Good morning. Thanks for having us here. Thanks all for being in a room with us. Rox Resources, we're building a new and unique gold project. We're unlocking the potential that this system holds. What we've done in our presentation, which I'm going through now, and released a couple of days ago, is we're now looking at past DFS. What do we see as our potential? What is our aspiration? It's obviously to build it bigger, and there's a lot of reasons why we believe we can do this. Ultimately, we want to become a 150,000 oz producer organically from our own asset base. We're in Yilgarn Craton, Murchison district, an area which has got a lot of gold, a lot of big gold miners near us, and a lot of potential because it is heavily underexplored, particularly in this Northern region.
We've got a high-grade reserve, high-grade resource base. We're one of the highest grade under development assets in Australia. We have an accelerated de-risk pathway to first gold. We started out in 2024, when I joined the business, late 2024. We put a plan out to be pouring gold by the middle of next year. We are completely on track to do that, and every day we're de-risking the project. We're doing an experienced team. The team we've put together is a team of people who have been building mines. It's where our key focus has been, and it's what we've all been doing for most of our careers. We're going to be a very low-cost, high-margin producer, circa 120,000 oz per annum average.
If you're looking to our core production, it's 130,000 oz, and we've got room to grow above the DFS, but also within our tenement package. In terms of our DFS, this came out in November last year. Low cost, high margin project, circa AUD 2,000 an ounce, All-I n Sustaining Costs at a base of AUD 1,500 gold. Today, gold's sitting at around that AUD 5,800, AUD 5,900 . Free cash flows at these prices is circa AUD 2.7 billion over the initial seven-year production life. Pre-production CapEx around AUD 383 million, funding requirement of AUD 450, and we've got a lot more in excess of that locked up. In terms of production, initial seven-year mine life, again, 120,000 oz per annum averaging. Plant recovery, about 91% on a base case plan, and that's utilizing fine ground and atmospheric oxidation to get gold out of the sulfides.
We're building a 1 million ton nameplate plant. Our mine plan's 900,000 tons. We've got capacity to put more dirt in there, and that's exactly what we're trying to do. NPV, IRRs, we're up around that. Sorry, it's been a while. It's nearly AUD 2 billion pre-tax at these prices. Rate of return, we're nearly at 100%. We've got 2.2 million oz in the ground at 5.6 g a ton. That was July last year we put out that MRE. There's been a lot of drilling which didn't make it into that year, plus we've done a lot since. Reserves, 674,000 oz at 4.8. Our mine plan, 900,000 oz at 4.9. This is a very high-grade ore body. More importantly, we are fully funded. When we released the DFS last year, we did a AUD 200 million placement with an SPP for AUD 18 million.
We followed that up with an AUD 350 million debt package, Tier 1 project development with four large banks, AUD 300 million for project finance, AUD 20 million cost to overrun, then the bond facility off the back of it. That allowed us to call an FID in March this year and get construction underway. When we're talking about the building of this mine, it's been a very accelerated mine plan. Again, I joined in late 2024. The first thing I did was set about building a team, getting funding, and getting drill programs underway to really start to unlock the value of this ore body. We started drilling. We then looked at it. The PFS, which came out just before I started, was fantastic. It was thorough, well done, good results.
It gave us the confidence that this mine was going to be built. We started dewatering straight away. MRE came out. We had an upgrade to the underground. The underground itself got 2.1 million ounces at 6 g a ton. We started site construction works, camp, offices, got the mining contractors in, got our permitting, ultimately leading to where we are now, a fully permanent operation with three declines under development and a mill under construction. Now we're starting the process of what's next? How big are we going to get this? With the de-risking, we're already building stockpiles of ore. I've got four levels under development in the first decline, which we started in November last year. We're also well in drilling excess of our plant development meters.
The last few months, we're averaging 340 m out of a single jumbo on a CapEx in our DFS at 270. Strong visual controls. It's a lot better than we expected down there. Guys are getting a really good understanding on the ground of our geo teams as to what's going on. Giving us great control, again, we know where the gold sits. Two levels of mining ore drives at the moment. We've got about four ore drives under development today. We've got circa 30,000 tons at 2.95 g a ton already on the ROM pad after two months of ore development. That's on our pathway to getting a 200,000-ton stockpile at +3.3 g in front of that mill before we turn it on.
We want to make sure when we start this operation, we're not going to be scratching for dirt and we can actually keep this mill fed. In terms of that pathway, again, when I came in, we set this plan. There were a few key milestones. DFS in November, we did that. Funding in Q1 this year, we've done that. Struck the mill last quarter, we started that. Pour gold mid-next year. We're on track to do it before the end of this financial year. This all then goes to the growth potential beyond the DFS. If you look at the production profile there, the DFS averages 130,000 oz from years two to six . We've still got about 11%-12% capacity on the nameplates at a mill. It's not hard to see the transition to get that from the 130 to the 140-145 mark.
A little push on that. The mill's always overdesigned. We know we can put more through it. We've put a lot of extra infrastructure in there to make sure that we're de-risking being able to do that as well. A few other things. All in all, 900,000 ton mine plan, million ton mill, got that capacity. The mine we know can deliver more. We've just got to do some more drilling to convert that material to increase the production rates. It really is a base case plan. It's a bankable plan. It's de-risked. The exploration potential is huge in this project. In terms of the high-grade plan, initial drilling we've done earlier this year. We brought the RC rigs in to do some infill drilling ahead of the mining fronts.
What that showed us really quickly is there is a lot more potential, even in these shallow levels, that we didn't pick up in previous drill testing. We've got some large high-grade hits there. If you look at the Youanmi North image on the left, we released these results back in April. First level goes out, it's got three stopes on there. That level's probably going to have five or six stopes now. Again, more tons, more ounces from the same plan. Second level, we didn't even have anything on it. That level's now going to mirror the one above with six to eight stopes on it. There's quite a lot of extra coming in there. There's a gap in there as well, which sits up in through here. That's filling in at the moment. We released another drill hole in that area, last week.
Again, we're getting some big numbers out there, potential for more. It's definitely there. Interceptor on the right-hand side, that's the hanging wall of the main ore system. There's multiple lodes throughout all of this ore body. It's generally two to three. We're seeing more high-grade hits. We had four holes there of greater than 20 g a ton, between one and 3 m thick. Again, there's going to be more ounces coming to the mine plan in those areas. We have an old decline, goes in the main ore body down there. That was mined back in the 1990s. About a 4.8-m square. We're stripping out to modern sizes. It's quick, it's cheap, it's going to get us into that ore body nice and fast. We have a 50,000-m drill program underway at the moment with the one underground rig on-site.
That's all about that infill drilling for grade control purposes to get us a year ahead of production by the time that mill turns on. By middle of next year, we want to be a year ahead of ourselves. We want to be de-risked to understand exactly what we've got coming and make sure we can deliver. Really goes into the potential we see in the ore system. The red box up the top, they were the first release we put out. We've just finished design work under Youanmi North, in through this area here. There's a lot of ounces sitting in inferred category. First pass there is let's convert them into the indicated so we can get into the reserves. On the northern side, left, that image is a high-grade plunging shoot. We're going to chase that.
We believe that's going to add quite a lot in there as well. We'll start seeing results from there probably coming in in early October. Underneath Youanmi North, not much drilling's been done down there. There's not a hole in that box. Underneath Prospect, that was a new find we had last year. There's not a hole underneath it. That mineralization matches that of the main ore system, which mined in the 1990s, an average grade of about 11 g a ton. Pollard. It's another system. There's two holes in that box underneath. We've confirmed the shear is continuous. We've confirmed there is mineralization. Now we want to drill that from underground.
We'll have a secondary coming to site at Christmas, and its key focus is going to be the growth targets from the underground platforms. Regionally. We've got 62 km of strike down the Youanmi Shear Zone. The main shear is the feeding structure, the feeding system into all of these ore bodies. The only areas that have really had any drilling that's gone through to cap rock has been in Penny and at Youanmi. Penny's been a fantastic mine for Ramelius. Half a million or so ounces out of there at nearly 20 g a ton. Youanmi's had a historical production of about 670,000 oz at 10 g a ton, an overall system size of greater than 3 million oz. These are pretty strong ore systems.
One of the exciting things we got, the AeroMag survey we did late last year. We've been working with a professor from Monash Uni who's a specialist in ductile shear zones, which is what the Youanmi system is. Newexco, structural specialists, gone through the AeroMag data. They've come up with another analog to the Youanmi system. Structurally, we're seeing very similar patterns to what we see at Youanmi and at Penny to a degree, where if there is going to be another large ore body, the likelihood is it's going to be in this little window we've got highlighted in that left image there. Outside of that, we've still got multiple others. We've been drilling out at Currans. It's a shallow, interesting little system we're going to do some more work on.
Commonwealth put out a bunch of results on that last week. That's one where we see a potential. It could be a shallow pit. It might even be a small underground off it. Our mill, we can do one of two things. We can run it as a straight out sulfide circuit, which is what it is, the disseminated refractory ore body, or we can actually turn that off and bypass and go straight to the leach tank. If we have an oxide feed, that could be a backup if we're going to do shutdown work or anything like that. Hope is an interesting one we're going to look at later this year. We had prospectors come in with a bucket of rocks all full of gold. Super kilo gold from surface works. We found there's one drill hole down there, high grade, never followed up.
Now the guys are working through that one as well. Again, to do this, I've had to put a team of people together that have actually got credentials in doing it. We've all been through building mines, building assets, building teams, bringing these things into production. It's not an easy thing. Again, getting people to do it hasn't been an easy task per se, but we've put together a fantastic group of people, and we're all delivering. The biggest one is that we have delivered. Corporately, circ 1.4 billion shares on issue. We've been on a bit of a fire sale the last week. One of our shareholders distributed 25 million shares out to their holders as a pro rata. It looks like about 15 million- 17 million of those are on a liquidity event.
Hopefully, that's pretty well done, and we'll start actually getting some appreciation for what we're up to. Capital analyst coverage. Lots in the media. We're pushing this story out. It's an exciting one. It's a project which has the ability to potentially change the mining industry with the technology we're putting into the processing plant. Really closing it out. Our pathway to production. Stockpiling is underway. We're going to be pouring gold by the middle of next year. Really, it's an initial seven-year mine plan. High grade, reserves, resources, and the ability to grow them. We have a lot of strike. The mine itself isn't closed off in any direction. Near mine, there are multiple targets, whether it's long strike, in the footwall, in the hanging wall. We've got a lot that we can hit with the drill rigs.
Big one is we want to fill this mill, increase that production rate, and make it go for longer. Economics-wise, it's leading for the builders which are going in today. Sub AUD 2,000 all-in sustaining cost with a long life project on modest capital but is fully funded. The rerate potential for us really is to keep delivering more gold and ultimately, we expect to get to where our peers are sitting. Thanks.