Thank you very much. Not a bad place to be on your birthday, is it? You've had a lot of presentations, but this is a really, really different business, different business strategy. There is a larger corporate presentation on the website. This is only a snapshot. It gives you a flavor. We've got a lot of projects to talk through. I'm going to fly through them, but jump on the website and you'll see more. The first thing you'll notice, we're ASX and TSX dual-listed. About a third of our shares trade on the ASX and the other two-thirds on the TSX. We are a greenfields project generator. We're not interested in projects within 100 kilometers of a processing plant, and we're going to talk about that. In essence, we're looking for those next big discoveries. Let's have a quick look at who we are. Here we are.
We're a diversified gold explorer with a very increased portfolio, as Kate said. We do have a little bit of a sneaky look at copper. We believe copper is underexplored in Australia, and we'd really like to grow that business. We've got a very mixed portfolio, as you'll see in a minute, from greenfields to advanced. We are looking for big projects. We're not interested in two to three hundred thousand ounces. We're looking for projects that are standalone where you build a processing plant. In gold, you definitely need over a million ounces. We've also got a very dedicated team looking at buying projects both here in Australia and Canada, and we'll definitely cover some of those issues in a minute. Very experienced board, fantastic exploration team with global experience chasing gold and copper all over the world.
We are extremely disciplined with the focus that we put into the work that we do. Got a strong balance sheet, good investment portfolio that allows us to do the work that we need to do. We're aggressive. We love drilling, right? We spend a lot of money. Apologies for that, but we do love to spend money drilling, drilling, drilling. That's the only way you're going to make discoveries in this business. This is our strategy. Two sides of it. Some of you know the LeSonne curve, but our Australian-based exploration portfolio is really focused on that strategy one, having a look at a whole range of targets, moving them through early-stage exploration, picking the ones that we like, discarding the ones that we don't, looking for a major discovery.
Our second strategy, based on investment portfolio, is looking for projects that we can invest in to drive them to a decision of mine all the way up to the technology curve. We've got the capabilities to run both of those strategies in parallel, mainly based in Australia, but as I said, we are continuing to look in Canada. You've seen this all the time, but it's a great place to be. Gold's going really, really well, and you've seen other graphs on copper. Here we are, market cap around about $40 million. As I said, a third of our shares trade on the ASX, two-thirds on the TSX. If you look down the bottom, we're running about $7 million to $8 million cash, but our San Cristobal investments are around $20 million Australian. That's our war chest that we can use to go and look at projects.
A really strong shareholder base. The top one, Northern Star. Many people would know Northern Star. It's about $15 billion, 10% of our register. Other great names, Mark Creasy, you know, billionaire explorer. We've also got Josh Pitt there, 1%, some Canadian funds. We've got a really good, strong register that supports the work that we need to do. Here's the crux of who we are. We've got a big bucket of greenfields targets. As I said, these are early-stage targets. These are targets that our geologists identify. We do the mapping, we do the soils, and then we'll go and drill five, six, 10, 12 holes, and some of these might disappear. Others will come up with a follow-up project. This is really the project generation part of our business, and we'll definitely talk about some of those in a minute.
We have a wonderful joint venture with Northern Star, and we'll cover that in a minute. We've got some really advanced exploration projects that already have good intersections that we're now coming into the second or third phase of drilling to grow them. Our whole focus is using our expertise and also our cash flow and our investment portfolios to go and grow the business on the right-hand side of this graph, looking at advanced projects, both exploration and ones that, as I said, we can take to a decision to mine. We're now diverse across Australia. Our home was originally the Pilbara, but we now have projects in New South Wales, and we've always had a position in Victoria at Beltopper for a long time. In the Pilbara, our home, we still have over 5,000 square kilometers of tenure.
Some of that in joint venture, but most of it is us managing that portfolio, working through the targets as we move forward. You'll see that kind of tenure drop as we complete the greenfields exploration work. Here's Egina. The dark green lined areas is the Egina joint venture. It's over 1,000 square kilometers of joint venture, originally with De Grey, but obviously now with Northern Star Resources. All of that ground abuts the Hemi Gold Project. For those who aren't aware, Hemi's about 13 million ounces. Northern Star Resources paid $5 billion to De Grey for that project. We've got tenure next door that has the same geological kind of vectors and structures, et cetera. We formed a joint venture in 2022. Northern Star Resources have already spent $7 million. They've got $18 million to go by June 2027, and they'll end up with a 50% joint venture.
It's a really great shareholder benefit. We don't have to do anything for a couple of years. If it's successful, we get 50% of the benefits. It's a really great joint venture for all of us, right next to 13 million ounces. We've just finished here at Sherlock Crossing, so you'll see news flow come out of this. It's a gold-antimony target, an old mine from World War I. Really great soil numbers for antimony. Sit back and have a look at the news flow when the results come through. Bala Bala, this is a classic greenfields project. We accumulated over 80 kilometers of tenure along the Shoal Shear. It kind of parallels the Mallina Shear, which is where the Hemi Gold Project is. This is early-stage conceptual geology. We've drilled some holes, and to be honest, we didn't find much gold, but we found a lot of other things.
This is really interesting. You'll probably see us do some work next year. It might grow to be something. It might disappear. It's a really great example of the work that we do to try to build up targets and have a look at opportunities. Likewise here, Toolunga near Onslow on the southern pole of the Pilbara, we've accumulated 1,500 square kilometers of tenure. Really prospective for IRG and other copper-gold projects. People have done a lot of work in here many, many, many years ago. We think it's conceptually really exciting. You'll see us do some work here early next year and hopefully build up a project. Part of that greenfields project generation. If we pivot now to New South Wales, we picked up two projects early in the year, late last year as part of our farming arrangements.
One at Tibooburra, way out west of New South Wales, and one at John Bull near Grafton. We like John Bull. It's really exciting. If I can make this work. Yep. Previous owners drilled 17 holes. Look at the section here. Absolutely fantastic numbers. Grades over 1 gram per ton. That really shows you that there's a potential for open pit resource. The previous parties had not really extended that mineralization zone, and we're in the middle of doing the geology, and we'll hopefully come back and do some more drilling later this year. This is an advanced project. It's a project that we like to really grow. This really shows what we can do with our geological team. First up, hit the ground, do a lot of good geological mapping, soils. We've actually grown this John Bull tenement to a 1.5 kilometer long soil anomaly.
The John Bull main is where the previous drilling has been done. You can see here with the green bars from Diggard North, John Bull South, and Hills Creek West. They're new targets that our team have generated that we will go drilling hopefully before Christmas this year. That's near Grafton. It's in part of the New England Fault Belt. There's a lot of other projects that you've heard about this week or the last couple of days that follow in that area. We like this area. Sit back and have a look at our drilling program later this year. Same with Tibooburra, way out west. You couldn't get somewhere more geography distant from John Bull. A really old mining district, a very long soil and mineralization zone all the way from there. You can see from New Bendigo up to Phoenix and Pioneer.
We're farming in, but again, Novo style. Let's go back to basics. Let's do the mapping on the ground. Let's do the soil. Let's build up the picture. A lot of work done in the past at New Bendigo, and you can see some of the numbers there. 16 meters at 14 grams, containing 3 at 69. There's great evidence of good, high-grade mineralization. Lots of drilling at New Bendigo. We've now come on board and we've done some drilling at Clone. We announced a couple of weeks ago that we had a team in the field doing field work up at Pioneer in the northern parts. We will pull this together and see if we can make this grow. We did our first drilling program at Clone. Yep, there we are. At Clone, earlier this year, we drilled 14 holes around 2,000 meters.
You can see some of the grades here: 12 meters at 5.9, 7 meters at 2.4. They're pretty good grades. Our challenge here is to continue the drilling, continue the exploration to see if we can pull together an economic resource. Last but definitely not least is our Beltopper Project near Castlemaine. Most people know this Victorian region is huge. It's got the Costaville gold mine, it's got the Fosterville gold mine, and it's got Sunday Creek, which is Southern Cross's new gold discovery. An area that is totally well endowed with gold mineralization. We have a small 22-kilometer square zone right in the middle. We did a lot of work over the last two years drilling and really understand the geology well enough that we've now put out an exploration target of 300 to 600 ounces. It's a pathway leading to a resource.
The next challenge is how do we economically take that to the resource. Let's put us together again. You've just heard we've got a high-quality portfolio of gold projects. Really, that gold, you know, generation type aspects. Looking for projects that we can develop and go forward. If we don't like them, we throw them out and we go looking for other targets. We're out there looking for a major discovery. As we've said, those discoveries are big. We're looking for 1 million ounce projects. There's a long burn here, but when you are successful, high rewards from the high risk. We've got a great investment portfolio, so we're now using that to look for projects, both gold and copper, that we can add to the portfolio. Very highly experienced board, great management team, great exploration team that can drive us forwards.
Great balance sheet, as you've seen, with great support of shareholders. That means we're well funded as we go forward into 2026. As I said, we love drilling. We like to see results, and we'll keep growing the business. Thanks everyone for listening, and we look forward to you joining the Novo story. Thanks.