Morning, ladies and gentlemen. It brings me great pleasure to present today an update for the Unico Silver story. It's been over two years since we presented here at the Noosa Mining Conference. Really excited to reveal that since then, we've completed the consolidation of an under-capitalized silver district in one of the preeminent precious metal districts in Argentina. We've completed over AUD 100 million worth of equity financings. We've completed 68,000 m of additional drilling. We've grown the resource from 90 to 330 million ounces on a silver equivalent basis. We've grown our market capitalization just under tenfold. We've been very busy in the past two years, but what we're really pleased is that we're now moving into a new exciting chapter, which is from discovery to delivery with the maiden feasibility due late this year.
The value proposition of Unico Silver is really underpinned by three strategic pillars. We've got a very clear and simple pathway to production. We've got the PFS due later this year. I'm pleased to say that we'll be in Argentina next week with the study team, so going through that. We look forward to providing investors an update on the timing of the PFS within the coming weeks. That PFS really will focus on the pit-constrained free milling resources, which is about two-thirds of our global resource. Obviously, lends itself to very conventional mining and processing. Importantly, we're on a granted mining license. There has been a history of production within the projects in the past. It was previously operated by Pan American Silver from 2019 to 2021.
Pleasingly, we recently announced the 100% acquisition of some of the key farming land, which hosts not only mineral resources, but all the key infrastructure such as tailings and processing facilities. We now control over 30,000 hectares of farming land and are completely unencumbered on that basis. On the resource, like I said, we've grown the resource to 330 million ounces. All the mineralization is open along strike and at depth, so we'll continue drilling over the coming year. We expect to have an updated MRE out later this year in line with the PFS. What we're really excited about is we're very constructive on silver as a commodity. We obviously understand the opportunity that exists. Obviously, we've got a strong structural deficit in global silver supply. We know we're constrained with very few new silver mines coming online.
In Argentina, we're really enthused with the change in administration. We've obviously got Javier Milei has done wonderful things, changing the investment landscape there in Argentina, which has attracted mega majors like BHP, Rio Tinto, Glencore, who have pledged about AUD 40 billion worth of capital investment into Argentina over the next five years. A lot of that is on the back of the RIGI fiscal reform, which we'll be applying for at the later part of this year following the PFS. That's really transformative for companies like us because it gives us a fiscal framework, a taxation framework that's competitive with countries like Australia and Chile and Peru. Corporate snapshot. We're in the Santa Cruz province of Argentina. It's one of the most preeminent mining provinces in South America.
It's host to a number of large-scale gold and silver mines operated by the likes of Newmont, AngloGold Ashanti, Pan American Silver. There's been over nine mines discovered, permitted, and built in the past 20 years, which is an exceptional feat for any mining province. We hope that Joaquin will be the 10th. We've got a lot of support from the government, and we've been constantly engaging with the authorities. On the register, we've got a very supportive register, about 29% insider ownership. We've got the likes of Eric Sprott, Eduardo Eurnekian, who's a very prominent Argentinian businessman and billionaire. We've got lots of support on the register, some very supportive overseas and domestic institutions. Currently, the share price sitting around AUD 0.68, AUD 0.70. We've got coverage from three brokers pointing to significantly higher share prices.
Market caps around that sort of AUD 400 million, AUD 450 million, and importantly, AUD 55 million cash at the end of the June quarter. We're very well funded. A lot of our accelerated cash burn is behind us. We're now really working through regional exploration, which obviously costs a lot less, and also the PFS and DFS work streams. On board management, yeah, really pleased to say that we've got the team to deliver success over the next two years. Between the board, we have experience in the discovery, financing, and construction of world-class precious metal deposits. Pete Mullens, our Chairman, was the founder and contributed to the discovery of Aquiline, which is Navidad, which is one of the largest undeveloped silver deposits in the world, and it's just north of where we sit in Santa Cruz.
Peter Canterbury joined us last year as the CFO, or previously the CFO at De Grey, contributing to over AUD 1 billion worth of equity financing in the ultimate takeover from Northern Star. Peter Holmes joined us just recently as the in-house mine builder. He was the project director for Barrick that oversaw the construction of the world-class Pueblo Viejo mine in Dominican Republic. Over a century of expertise operating in South America, specifically in Argentina. We've also got a great group of locals there in Argentina who were previously with a lot of the large mining companies, particularly in Santa Cruz, helping contributing towards that transition from explorer to developer. This is really the heart of the value proposition over the next 12- 18 months for the company.
Obviously, you can see there, we've enjoyed exceptional growth in our global resources over the past two years. That includes 185 million ounces of silver and 1 million ounces of gold. If we focus purely on the silver, 185 million ounces of silver resources puts us as one of the largest undeveloped silver developers on it, not only globally, but on the ASX. If we look at our peers in South America, you can see we sit amongst some of the most valuable silver companies globally. Companies like Abra Silver, Vizsla Silver, GoGold, et cetera. Really the defining factor there is that these guys are more advanced than us. They are 18 months to 24 months ahead of us.
We think as we work through the feasibility, deliver on a maiden reserve, we're going to do significant work in closing this resource-to-reserve valuation gap. Really shifting the company from trading on a standard multiple, AUD 1- AUD 2 per resource ounce, to hopefully sitting somewhere around that AUD 10- AUD 15 per reserve ounce. The next 12 months are going to be very rich in catalysts. Obviously, we've got the PFS on the stage 1 oxide, focusing on the free-milling open pit portion of the global resource. We're working through our trade-off studies now, so we're deep into that, looking at various development throughput options, etc. We'll be delivering on the PFS later this year. Once we deliver on the PFS, that'll be the catalyst to move forward with full mining approvals.
One of the benefits of operating in Santa Cruz is that there is a history of permitting mines in less than 12 months. The last two operations built in Santa Cruz were permitted within 12 months of the application. We're very comfortable that this year we'll see the PFS delivered in the late part of this year. We'll also prepare our RIGI application, which will be a significant catalyst and milestone for the company. We'll prepare our environmental impact assessment for full mining approvals. Next year we should really be seeing RIGI inclusion, full mining approvals, delivery of the DFS. But for added upside, we're also working through a scoping-level study on the deeper sulfide mineralization, which is not something that we really talk about at the moment. This is upside beyond our current base case.
We'll be looking to deliver a scoping-level study on the sulfide in the first half of next year. The stage 1 oxide. Really the development pathway is very much de-risked by the work done in the past. Just some simple facts. The mineralization, the oxide mineralization starts to surface. Importantly, 70% of the resources in the oxide category are silver. We expect 70% of our revenue to report from silver. That makes it a very unique asset. Globally, we're targeting grades of around 115 g-170 g on an AgEq basis. That's when you include a 30% gold by-product. What's really interesting about this story is the fact that there's over 300,000 tons of historical mining from Joaquin.
From 2019 to 2021 when silver was trading at AUD 18 per ounce, Pan American Silver acquired this project, developed a small portion of the resource, and was trucking those ounces 175 km to their Manantial Espejo mine. We've got all of that data, over 300,000 tons of processing information, and we can clearly point to the fact that 80%-85% recoveries are expected. We've got a base case flow sheet that we can adapt. It obviously removes a lot of uncertainty around the go-forward development plan. I hope what I've impressed on you is that we've got a significant silver resource on a global standard. We're transitioning from a resource-to-reserve build-out. We've got a clear pathway to production, but really the most exciting point is that from a macro standpoint, we sit within a market that's obviously experienced a strong structural deficit.
That deficit peaked in 2022. We consumed more than 200 million ounces, more than what we produced. That's really seen a tightening in the supply-demand and obviously a rise in the silver price. If we look at the supply side of this equation. Really, silver mines of scale are scarce. This is a list of all the single silver assets operated by some of the largest silver miners in the world. Companies like Pan American Silver, First Majestic, Hecla, and Coeur. What you can see is that in terms of primary silver production, not silver equivalent but just primary silver, the median production profile for some of the largest silver operations in the world is five million ounces.
We believe, on the basis of everything that we've discussed or I've discussed to date, is that we have a project that is tier 1 in scale that can deliver to the market an asset that would be a flagship asset within any one of these silver mega miners. That's what we're really aiming for, and that's our Northern Star over the next 12 months. Now just to go into the weeds quickly. This is just a bird's-eye view of the project. Our focus at the moment is Joaquin. That's the center of gravity. That's where we've been doing most of our work. There is a very high-grade, shallow oxide resource at Cerro Leon, which we'll contemplate trucking to Joaquin in the PFS.
It's also host to a deeper sulfide resource that we'll be looking to unlock through scoping level studies in the first half of next year. Importantly, this is a district that was previously controlled by two majors and three juniors, and we've brought that all together under a single company for the first time in its project history. Here's a bit of a snapshot of what mining operations look like in Santa Cruz. You can see it's flat desert country. Very amenable to open-pit mining here at Cerro Vanguardia. They've got hybrid processing, a Merrill-Crowe plant and heap leach. Importantly, you can see the key learnings here is we have multiple trends, multiple mineralized shoots, and mining from over 70 pits. If we calibrate that in with our project, you can see that once again, we've got a vein system of a similar scale.
The resources that we've reported to date only account for about 5% of the non-mineralized trends. We know that this resource is going to grow significantly into the future. Just a quick snapshot of the ore body geometry. You can see starting from surface, really lending itself to bulk open-pit mining methods. Just a snapshot on some of the exploration that we've done since our March MRE update. Obviously, we updated the resource in March. Since then, we've continued to drill with two to three rigs on site. La Negra Southeast, you can see here grades improving at depth, stepping out over 250 m outside of the resource, continuing to hit with the structures open at depth and along strike. La Morocha Southeast, another significant discovery that we've made.
You can see here one of the deepest holes, some of the best grades, 52 m at 378 g silver equivalent and open at depth. We are completely confident that this resource will continue to grow. Quick snapshot of the camp and topography. The PFS is very much underway. We've worked through a lot of the drilling required for the PFS, the geotechnical, the metallurgical drilling. We're now working into more detailed trade-off studies. On that basis, we should have a clear update for the market early in August on timing and the scope of that PFS. Just to summarize why Unico. Obviously, we've got a clear path to production, district-scale resource. We're in a de-risked jurisdiction, obviously very constructive on not only Santa Cruz and Argentina.
We've got the infrastructure in place, we've got the team in place, and we've got something that it's extremely valuable on a global scale. Thank you