I think that's relatively conservative. We still have a very large land package in Burkina. Currently, we have a market cap of about AUD 4.1 billion, or roughly $3 billion, with about $777 million in cash and bullion, or just over AUD 1 billion in cash and bullion at the end of the June quarter. That's going to be higher next quarter because we're actually having a very good quarter this quarter as well. Quickly touching on the board. We've built the board over the last decade to a very purpose board. They're supported by a very well-qualified and experienced management team. We're located in Burkina, which, if you have been following Burkina's history in the last few years, has had its trouble in the north and the east of the country.
Thankfully, to date, we haven't had any security issues around either of our projects at Sanbrado and Kiaka. As you can see, it's located in the south central portion of Burkina, which has been relatively safe to date. Just a kind of snapshot on our half-year performance. We produced a half-year profit of AUD 437 million. We've declared our first dividend, so our maiden dividend of AUD 0.20 a share, which we'll get paid next week. I've mentioned our guidance. We're actually tracking very nicely to guidance at the moment. We're having a very good quarter at the moment, which we'll finish up in the next few days. Costs are on track as well, just tracking under $1,900 an ounce. Our half-year production, as you can see, was sort of mid to upper end of guidance.
I think, with this quarter's production, and we expect to have a very strong fourth quarter as well, we'll be towards the top end of guidance. Of course, we're doing an extensive amount of drilling. So over 100,000 m of RC and diamond drilling annually on our projects, either infilling resources and upgrading them from lower resource categories to higher resource categories. Or, we're stepping down deeper or along strike and adding more resources on. Our 10-year production target, you can see here. It peaks at nearly 600,000 ounces in a couple of years' time. We're already on that 500,000-ounce-a-year run rate on a quarterly basis. We did 125,000 ounces last quarter, and it's looking like a similar quarter this quarter. It's backed by a lot of drilling. I think that's what we do different to most companies is, don't under-drill projects.
It's something that happens in a lot of companies. I think this 10-year plan is still quite conservative. I think we'll exceed that once we've got full power on at Kiaka, which should be in place in the next six months or so. Here's a snapshot of Kiaka. It's brand new. We commissioned it less than a year ago. Currently tracking very nicely to its guidance. You can see on the right-hand side of the screen, Kiaka's a very robust deposit. It had been sitting there for about 20 years. Initially discovered by Randgold Resources back in the late 1990s. Acquired by Volta Resources. Volta Resources was acquired by B2Gold, and we bought this off B2Gold for effectively $50 million cash up front in 2021 with some contingent payments and royalties. We think it's a very smart acquisition, even considering the current situation we're in.
We've turned that resource from about 4 million ounces into 9 million ounces by smart drilling and obviously a high gold price. It's a very robust ore body, which I'll show you in a moment with a cross-section. It's got a 16-year mine life. It's conventional. Currently, we're running at about 11 million tonne per annum run rate. We're going to install additional power by the middle of next year. We've just acquired a HFO power plant because we've actually connected this to the grid in Burkina. Unfortunately, the grid's been very unreliable, and that's impacted our potential performance. We've still performed very well against our initial guidance. I think we can do a lot better here. With additional power, we'll have about 40 MW of HFO and about another 30 MW of diesel, which is already installed, plus a grid connection.
We've got all bases covered when it comes to power. I think we'll see this asset do 12 to 14 million tonnes per annum, which puts that into the sort of mid-300 ounces per annum when you're thinking about annual production. We built this project in 2023 and 2024. After we commissioned it and poured first gold, the government approached us because we'd done such a magnificent job and they'd like to buy another 25% of it. We've finalized that negotiation and we're in the process of documenting it. It'll be all wrapped up by the end of the year. It's a very good deal for Burkina. We're just pleased we can move on and operate this asset as best we can for all the stakeholders involved, including West African shareholders who put a lot of money to work to build the asset.
What does a real project look like? This is it, right? It's about 400 m wide at surface. The major parts of it are over 200 m wide. So very little strip ratio in our ore reserve pit. You can see the blue line's our resource pit, and it's really constrained by the depth of drilling. I won't read off all these results, but 250 m at a gram. Down the bottom, there's another 185 m at a gram or 1.7 g. 154 m at 1.3. I mean, these are magnificent intercepts and it's a very straightforward mining project. Our flagship project, Sanbrado, which was built with Matt Wilcox, who spoke earlier. It's very, obviously, it's a company maker for us. M1 South, the high-grade shoot that we discovered in 2016, really changed this project. Again, it's almost an 11, 12-year project.
When we started this project six years ago, it had a six-and-a-half-year mine life. What we've shown is through clever drilling and smart acquisitions by acquiring Toega next door from B2Gold as well, we've added significant mine life. The actual Toega project is now being stripped. We expect first ore to come from Toega in the first quarter of next year. The haul road's in place, all the mine services buildings and other buildings are in place there at Toega. We're ready to start processing Toega ore. Again, like conventional milling at Sanbrado with very high gravity recovery. Life of project to date has been over 90%, 92%. Currently, set to average about 250,000 ounces over the next decade per annum. What does it look like? You can see the amount of drilling we put into this project.
Since discovery, we have taken M1 South from surface down to about 1.2 km in resources. We are in the process of doing the same at M5. You can see the high-grade shoot there in the central part of the screen. To the north, we have been drilling as well. We are expanding the reserve at M5 North, and that pit is going to cut back, and we expect to extend operations at Sanbrado out to about 2042. In long section, you can see where we have been drilling. Most of that drilling is down to about 180 vertical meters along the whole strike length and down to about 700 m maximum depth at the southern end. Again, this is not our highest grade ore shoot on the project, but 27 at 6 g and 28 at 6 g. You can see it has got quite a bit of potential as well.
When I started this company, there were three of us. When we made the discovery at M1 South in 2016, I think we had about 20 people in the company. Now we have got nearly 4,000 people in the business across direct staff and also contractors. One of the things we have focused on is training. Our local workforce makes up the majority of our workforce, and we have done an extensive amount of internships. Lots of training, over 32,000 hours of training, covering all of our inductions, leadership development, also occupational training as well. Some of the important things we have done there is we have got some of our training courses recognized by the government, which means that they can do them on the job without really requiring to take time out to study, which is really important.
A lot of the staff we have, they are the only earners in that family or in that larger family, so it is important they keep working. Our first graduate from the university program has just finished, and he is just taken a job with us as a geologist, which is fantastic. We are expanding this program to have eight university students a year across the group. We expect to continue to employ those graduates as they finish their studies and also provide them with real-life work experience during their kind of vocational period when they are studying at university. That is part of our commitment to the local areas that we operate in. Again, look, our sites are very, very safe. In comparison to Western Australia, we are trending at a TRIFR of 1.35 compared to the industry average in Australia of 5.7.
We have got dedicated teams on site for occupational health and safety, for emergency response, and also for medical events. Quite often, they get used by the local communities as well when there has been certain incidents in the community that require our help as well. We have got a mighty large strategy for keeping all of our people and assets safe in Burkina. It is not the most straightforward jurisdiction to operate in, but we have demonstrated over the last five or six years of operations that we can operate in Burkina. In saying that, we have not missed a quarter of guidance in five years, which really speaks to the quality of our team. What we actually have delivered in Burkina is substantial. Over $850 million directly in royalties and taxes since we started operations in 2020.
We've invested AUD 18 million directly into community projects with construction projects or specific community projects and donations. We've invested nearly $50 million into the local development fund. We've already invested AUD 6 million into our closure fund as well. Like I mentioned previously, we focus heavily on education and training. We've rebuilt and refurbished at least four schools in the local areas. We have installed, with one of our contractors, solar power and batteries so that those facilities can be used in the evenings for adult learning because education is a key part to really escaping poverty in West Africa. Our livelihood restoration programs, they've been extensive. We know that the positive benefit of mining in developing countries like Burkina Faso and receiving training in things that are going to be useful and let people earn money and survive.
Because really, Burkina historically has survived on subsistence farming, and still is one of the poorest countries in the world. We're making a big effort to try and lift them out of that. Again, all the work we're doing with the local communities, we've got school lunch programs. We've got nursery programs. We've got cropping programs that produce things like moringa that are essential parts of the daily life of people in the areas that surround our projects. Just to wrap up, WAF's got a quality team. We've demonstrated over the last five or six years of operations, and it's 20 years since I started the company, so we've come a long way. We're a quality team aligned with our shareholders. We've built and commissioned two mines in the last five years. We've invested about $1 billion into Burkina while we've been doing that.
We've demonstrated we're good custodians of the projects. We're paying our first dividend at the moment, which is a maiden dividend, which is going to be well-received by a lot of our long-serving shareholders or long-suffering shareholders, probably. We've got a very, very strong gold exposure. All of it's unhedged. So we've managed to finance all of our projects, without requiring to hedge away the upside, which I think is really important. Too many times you see junior companies listen to the banks and say, "Well, if you put a hedge in here, it's going to help you later." But as we've seen in the last four or five years it's been the worst thing most junior companies can do. So timing around that is also very important.
We've been quite fortunate to bring on two projects during a rising gold price and retain all of our reserves and resources so that our shareholders and also our stakeholders can benefit from those resources and reserves being developed. I've mentioned our ESG programs. We're very serious about maintaining our partnerships with local communities and investing in community projects. All of our ESG programs are aligned with international standards. I'd encourage anyone who's been following WAF to have a look at our responsible mining report. We issue that around the same time that we issue our annual report. WAF operates to the calendar annual year. Do look at that responsible mining report. It's very impressive. We've got very strong cash flow. I'm not a mathematician, but we're going to be producing around about half a million ounces a year.
It costs less than $ 1,900. So, that's very, very strong cash flow. We still got a lot of upside in our projects in Burkina that we are drilling, and we're very keen to add more resources and reserves to our projects. We're doing that through our own drill fleet, which we're managing ourselves. So 100,000 m of RC and diamond drilling being drilled annually by us. We've already demonstrated we're on a track record of a run rate of 500,000 ounces per annum. The last quarter and this quarter should be demonstrating that. Thank you.
Thank you, Richard. We've got a question here down in the front.
Thank you. Willem Middelkoop, Commodity Discovery Fund. Used to be a shareholder a few years back.
Yeah.
Your profit in H1 was over AUD 400 million. AUD 400 million, is right?
Australian, yeah.
What do you expect the full year profit to be?
About double that. It should be close to AUD 1 billion.
I was just tweeting that.
Yeah.
That means you have a PE of four, price earnings ratio of four. Yeah, right?
Yeah. Or you could say that we are at 2 x our 2029 earnings. Yeah.
Yeah. Okay. Pretty cheap. You also said you want to pay a dividend for the first time. What is the dividend policy? What will it be going forward?
I am reluctant to set an official policy, but I think it would be as much as we can whenever we can. We have set this business up now to produce cash and cash flow, to be good custodians of the assets that we have got. I think we are paying AUD 0.20 next week. That record date was about three or four weeks ago. We will be aiming to pay another dividend before end of June next year. It is always a debate, do you buy back shares or do you pay dividends? But I think from my perspective, given that I started the company 20 years ago. 20 years, IPO price was AUD 0.20. A AUD 0.20 dividend is a kind of round number. I like it. I am getting set to pay half of it to the Australian government. That is going to be a bit of a pain for me.
But I know a lot of our shareholders who are overseas are going to appreciate that. I think it's an unusual sort of circumstance where a junior company can come all the way from a AUD 0.20 IPO to a AUD 4 stock and pay a meaningful dividend. I think we're paying something like AUD 240 million in a dividend is our first one. Based on our cash flow going forward, I think that's something that we can continue doing.
You can also use the money to do M&A?
Yeah, we could. But look, I think the team's done a magnificent job over the last five or six years. I think we should just bed down what we've got, make sure we can squeeze the assets as best as we can. By putting that power in at Kiaka, I think we can get that to a mid 300,000 ounce a year producer. We know Sanbrado is going to do at least 250,000 ounces a year. So that would get us over 600,000 ounces a year annually for a long time. I think that's a good target. Let's just see how things play out in the rest of West Africa over the next year or two, because it's been challenging for us in Burkina. But I think the challenges are yet to come for the rest of the region.
So we could expect that at least half of the profits will be paid in dividends.
I think it's a reasonable assumption.
Okay. Thank you very much. At this stage, I'd like to thank Richard for presenting on behalf of-
Yeah
West African Resources. Thank you so much.
No worries. Thank you.