All right. Good morning, everyone. It's a pleasure here to be here on behalf of Turaco to present our Afema Project in Côte d'Ivoire. Just recently, we've released a PFS, which demonstrated Afema as a +200,000 oz per annum West African gold mine. So, cautionary statements there. Modeled at a conservative $2,000/ oz, the PFS delivered a total mining inventory of 2.3 million ounces of gold for 10 years of production at 200,000 oz per annum. Enhancing the overall economics here is the front loading of those ounces, with over 215,000 oz expected in the first seven years. Study's premised on a 4.7 million oz JORC resource drilled to 20–30-meter spacing across four open pits. An additional two deposits which sit within the resource are currently subject to infill drilling, and we'll bring them into reserve shortly.
The study considered only open pitable resources, but without a doubt, all deposits show strong underground potential given the excellent continuity of high grades. At $2,000/ oz, the life-of-mine strip ratio is 4.8:1 at a grade of just over 1.1 g/t and produces an AISC of about $1,500/ oz. The after-tax NPV is at $3,500 is $2.1 billion. Along with its compelling study economics, the Afema Project is also the best located development project in West Africa. It's 100 km outside of Abidjan, the most developed city in West Africa. It's located in the very south of Côte d'Ivoire, so there's no security concerns whatsoever. It has access to hydropower from the national grid, which runs straight past the project.
Our current plant proposed location is 5 km off a sealed bituminous road, which is adjacent to our main deposit. Unquestionably, Côte d'Ivoire is the jurisdiction of choice in West Africa, if not all of Africa. Côte d'Ivoire is driving West African gold production, with many new mines nearing development, under construction, or brought into production in the last few years. It's politically stable, with the most recent elections last year passing without issue. It's highly supportive of mining, but Côte d'Ivoire has a diverse economy, with agriculture underpinning its position as West Africa's most affluent country. Turaco is well-funded, with over AUD 50 million in cash, provides a solid base for us to continue our aggressive drilling program of around 7,000-10,000 m per month. Most of the infill drilling required for the forthcoming DFS is completed, so our focus can remain on adding ounces and new discoveries.
We have a growing institutional shareholder base, which sits at around 40% today, covered by many highly regarded analysts, with price targets two to three times our current share price, and m anagement holds around 6% of the company, so we're firmly focused on maximizing shareholder returns. PFS outcomes at gold prices of $3,000-$4,000 are shown on the screen here. The PFS is based on a nominal 6 million ton per annum processing plant with average recoveries of 87% for 215,000 oz per annum in the first seven years and 200,000 oz over 10 years. At $4,000/ oz, we can see here the compelling economics, a 10-month payback period, $3 billion NPV, and an IRR of just under 100%. Afema shows consistent annual cash flows, which maximizes returns in early years.
At a conservative $3,500/ oz, Afema produces around $400 million in free cash flow every year. It's a fantastic return following total pre-production CapEx of just $450 million. Access to higher grade in earlier years delivers higher production, allows us to build stockpiles, and smooth our annual cash flows, de-risking our mine plan. Afema presents as a top five development gold project in all of Africa. The majority of pre-development, large-scale peer projects shown here are either multi-mine producers or multi-billion market caps, such as Endeavour, Predictive, Montage, and Perseus. It's easy to see Afema as a Tier 1 development opportunity given its metrics. PFS has put some shape around the project in terms of scale and economics, but what's most exciting here is the potential for continued growth.
Afema covers the extension of one of the most productive gold belts in West Africa, the Sefwi Belt, which extends from Ghana through Southeast Côte d'Ivoire. We have almost complete control of the Ivorian component of this belt with over 1,600 km of contiguous tenure. To date, we've only been exploring one structure, which we refer to as the Afema Shear. That marks the eastern margin of the Sefwi Belt and has already yielded nearly 5 million ounces. There remains numerous structures and targets along this shear, but also into the greater Sefwi Belt, which we control. Looking at the charts here, we can see the fastest growing resource and gold project in Africa. We acquired the project just over two years ago and inherited historical drilling that had delivered around 1.5 million-2 million ounces.
Within a short period of our ownership, we've added several million ounces to this to be just under 5 million ounces today, p utting Afema on the map as one of the most significant undeveloped gold projects in Africa. We've been updating the resource every six months, and as you can see here, adding ounces at a run rate of about 100,000 oz per month. We expect this growth to continue. Our resource comprises principally of six open pit deposits. Our mine plan is centered around the large 1.7-million-ounce Woulo Woulo deposit. It will be mined as a large, single-low-strip open pit. Excuse me. Woulo Woulo is supplemented by higher grade from a series of deposits, which sit along the Afema Shear, with Jonction and Anuiri starting off at around 2 g/t in open pits.
All these deposits generally sit within 5 km of Woulo Woulo, with the higher-grade Jonction around 10 km away. A key feature of the PFS is the amount of drilling, and therefore confidence in the resource. All ounces within the PFS pits are on spacing of 20-30 m. Our pre-development capital of $410 million, plus $40 million in pre-production mining, benefits greatly from our project location. We have no village relocations. We're proximal to Côte d'Ivoire's high- voltage electrical grid, and we have excellent site access. Enhancing all of this is there's no requirement for large pre-strips, with all deposits accessible at surface. Woulo Woulo is a cornerstone of the development. It's very simple in terms of geology and metallurgy, and shows strong consistency of mineralization over wide widths, as demonstrated in the intersections here.
We typically see 40-80 m, out to 200 m at grades of 1-2 g/t . Woulo Woulo contains a reserve of 1 million ounce, with a life-of-mine strip ratio of just 3:1 . There's only limited drilling at depth where we're seeing grades generally increasing immediately under the pit shell. He re, you can see some very high grade at very wide widths remaining open. We're drilling at depth now, and we're confident Woulo Woulo has plenty of growth to come. On this point, I'd encourage you to have a look at our ASX release, which we put out this morning, which contains some really significant intercepts at depth. Woulo Woulo is supplemented by a series of high-grade deposits along the Afema Shear. Jonction in the north, down to Anuiri and Asupiri in the south, which are adjacent to Woulo Woulo.
There's a lot more growth potential along the Afema Shear, with large gaps in drilling or many positions drilled to only 20 m or 30 m deep. Jonction is our only deposit drilled to below 250 m and shows a good continuity of high grade at depth we see along the Afema Shear. Just a handful of deeper holes have been drilled here, and they're still returning 12-15 m at around 5 g/t . Our PFS considers just a small open pit at Jonction for the time being, but we expect those higher-grade ounces will be captured in a future underground mining study. Next, we have Anuiri, which is 5 km south of Jonction and 5 km from Woulo Woulo. Putting Anuiri into perspective with Jonction, Anuiri is only drilled to a maximum depth of 250 m, with the PFS pit depth set at 150 m.
Similar to Jonction, we can see a number of high-grade shoots remaining open. We're currently drilling some of these high-grade zones down plunge for resource extensions. Asupiri is another structure which is parallel to Anuiri, and it's just 1 km away from that deposit. It's shown a lot of growth in the last 6- 12 months by extending shallow drilling at depth, but it's still drilled to less than 200 m. We've got some results here coming from some recent step-out drilling. We expect those to be released shortly. While Begnopan is one of our smaller deposits at 260,000 oz, it has all the hallmarks of a rapid growth deposit.
What's exciting about Begnopan is it's at a similar size to Asupiri was 12 months ago, so we see great potential to grow Begnopan as we did Asupiri, which is now our second largest deposit at 1.3 million ounces. Growth here will be driven by extending the shallow drilling down to 150-200 m. The figure here shows our soil geochemistry. Most of the 4.7-million-ounce resource sits in the southern red and orange zones on the map here. We've only just started stepping out to the north and testing some of the similar scale anomalies there, and we see excellent potential to find more deposits by targeting these systematically, which are all within a 15 km radius. Just to wrap up here, Turaco is well-funded to development with over AUD 50 million in cash. We've a rapidly growing resource, adding about 100,000 oz per month.
Afema is a top five undeveloped African gold project in terms of scale, with annual gold production targeted at around 200,000 oz per annum. The project is located in the best area of a highly sought after jurisdiction. Even ignoring the potential for future resource growth, the PFS shows Afema to be a long life, low-cost gold mine. Using gold prices of $3,000/oz-$4,000/ oz, we see post-tax NPVs in the order of $2 billion-$3 billion being generated. We think Turaco presents as tremendous value at a market cap of around AUD 600 million today. We expect to be development ready next year with the completion of a DFS in mid 2027, and d espite that progress towards the development, we're keenly advancing drilling on the project, and we're confident of new discoveries and increased resources. Thank you very much.