Thanks, Chris, and good afternoon, everyone. Thanks for coming to listen to Turaco. As Chris mentioned, we're a West African gold company. We've now put the Athena Gold Project on the map as one of the most significant undeveloped gold projects in West Africa, with a resource that we recently updated to 3.6 million ounces of gold. This is a gold camp, as I'll show you. We've got four deposits that sit within that. We'll bring in additional deposits over the next six months, so you'll see that resource significantly increase. We promised an update to that resource by the end of the year, but you'll see regular updates around every six months. We just recently completed a fairly significant capital raising, so there's no real excuse now. We're well funded. We've got over $80 million of funding.
We're doing about 10,000 meters of drilling per month, so over 100,000 meters per year. We've got a number of well-known analysts that follow the company now, and all of them have, you know, share price targets at two or three times where we're sitting at the moment. We have a very loyal bunch of shareholders. Many of our shareholders have followed us as a team across several companies, all of which have ended up in production and very successful and done well for those shareholders. They'll all be there for the journey. That last raising introduced a number of really high-profile global institutions to the register. This Athena Gold Project, it's quite amazing. We only acquired this less than 18 months ago, back in March-April 2024. It's had a lot of historical work done in a larger company, in a private company.
We were able to take advantage of that and put out a maiden resource within six months of 2.5 million ounces in August last year. We updated that eight months later by adding another million ounces to 3.6 million ounces of gold. Including acquisition costs, this has come at a cost to us of less than $10 an ounce, and that will continue to move forward, as I said, as we continue to grow the resource. The share price, most importantly for everyone, including us as management, we're all shareholders, significant shareholders. We own about 7% of the company. Share price has done well. It's up a number of times since we acquired the project from sort of $0.08, $0.07 or $0.08 to sort of $0.45. The market capitalization has grown from $30 million - $450 million today. Our funding position is in no better position now with $80 million.
That's been driven by these drill results. As I said, we've demonstrated that this is a significant gold camp in West Africa, which is one of the largest gold producing regions of the world. It's important to note that in West Africa, Australia is a big gold producer, but twice the amount of production comes out of West Africa every year, approaching 20 million ounces of gold per year. It's growing very quickly. That's been driven largely by Côte d'Ivoire. I don't think there would be anyone who would argue that Côte d'Ivoire is the preferred country in West Africa. That's why we're very comfortable operating there. It's got the strongest economy. It's the most affluent country in West Africa. It's the most developed, excellent infrastructure. As I'll show you, our project benefits from a lot of that there. It's a very safe place to operate.
We have no security issues whatsoever. We're located here with our Athena Gold Project in red, down in the south of the country, actually on the border of Ghana. You wouldn't get a better located project to develop a gold project in West Africa. We're about two hours out of Abidjan, which is the capital of Côte d'Ivoire and the biggest city in West Africa. There's a paved brand new highway that you can see a photo of there that actually runs through the southern part of our project area. The deposits that I'll touch on are no further than 10 km off that highway. In fact, our main deposit is only about two km off that highway, so very good access. We also have access to grid power. All the grid power in Côte d'Ivoire is generated through hydro. It's quite competitively priced at around $0.13 a kWh.
One of those hydro dams sits on our doorstep about 25 km away from where we'd be looking at building a processing plant. That will give us access to grid power at about $0.13 a kWh at a modest capital cost and a significant operating cost saving. It really ticks the box in terms of a gold project, in terms of infrastructure. As I said, very, very safe place. We don't have any security issues whatsoever here. Obviously, it's about the geology. This is what's most exciting about this project and why there's so many majors with their eyes on this project.
In Ghana, it's obviously a very large historical gold producer. There are two main belts, the Ashanti Belt and then what we call the Sefwi Greenstone Belt in the west there that you can see in sort of green-brown there extending to the southeast corner of Côte d'Ivoire. Our project here that you can see outlined there comprises 1,600 sq km of contiguous ground, which covers probably 80% of that Sefwi Greenstone Belt as it sits within Côte d'Ivoire. Of that 1,600 sq km, the central part of it is 1,000 sq km of recently granted tenure. Some exploration licenses were granted to us less than 12 months ago. In the center in red there, a 220 sq km granted mining permit. That's where all of our resources sit. It's quite unique for a company at our stage. We already have a granted mining permit here.
That tells you there's no impediments whatsoever environmentally, community, or anything to develop this into an operating mine, which it will be. The eastern margin of that Sefwi Greenstone Belt is a shear we call the Athena Bibiani Shear. In Ghana, it's called the Bibiani Chirano Shear that hosts some world-class deposits. That extends down. We call that the Athena Shear. That's what I'll touch on in a minute. That's where our deposits sit along that. We also have another shear to the south in the sedimentary basin in gray there called the Asingara Shear. We have about 20 km of strike on that. It's all mineralized. We've only just started drilling that. We're getting great oxide results there, but none of that sits within our resource at the moment. To the west, we have the Greenstone Belt with several intrusions that have very strong soil anomalies over the top.
We've just started drilling them, and we're already making discoveries there. All of this sits outside of about 3.6 million ounces. That resource, as I said, we just updated. It's made up of four deposits. The Woulo Woulo Deposit is as simple a gold deposit as you could get. It's 1.6 million ounces at about a gram. It's not high grade, but very low strip ratio. When we optimize that at a very low gold price of $1,800, $1,850, we'll look to get a million ounces there into a single pit at strip ratio of less than three to one. That's the backbone of a future operation here, and that's supplemented with these very high-grade deposits sitting all within a seven km radius.
Everything's very close, including Jonction at 2 grams of about 600,000 ounces of gold, Inuri, half a million ounces at 1.7, and then the Assipuri Deposit at another 800,000 ounces of gold. All of these deposits are well drilled now, generally on 30 - 40 meter spacings. 60% of that resource sits in the indicated category. Importantly, that 60% is basically what optimizes into four pits at a $1,850 gold price. There's not a lot of infill to be done to convert this to the reserves, which we're doing over the next six months. There's plenty of growth. I know everyone says every deposit's open. As I'll show you, these are genuinely open with very high-grade drilling, open at depth. There's also a number of other deposits that we'll be bringing into this resource over the next six months, which I'll touch on in a minute.
Just zooming in on the mining permit, you can see those four deposits sitting there within the boundaries of that red outline, which is the granted mining permit there. This shear zone running along the eastern margin of the Sefwi Greenstone Belt, it's not one shear. It's a shear zone of about two to three km of width. We've got 25 km of strike in the mining permit and another 10 km to the north within a recently granted exploration permit there. 35 km of a shear zone, two to three km wide, that's already yielded well over 3 million ounces of gold for us. The Woulo Woulo Deposit sits off a north-south splay down the south there, coming off that Athena Shear there. That's a very simple deposit I'll show you. In blue there, you can see some transported cover.
This is the only part of our 1,600 sq km that has some transported cover. The rest of our ground, soil sampling is very effective in where we have soil anomalies and drill it to date. That's resulted in discoveries. Very good correlation of soil anomalies to drilled discoveries. Down here at Woulo Woulo, we do have some cover and we've been augering through that cover. It's only about five to ten meters and we're demonstrating some parallel structures there as well, which will deliver more ounces around Woulo Woulo. To the south there, you can see the Nianemlessa Shear, which I'll touch on. Just out to the west there, in the granites, the Bafia Anomaly, which I'll touch on, which is an emerging new discovery for us as well. Everything within 10 km. Just touching through these deposits quickly, Woulo Woulo, as I said, this is as simple as it gets.
Well drilled, 1.6 million ounces, low strip ratio, very simple metallurgy here. 90% recoveries in the oxide and fresh, very low cyanide consumption to get that. That's at a 75 micron grind and using less than half a kilo of cyanide per ton. Very low processing cost to extract the gold here and very low strip ratio and very simple to model this. No matter how anyone models this, they'll come up with the same resource. The continuity of grade is exceptional for a gold deposit both across the width of the mineralization, which averages about 40 - 50 meters of true width across three km of strike, up to 80 meters in certain areas. The continuity of grade from section to section over that three km is very consistent.
These intercepts there, I could roll off 200 intercepts like that, 50 - 100 meters at one to one and a half grams per ton here. A very, very simple deposit and low risk. The upside here is on these parallel structures. We've drilled the main zone there three km down to generally 200 odd meters from surface. Now we've got parallel structures that are starting to deliver good intercepts. Just to the west, we have the Herman Trend, which was partially masked by some cover, which we've augered through now. We drilled some outcropping part of that and got good results like six meters at six, et cetera. We've augered that and we've got about 1,200 meters structure there that we're currently drilling on that will deliver some ounces. Out to the east, we did some reconnaissance drilling there. We got four meters at 80 grams.
It's just one hole that sits out on its own. Another structure further to the east again where we're getting sort of 20, 30 meters at just under a gram per ton. There's definitely going to be more discoveries over around this Woulo Woulo deposit. Jonction, which sits only about seven km away, will supplement the grade, as I said, two grams per ton, 600,000 ounces. It's just a high-grade plunging chute. It's got a strike of only about two or three hundred meters at surface, but given the grade, delivers a lot of ounces there. As I said, these deposits are open. This is a good example. The deepest hole here is 16 meters at five grams per ton. There's been no drilling beneath that. This is the only deposit that's seen drilling beneath 250 meters per 200 meters vertical depth there.
With Jonction, we're looking for more of these high-grade plunging chutes to the north and the south. We think we're already onto one with an area called Toilesso, as I'll show you. Sitting further south along the same contact that controls Jonction, about five km to the south, only a few km from Woulo Woulo of the Inuri Deposit, another half a million ounces at 1.7 grams per ton. This has been drilled over about three km, but most of that half a million ounces sits in that sort of purple area there, which is about one km of strike where we've drilled it down to generally about 150, 200 meters vertical depth. We've got another two km of very shallow drilling just in the oxide in the top 30 meters, showing more high-grade plunging chutes that just haven't been extended at depth. We're progressively and systematically stepping out along strike.
You can see this half a million ounces growing significantly with more drilling. Sitting right parallel to Inuri, our fourth deposit, Assipuri, same story. We've got five km of shallow drilling in the oxide with mineralization down to 30 meters. We've only extended so far two km of that five km down to just over 100 meters, and that's delivering us 800,000 ounces. We've got another three km of not prospective soil anomalies, but drilled mineralization that we just have to step out and progressively extend that down to depths of sort of 100, 150 meters. Once again, very obvious that this is getting bigger. We've got more deposits to add along this shear. As I said, this is a gold camp. Sitting along strike about two km on the same structure of that Assipuri, we have Begnopan. It's not in our resource at the moment.
These intercepts where we've drilled over two km of strike, of 34 meters at three grams, six at six, 10 at 16, you can see there. None of that is included in our resource. Another two km of drilled mineralization to add to our 3.6 million ounces. To the north, as I said, another high-grade plunging chute along strike from Jonction, only about a km or so along strike, but Toilesso, you know, 20 meters at 1.7, 20 meters at 3.7 grams per ton, six at four, et cetera. Once again, none of this has made it into our last resource update and will in the future. Regionally, stepping off the Athena Shear, which is obviously, you know, tremendously mineralized, we have other structures that are mineralized as well that haven't seen any drilling. To the south, the Nianemlessa Trend, you can see here the soil anomalies.
This is the soil sampling results. You can see that that shear there to the south for 20 km of strike in our tenure has very strong gold in soil anomalies. We're just starting to drill that and getting good results. We have these anomalies to the west in the belt associated with intrusions, Coffer Crow, Kotoka, Bafia. None of this has been drilled. We just started drilling Bafia and we're getting great results. That's a new discovery coming in. It's off the Athena Shear, so another mineralized system that we're dealing with. The Bafia here is a three km by two km soil anomaly. No drilling. We drilled it. We got just from reconnaissance drilling, you know, 10 - 20 - 30 meter wide zones of mineralization going, you know, one and a half to two grams per ton from surface there.
We drilled a couple of diamond holes there, very strong zones of hematite alteration. This is mineralization hosted in an intrusion, so, you know, different style of mineralization to the shear hosted stuff along the Athena Shear. On that Nianemlessa Shear to the south, this is just to give a flavor for some of the upside there. This is just reconnaissance wide space drilling, 10 - 20 meter intercepts in the oxide, all oxide here, at one and a half, two grams per ton. All of this is still to come into our resource over the next six, 12, 18 months. Looking at in terms of valuation, current market cap, sort of around $400 million. As I said, there's really four projects of this scale undeveloped or under construction in West Africa. You can see them there, Robex, Predictive , Montage .
Robex's similar resource, their valuations today at around $800 million. Predictive and Montage , both around 5 million ounce resource and certainly see no issues in growing this resource to a similar scale there. They're both plus $1 billion companies. There's still significant upside for shareholders moving forward. We're operating in the best country with some very favorable infrastructure compared to our peers there. Looking forward, we'll do regular resource updates. We'll have a PFS due out early next year, look to have a DFS completed by the end of next year, and look at developing this project early 2027. We'll be developing on a much larger resource than 3.6 million ounces at that point. Thank you very much.