Now goes through what we have done. We have got about 1.6 billion shares on issue, a market cap of roughly about AUD 500 million, and AUD 77 million in the bank. We initially had Mount Adrah, a gold resource of 770,000 ounces at 1.1 grams. We still have that in our portfolio. And we have got the white gold at Tabba Tabba, next to Port Hedland, the largest bulk port in the world. There is a lot of research coverage there, all available on our website.
Investor snapshot and why you should own Wildcat Resources. We are on a mining lease, so very rarely do you have a large resource found on a mining lease. That sort of fast-tracks your production profile by about three years. We are also only 80 kilometers from port. If you know lithium is a 5.5% concentrate, so a large amount of waste is transported with your ore.
Being close to port, it has you down in the lowest quartile for operating costs. For us, it is about $20 to take to port. If you are in Canada, it is about $300, and Africa, a lot more. That takes you down to where we are in the lowest quartile for operating costs. Our PFS study had us at about C1 costs of AUD 541 and All-in Sustaining Costs of AUD 658. At today's price of $2,000 spodumene, there is a large profit margin that the financials show. It is also a large, high-confidence maiden resource. We have got 74 million tons at 0.45% cut-off. At today's cut-off grades that are used is about 0.3%. That is a 90 million tons. And we have drilled it at 94% indicated. Why did the board elect to drill it to a 94% indicated resource?
So that we can go through the gears of PFS, DFS, bankable feasibility study, funding, and then eventually production. 100% of our offtake is unencumbered, so we have not given away any of our offtake. Different to gold, where it is just debt and equity, there are a large number of options for prepays to help us with the funding, which I will take you through in a couple of slides' time. We also have the exploration upside. There is nearly 2,000 sq km of tenure that we own. Most recently, we found Bolt Cutter. That is only 10 kilometers away, and I will take you through those slides. Also, the PFS financials are excellent. At today's price, it produces a great NPV and a payback period. Tabba Tabba is thick and continuous. You have got the Luke deposit, nearly 40 to 60 meters wide.
Leia, 100 to 180 meters wide, so a large, wide pegmatite. And then you have got your Chewy, Han, and Hutt in the hanging wall. 74.1 million tons at 0.45 cut-off grade, like I said, and 90 million tons at 0.3, and recoveries of over 70%. So it is large tons per vertical meter. In the PFS study, we only use Luke and Leia because Chewy, Han, and Hutt, we did not have the metallurgical test work. We now have the metallurgical test work, and Chewy, Han, and Hutt all come into the mix. Chewy is part of an open pit that is for Leia and Tabba. What does that do? It sort of drops your stripping ratio down because now it is ore instead of waste, and it brings early cash flow.
Next, what we have is a video that takes you through Tabba Tabba and the DFS conceptual designs and what that project is going to look like in the future. Where are we? We are in Australia. We are in Port Hedland in Western Australia, the largest bulk port in the world. We are right next to highways, only 20 kilometers from the major highway and only 45 minutes from Port Hedland. We are next to two of the largest bulk mines in the world for lithium.
You have Pilgangoora, only 47 kilometers away, and you have Wodgina 87 kilometers away. We also have a large exploration portfolio, nearly 2,000 sq km, which we intend to explore. Going to Tabba Tabba itself is a granted mining lease. We have a number of leases around us that we own, and we have miscellaneous licenses over. There is a bore field. There is a water license.
There is an existing tantalum pit, an existing tantalum license, and then you have the new deposits of Han, Hutt, Tabba, Chewy, Leia, and Luke. We also have a camp on-site with nearly 80-person accommodation potential. Going through the DFS design, we already have a haul road that we can use now, but there will be a new haul road that comes into effect once we start construction. Looking at that design, it takes us to the Tabba Tabba open pit and underground. You see the haul road there, and then you have the village. You can see there, 600-person village, solar farm, processing plant, underground access, as well as your Leia open pit and your shared infrastructure. Going through the key items of the design, you have your major processing plant there for spodumene, and you have optional petalite and tantalum plants that come out of free cash flow.
Looking at the mine itself, it is an open pit and underground mine working together. The pit is a large open pit, nearly 1 kilometer by 1.2 kilometers, and then you have your Luke underground. Both starting at the same time. You might say, "Why?" That gives you the flexibility of open pit and underground. Nearly 80% of the ore will come from an open pit, and then you have the options of Han, Hutt, and in the future Bolt Cutter, which is just up the road. Moving to the infrastructure design here, you see the admin buildings, and then you have the shared infrastructure for maintenance that is shared between the open pit and underground. That is part of how we keep our operating costs in the lowest quartile, because you have shared management and shared infrastructure. Moving to the plant itself, you can see the detailed design there.
It is a whole lot of flotation, two-stage crushing, 180 micron, and with a regrind circuit of 150 micron. Mill capacity of 4.5 million tonnes a year. Looking at spodumene, 565,000 in year three. I will fly you through the mill now. You can see the crushing circuit there, and a small ore sorter on the right-hand side. You have your transfer belts to your spodumene stockpile. Then you have the two sister ball mills, stage 1 and stage 2, nearly 18 months apart. Then you move into your flotation circuits there for stage 1 and stage 2, again, nearly 12 months apart there. You have your concentrate thickeners there and your float cells, and then onto your concentrate thickener, which then goes onto your conveyor belt and into your spodumene stockpile.
Which then gets loaded and goes to your current infrastructure in Port Hedland to ship spodumene to your markets out of Asia, Europe, and the Middle East if required. Hopefully, that gave you an idea of what this project is going to look like in future. We have been very busy, and we have got a track record. We have had three discoveries.
We had a Tabba Tabba maiden resource in November 2024. We had a PFS study last year in July 2025, and then we have a Native Title Agreement with our First Nations, the Nyamal, in place so that we can start mining. Where to from here? We will finish the DFS or the definitive feasibility study in the next couple of months. We will have a Bolt Cutter resource out. We are working on that now. Then we have got our financing and funding options over the next six to nine months.
We will finalize our long-lead items. We have got AUD 77 million in the bank. We can commit to our long-lead items and the engineering so that we do not waste time, and then execution towards the second half of next year. Bolt Cutter, this is our newest discovery. We have been exploring all the way through the last two to three years. It is only 10 kilometers away.
It is nearly 2.1 kilometers by a kilometer. It is more your typical lithium deposit. It is all ribbon-like pegmatites, compared to Tabba Tabba. The future here is get a resource and then bring it into the mining plan that could have another source of ore but also extend mine life or go to a stage 3 of production. We are excited about Bolt Cutter, and the next phases is a resource and then a mine plan around it. Go to the PFS economics.
The PFS economics were done at a broker consensus price of AUD 1,384. Using today's price of about AUD 2,000, it gives you a post-tax NPV of AUD 2.9 billion, a free cash flow of AUD 6.5 billion, and an IRR of over 40%. Most importantly, on a CapEx of AUD 687 million, it is a payback period of 1.7 years. Some compelling economics there.
Touching on how we sit in the Australian spodumene market. You look in terms of production, you have got Greenbushes, you have got Pilgangoora and Wodgina, and that will be Tabba Tabba after that. Interestingly, those four were the GAM assets that Sons of Gwalia had. They all started like Tabba Tabba and then increased their production rates through the cycles, and that is what we intend on doing. One of the key aspects of Tabba Tabba is its C1 operating cost. It is AUD 541.
Given today's price is nearly AUD 2,000, that is how you get those free cash flow numbers and PFS numbers. It is about AUD 541, and Pilgangoora is about AUD 380 per tonne of spodumene. Why is it AUD 541? Again, it is close to port, it floats very well, and it is a large open pit. In terms of global supply and demand, you look at the supply-demand gap is going to increase significantly. There are a lot of newsworthy reports out there. But looking at the Fastmarkets report, it is about 2.1 million tonnes. You need a number of mines like Tabba Tabba to fill that demand. We see EVs, data centers, battery storage, humanoid robots, all of that feeding into the demand that we see coming up. We are looking at bringing it into production late 2028, 2029, as soon as that gap starts to increase significantly.
In terms of our funding options, we have a number of funding options. Like I said, unlike gold, which is just debt and equity, we have a number of funding options. We have the government finance. We have a number of government organizations who are helping critical minerals to fund projects and get them into production. Then you have your commercial banks. You have your offtakers who are trying to get Australian spodumene, and the only way they can do that is by having prepay commitments, where they give you money as a prepay loan, or they are coming in at the asset level to take a percentage of the company. Then post-DFS, we will look at JV options, where there are a number of companies looking at getting, say, 20% of the offtake by putting money into the project at a slight discount to NPV.
There are a number of options there. We are furthering all the options, and we will give our board the final options within six to nine months to make a decision at FID. Sorry, that has gone the wrong way. What is our plan for the next year? It is certainly discovery. We are looking at discovering more in our 2,000 sq km at tenure.
We will come up with a Bolt Cutter resource. In terms of the development, we are looking at completing the DFS study, finalizing our of take and funding solutions, complete our approvals process. We already have a tantalum approval. We are changing it to lithium. We will have that very soon. Then we will look at our long lead items, which is our construction of the road camp, and then find good people to build this project. Good people are attracted to good projects. We see that upcoming.
Why Wildcat and why you should own Wildcat? We are in the right location, we have the right asset, and we have the right team. We are in the right location. We are tier 1 in the Pilbara. We have a camp. We have a haul road in place. We have a commanding land position. We are known as regional discoverers. We have had three discoveries in three years. We are looking for more. We have the right asset. Tabba Tabba is impressive in size, scale, and quality. Bolt Cutter is an emerging discovery. We have AUD 77 million in the bank. That lets us go ahead and progress Tabba Tabba. Then we have the right team. We have now people on board who have built a lot of mines. We have a discovery team. And we are the next lithium asset to come into production.
I really appreciate your time here today, and happy to take any questions you may have. Thank you.
Thank you, AJ. Are there any questions from the floor here? Yeah, we have.
Thanks for the presentation, AJ, and thanks for taking the question. Long lead items?
Yes.
Firstly, what are you thinking? Also, just timing. When do you need to start ordering those items?
We have already started doing a lot of detailed design. We started 3 months ago. We had money in the bank, so we have commenced that detailed design. Currently, what is identified is your crusher, your ball mills, and parts of your thickener. We want to commit to that in the next three to four months, and then commence part of our road and camp construction. Those are our long lead items. The design is done to a high level of integrity, so we are quite comfortable to start moving on those aspects of the project.
Any other questions from the floor? We have one.
Thanks, AJ, for the presentation. Just talking lithium market and your cost curve position, how would you fare in sort of a low-cost environment relative to your peers in the Pilbara and against the brines as well?
Yeah, I get asked that question a lot on what I think of the lithium market. To be honest, there is a lot smarter people out there that talk about the lithium market, so I would Google that. At AUD 541 C1 cost, all-in sustaining at AUD 658. So at a AUD 2,000 price, there are large margins to be made at 600,000 tons of spodumene. We focus on what we can. We have got contingencies in place. If the price does come down, we are looking at stockpiling ore so that if the price does come down, we can stop mining and just do a processing operation. But also, with offtakes, we are looking at doing a floor price like some other groups have done so that we are protected against the downside.
Any other questions from the floor? If not, I have got a follow-up question to that one, AJ. Look, lithium has obviously been a very volatile commodity in the last few years, lots of extreme cycles. Feels like it is maturing a bit now as a sector, and perhaps a little less volatility going forward, hopefully. But yeah, that does make it tricky to negotiate offtake agreements when you've got that level of volatility. Can you talk us through the conversations you're having with the offtake partners and how you navigate that volatility?
Yeah. Just touching on that, I think if you look at the last 10 years, lithium has been the worst-performing commodity for four years and the best-performing commodity for four years. So, yes, you do see that volatility. But with the offtakers, I would think the price is red hot at the moment because we are getting a lot of inbound. And why wouldn't you? It's low iron. It's a mine life of nearly 20 years. And it's a very good product that floats and refines really well. We've actually had more test work with refineries, and it works really well. So I don't think it's an issue getting offtake. It's getting the right offtake t hat you want to get put in place.
Very good. All right. Thank you, AJ.
Thank you for your time.
Great presentation. Well done.