiting to hear about what our next leg of growth is, which we're looking forward to being able to explain. NMG is led by an experienced board and management team. We have a major shareholder in Westgold, who are also our offtake partner. We sell gold in ore to Westgold's Bluebird operation, which is just over 35 km by road to the south of our Crown Prince operation. Next slide, please. The Garden Gully Gold Project is the broader project that we talk about. That covers several greenstone belts in the Meekatharra area, the North Murchison Goldfield. In the Murchison Goldfield, the two bigger companies are Ramelius and Westgold.
Westgold are the biggest in our area. They hold most of the production in the Meekatharra area. We are partners with them, and they're a major shareholder in us. We mine, crush, and sample our ore at Crown Prince. Once that grade has been agreed on and all the metallurgical characteristics of that ore are known, we then truck that ore down to Bluebird via the Mount Clare Road and the Great Northern Highway. Just while we're on this map, I'll just point out that the greenstones are the green colored shapes on that map, and they're more prospective for gold. The pinker units on that map are granites. The margins of those greenstone belts often contain large shear zones, and you can see that our tenement package extends along a margin of a greenstone-granite contact, and that's the Abernethy Shear Zone.
That's an area that controls several deposits that we're very keen on. Abernethy South, Airstrip, Kingswood, Viking, et cetera, you can see on that map. Cloudkicker and Crown Prince and Lydia are in the center of that greenstone along the Mount Clare Road. We're operating at Crown Prince, bringing on Cloudkicker. Cloudkicker is in production and going very well. We're looking at going underground at Crown Prince, and we're looking forward to bringing Lydia online, which is about just over 1 km from Crown Prince. Next slide, please. As I touched on before, we're in production. You can see here an image of our ROM and crusher pad. This shows our process at our end at Crown Prince.
You've got the ROM stockpiles in the top part of the photo, that image. All goes through our crusher, which it has been an exceptionally good piece of kit. That does up to 5,000 tons per day, takes a sample ROM stockpevery 100 tons. You can see there that we've got lab facilities and maintenance facilities near the crusher. That crushed ore is then accumulated into parcels, and you can see those cone shapes emerging in that image. That's how we maintain the metal accounting with our gold in ore, that then goes down to Bluebird. Just on that arrangement, we reimburse Bluebird for their direct costs, and then, they pay us 83% of the value of the gold that is contained in those parcels. We haven't had to build a mill.
That mill is a lot bigger than you would build for just the Crown Prince open pit. We've had the benefit of low unit costs and we'll continue to do so. It's worked for both parties. Next slide, please. Here's an image of the Crown Prince open pit. You can see here, the photo was just taken at dawn, so slightly low light. You can see here two shapes. The larger outline is the stage two pit, which is the final pit outline, and the smaller outline in the middle of that pit where there's a deeper excavation is the stage one pit. Those two have now joined. We've brought stage two down to the level of stage one.
What that means is we will see an uptick in production in the December quarter onwards as we've opened up a large amount of pit floor and area available for mining. You can see here that we have been averaging 15,000 ounces per quarter or 5,000 ounces per month. That's our aspirational target going forward, so that 5,000 ounces per month is very much a base case for this operation. There are times when we've got to 7,000 ounces per month, and we really enjoy that when that happens. There are other times when there's operational constraints where it's a bit lower. Next slide, please. You've seen the Crown Prince open pit. The Cloudkicker open pit is only 400 m away from Crown Prince operation.
The ore from that is very much integrated into our Crown Prince operation, in terms of the ROM, the crushing, and is treated much the same way as the Crown Prince oxide or Crown Prince ore. That's just slotted in very nicely into our production profile. The next two deposits that we're bringing into the same crushing and parcel system and into the OPA that we have with Westgold are the Crown Prince Underground and Lydia. You'll hear more and more about these before the end of the year. We're aiming to put out reserves for those two projects before the end of the year to give the market some clarity on what they look like as a start and what their production profile will be like from those projects.
There's a whole pipeline of advanced prospects and other prospects along the belt which we're working up to bring towards mining. We consider that the Garden Gully Gold Project will be producing gold for a very long time to come. We can see several satellite deposits going into the Crown Prince operation. Also potential for large standalone projects as well. Next slide, please. Current resource stands at 360,000 ounce at 2.5 g. That includes an open pit and an underground component. Obviously, cut-off grades are higher for the underground. We can see growth to this mineral resource estimate over time, particularly in the area between Crown Prince and Cloudkicker, and also Lydia at depth. We've put out some good results from Lydia earlier today.
That is the pit that you can see there that's off to the left of that image or to the southwest of Crown Prince open pit. Next slide, please. We're very much looking forward to the Crown Prince underground feasibility study update coming out. We can see very good potential for underground below the Crown Prince open pit. You can see some very high-grade results that we always highlight as indicative of the underground prospectivity here. 13 at 13, eight at 12, five at 12. These are all good underground grades. We are just going through some final geotechnical modeling, positioning declines in the right place and that sort of thing before starting out on that underground. Next slide, please. In these images, we've got final pit designs. On the left, you can see the block model with block model grades.
This is the Crown Prince main pit. You can see in the main pit image, we've included lower grades because we're mining at lower cost because it's in the open pit. You can see the shapes of the ore bodies there. Then if we tilt that pit upwards and we look only at the high grade portion of the resource, you can see that there's a lot of resource that's outside of the final pit design. That's to do with geotechnical constraints and where there is a nearby drainage line that runs past the pit. We are looking forward to getting underground and accessing that ore that we can't access from an open pit sense due to geotechnical constraints. Next slide, please. Just another image of the Crown Prince open pit, final pit design and Cloudkicker.
You can see what we're thinking and underground looks like at the moment. That's being refined each day. We are very hopeful of that getting bigger along strike. You can see there that Cloudkicker, which has a modest pit design on it, is likely to expand and also that there is likely to be a long strike mineralization between Cloudkicker and Crown Prince. There's about 1,000 m of strike length between the two deposits, and it has historically been pretty poorly tested. We're drilling those positions at the moment. We believe that there's a plunge between Cloudkicker and the high grade that you can see there just near that red arrow, that may join up. Next slide, please. Cloudkicker itself is a high-grade deposit, so 10 at 13, nine at nine, eight at nine.
These are some great results from in-pit shallow drilling. Sorry, pre-pit development, but shallow drilling. We are seeing those sort of grades come through as we've been mining. Certainly, some of the shallow areas have been very, very good for us. Next slide, please. This is what the pit looks like in a little bit more detail. We have a stage one and a stage two. Stage one is progressing really well. That's down to about 20 m below surface at the moment. Stage two is catching up. You know that's all going as planned. Next slide, please. The Cloudkicker resource model inside the final pit design. You can see here what some of the grade distribution looks like. High grades starting from surface, which we've been seeing as we've been mining for the last couple of months. Next slide, please.
The next project that we're looking at to add to our production mix is Lydia. This is very much on the doorstep of Crown Prince. The lease boundary that you can see there and that miscellaneous license boundary that heads off to the east, is basically a road to Crown Prince. What we envisage here is Lydia Main, Lydia South and Lydia East all having three pits, with a waste dump in the middle. They're linear ore bodies and predominantly strike north-south. With a plunging high-grade component to the south. I've got a long section in here in the next slide, which shows just how that hangs together. You can see here an ore body that's 430 m along strike, and defined down to about 200 m vertically, and with a high grade plunging shoot plunging down to the south.
Very nice grades to start with. You can see that shallow magenta area where we are seeing over 150 g m . That is where any open pit will start to get into early cash flow. Thank you. Next slide. The Lydia and Abbotts resources currently sit at 55,000 ounces and 44,000 ounces respectively. We will be growing those. Look forward to an update before the end of the year. Next slide. I hope you can see from the many satellite projects around Crown Prince, Lydia Main, Lydia South, Lydia East, Cloudkicker, that we are growing our production profile and expanding mine life. We are also looking more broadly along the belt and along some of the large structures that we have in that belt for large standalone projects. Abernethy South Airstrip, we talk about fairly often.
We are seeing very encouraging results along there. We will be updating the market in our next resource update with what the inventory looks like there. That is even closer to Bluebird than Crown Prince. We could go to Bluebird with that project as a start. It may in fact be big enough to be a standalone project. Next slide, please. In summary, we have been mining for a year. We have been producing 5,000 ounces per month on average. We have been building good cash, and enjoying strong margins. We are using that strong internal funding to then grow the company, grow its mine life, and grow the production profile. Thank you. I will hand back to Abbey.
Thank you so much, Alex, and thanks for your presentation. Just in the interest of time, I have time for one quick question. Now that Crown Prince is in production, how has that changed the way you approach exploration across the broader Garden Gully portfolio?
We are reasonably systematic, that is not to say that we are not doing a good greenfields geology and sort of high risk, high return exploration. We are systematic, thinking about we have got a spectrum of projects, some need to come into the production profile very shortly, and others may offer more blue sky and scale opportunities. We are approaching it from looking at it from along that spectrum of risk and return.
Thank you so much for your time, Alex, and thanks to the other