Thanks, everyone. I wasn't able to present here last year as I was busy putting our application in under the fast track legislation in New Zealand for our environmental permits. My fellow director, Sam Smith, did a fantastic job, TEDx style preso, where he described our RAS deposit as one big fat continuous sausage of gold. I'm here to give you a bit of update on where we're at and where we're going. Last 12 months, I feel like I've been in a bit of a religious cult, stuck in the minutiae of getting this project permitted under that fast track legislation. You get a full range of views under that process by a range of experts.
To give you a little bit of taste, you also get the experts who say, "Look, I haven't read your report, but in my opinion," where I go, "Stop right there." We are in New Zealand, and we do have quite a range of views. The fast track itself, there's 141 projects named under that legislation. Since then we've had 47 additional projects of all types of industries admitted into the process. That includes Royal Gold, who've just been referred by the minister for their project on the West Coast, Old River. There's currently 22 projects, again, of all types of industry, but including ours, going through the process. Most importantly, 26 projects have been approved, including Waihi North, OceanaGold, up in North Island, permitted last year in December, and two quarries, which is a significant part of New Zealand industry base.
Of those two quarries, one of them actually didn't manage to get their permit under the previous fast track legislation, but resubmitted under the new one and were granted earlier this year. It just proves that you can keep having a crack and you'll get there. This legislation was brought in under great fanfare by the coalition government. I guess as we started to really announce the great results we've got here with the Bendigo, we've become the poster child of this legislation. Disclaimer there about forward statements, but there's one statement I can be very assured of. We're on track, one year, one month, and two weeks after submitting our application end of October last year. We will have our final decision on 16th of December. What's it about? We're in Central Otago in the South Island of New Zealand.
If you love your wine, your golf, your hunting, your tramping, your cycling, this is the place to be. Of course, if you're like me and you're a long-term mining professional and you like to do it with a bit of gold mining, this is certainly the place to be. I've been there 20 years, so I should know. I guess the Bendigo-Ophir Gold Project, it's a substantial gold project on freehold land. We were granted Overseas Investment Office consent earlier this year to purchase the land under which the project lies, and in doing so, we extinguish the royalties that sit with those landowners. We're emerging high-margin gold development, and we've got relatively low capital. As I said, final approval end of this year. Oodles of exploration upside.
This is the start of the resurgence of the gold mining industry that was first obviously discovered in 1860s and really we've had our mates down the road at OceanaGold and Macraes as the only significant producer over the last 30 years. We're well-funded, and we're really subject to this permit. We're certainly poised for a significant rerate. The project itself, we've got four deposits across, that's about a 5 km strike there. We've got an overlying waste. It's hosted in Otago sediments, definitional orogenic gold deposit. TZ3, Textural Zone 3, is on the north side of that picture. It's the open, as I said, and the gold itself is hosted in a silica breccia in the TZ4. At some point, the TZ3 has been thrust over the top. It's all about the Rise and Shine or RAS, 2.1 million ounces at 2.4 g.
On the back of our PFS we published last year, we've got a reserve there of just 1.2 million ounces at 2.75 g per tonne. Zooming in on the big fat continuous sausage of gold that Sam referred to last year. We've got 2.1 km plunge down to the north at around about 23 degrees, up to 450 m wide of mineralization, but with that high-grade core shown there in purple, HG1, well-named. It's up to 150 m wide, up to 40 m thick. I'll just step you through a couple of sections, cross-section down the bottom there on the southern end of RAS, then a long section looking east down the plunge of the ore body. Here you can see the high-grade core, the TZ3 overlying burden at the top of the page, TZ3 separated by a late-stage fault, Thomsons Gorge Fault.
We have consistent high-grade intercepts there, and we're in the middle of an infill program for what we're targeting as our Stage 1 pit there, and we announced the results there of MDD-528. We hit 24 m at just under 11 g per tonne. It just shows the consistency of this high-grade core that now stretches almost 2 km down plunge. Just in the bottom of the screen there, you can see the relative depth below surface. A long section I think is the best way to really see not only the resource itself, but the relatively simple development plan. Again, TZ3 overlying TZ4 with the Rise and Shine Shear Zone at that contact. Really consistent intercepts down right almost from surface. Earlier this year, we did some major step-outs there and we get one of our good results there, MDD-490, 38 m at 1.7 [g per tonne].
That includes intercept of 13 m at 2.7 g per tonne. Great potential for extensions to underground. A simple development plan. Starting open pit, stage development at the top of the what we call the RAS Ridge. Stepping down through targeting that top of that HG1, high-grade zone. Then with the decline, that we can commence at any time, not dependent on the pit itself. We'd start in the valley there as shown, and mining down plunge from the ultimate pit limits. Of course, with that step-out drilling that we have done, you can see that significant upside to extensions to that underground zone itself. Key point is that I'll have to put AUD 10 in the swear jar, because I'll mention again our mates down the road at Macraes. There's very similar geometry here, in terms of the angle, the rock types.
With two key differences. We've got triple the grade, at least, and we're free milling ore body. It's important to note that Macraes has been running since 1990, and just last month announced the production of their 6th millionth ounce, and we feel this is just the start for our project here. Having a closer look, the same view of that long section, you can see that it's semi-arid sheep and beef stations. We've got that dip slope to the right, which is the exposure of the TZ4, and we've projected the RAS, you can see, against the backdrop there. It's been farmed for over 150 years. As I said earlier, it's freehold land, it's not subject to any significant environmental constraints. Key thing about, I guess, the fast track is it's a very transparent process.
We've been very thorough in putting up our studies to justify this project to the authorities. A quick snapshot of our capability. Just wish to acknowledge at this point the retirement of one of our directors, Kim Bunting. Kim was instrumental in discovering this project and is retired now, and has gone off to enjoy his well-deserved break from the industry. He does remain a great supporter and of course, one of our largest shareholders. We're well-funded, AUD 185 million in the bank. Current trading means that we've got an EV of AUD 280 million. A great board, Peter Cook, our Chair, Emma Scotney, who joined us last year, and myself and Sam Smith, my fellow Executive Director. We're 40% owned by New Zealanders. This is a significant part of our support that we get.
It's important to note about 20% of our shares are held on the NZX as well. Back to our PFS. We did that on a base case of AUD 3,500 an ounce. We sized the open pit underground to ultimately have a 1.2 million tonne per annum plant. Relatively low capital, just under AUD 300 million there. Does involve a relatively large pre-strip, and so that's Stage 1, just under 18 million tonnes. It's all been accounted for. You can see there with our development profile, starting to hit our straps in year two, and definitely by year three, at about 120,000 oz a year. Looking at spot price today, you can see significant upside there with cash costs of AUD 1,800 an ounce, and that includes a windfall royalty to the government, which equates to well over AUD 100 million a year for 14 years.
At Kiwi that is, of course. Of course, important to note that our total all-in cost, capital and sustainable capital included, is just at over AUD 2,200 an ounce. So with an average EBITDA of just over AUD 360 million, this represents a really great value in terms of 170% margin over cost. You may ask why those costs are so low, and one of the key inputs is the infrastructure that exists there. State highway, 8 km away, fresh, clean water from the Clutha River, feeding the aquifer. It's about a 4 km project from the project, and we have installed our main pipeline from there. We've got low cost, about a third of the cost of the power here in Western Australia via the national grid that is supplied by the local hydroelectric dams. Of course, a substation that's only 8 km from the project.
Of course, a town that is full of really keen and highly skilled people, and a lot of them who do FIFO over here, and we're looking to convert to stay at home. It's been a bit of a long 12 months. Looking around, looking at analogies, it feels like that we're turning the last corner of this race. You may recall back in 1983, there was a horse that won the Melbourne Cup from the back of the field, and I've got a little bit of clip here just to remind you, where he's coming last in the lining up on the 400 m straight.
[audio distortion ].
Coming firing from the back is a New Zealand horse called Kiwi.
[ audio distortion ].
It's very hard to spot, but what we feel like is that this project.
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Is poised, with our permit being granted by the end of this year, to cross that finish line and cross it hard, accelerating past all the others.
[inaudible] . Noble Comet about a neck in front. Mr. Jazz on the outside.
There he comes on the outside there.
Kiwi's flying, might beat them all. Kiwi's come from last in a phenomenal performance. Won the Cup by a length and a quarter from Noble Comet and Mr. Jazz in a photo.
There we go. We see there's a great analogy for our project as we get our permits end of this year, we start breaking ground in the first quarter next year. I've only got a very short time left, so this gives our timeline. Key dates there is really a provisional decision on the fast-track permit in November, with that final decision 16th of December, just before Christmas. It is important to note there is a general election in early November. The EPA, who runs this fast-track process, has been very clear and has on the website that the fast-track process continues. The panel still continues to work, nothing holds up that process at all. We are working, continuing to do work on the field. You can see the early works there with a lot of underground services. We're building the team.
We've got a booth out there in the hall over there. Paul Miles, our General Manager, is here, so if you want to know a bit more about the project planning and readiness, he's the key person. We've started to build the team, mining manager, maintenance manager, and such like. Of course, just remember, there's oodles of upside in terms of exploration, relatively underexplored, and this really is the start of a resurgence of the golden mining industry in Central Otago. There you are.
We're staying to start delivering on this project at the end of the year. A low-cost, long-life, 120,000 oz a year producer. After-tax NPV of AUD 2.1 billion, that's 7x our current enterprise value that we're trading at today. It really sets us up for a re-rate as we head into that final decision.