Thanks, Kate. Good afternoon, ladies and gentlemen. Talisman Mining. We have what I think is actually a pretty simple story and a pretty compelling business. We have four assets: two exploration assets in New South Wales, which I'll talk in a bit more detail about, an exploration asset in South Australia, and an iron ore royalty in Western Australia in the Pilbara that funds all our exploration and overheads for the last five years and will continue to do so. A snapshot of the corporate overview: 188 million shares on issue. In March 2021, when the royalty started, we had 188 million shares on issue. So we are very non-dilutive for shareholders, which lots of retail shareholders really appreciate. As Kate mentioned, Kerry Harmanis, major shareholder, 20%, and is a true believer in the exploration game. He just loves the chase.
We're very thankful of having Kerry and a number of the other board members who are all part of the Jubilee team that took Jubilee from a sub-$30 million exploration company to a $3.2 billion sale to Glencore about 15 years ago. It's a rinse and repeat exercise for Kerry and some of the other board members trying to turn Talisman into a Jubilee Mark II. $4.5 million cash currently, plus the iron ore royalty, and an underlying sub-$15 million enterprise value. Iron ore and the funding model. Wonmunna is one of the iron ore projects that MinRes has in what they call the Pilbara hub. It's one of the producing assets at the moment, along with Iron Valley.
Wonmunna produces about 5 million tonnes a year, and that 5 million and the 5 million that's coming from Iron Valley gets trucked 300 km north to the port of Port Hedland, and they export out of Port Hedland at about 10 million tonnes per annum. In the next 12 months, in the middle of next year, in sort of six months' time, actually, they'll bring on stream the Lamb Creek project. Lamb Creek will not displace, but it will replace partially both Iron Valley and Wonmunna. But Wonmunna will be part of their overall mix of their continuing 10 million tonnes per annum of exports because Wonmunna happens to be the lowest phosphorus and the lowest alumina grade material that they have in those three deposits.
Our expectation is Wonmunna will decline slightly over this next six months, but it's not going to come to a grinding halt. And there remains about 20 million tonnes of material at Wonmunna. So at a two or three or four million tonnes per annum output rate, it will continue for many years to come. Onto the exploration assets. And I'll talk mostly about the Lachlan South project, which is circled in red there. We've been working in this Cobar region, or this Cobar to Condobolin region, for about six or seven years now. The main game has been looking for these base metals, lead, zinc, silver projects in that southern block. We've had a little bit of success with some copper and gold exploration there as well. But people should recognize that Cobar typically has relatively small, high-grade style deposits of base metals and copper gold.
So the kind of things that we are finding there are in line with that sort of Cobar model. Let me just head back one if I can. So the locations to note on here are Walkers Hill, where we're drilling at the moment. And I'll talk about Durnings in that southern half just to illustrate the style of thing that we've been finding there. This is an example of the work that we did last year. So Durnings was a high-grade base metals dominant discovery, five to seven meters of about 10%-15% lead and zinc combined with a copper, silver, and gold credit that went along with it. A second high-grade zone that was gold dominant, 28 m at 4 g and a touch under 1% copper with some lower base metals.
And we discovered a second zone called North Durnings, which was a gold and copper dominant zone. But our assessment of that was that these things were relatively small. They are steep dipping, as illustrated on the pictures. So their cost to get to production and their output rate is going to be relatively small by even that Cobar standard. So from our point of view, it was, okay, we kind of have quantified what these things look like and how big their potential is going to be. And it doesn't meet the criteria for a standalone operation. So let's just bank that, put that in the back pocket. We can deal with assets over time as they become more and more valuable. But they're not really a development thing for us right at the moment.
Let's move on with our exploration and see if we can discover something that's going to be a standalone operation and able to take the company from its current market cap to something significantly north of that. They're relatively easy in hindsight to see their signatures. The geophysical image on the left-hand side is a resistivity image. The blue colors are highly conductive areas. The red colors are highly resistive areas to electricity. You can see that massive sulfides, which was this Durnings style intersection, is a highly conductive style of mineralization. They come up as very low resistivity in the attached image. Again, in hindsight, they're relatively easy to see. It's with foresight that you need to be able to find them.
The project that we're working on at the moment and the aircore rig has been out there for about the last week, drilling lines of aircore holes, is a project called Walkers Hill. Walkers Hill is somewhat different to the Cobar style base metals. It's a gold-only type of discovery. It's got significant scale. It's four and a half kilometers long northwest to southeast. We've been working on a portion of it called Sheep Yard, which is in the southeastern corner of that. We drilled five RC holes as a proof of concept last year. Got a number of 30 and 40 meter intersections at a little under half a gram gold. And some might say, well, half gram gold is not all that exciting, but half gram gold at today's gold price is worth AUD 100 a tonne, so it's not to be sneezed at.
Again, we've drilled some deeper holes here, found some deeper mineralization that was similar in grade. But there are a number of projects or a number of veins that rip off the contact between the granite and the sedimentary rock that hosts this kind of mineralization. So we're looking up and down that whole anomaly for more either similar grade or higher grade than half gram mineralized veins. As I mentioned, we've been out there for about a week. The guys are reporting the right looking rocks to us. We'll have more to say once we get assays back about that in four to six weeks' time. The Murrumba component of that whole anomaly, we don't have access to the farm there yet. That's in process.
We're hoping to be able to deliver that by the end of this year and be on the ground there again with some aircore drilling and some infill soils towards the end of the March quarter next year. Another picture of Walkers Hill. You can see it's steep. It's 30-40 meters wide. And we're progressing the drill rig further to the right-hand side of that slide, seeing if there are parallel, similar size or larger and higher grade zones available. So certainly open pittable even at half a gram as time goes on. The other project that we really like is in the Macquarie Arc. And the Macquarie Arc geology is further to the east of where the Lachlan project is.
Macquarie Arc, and particularly the Molong Belt, which is on the right-hand side of the slide, is the home to all the big porphyry copper projects in Australia. So all the majors are in this area. The Newcrests, now the Newmonts, Evolution, Anglo American, Gold Fields are all operating, exploring, and developing in this part of the world. Our project, Yarindury, is in the top right-hand corner inside the yellow box. But we also have some tenure on the Junee-Narromine Belt adjacent to Northparkes. So we're exploring on all of those at the moment. The Yarindury one is the most topical one right at the moment, but there are other projects in the pipeline. But Yarindury, we mobilized a drill rig a couple of days ago, spudded the first hole into that Yarindury target yesterday. So we're underway drilling there.
This is why we like Yarindury. It was an old Newcrest exploration project nearly a decade ago. Newcrest drilled a couple of holes into the image, which is a magnetic image. They drilled a couple of holes into the magnetic highs, which are the black dots. They found the surface cover, which is somewhere between 150 m and 200 m deep. Underneath that is the right age rocks and the right style of alteration for these porphyry-style mineralization. They never got particularly good or high grade copper or gold assays in either of those holes, but it demonstrated that you're in the right environment for a porphyry copper. Since then, the conventional wisdom has changed that you don't necessarily need to drill the magnetic highs to find one of these porphyry coppers.
In fact, you need to be drilling on the shoulders of these magnetic images or the shoulders of these magnetic features to see where the copper and the gold usually deposits. We ran those three lines of IP across those, and IP is now the other geophysical image other than magnetics that you use to see where the conductive and chargeable bodies of mineralization might be. In the middle of those magnetic images and those lines is where we're drilling our two holes marked in blue. The one on the right-hand side, I'll show you what the target of that looks like, so this is the IP image. On the top, it's drill the big red blob strategy, basically. There's obviously a lot more science goes into defining that big red blob, but we're hoping that that's a big sulfide zone.
There are no other rocks in any of the drilling that indicate that there is anything other than sulfides that are chargeable. So we'll see in a week to 10 days when the drill rig is down to that target what that looks like. That first hole is 500 m deep. It's going to have 150 m to 200 m of Barron Surat Basin cover on the top of it. And we're in the middle of drilling that right at the moment. We have a second hole further to the southwest of that. In the bottom image, the blue labeled hole on the right-hand side is the one that we're drilling at the moment. And then we'll move on to the second one in a week or 10 days' time. And you can see the position of the old Newcrest holes.
There were no significant geophysical features that they were able to drill that were found in the chargeability survey that we did, so we're very hopeful and very excited about what these first couple of holes will reveal for us. If you don't find a porphyry copper in the very first one or two holes, that's not necessarily the end of the search. A lot of these porphyry coppers come with very distinctive and very well understood alteration patterns, and you can certainly see in those first two holes what those alteration patterns tell you and whether you should be vectoring northeast, south, or west towards where the porphyry copper will be. In summary, we're well funded, held by some of the most recognizable people in the industry who've been there for a long, long time.
We've got two drilling programs running at the moment, one for gold, one for porphyry copper discovery, which would be company-making if we make it, and if you're interested in high risk, high reward, and you can stomach the exploration risk, then take a look at Talisman. We're well worth a look. Thank you very much.