Hello. Welcome to Virtual Investor Conferences. On behalf of OTC Markets, we are very pleased you have joined us for our three-day Precious Metals and Critical Minerals Conference. The first presentation of the day is from Novo Resources. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for a one-on-one meeting by clicking Book a Meeting. At this point, I'm very pleased to welcome Michael Spreadborough, Executive Co-Chairman of Novo Resources, which trades on the OTCQB Venture Market under the symbol NSRPF, and on the TSX under the symbol NVO. Welcome back, Michael.
Thank you very much for the introduction. Everyone, it's a pleasure to be here again to give you an update on Novo Resources. Just a reminder, the presentation I'm going to give today is really a subset of our corporate presentation. Please do look on our website at the corporate presentation there and all of our recent news releases. There's obviously an area that you can fill in to get continuation of our news flow going forwards. Let's move forwards. There's a normal cautionary statement, I'll leave you to have a read of that in your pleasure. For those that aren't aware who Novo Resources are, we're a little bit unique. We're a dual-listed Australian gold and copper explorer. We're listed on the ASX, the TSX, and as you know, the OTC platform.
We're a little bit unique because we are purely and unashamedly a greenfields explorer. We're really focused on the next discovery of a standalone project across the platforms here in Australia. You can see in the middle, we'll talk a bit today about our Belltopper project in Victoria, which does have a large exploration target. We'll talk about our drilling program, which is underway in the Pilbara. We have over 12 weeks of drilling across four exciting greenfields target. We have a wonderful joint venture with Northern Star Resources, which has the 13-ounce Hemi Gold project nearby. A great leadership team, great experience across the world looking for gold and copper. Importantly, we've got a strong balance sheet, which I'll do in a minute, really supported by our investment in San Cristobal Mining.
Let's have a quick look at the balance sheet. At the moment, we have about AUD 11 million in cash. We're about to finish an equity raise, so you'll see that lift up AUD 2 million by the end of May. As I said, we're listed on the ASX and TSX. About a third of our shares trade on the ASX, about 130 million there, and you can see 280 million shares on the TSX. It's kind of evenly split in that one-third, two-thirds. A great share register, supported by Northern Star, very large gold producer in Australia. The Mundy family out of Toronto. Mark Creasy is a billionaire. We've got some really great shareholders there. As I said, one of the unique things about us is we have a really great investment portfolio.
San Cristobal Mining is a silver producer out of Bolivia. We invested in that project a long time ago, and it's been a very great investment for our shareholders. Not only has it provided funds that we've used for exploration, and we've still got a value of around AUD 20 million in that portfolio, but it also is delivering dividends, around AUD 2 million of dividends in January this year. It's a good earner, and we like to think that that portfolio at San Cristobal will provide us with the funds needed if we do a great discovery or we go and buy a new asset to add to our portfolio. We are spread across Australia. We have many projects, but today we're just gonna focus on the yellow projects.
We're gonna talk about up in the Pilbara of Western Australia, so that's north of Perth, about 1,200 kilometers. We'll talk about our Teichman Gold project, our Bala Bala polymetallic project, Cronus Gold project, and where we're drilling now, the Wyloo polymetallic. Then we'll spin over to the eastern part of Australia, talk about Belltopper in Victoria, and the Tibooburra Gold project in New South Wales. We have a great range of projects that we are exploiting or trying to run exploration programs. I think this picture really shows the portfolio. As I said, we are unique. We are a greenfields explorer. When we talk about greenfields, we're talking about doing exploration that's kind of well away from any existing processing plant or headframe.
This is really looking for a new standalone project where you would have to build infrastructure. We're looking for those big leverage value discoveries, and that's been our focus and that's our DNA in terms of our exploration effort and the people that we have in our team. A really great greenfields portfolio. We're gonna talk about that today because that's where our current exploration programs over the next 12 weeks are really focused. We have the edge of the Joint Venture, which we'll talk about. In the middle, you see more advanced projects. The Belltopper Project in Victoria, which has a large exploration target, which we'll cover. Also a farming project in New South Wales in Tibooburra.
Because of our strength of our balance sheet, we're always out there looking for additional projects, and we are definitely continually, you know, searching Australia, and also Canada, for other gold and copper projects that we can bring into the portfolio. As I said, we're a very active explorer. At the moment, quarter two this year, we're out there drilling those Pilbara greenfields projects, and we'll cover all of these. Right now, per our quarterly release last week, we're drilling the Wyloo antimony project. As we move into quarter three, you'll see us follow up on some of those projects. More importantly, we'll drill the Teichman project, which is a very exciting gold project that we've done really great surface mapping. We'll do some drilling at Tibooburra, so that's the yellow project there in New South Wales.
In parallel, we will be drilling diamond drill holes in the Bellt opper project. We've got a very active program for the rest of the year, and we're funded to be able to execute that program. We're well and truly well set up. As I said, we've got a great exploration team, but we also have a great board that kind of leads the really focus there. Dr. Quinton Hennigh is our Non-Executive Co-Chairman. Most people know him across the world. He's a great geologist. Supporting him is Greg Jones. Greg is an exploration geologist in Australia. He's got great experiences from discovery all the way through to development. Karen O'Neill is a finance person, but she's also been a CEO of small junior companies and is on the board of a couple of juniors.
Karen really understands our business. Our General Manager of Exploration, Ronan Williams, has only just joined us in the last four weeks, and he's got really global experience chasing gold and copper around the world. We've got a great team that's out there executing that exploration program. Let's get into some more of the excitement stuff. Here's Victoria down in the southeast of Australia. You can see our Bellt opper project there. On the right-hand side, there are some names that people are probably familiar with. Bellt opper's in the middle. It's a small 22 sq km tenement, but it's surrounded by historic gold fields and also existing operating mines. There's gold producers at Bendigo and Maldon. The Fosterville Gold Mine, which is owned by Agnico, is 60 km away.
Costerfield up there in the kind of the northeast. Costerfield is owned by Alkane, previously Mandalay owned that project before the merger. Then on the right-hand side, some people might be aware of the Sunday Creek project, which is part of the Southern Cross Gold portfolio. We're surrounded by great gold projects. You know, we've got great jurisdiction. What's really important to us is, as you can see on that picture, there are processing plants at Costerfield and Maldon and Fosterville and Bendigo and Ballarat. We're surrounded by like processing facilities, which would be important if we can prove up Bellt opper to be an economic development. What is Bellt opper? Bellt opper is a historical gold field. There was multiple operations, you know, back in the 1800s.
You can see on the picture, you know, in front of us, in the 3D picture, you can see the old historical workings. On the left-hand side, you can see, you know, really the structural features of Bellt opper. It's a collection of 8 high-grade gold reefs. They're very easily defined in our drilling. They have very strong continuity, which is really good. As you can see, you know, we've mapped, and from historical records, put together a really good model on historical drilling. Our last drilling in Bellt opper was in 2024, and you can see the drill holes there. We were able to firm up the geology and really understand the mineralization with some really strong intersections.
You can see there, you know, grades of, you know, 9 g over 3 m, you know, 10 m over 6 g. We really have firmed up our knowledge of some of these near reefs and how they form together. That is really exciting for us. As a result of that work, in 2024, we put together an exploration target. Early this year, we updated that target on the basis of the new gold price, but also we've done a lot of work in the last two years re-logging core, having a look at the structural settings, understanding grade variation. We've updated that exploration target, and it's really attractive. You know, that target is 460,000-880,000 ounces. A good grade, 6.7-8.9. A reminder, it's an exploration target. It's not a resource or a mineral resource.
There's a lot more work to be done before you get into an inferred resource. An exploration target just gives you that indication of what the potential is as we go forwards in doing more drilling. Bellt opper is really exciting for us. We're back in business at Bellt opper, and we'll go back drilling in the second half of this year. We'll do about 2,500 m of diamond core as part of that program, and that really will be focused on firming up the exploration target you see here, looking at potential to grow it, and really, you know, get confidence that that exploration target will lead to us doing more drilling in 2027. The state of Victoria is back in business.
We've seen multiple gold operations be approved in terms of exploration titles, so we're excited that we're now pushing ahead with Bellt opper exploration again. If you pivot back to Western Australia and the northern part up in the Pilbara, which is our home really, it's where Novo started life. If you look at the very bottom of the picture, you'll see Wyloo, so we're gonna talk about that in one minute. What's important about Wyloo, for those that don't know this part of the world, Paulsens, just near Wyloo, is a very high-grade gold operation, and Mt Clements is a new lithium discovery, high-grade lithium. It's a very good jurisdiction, Wyloo. If you look up to the kind of northeast, you'll see the Teichman project.
That's on the end of what we call the engina the gold camp. We own 80 km of tenements along that zone, and we're gonna cover that. In yellow is the edge of the joint venture with Northern Star. Hemi, you can see how close Teichman and the joint venture is to Hemi, you know, around 13 million ounces in the resource. Then up on the coast, you'll see Wyloo. It's our polymetallic project, and we're gonna cover that as well. Then a bit south of that is Cronus, which is a very small tenement package which is focused on gold. We have a very active tenement package within the Pilbara, and we think it's extremely exciting for greenfields exploration and discovery. Here's Wyloo. You know, this is really classic Novo work.
You know, geology exploration 101. We literally had geologists jumping out of helicopters doing soil sampling of rock chips, and from that we've built up a picture that really hones in the bottom of the tenement, what we call Wyloo South West and South East. We really saw high-grade results. This work was done in middle of 2023. You can see the results there. Really strong silver, copper, you know, stibnite, which is antimony, gold, lead and zinc. Very much a strong polymetallic signature. Probably is hydrothermal, but it's very, very early days in what we see there. We've now moved this project along, and early this year we again did more mapping, and that's firmed up what you see in the bottom right-hand picture.
Around about a kilometer strike length zone's been mapped and is part of our exploration program for drilling, which is underway. Again, very strong results, very polymetallic. You can see strong copper results, strong gold results, strong silver and strong antimony. It's a really interesting discovery that we've had from the surface and really cries out for us to go drilling. We've just started this week a 2,500-meter RC drilling program, and that's really there to test this trend that we've discovered, and from then that'll lead to, you know, further work down the track. We won't see results from this work for another 6-8 weeks once we complete the program and get the assays. Please keep an eye on the news flow from Wyloo, but it's super exciting.
We're then gonna move our drilling program from Wyloo into Cronus. Cronus, as you can see in the picture here, is just a very small tenement package. It hasn't been much of our focus, but we're a little bit excited by Cronus 'cause our neighbors have just done drilling at Titan. You can see Titan there. They picked up some really good gold intersections. We have the tenement package along strike or along trend. You can see there, you know, the influence of the fault zones. We're gonna go drilling there after Wyloo. We'll do about 2,000 meters of RC. Interesting to see if that trend continues from Titan into our tenement package. Bala Bala, very early stage. You know, this is an area which is quite large as a tenement package.
It's all under cover. Last year we completed a 6,000-meter aircore program. That was the first time that anyone had done any serious exploration in this area. We drilled a range of lines, and you can see some of them on the picture here, across a 10-kilometer trend. Some of these lines, you know, they're 640 m through up to 1 km in spacing. That work, as you can see in the numbers here, really highlighted some very high multi-element assays at the bottom of the holes. You can see again high silver, high stibnite, high copper and high bismuth. That's given us real great excitement. We've done a lot more work to hone in on what we think is the more prospective areas are now called Babbage and Grand Quarry.
The concept that the Sholl Shear that you can see here is a conduit for mineralization still remains, you know, our thesis that we're trying to test. It's very close to Hemi, to Hemi and the Mallina Basin, so there's a little bit of, you know, synergies in geology. We'll go back there, you know, in June this year and drill 6,000 meters of aircore. Again, early stage. I like to say to people that this will be phase II of drilling. I would expect us to do another couple more phases of drilling before we really understand if there is a true potential at Bala Bala. We definitely like the geochemistry signature, but it's tough work given that it's about 20 m under cover. Our new focus project is Teichman.
As I said, Teichman is at the top of that Egina Gold Camp, 80 km of tenements. It's south of the Edge of the joint venture where you can see with Becher, and it's not that far from Hemi. What's exciting about Teichman is no one has done any major work in this area except historical workings back in the early 1900s. No one's done modern exploration. It's part of an Aboriginal reserve, so it's been some restrictions, but we've worked with the Aboriginal group. We have great relationships, and we've been able to get on the ground. We did some work late last year, and the results are impressive. The right-hand side just shows you a picture of the topography. We've identified two trends.
One we call Teichman, the other one Pride. They're 1.2 km- 1.5 km long. Then in the picture in the middle and the, you know, the descriptions of the assays, you can see the rock chips very strong. You know, 77 grams a ton. You know, 9 g of silver. You've seen others, you know, 50 g of gold and 8 g of silver. This is, again, we've done as much work as we can from the surface. In July, you will see us go drilling here, and we'll do 2,000 m of RC in the first program, maiden drilling program that no one's ever been. Again, really focused on Novo's DNA of going to greenfields projects and looking for new discoveries. If we just kind of quickly jump to the edge of the joint venture.
You know, this, we've had for a while with Northern Star. Essentially, they have to spend AUD 25 million to earn 50% of the project. Northern Star is now the owner of the Hemi project, it's been really great to work with them. They really like what they see here, and they'll continue. You'll just continually hear a little bit of news flow as we go forwards. If I jump to New South Wales and Tibooburra. Tibooburra is in the very kind of northwest corner of New South Wales. It's very flat topography. You know, in summer it runs at 41, 50 degrees type areas. You know, Tibooburra is a project that we are farming in. We're doing expenditure to earn ownership. We've completed the first tranche of that expenditure.
We're now working up to do the second tranche, which will earn us 70% of the project. We're the managers. What excites us about Tibooburra is it is a very, very large system. You know, there's over 630 sq km of tenements over 22 km. There has been some historical work done here, and other people have done drilling, but it's not exactly as detailed as the work that we like to do. We have gone in there, done a lot of soils and rock chips, and we've done a lot of mapping. We did our first drill program last year. You can see that in the middle. We drilled 14 holes at Croydon, and some really good results. 12 m at 5.9, including 4 m at 13.7.
17 m at 2.4, including 9 m at 4. That's really exciting. We then followed up later, in the later part of last year with some surface mapping and sampling at Phoenix and Pioneer, which is the northern part of the system. Where will that lead us? We've got a team on the ground right at the moment who are doing a whole project review, and you'll see us go back drilling in the second part of this year. I think the next slide will provide a little bit more detail. You can see Clyde near surface, you know, drilling results on trend, some really good numbers there. We'll come in and do some follow-up. Then Pioneer on the very northern part of the trend.
The rock chip samples and historical results are pretty strong. You know, very narrow, but super high grades. You can see 14.7 and 33.9. What's different? Novo's gonna bring in a real quality focus on geology, really build up the story from the base and start again on building what this could be a large system. Just to summarize, as I said, we're dual listed. That actually gives us great liquidity across the both markets. We're really focused on greenfields discovery across our Pilbara portfolio, and also, as you've seen in New South Wales. We've got Tibooburra, which is a bit more advanced. We're very systematic in our approach with a great team. Definitely down the track, the San Cristobal investment will help pave the way. As I said, we're out there looking for other projects.
We're in a very, very good position on where we are now. I've got a couple questions here that have come through, people. I'll try to answer a few of those in the couple minutes that we've got left. Some questions around funding. As I said, we did an equity raise early this year. On the current program that we've laid out there in the picture, we're funded for the rest of the year. Always will change based on discovery and where we will go. We still, you know, some questions on market cap. I still argue that we don't get any foresight in the market in terms of our investment portfolio.
I think we just get valued as an early-stage explorer, but people don't appreciate the investment portfolio that we have, and that drives, you know, our market cap. You know, some questions around results. As I said, while it is drilling now, you'll see a news flow in, kinda early or late June. From that, you'll see all of the other drill programs flow through, and then moving to Bell topper, later in, later in the year. You know, Bell topper is, Bell topper I see is quite exciting. Eight reefs, high grade. The exploration target gives us confidence that there's a really good potential to get to a resource.
The challenge for us now is to do more drilling to firm up our confidence in that exploration target and really understand if there is a development pathway there for Bellt opper. You won't see that this year, but that's more of a 2027 focus after we do this drilling program that will flow through in the second half of the year. Definitely, a good question here in Bellt opper. I'll see if I can just quickly grab the slide before we talk. See if I can get it here. Our focus with the exploration target is really the northern part of the reef system. You can just see in the picture here that that northern part of the reef system is actually on Bellt opper Hill.
That's what we see as the most highly potential of being able maybe in the future development. At a later date, you might be able to extend, you know, that focus down to Queens and other reef systems, which are more surrounded by houses and other areas. We're kind of balancing the ability to get in there and do our drilling, which we like to do without upsetting people, if that makes sense. 2,500 m of diamond core in the second half of this year, which we focused on all of these reef systems. You won't see much focus on the Leviathan, which is this reef system here. We've done a lot of drilling there, both ourselves and previous owners. Our focus on the drilling will be those reef systems up there in the north.
Conscious of time, if we summarize back with the, I think the best slide here, on the drilling program. Focus at the moment, greenfields projects, news flow coming through. Then in Q3, you'll see some follow-up drilling on those projects, but more importantly, we'll go drilling at Teichman. We'll go back to New South Wales, and somewhere around middle to the late in Q3, we'll then go and do the Bell topper drilling. A lot of that is more driven by our weather. We need to be out of the Pilbara and out of New South Wales by end of October when it gets too hot. Victoria is very good for drilling, you know, September, October, November, given the weather. Thank you very much for joining us. Please jump onto our website.
There's also ability on the website to drop further questions to me. Always happy to reach out. Definitely on the website, you'll pick up some of the latest news releases, but also the videos. Appreciate everyone paying attention and look forwards to catching up again through the OTC platform. Thank you very much.