Thank you. Carrie, thank you very much for a kind introduction. I'll just make sure I plug this in properly. There we go. Can everyone see that? OK, thank you very much for the opportunity to present here today. Without further ado, Saturn Metals Limited were working very hard to make this Australia's next new virgin open pit and heap leach operation, gold operation. I'm going to tell you a bit about it. Geologist by background, Newmont Mining Corporation, born and bred. I think what grabbed my attention about this was some very similar geology and mineral processing characteristics I've seen elsewhere in the world, where we see some very low cost production and some very efficient and elegant solutions to gold mining.
Located in the heart of Western Australia on the famous Greenstone Belt, produced probably going on for 50 million ounces now, I think, instead of the 44 on that slide. 1,000 square kilometers in the heart of Archean Greenstone territory. Other key points on that slide, good infrastructure, road, rail, gas pipeline, good gold infrastructure surrounding us. This has been the hotbed of kind of corporate activity. We sit geographically in the middle of that. Strengths from a corporate perspective, a strong cash position. We've kept a very tight share base since listing through really good discovery cost per ounce. For every meter we've drilled, we've added about 8.9 ounces. Our register is 53% institutional, and that's largely North American. I think it really reflects the type of deposit we have.
I guess recently our market cap and company valuation has been catching up to our project valuation, which was done at only $2,665 Australian gold, which is about half of where we are today. I'll run you through that. All our gold is contained in one single simple low strip open pit. That pit there is not too different to the last cutback in terms of size, Calgary Super Pit. The strip ratio on that pit is only 1.5 to 1, which even in a heap leach perspective is in the upper quartile, possibly in the upper 10th percentile worldwide in terms of strip ratios. Large selective mining units, which means low unit mining costs. This deposit's a bulk mining. It's all about pushing that cost structure down. If past performance is a predictor of future performance year on year, we've added ounces.
Not only have we added ounces, we've converted those gold bars, are getting bigger and bigger, which is the indicator. We've even taken a portion of the gold deposit, grade controlled it, reconciled it, and some beautiful plus, you know, 1% tons metal gold, which means we're doing our job properly with the resource. In cross section, we see the deposit strengths, very low strip ratio or waste to ore ratio with a white. There are ore zones there on the pit floor, which are plus 100 meters wide. The ore sticks out at surface. Some very nice mining economics. I suppose what you're looking at is a strategic size asset and a big long life mine, which has the potential to really push out some cash for a very long time. The black pit is what our February resource looked like. The blue one is the July resource.
We saw ounces come in in the hanging wall. We really saw these zones thicken up here. We've been pushing the thing deeper. Very nice mining economics. The other reason Apollo Hill Gold Project works is probably one of the simplest, cleanest metallurgically, geometallurgy and deposit. All the gold's in quartz veins. There are 3 million gold grains. Easily liberated, easily digested because it's grains. Because our deposit's bulk fresh rock, great percolation of fluids and cyanide leaching through that heap leach. You see some of the recovery numbers again, comparing very favorably to some of our world peers in this space. All that translated to a PEA a couple of years ago now. The Pre-Feasibility Study is due out in December this year. We'll talk about that shortly. Of 10 million tons for 10 years, producing 122,000 ounces a year with some very conservative parameters.
I talked about the gold price of $2,665. We discounted our recovery rates. We doubled our heap leach stacking schedule and leaching schedule. Really tried to present this as if we, you know, we have a vision to mine this. Apollo Hill Gold Project works as well because of that low cost structure. We talked about some of those geological metallurgical elements. If I could kind of summarize it, the cost per ton is about $24 a ton in terms of all-in sustaining cost. The real kicker for us is times 10 million tons. The margin that we see, our highest gold price that we could imagine when we did our study was $3,500, which gave a margin of $21 a ton. Forgive my terrible writing. Times 10 million is $210 million per annum free cash flow.
That really leads to some rapid payback and some beautiful long life cash payback. I'll make the point today's gold price is $5,500. The economics on the right were where we could stand there, hand on heart, and say, OK, this deposit's reached its critical mass. We've used a sensible gold price. We're starting to see $90 million free cash flow, 122,000 ounces per year. Some very nice banking metrics, you know, sort of 30% IRR, 2.8 year payback. We felt we were in a very strong position. The numbers on the left are at that kind of $3,500 Australian gold price. We're seeing a billion dollar project with very rapid payback. I kind of can't wait to get that PFS out in December and really show the potential of this deposit. On a global scale, we don't have too many deposits in Australia that look like this.
These are some of our peers on a global scale. I suppose the point is here, we're kind of there in terms of tons, the grade of the deposit, the size of the bubble and the ounces. We've done our homework on our cost structure. We have a beautiful strip ratio on the deposit. I really think we've arrived. These deposits are in production. They do have different crushing context to us. I think we've really accounted for that and been very visible in our studies. The PFS, which I think this sort of points we've really, this is about consistent and clean delivery of product to the pad. Since our PEA, we've really, if you want, upgraded our thinking. You see on there a three-stage crush. The advantage at Apollo Hill is we just have to crush the rock.
We don't have to grind it, which means lower capital costs, lower operating costs. This circuit's been built with about consistency of product to your heap leach pad, which is really your processing circuit. To that end, we see a gyro crusher instead of a draw crusher, which could probably give us some extra capacity and extra control on our product. A high-pressure grinding roll is our third stage crush, where we've seen much improved recovery. It just gives you that extra flexibility and consistency in product. Screening decks is an improvement from our PFS, which is again about building. It's about like baking a really nice cake and being consistent. I'm trying to think which cakes are like, maybe Mr. Kipling's exceedingly good cakes onto that heap leach pad, two agglomeration drums. I think we're really starting to refine our thinking. Exploration.
This year, if I draw a line down the middle, I think heap leach deposits, the intersections on the left have been fantastic, consistent. You see the bubbles around the outside here, geographically everywhere throughout the deposit. We've drilled about 65,000 meters. The numbers on the right, we're really starting to see some high grade shoots potential. If you want what I think is the bones or the architecture to this deposit, put simply, if I draw a line down here, when we drilled some of these higher grade lodes in the south, they became very exposed to the market. We could really demonstrate the capability. The blocks over here are orange, red, pink. The blocks on this side are purple, pink, hotter colors, black. Is that a real high grade? We really start to see some of these shoots develop.
If we look at that in plan, one of the delightful things about Apollo Hill Gold Project is we've had the ability to see these things over time. If I pick on that one, 2019, 2020, 54 meters at 3.72. Despite mining this as a bulk deposit, we do see, if you think these kind of lodes, which I'm showing here are the bones, I think we've probably got a kidney there. I think this is a liver. We're still looking for the heart. The geologist in me gets very excited when I see these kind of things. The reason in our IRIS zone, which we've seen the real high grades this year has been so good, is really simple. That structure, crossing that structure. We see a great plumbing system coming together. We see more fluids pumping through. We see those better grades and thicknesses.
What I'm going to do next, though, is I really like this structure. It crosses through there. You can see we've probably not drilled the best bit in the middle. I start thinking about this structure and this one. If I turn the drilling on, I'll zoom out just a little bit. I'm going to pick on that one again, coming through there. We're drilling here now. There's some beautiful lead intersections there. There's some more along strike. There's a terrible arrow. I love this one. I can see a repeat of it there and a repeat of it there. We cross that. I think what's happened here is our potential to really unlock this deposit's geological potential at higher grades. I think really provide some excitement has just gone supersized. I suppose watch this space. Regionally, I think we see at the district scale, there's 16 prospects on there.
So far all we've talked about today is this little bit in the middle. There's two of those deposits getting some really nice legs. There's probably 14 of them we've had a bit of a look at. We move on and efficient use of capital. The point is, this is the drill anomaly map. This is one big plumbing system, just like you see at the deposit. We did pick up some ground off Sumitomo Metal Mining, the big Japanese trading house. We published some intersections earlier this year where they'd done some beautiful drilling. I really see this zone down here as another future step for the company. In our own backyard, the ability to grow organically the company and not just the deposit. I've got four seconds left. PFS delivery in December this year. DFS in October next year.
We're into financing and project build subject to that permitting, which is an EPA process because of the size of the deposit and something everyone's got to go through. Financing a strategic sized long mine life asset, which I think has potential to be one of Australia's best and most productive gold deposits moving forward. Thank you very much.