Yeah, thanks, thanks, Peter. Just quickly, everyone in the back, can you hear me? Put your thumbs up. Sir, that's not your thumb. No, I'm joking. Appreciate it. Good to see everyone. Thanks, everyone, for being here. Equity Events putting it on, Canaccord, all the other sponsors, and of course, everyone in the room. Appreciate your time. The important bit here is, in 10 minutes, I'm not going to be able to cover everything we're doing, but I will be focusing on exactly what's happening right now, what's happening in the next 12 months, and the reason why you should be looking at FBM. Just to note, we are changing our name in the next coming month from FBM to Ore Resources, but for now, it's still FBM. As I talk through the presentation, all the material is on our website.
This presentation is on the ASX, so please feel free to have a look there. If you still want more and want to follow up, because I'm not going to be able to cover it all, please come up and say hi to myself and my colleague Robin, who's also here. It is important that we always acknowledge the traditional owners, and it's something that's a critical part as a stakeholder to our business, particularly where we're operating in WA . To cover off on FBM, we're really an exploration-focused company that has not only exploration from discovery through to development, through to operational in WA in a multi-commodity facet. In terms of our market cap, AUD 35 million, we have AUD 5.3 million in cash, so well funded for all of our planned exploration, even with our recent discovery.
Obviously, you see that the share price has been turning, but we expect it to continue to turn as our results continue to flow in. Importantly, all the value is derived from the team and, importantly, the projects. We have been able to position the company to secure two key gold assets that not only have the scale, the attractive hits historically, but, importantly, moving forward, there is ability in the next 12 months to really scale those assets up and convert them into tangible value for shareholders. In terms of the business, we think we have struck that right composition in terms of a board and leadership. We are a very tight-knit team. We have two executives, two non-executives. Robin and myself are on the ground every day doing the work hands-on.
We are very lucky to have two senior executives, sorry, not executives, but former executives being Nev Power, who was CEO for Fortescue for eight years. During his time, he tripled their production capacity, turning them into the lowest onshore iron ore miner in the world. He was the founding director and chairman of [Genesis Minerals], a big gold producer, and more recently, MAC Copper, which is in Cobar in New South Wales. Alongside him is Rob Waugh. Rob is really well known in WA , but more broadly for his work with Musgrave Minerals, where he made the discovery of the cue deposit in the Murchison, and then they took that through to 900,000 oz and sold to Ramilius in 2023-2024. We are really happy to have those two individuals as part of our team.
My background's been commercial, really finding the assets, converting them into value. The recent one was the sale of the Arcadia lithium asset in Zimbabwe for AUD 500 million, the Wahyu Cobalt, where I was Head of Corporate Development, but been in the seat now for two years. Alongside myself is Robin Cox, who's the Technical Director, made a number of discoveries within the company informally. The previous presenter, his team member worked at De Grey, so did Robin, as well as Mineral Resources, and did the drill up there at Wajana. Really capable. The way we view it is that we've got the team that licks rocks, but we also like to extract value out of those rocks, which is exactly what you need. You need the combination of these things to really drive change and drive value.
Importantly, we actually own over 6.5% of the company that we've bought buying shares, even as recently in the last two months. We continue to work this company as shareholders and have that in mind when we're moving forward. Talking about the assets, we are in a tier one jurisdiction. It does not get any better than the Eastern Goldfields, where within 50 km of Kalgoorlie, both assets. It is a really compelling area to be for a number of reasons, not only for gold, but for lithium and for other commodities as well. It is the ease of ability to access infrastructure. There are sealed roads to our sites. There is power. There is a skilled labor force. We fly there in the morning. We are on the drill rig by 8:30 A.M. It is a really easy way to operate.
Again, ability to move quickly as it is such an advanced jurisdiction, advanced particular belt to operate on, as well as being extremely prospective. To come to our Coolgardie project that I will touch on for the majority of the presentation, yeah, we are in the same areas as 2.3 million oz minerals , [260s], Bullab ulling. Over on the west, and then over to the east of us is Focus Minerals operating mine and mill of 2.7 million oz as well, as well as Burbanks, which is contiguous to our package of 500,000 oz at over 2 g . It is a great place to operate, and we continue to grow our footprint over this particular belt, remain focused here.
I won't be able to talk about both the assets in as much detail, but the main one and the reason for investors to really focus on is our Miriam Gold project. We secured this for lithium over a year ago. We had 85% of the lithium rights. We then secured the gold rights in May of this year and cleaned up all the lithium rights. We also bought the royalty off a prospector for a very nominal sum. So, we're in this 100% freehold. We then went through historical databases, saw there was a plethora of historical intercepts that hadn't been drilled since the mid-1990s. It was over 30 years of no work done on this ground, been tied up with prospectors and people that had to drop the ground because they didn't do any work. Hence why we're very focused on it.
The hits that were there were really compelling, particularly because it was all what's called RAB drilling, which is before you hit the fresh rock. It's really top 45-60 m max, which really helps you identify where targets are, where mineralization is, but it doesn't show the scalability of the project. We went through a systematic approach of doing initial shallow drilling, particularly at this Forest target, which the bulk of the historical drilling and work was done on. We did a 900 m program in July. We got the results in September. We not only increased the scale of the opportunity there, we proved there was a fresh rock opportunity. Additionally, we got really good oxide hits of over 30 m at 2.8 g from 25 m of vertical depth.
The compelling part is the program we just announced as of Monday, where we have drilled to the south primarily, looking at where the fresh rock loads are. So, where is this gold coming up to surface? Within that step, we were able to hit multiple new fresh loads, in particular the 12 m at 12 g from 48 m of depth. That is a downhole depth. The vertical depth is sub 40 m. In addition to that, the 25 m at 3.3 g. What we are seeing there is, as we go deeper, grade and thickness is improving, and we are really seeing a multi-load element system going down there. Importantly, we do multi-element assays. There is no copper or any other deleterious elements. It is really clean free milling gold and something that we are aggressively advancing.
We'll be out drilling within the next two weeks again at this target to the south. This is how it looks. Pictures tell a thousand words. The long section you'll see on the right there really shows that originally it was 250 m. We've grown it to over 500 m in that main red zone. Really, where we've got our best hits are in the south at this extensional part that was not previously tested in the fresh rock. Hence, it continues to go south. As we go through our ground, that remains open all the way down to our Canyon target for over 1.5 km along this shear. Coming to that Canyon target, it had never been drilled before. We did a number of geophysical work as well as geochemical work there on the ground.
We work our ground really hard before we drill to make sure we get the maximum value of every buck we're spending. We were then able to hit 18 m at 1 g at a very shallow depth in the oxide. That is something that we see as a discovery potential as an economic intercept. Now we've just got the assays pending to come out in the next two weeks of drilling it again at depth in that fresh rock to see if we're having that same system unfold as we did at Forrest. Across the broader package, you'll see that those lines running north and zigzagging, that's actually the shear. As we can see through all those hits, the lighter colored ones are all historical RAB drilling. The darker yellow ones is our work.
This 6.2 km shear is a very strong conduit for gold and hence largely underexplored across this package and something we are advancing and will be accelerating in the term of next year. This is the ground along strike. Same thing as Miriam 2.0. We just can't get to it yet. We're too focused on what we're having in front of us. This is the Randalls ground. There's over 40 km of strike along a fault. The historical drilling has had the same intercepts as Miriam. We uncovered this through going through decades of old data, and we are moving forward for that again once we've covered off on Miriam, Burbanks, and we get to this eventually as well. That's under an option that we can excise up until April, so we have plenty of time there.
The last piece that we'll talk about is we do have lithium in the south. This is a very strong, obviously, greenstone belt. We're converting that all to a mining lease, and we actually are really well positioned when the lithium market turns with good hits from over 35 m intercepts, 1.3% Li2O from 25 m downhole. To cover off, and the reason of what we're doing, we've got pending assays at Canyon coming out in the next two weeks. We then have a soil sampling program in the whole north. We were not able to drill there because it was not clear for heritage. We did that two weeks ago. We'll be getting the program ready to do that, so those will be coming out. RC rig will be out again as soon as we got the Canyon results.
We'll be out there drilling before the end of the month. Again, they will be coming out early Q1. In addition to that, now that we've cleared all the ground for heritage, we've got seven or eight walk-up historical drill intercept targets there. We'll be getting at it again in Q1. The other bit is Randalls. We're actually doing a comprehensive geophysical survey there of that plus 20 km of the fault to really identify where those main gold zones will be. Plenty on the go now and into 2026. As I said, we obviously have the cash balance to be funded for over 2026 and all the work that we're doing. Thank you for your time and enjoy the call.