We've got Phil Wilding. Phil is the MD and CEO of Rox Resources. He's a mining engineer by background. He's been at Rox for nearly two years, but prior to that, he was at Westgold for almost 12 years. It's his second time presenting at Diggers & Dealers. One thing you might realize about Phil is if you're doing a Zoom with Phil and if the audience are getting a bit tired, he sometimes turns off his background, and you can see his office. It's full of fishing equipment. It really gets people's attention. Hopefully you won't have to do that today, Phil p eople will be engaged. Folks, please welcome Phil to the stage. Thank you.
Thanks Paul Rox, we're developing the Youanmi Gold Project. We're fully funded, fully permitted, developing a high-grade mining operation. We've been mining since November. We started construction of the mill about seven weeks ago. This is all underway. Our next path is unlocking the value. What can we see as our growth potential, and what is our aspiration? We plan to get this to be a 150,000-ounce producer for a long time. In terms of where we are, we're in Central Murchison, up in the northern end, very in the Yilgarn. Sorry, bit confused there. High-grade resource and reserves. We've got 2.2 million ounces of 5.6 g in the ground. We've got 700,000 ounces of 4.8 for a reserve base, and that's a starting point for us. We've got an accelerated and de-risked pathway to production.
We started on that pathway to production in November 2024, and since then, we've ticked off every box. We're all about delivery, and we'll continue to do so. We have an experienced team. Everybody who we've been bringing into this business has been part of startups. We've built mines in some capacity before. We have that background. We have the understanding of what we need to do to make this successful. The Youanmi project will be a low-cost, high-margin operation averaging circa 120,000 ounces per annum. The cash flows are quite large, and we'll cover that on the next slide. This then goes to, where do we see the opportunities? It's the organic growth. The Youanmi system itself, it's open. We have a large tenement package, which is heavily underexplored, and we're surrounded by multimillion-ounce mines and producers that have been going for quite a long time.
Our DFS came out in November last year, just after Diggers, and it came off the back of our resource upgrade, which we did in July last year. Again, low cost, high margin, AUD 1,978 all-in sustaining cost at a gold price of AUD 5,200 per ounce. Free cash flows at today's gold price is pretty close to AUD 2.7 billion and pre-production capital of AUD 383 million. Funding requirement, the estimates at the time of DFS is about AUD 450. Gold production, 117,000 ounces per annum. Met recovery, just under 91% with a flotation, fine grind, and oxidation plant to pour gold bars on-site. It's an oversized mill. We're building a one million-ton plant as a base load nameplate. Our mine design is to have a 900,000-ton per annum output. We see a growth potential sitting in there.
Ultimately, in terms of de-risking, it's about building the stockpile before we start this plant. Our study and budgets is 190,000 tons at 3.3, and so far, we're progressing quite well in developing that. NPVs, they're about three 3x our market cap today. The growth potential, assuming we deliver, is quite high. Reserves, we covered that before. Our mine plan, 900,000 ounces over the initial seven years base case. We're fully funded. We did a raise in November last year, AUD 218 million. We had AUD 320 million in project financing with Tier 1 banks, and we've got a bond facility as well. Ultimately, this led to our FID, which we made in March of this year. Really, when you look at it, this is the last about 20 months since I joined the business.
The MRE, the upgrade to 2.2 million ounces, that was just before Diggers last year. We've done a lot of work since then. Over the last 12 months, we've fully permitted the project, fully funded the project, started all the construction, camp pretty well complete, offices, the first part's all done. We've started underground mining. We've got three declines going into the ore body now. Again, lots of opportunity, de-risking that production front. The top left image, that's the old pit. We dewatered that a few months ago. We've started stripping the historical decline. There's 600 vertical meters of decline there, which we're stripping, a lot quicker, a lot cheaper than a new one. On the right-hand side of that image, that's the Pollard decline to the south end of our ore body. The intention there is to get in, set up a drill platform.
In the middle, you can see our processing plant site. That image was a week ago. Massive amount of progress in the last week since then. It's all on track to pour gold in the middle of 2027. Image on the right, that's the start of the leach tanks getting put together. Building the stockpile. Again, I mentioned before, our target's to be greater than 190,000 tons at 3.3 in front of the mill before it starts. Ore development's underway. We're on multiple levels now, multiple ore drives going. Most of these ore drives are going past the mine design. We're getting good correlation within the model from what we're expecting to see, and we're seeing from the drill holes into our face samplings, good correlations there as well.
Again, we've got our three declines underway, so should we need, we have multiple workplaces to make sure we can deliver on our plan. Our pathway to production. Again, November 2024, I put this one out. We set our path for the business, and we have ticked off every box on the way. We're all about delivering. We got the DFS out in November. We finalized the funding in the first quarter of this year. We're now building the mill, ready to commission it in quarter four of this financial year, pouring gold by the middle of next year. While that's happening, we're drilling. We have a rig underground. We'll bring another rig to the surface, and that fleet will continue to grow over the next 12 months. That then goes to, what is our aspiration? What do we want our Youanmi project?
The DFS, it was a base case. It was a bankable feasibility study. It's conservative as we could make it to ensure that we can get the tier 1 banks to support this project. The debt package we have, it's important as well. We can pay it off any time we wish. There's no covenants, there's no hooks and barbs on any of that. We have no mandatory hedging in place as well. Now it's about, well, what's our vision? What can we see? Ultimately, we believe we can get to that 150,000 ounces per annum and do it for a multi-year timeframe. How are we going to do it? Well, the plan is to do it without extra capital. Our plant is oversized. We have an extra about 11% processing capacity, so about 100,000 tons of that's to nameplate.
All plants are over-engineered, we know we have a bit more capacity there. To get more through it's not going to take a huge amount. We can add a cleaner and a float circuit. We can add another Albion tank. We can put a few more leach tanks in to get that extra throughput. Our base case, 817,000 ounces of doré poured out of a 2.2 million-ounce resource base. We've got a lot more conversion to do so. It's getting to the draw again. DFS, again, is the base case. We have a lot of inferred material. We get that to the indicated category, and we believe we can get some early wins there to increase the production rates from the mine, plus increase that mine life. Then the exploration package. 62 km of strike, two quite large assets.
You've got Penny West of Ramelius, you've got ours. We've got 3 million ounces in our house from what's been mined previously and what we know of now. Penny's been circa half a million ounces as well. Our initial drilling. We put out a couple of releases this year on the drill programs. We did two surface programs into the mine. One, Youanmi North, which is the northern end of our ore body, and one into Youanmi Main on the Interceptor Lode. What these showed is we're going to get a lot more gold out of these initial levels than what we originally planned. We've had some quite strong intercepts in them. Outside the mine plan, we're going to add extra stopes. The image on the left, that's Youanmi North.
Those bigger dots are the high-grade intercepts, what you can see there is there is no stoping designed on that. That's changing now with the updated mine plan, we'll add that in. With Intercept on the right, we confirmed what we expected to see, we're going to add some more on there, we've had several hits of over 20 grams a ton. Again we know this system will continue to grow with more drilling going into it. Our plan is over the next 12 months to drill it out to a nominal 20 by 20 spacing, get that infill program done, have ourselves 12 months ahead of the production front. Goes to where else can we see the growth here? The ore body's open in every direction. With Youanmi North, you've got that section underneath it.
Again, this is the left-hand side of the image. There's only a few drill holes there. There's quite a lot of inferred material. It's one of our targets at the end of this month. We'll have a surface rig come in with the intention being to put some holes in there, ideally convert that to the indicated category, and then we can move into the reserves. Most of that box has no holes and no reason why the ore body should stop. We'll then start step-out drilling, looking for those 50, 100-plus meter extensions. Youanmi North there was some drilling there that never made last year's MRE. Again, it's a target for us to follow up post doing an update on that. Deeps down there is no holes in that entire window. Again, the potential is quite large.
It doesn't look like much in the way of mining above, but there are old workings there, which were mined back in the '90s. Prospect, geologically, looks quite similar to Youanmi. There's no reason why it shouldn't continue down at depth. Youanmi's deepest hole is over 900 m below surface with significant width and grade. Pollard's one we want to drill from underground. It's been quite hard to hit it from surface. It is slightly different to the rest of the ore system. Again, the growth potential is quite large there. We've got the shear, we've got gold. We just need to get more holes into it to understand exactly what's going on. Keep in mind where we've got drilling, it's really the upper areas of the ore body.
The top 300 m of our mine plan have over 4,000 ounces of vertical meter in the resource package. Looking regionally. Again, 62,000 strike down Youanmi Shear Zone. It's heavily underexplored. The entire Murchison, unless there was an old mine there back in the early 1900s, most companies haven't put holes or haven't put mines in the area because the depth of cover is just too much. The old drill programs didn't get through it, so no one really knew what was underneath. We've done modern aeromagnetic interpretation over here. We flew that late last year. We've been working on it with a couple of groups over the last few months, and one of the key things is we found a structural analog to Youanmi. We found structural evidence that is similar to what we're seeing at Youanmi. Again, Youanmi is a + 3 million-ounce ore system.
If there was going to be a large deposit of gold, that is the potential spot we can see from our first pass. We're going to start groundworks on there, have a look around, the intention being early in the new year, potentially putting our drill holes into it. Along with that, we've got the Hope Prospect. We'll be looking at that one again later this year. It's an area where there's been quite a lot of alluvial gold found of recent times, but no real work's been done on it. There's one hole, great hits, but never been followed up on. Then we've got the MRE for Commonwealth. We put those results out a couple of months ago, some interesting information there. Who knows? That could become another potential for us. Still, the rest of the package, it's untouched. We can still see that large potential.
We can fill this mill if not beyond. To make this happen, it's all about, again, it's having that team. Team of people that's actually done this before, and that's what we've put together. We've all got a proven record in developing mines in Australia and in some cases overseas. Ultimately, we want to do what every company wants to do. We want to deliver sustainable returns for our shareholders, employees, and all the communities we operate in. The communities is a big one, which we've been doing a lot of work on recently as well. In terms of the corporate, circa 1.39 billion shares on issue. The market cap's been bouncing around at AUD 500 million, AUD 550 million, and again, the NPVs are sitting up at that AUD 1.5 billion- AUD 2 billion. Three times that, we're starting to get towards our NPV numbers.
Got good coverage with Euroz Hartleys, Canaccord Genuity, recently Ord Minnett. Media have been pushing the story out. We've got a strong register. I guess coming to the end of it, nice to see I'm ahead of time, Paul. The highlights for us. It's our pathway to production. Again, the key thing is we have been delivering. We set this pathway. We've hit every mark on it. We are doing what we say we're going to do. We plan to continue doing that as we move forwards. Our stockpiling has commenced. At the end of the quarter, we had 30,000 tons at nearly 3 grams a ton sitting on the ROM. Again, with a target of 190,000 at 3.5. First gold pour is on track for middle of next year.
Production ramp-up will start from late 2027 for that initial seven-year life where we do see the growth. We are the highest grade project under development in Australia. We've got 4.9 g in our mine plan, 4.8 g in reserve, and 5.6 as our resource base. The scale opportunity, the growth opportunities from within the mine, but along the package. It's all open. For us, it's just putting drill holes in the ground. We want to make sure we put them into the right spots. Economics, low cost, high margin, a lot of protection on the varying gold price. We've got puts in place, AUD 5,700 for our first year of production for half of it. Again, today, there's still a margin of circa AUD 3,800 an ounce. Rerate potential, we're on that Lassonde Curve. We've come out of all the excitement of exploration.
We've put out a study. There's compelling numbers. We're now in that construction phase. We're sitting there. It's the boring time for a company. For us, it might seem boring to others. It's super exciting. We're going out. We're seeing the progress. We're building the mill. We're building the mines. We're building stockpiles. We're building our teams. Everybody on site is incentivized to build this. We want to all hold that gold bar. At the end of the day, make money for everybody who's involved in the project. Thank you.