Very confident that this consent will come back to us, and we'd like to think that'll be this year. I like showing this chart because it just shows the damage of what the value of a planning consent. The day we lost that consent, the [market] dropped 50%. We've now, we've always had a very strong correlation to silver, you know, being Australia's largest silver name on the ASX. We've still got that correlation, but obviously there's a big gap between where our share price is and where the silver price has moved to. Our view is there's a great trading opportunity here for those that see it, in terms of getting the consent back and a revaluation of the Silver Mines stock. Very briefly on the capital structure, we're showing cash there at the end of June of $19 million.
Subsequent to the period end, we raised $30 million through our friends at Petra and another $4 million from an SPP. We see ourselves as now being effectively funded all the way through to the financial investment decision to mine. For those that aren't familiar with the project, where are we? We're not in the deserts of Western Australia or the jungles and deserts of Africa. We're three and a half hours northwest of Sydney in New South Wales. It's mining country. Thirty to forty kilometers to the north of us, we've got three of the largest open pit underground coal mines in the world. Mining is well understood despite having had the issues with a small portion of activists in the region. There is strong support for this project.
It was discovered in 1989 by CRA, which is now obviously Rio Tinto, very quickly realized it was silver and sort of moved it on. By way of background, this was the foundation asset for Silver Standard. Bob Quartermain and Rick Rule bought this and eventually sold it on to Kingsgate. We purchased it from Kingsgate in 2016 for $24 million after Kingsgate paid $74 million for it and put $30 million in. We've now put $100 million into this ourselves, which includes about $35 million, almost $40 million of freehold property purchases as well. We're a large landowner and we have a very active farming presence in this valley. We've always talked about this being one of the biggest undeveloped silver projects in the world, but this is really the first time we've attempted to demonstrate it graphically.
When it comes to resources, you know, we tend to prefer to look at silver as silver only as opposed to silver equivalent and preferably measured and indicated. On that basis, you know, we're sort of the fifth largest undeveloped silver project in the world. When you look at the slide on the picture of the graph on the right, that's reserves, which is obviously the most important aspect. We're a bit of a sort of an anomaly there in that we're in Australia and most of those other projects are in countries that have a very different risk profile to investors. I'm not casting any aspersions on any of them, but it's a different risk profile. The other interesting thing about that is that we're also one of the most advanced on that list in terms of an updated feasibility study, optimized feasibility that was done in December 2024.
We're looking to have the DFS, or 75% of that was DFS standard. We're hoping to have the last 30% of that to DFS standard before the end of the year or maybe end of January, I mean, to be perfectly honest. We've not released sort of any guidance on that, but internally we're targeting sort of end of January. This makes us probably the next cab off the rank in terms of silver development projects globally of any scale. I'll admit that Vizsla with Pernuko is probably a little bit ahead of us there. In terms of, you know, getting scalable, long-life, low-cost silver assets, there's not many out there. Given where silver is at the moment, there is obviously a lot of interest in this. The optimization was a result of a lot of work. You know, we used a $29 silver price.
I think the price at the time was $33. We sort of had a 15%- 20% discount to spot. Pre-production capital, $330 million. There will be some changes to that. I mean, 30% of the project needs to be brought up to DFS before the end of the year. Hard to say at the moment. There may be some... We've had wins and losses on a number of things, but I'd say where we may be a little bit out of the money is on some of the filters. If we do go down the dry stack tailing route, you know, the filter presses, then it's hard to quantify at the moment, but I don't think it's going to be largely, you know, significantly different. We're looking at, you know, relatively low-cost all-in sustaining or low all-in sustaining costs. In U.S.
dollar terms, it's about $15 over the life of mine, and it's a long life of mine. It's 16.5 year mine life. We think there's a potential to extend that with a potential underground, high-grade underground, and just some optionality around some of the medium-grade material at the base of the pit. Importantly, we've got a reserve of 72 million ounces, which when you look at the measured indicated, it's about a 44% conversion of resource to reserve. We think that's going to get higher. This is a well-drilled-out project. There is exploration upside in the district, but there's also a lot of exploration upside, extension exploration upside around the project itself. We're looking forward to getting into that over the next sort of 18 months. Importantly, when we did the optimization, we took a different, slightly novel approach to the concentrate.
We originally were going to do two concentrate streams, lead with silver and primary silver, or the bulk of the silver, and then a zinc concentrate with minus silver. We're now doing a bulk concentrate. It lifted our recoveries by 4% to 5%. Importantly, it took our silver revenue to 85%, or it's about 87% on our price stack, which would put us as the second highest silver revenue of any operating company today. The highest would be IRA, gold and silver in Mexico, in Morocco. This provides significant leverage to the silver price. Here's the production profile. We've mapped it out. It's a steady ramp up to 5.5 million ounces, sort of at the end of year five. We get the drop-off in years six, seven, and eight, which is primarily grade-driven.
However, we've got a lot of levers to pull to flatten that profile out. It is not a priority yet. It doesn't need to be a priority yet. Once the optimizer, or once the DFS is done, there are several programs that we'll be looking at to smooth out that profile. Importantly, when we look at what are those levers, when you build a new plant, you generally have bottlenecks in the own-around pumps and pumps and filters. We think there'll be potential to sort of debottleneck that after 12 months. You know where the issues are. We've got the high-grade underground potential. If we can be bringing in 250,000, 300,000 tons a year of material 3x- 4x the grade of the open pit, and have that coming in year four, five, six, that goes a long way.
Just the picture at the end is a rock from a piece of ore from three trial pits we did at the beginning of 2024, end of 2023, early 2024. What was really encouraging about that was we did a high grade, medium grade, and a low grade. We got significantly more metal in those pits than we expected when we did the reconciliation back to the resource scale. We're not going to be factoring any, you know, having a grade factory or anything like that. We've always viewed, we've always had the view that there's going to be more metal in this project than the modeling would suggest. We also sent all that material off for ore sorting. The low grade didn't work, which is unfortunate, disappointing, but the high grade didn't work either.
We're not fussed about that because we're going to process all of the high grade anyway. We saw some really interesting numbers around the medium grade, which is sort of about 60- 70 gram dirt, with mass rejections of upwards of 70% and grade uplifts of 100%. We think we can apply that to the periphery of the current reserve and look to extend reserves and increase that resource to reserve extension and conversion ratios. We're very confident that we can keep pushing this reserve higher and just either extending the mine life or bringing forward that production profile and maintaining that production profile. We'd love to be maintaining it at sort of close to 5 million ounces. Just from a leverage perspective as well, the third picture just shows you see the outline of the open pit, which is a very small footprint.
We ran that whittle shell at $27.50 silver. We then ran it at two times revenue factor, so $55, just to show, to make sure we're not putting any infrastructure where we might need to move it down the track. The yellow dash line just shows how big this mine gets if we go into an environment of 50+ silver, again, huge leverage to a rising silver price. A couple of sections, long sections through the pits or through the open pits. This just demonstrates the upside from an underground potential. These pits are really quite simple. I don't want to belittle the work by the mining engineers, but we've got a 2 million tons per annum, 1.4 strip ratio. The waste haulage is downhill for the first five years. This is a hill, right? It's a very, very low mining cost relative to other projects in Australia.
There's significant optionality, and these pits are only 180 meters deep at best. If the silver price does rise, you know, we've got, as I demonstrated before, that ability to push these pits deeper. The geometry of this ore body is that it gets slightly narrower and high grade at depth. We've got some real sort of Mexicanesque grades underneath the base of the pit. Once we've got the DFS done, I'll be charging the team with the job of putting an initial plan around a potential high grade underground and see when that can be brought in and whether it's feasible and when it can be brought in. This is a good sort of indication that this is a very, very large system, a very large system, and one that is, you know, still got a lot more to give from this point.
In conclusion with Bowdens, it is one of the largest undeveloped silver projects in the world. When we get the consent back, and there's a when, not an if, in our view, this is also one of the most advanced projects in the world. A lot of interest, safe jurisdiction, good economics, and certainly on the spot, you know, the numbers are just obviously through the roof. One of the aspects that we looked at was when we go into the construction phase, it's an 18-month construction period. We've got half a million acres of land in New South Wales with a lot of exploration targets. One of the concerns we have and one of the issues in New South Wales is land access is a real problem.
We've got three projects that we would like to be drilling today that are currently tied up in mediation and arbitration processes, which is A, expensive and B, very frustrating. To fill that gap going into an 18-month construction period, myself and my colleague Mark, who's in the room, you know, we looked at about 350 silver assets around the world to try and look at bringing something in as a new project and help us get a bit of a sort of a production pipeline. Where did we end up? We ended up in California. Everyone, when we say California, everyone's like, "Oh my God, what are you doing in California? It's horrible for mining." Both projects are in San Bernardino County.
We spent last week there, and you know, it's clear to us from the conversations we have with the supervisors of the district and the water board and the BLM teams there that San Bernardino is, yes, it's California, but it's actually more like Nevada. There's more mines in, we've been told by these guys, that there's more mines in San Bernardino County than any other county in America. What have we bought? The Calico North, some of you may be familiar with Calico, which is our project, is the red outline. Within there, just to the south of those, you can see Waterloo and Langtry. They're the two resources owned by Apollo Silver. They're about 175 million ounces. This is about the fourth largest silver camp in North America.
There's only been 23, 25 million ounces of production from it historically, which is all from the land that we own, or not all, but most of it from the land we own. The green lines on that map show the potential strike extent of mineralized section or mineralized fault zones or alteration. The dots are basically, the yellow dots are old workings, and the red and green dots are grades of chip samples we've done. There's been no modern work done here. We're not going to be drilling here in the next sort of six months, but we will be working this up with geophysics, geochem. We've got a mapping team starting in five weeks' time. We're very excited by this. This is a very high-grade silver camp that has just never been looked at with modern technology. We're very excited.
Sorry, Joe, we're out of time.
We're out of time?
Yeah.
Yeah.
We want one more little point to wrap up.
One last slide. The other project we bought was Cramer Hills, which is 40 miles to the west. It's a former gold project. It's a 7 km long shear with 4 km of old workings from the old timers of the gold rush here in the 1920s. What's great for us is that these high-grade quartz veins for the gold rush petered out very quickly, and all the old timers refer to going into micron gold, which appears to be about two grams, and there is, we believe there's quite an extensive amount of it there. We're aiming to be drilling here in January. That'll be hopefully some good news for you there.