For starting our presentation, I'd like to give you a little bit of overview, just a reminder of our history, because our company wasn't born like a traditional mining company at all. In 2006, our predecessor, Coeur Mining, started the construction of the San Bartolomé processing facility in Bolivia. It entered into commercial production in June of 2008. By December 2017, Coeur Mining has exhausted all of its life of mine, mostly all of its reserves that were granted by the government. It had only a less than a year life of mine, and that's when yours truly, through a private vehicle, acquired the facility. In March 2021, we, through an RTO, did a public listing at the TSX Venture Exchange.
In November 2023, we expanded our operations, not just from Bolivia, but also to the United States, by buying Golden Queen Mine, which is a heap leach out of California, producing, give or take, a little bit above 50,000 ounces of gold. In January 2025, we graduated to the Toronto Stock Exchange Big Four. The momentum that 2023 was the first year we were in this conference, so I'd like just to give you a brief overview of where we were. In 2023, single asset, Bolivia, only silver. It's one of the world's only silver companies. Our EBITDA for 2023 was roughly $10 million. Our revenues in 2023 were $125 million. Our liquid assets in 2023 were roughly $70 million. All of these are US numbers. Our market cap was literally trading like a little bit above, a fraction above one times cash.
Transformational growth in 2024, as you know, we purchased the Golden Queen heap leach mine in late November 2023. At the time, 2024 was the first year where we were fully operating both assets. Our EBITDA grew to $63 million. Our revenues to $245 million. Our liquid assets grew to $82 million despite the acquisition and despite capital expenditures, which our predecessor overlooked until we had to invest to actually turn around the mining facility. Our market cap didn't really increase that much, literally still about roughly a little bit above two times, maybe two times cash. Nothing to do with EBITDA, nothing to do with other metrics. Now, going to 2025 today, our presentation is going to be primarily to public information that we release at the end of Q2. We are basically now a two-asset company producing, consolidating our productions.
Our half a year EBITDA was $51 million, just for half of the year. Our revenues, $136 million. Our liquid assets, despite all of our capital expenditures and our growth that we've been having, it's still growing, $87 million. We finally got our hockey stick, as they call it, recently because of the momentum that we're getting into the commodity cycles. Our market cap as of September 24 reached over $1 billion Canadian. This is just a summary of our assets, our flagship original asset in Bolivia, our Golden Queen heap leach that, as you know, we've purchased primarily in California. We have our corporate headquarters in Toronto. We have another office in Monterrey where we do a lot of the back office and supporting administrative work. Going to our operations, Golden Queen.
In Golden Queen, we have last year started out an exploration campaign with the purpose of expanding the life of mine. We continued that program to 2025. We're driving operating efficiencies. We're roughly now producing, I mean, stacking about 12,000 tons per day on the heap leach operations by improving better blasting, haulage, and processing practices to maximize the recoveries. At the same time, we're also implementing disciplined cost cutting and cost management measures. Our guidance is still within the 52,000 to 60,000 equivalent gold ounces a year. Roughly, our operating cash cost of $1,500 to $1,800 and an all-in sustaining cost between $1,950 and $2,150. As you know, we're in the southern part of Kern County, California, and we've been concentrating on improving the facility and improving the operations.
Going to the operations of San Bartolomé, remember that as we started here, San Bartolomé had only literally less than a year life of mine. What we did is we reinvented the entire business model to make this into what I call a cash flow business model, cash flow generating business model, which has this business model which has identified the DNA of our company through all these years. We're mostly focused, have been focused to date on generating free cash flow and on improving and keeping the resilience of our balance sheet to be opportunistic of inorganic growth to M&A. What this means, for example, is we recently announced the execution of a 7 million tons contract with Comibol, the government-owned mining corporation.
That allows us to explore in various properties of the state throughout the Department of Potosí, which is one of the most endowed silver deposits in the world historically. Our business model started out by buying, not tolling. Let me just be clear on that. We're buying the ore from third parties, and then we process it, and then we place it after refining it in the markets. That gives us a revolver door of roughly 60 to 75 days on a daily basis to be doing that revolver door and just going through the cash flow. If the spot prices were to go down, we would just pay less for our ore. If the spot prices go up, we'd pay more for our ore.
That's the rationale behind the notion of earlier this year, we decided to change the metrics in which we measured our efficiencies and our financial optimizations to those different metrics. It's cash gross operating margin and the gross margin ratio, meaning we'll always go for the cash flow spread, and we're always looking to maintain no matter what the cash flow margins. This business model has proven to be resilient through the years, has proven to work, and we've been in the black every single year, ever since we started operating this facility in 2018, even when we were private before going public. I just wanted to remind you that that's the essence of why our company has been financially, we've been trying to be financially prudent and resilient and building a strong balance sheet to be opportunistic going forward.
In accordance with that strategy, in November 2023, we came across this opportunity and closed on it, the Golden Queen Mine, which we've been right now focusing on extending its life of mine through additional exploration. When we published in the MRNRE and the technical report as of December and early 2024, we got four to five years life of mine. We started the 2024 drilling campaign, which we publicized those results on the Silver Queen Southeastern Extension, on the Alpha Zone, and the Hilltop. This is just a map where they're located. We publicized that because we got encouraged, and then we did another one, another campaign in 2025, which we're hoping to be able to give exploration results and press release them in Q4 of this year. The purpose of it is extending Golden Queen's life of mine.
Going to the strategic vision of San Bartolomé, this graph literally tells you something. It is how important the geological deposits in Bolivia. We are hauling, sorry, we're basically ore from almost 500 kilometers away from the facility. Why would we do that? Because the grades can afford the hauling, ultimately. We have those circles, 50, 100, 200, and 300 kilometers away from the facility. We have a significant amount of sites where we are exploring and then getting the oxide. This is an oxide facility. Time from exploration, it's easier. It's not too deep. We're just hitting the oxide deposits. We've been buying for all these years since 2018. We know where the silver is. We have been purchasing from cooperatives, private individuals. We have a pretty good view of how we're sweeping the territory to be able to look into the oxides deposit. We're focusing on grade.
At the same time, it's relationship to distance to feed our plant capacity, which is roughly 5,000 tons per day mill. Some of these, the ones that are on the blue stars, are some of the deposits that we're already looking at outside of the Comibol contract as well that we're starting to explore and obtain deposit. We're optimistic about how much of these tonnage will increase our life of mine. Our capacity is roughly 1.8 million tons per year, a 7 million tons contract. When you actually account for all our FOB purchases that go to our facility, it can last for a significant amount of time. We're optimistic of what this means going forward. Our social licenses and our social responsibility.
In the case of Bolivia, we basically, and it's information that we shared through Oxford Economics and the University of Potosí, most of our OpEx are spread out in the community of Potosí. About, as they said, about 97% of our employees live around the city. The multiplier effect of all of the cash that we spread into the city accrues right now for approximately 25% of the city's GDP, which is significant because of the multiplier effect that cash builds. It's got a multiple of about four times what you're doing there. We're contributing to local communities. Roughly, we have been last year more than $300,000 to support communities. In the case of Kern County, we're also supporting activities to the county. We're committed to environmental stewardship.
We're always improving the quality of air by treating our roads, making sure that there's not a lot of dust coming around because California does have strict rules on dust and air quality controls. We're also supporting mining education initiatives through local colleges and geology programs in general. Capital structure hasn't changed much. One thing that we were very excited about is that the acquisition of the Golden Queen Mine did not dilute the shareholders. We have increased our market cap without diluting the shareholders so far. To the contrary, through the NCIB program, we have taken shares out of liquidity during the times in which we considered that a good use of our cash was to purchase back shares of the company.
Our compelling story, our DNA is always focused on cash flow generation, strong liquidity, and maintaining our financial resiliency, organic growth locally through more contracts for ore sourcing in Bolivia and exploration in Golden Queen, and ultimately preserving a balance sheet that is strong and can be used for inorganic growth through M&A activities. I think I'm about to finish my time, but I just wanted to thank you guys for the presentation.
Yes, we have enough time. One quick question, if there is one from the audience, just down here.
Thanks, Alberto. How does the exploration work with Comibol? Who has ownership of the assets? How is that going to work?
Okay, that's a good question, Phil. In Comibol, because we have a contract, as we published it, our contract is to purchase ore. What we do is, since we have a database that's big enough to monitor where it is, we know where the Comibol sites we believe have the best grade for us to process. Technically speaking, Comibol has to have the legal liability and the legal responsibility for the mining, and we're basically buying the tons once they get produced or they get extracted. This means that we finance them, but they pick the contractors. Obviously, we have a say, say, oh, we've used this. These are the guys that we rely on. These are the guys that we have gotten great experience for. Ultimately, the legal responsibility is on them, but we finance them. That'll bring us back.
That's what we have time for. Thank you very much.