Thank you, everybody. Some familiar faces here. It's good to see. We've had a great run over the past five years. Over the past year through ramp-up, we've had a bit of a pullback, which is a huge opportunity for people that are trying to re-engage. I would say that some interesting data points will come out over the next several months into year-end to daylight value for everybody getting involved.
We are solely focused on Morocco, which is one of the best jurisdictions in the world. It is an emerging district. We are one of a couple of companies operating there, which is going to change. It's changing rapidly as we speak because of the results that we're showing the market over the course of the last three years.
Certainly, what you're going to see next week and certainly into year-end with a PEA out of Boumadine, you're going to see something very different, a transformation of the company. We're deliberately being very, very quiet to let the results speak for themselves. I think you're going to see over the course of the next couple of weeks and months something very different evolve. I'll make some forward-looking statements and go right into it.
We're dealing with a fault that is about 1,500 km in length. That is pretty in sensational when you talk about the Cadillac Fault or some of these other massive systems. We are the only game in town. And like I said, that is going to change. It's already changing. The market is quiet with us, but you're seeing that change since we reported our last results.
We've started to outperform, and you're going to see that change, a step change in re-rate over the coming months and certainly into Q1 of next year. Everybody knows Benoit La Salle. I've been working with Benoit La Salle, and we have one of our exploration geologists with us today who was critical to our success at Zgounder. But we have Benoit La Salle who did develop SEMAFO.
And then, obviously, to his left, we have Mustapha El Ouafi. He's our ninja in country. He is incredible. I can't speak enough about what he's doing over there. But one thing you'll know about Africa and specifically Morocco, it's very easy to get permits. It's in days. It's not in months. It's in days. And they want to give you a mining permit yesterday, not to apply for.
So you're going to see when we deliver a PA for Boumadine in the coming months, it's going to be a very detailed PA, feasibility study level, and we can start mining right away. I won't go with the rest of the team. It's basically the SEMAFO team, and we're starting to add more Moroccans. One thing that we've learned is we have to increase our bench.
And as you sort of evolve into a producer, and we're producing now, we're producing about 500,000 ounces of silver per month, and that's going to be a 6 million-ounce run rate going into next year with upside beyond that. We reported something this morning that was a step-out result at Zgounder. Our board is very eclectic. Don't mind the sunglasses, but he had a bruised eye for a picture day. But we have some very important people on the board.
Collectively, the board and management own about 45% of the float. Ghislane, to the bottom of Robert, is critical. She was the number two at OCP, similar to what Mustapha was at OCP. He was the COO at OCP. She was the CFO, and she's been fantastic. We added John Bresnahan recently, and he's been a very good add, and you're going to see more additions as we sort of move forward and evolve.
The cap structure is very simple. We have about 140 million shares outstanding. We have about $120 million-$130 million of cash on the balance sheet. You're going to see that explode into the next few quarters, into year-end. If I'm a betting man, I'm thinking we're going to be north of $150 million, maybe $175 million US because we are printing money right now as we speak.
And that's another thing that's being lost on investors as we move forward. We do have $100 million of debt, project debt. That's with the EBRD. It's basically SOFR plus 2-3%. You're probably going to see us term it out. It's very easy to manage. They want to finance everything in perpetuity. So we look at Boumadine.
We have a CapEx spend there that's very small. It's CapEx light. You're going to see EBRD step up for 60% of that spend. We can finance the rest with cash flow. We're getting bid every day from players for that piece of business, but it's self-financing at this point. When you look at what we did accomplish over the last four years, we believe in growing ounces on a per-share basis. You're going to see that continue to grow in the coming months and years.
There's no change in that direction. Boumadine right now, as we speak, is about five million ounces on a gold-equivalent basis, about five grams. We see potential well in excess of that to double and maybe even triple that at that industrial complex. Zgounder, again, that's early days. We're going to see that grow as well.
Again, we announced that step-out today. It's currently about 100 million ounces of silver. Now, this is the opportunity. It's also frustrating to watch, but it is what it is when you go through ramp-up, but it's a tremendous opportunity. It's a bit dated, so we're starting to outperform now. But those light blue bars have all been taken out, and everybody says they've been taken out for their silver exposure. I'd say they've been taken out for their cash flow generation.
They were bought right at the time when they started cash flowing. The same thing will hold true for us. We're going to be a primary silver producer, only native silver for the next four or five years. When you see Boumadine grow, we're going to go from a silver producer to a combination of gold. It's a gold deposit, Boumadine, 70% gold.
What you're going to see is you're going to go from six, seven, eight million ounces at Zgounder to something magnificent, maybe 30 million ounces on a silver-equivalent basis overall, probably north of that, to be honest with you. On a gold-equivalent basis, I wouldn't be shocked to see anywhere something in the neighborhood of north of what we just saw with Montage at Boumadine.
When you look at the reserves, resources in this data already, we'll come out with a new study. Again, we're looking at a 10-year mine life starting today. You're looking at six to seven million ounces over the next 10 to 12 years. This is the feasibility. It's a bit dated. I'd say the only thing that changes there is our cash costs are a little higher.
That's because we went to open pit. It was something that we learned on the fly, and unfortunately, when we started this process, we went underground because it was known in Morocco to go underground, and we switched over from 70% underground to 70% open pit. It's been great, but again, there's growing pains as you do that. There's blast control, everything associated with it.
But when you want to do the rough math, we're looking at basically all-in sustaining cash costs anywhere between $13- $15 next year. And the easy math is $15. If we're at $40 silver, that's a $25 margin. We're going to print about $150 million next year in cash flow. These are some of the KPIs. We're hitting all our KPIs.
The one thing that admittedly has improved recently but was a problem was not the grade, but it was mining the proper grade. When you go from 200 tons per day to about 3,500 tons per day, there's issues with that. And we went from selective mining to bulk mining. And again, our KPIs are great. We're now mining on average 3,500 tons a day. We're looking at over 90% recoveries, and availability has been great. Grade's going to get up to 180-200. That's what it is. That's the mine for the next 10 years. There's another mine like that called Managem Imiter Mine.
It's the same idea. They've been operating for 50 years. They found five of them in the surrounding area. So again, it's going to keep on going. We've been at this for six months, and it's going to improve. I'll skip to the right to the balance sheet is great. We're looking at $100 million, basically you're looking at $130 million of cash on the balance sheet. I'm going to go straight into our guidance. We're looking at guidance, 5 million ounces for the year. Again, all pretty respectable.
You're going to show what happened here? I don't know. It blanked out. I don't know. Oh, here we go. Good. Okay. There we go. Well, that's exploration. Let's go to exploration.
So when you talk about exploration, this is why you own the company. We own the belt at 1,500 km, and we have Zgounder, which is our flagship, and Boumadine. And we're consolidating the belt. There's a lot to do there. So we're adding permits. We're producing mines. And the idea is to layer in to finance Boumadine with Zgounder. But again, when you look at what Boumadine could be and what Zgounder is, Boumadine will be conservatively $150 million in cash flow per year for the next 10 years. Boumadine has the potential to be $500-$600 million of net profit per year in the next four years.
When you do the math on that, you're looking at $750 million of net profit for the company, and we're trading at $1.5 billion on a US basis. That's basically two times net earnings. Doesn't exist with huge amounts of growth in front of us. Going back to Zgounder, again, it's one anomaly that we've defined. It's basically a loaf of bread, and it's fully mineralized. You have high-grade shoots throughout all of it. And our challenge is to manage on the month-to-month, year-to-year, the average grade.
Again, it's going to be 180- 200 on average over the next 10 years. This is just a sample, a cross-section of what we announced today. It's quite interesting because we did a step-out from the open pit 200 meters away, and we hit a very, very neat little. This took us two years to find because it's under the sediments. But we drilled differently. We were originally going east-west, and this thing bends now north.
Very different from what we expected, but again, it's covered by the sediments, so very unique. We're really excited with what it could hold because it's the same look, same feel as what we found with the rest of the structure. This is the rest of Zgounder Regional. Again, it takes time to do all the work. But again, sorry about the blurry, but again, there's a lot of smoke. We're seeing copper grades. We're seeing silver grades. And again, it's all within 25 kilometers.
Now, listen, the reality is that's a neat project. The big project is the next project I'm going to talk about very briefly with three minutes left, and it's called Boumadine. And Boumadine is going to be multiples of what Zgounder is. And we're going to be announcing a PA in the next couple of months, and it's going to daylight value, which is multiples our market cap. Not a multiple, multiples our market cap.
And it's going to show something that's very CapEx light. So you're looking at all these projects at a billion, 750. This is half the cost of that. And the good news is it's going to be anywhere between 4 and 5 grams. So I'm going to try to use Vriify here. This is the secret sauce here, but when you look at what we have, we have about 800 sq km. When we took over the company about four years ago, that was the main mining permit.
That PA is going to be based on that main mining permit. We have five million ounces right here at surface at five grams. That's going to crank out. That's opening in all directions. What's really interesting is we've consolidated this. It's a tapestry that just really hangs together. A bunch of movements that have happened have collapsed on each other.
Again, we're going to write case studies on this for years to come. But what's really interesting is this curves over here. We're going to be announcing something very shortly on this side. This is a unique other. We're looking at 4-5 gram sort of quartz vein barite . We don't know what it is yet, but again, this is in addition to the 5 million ounces that we've discovered so far.
This is 8 km. Down to the south here, we have something. It's a silver-copper anomaly. We don't know what it is, but at surface, you can see it. And there's artisanal miners throughout. So we don't know. We call this an industrial complex, but this is going to be giving, I think, if you look at it, seven, eight, 10, 12 million ounces over the course of the next sort of five years.
When you look at this, this is going to be a 30-year mine if I was a betting person. So with that, I'll go to the next slide. I guess I have to wrap up pretty quickly here. If you could see, again, there's nothing around it. Those tailings there, they were mined many, many years ago. There's 4 gram material. We're going to start mining those things. That's 200,000 ounces a year, just free money sitting there.
So we're doing that right away. There's nothing there. It's beautiful. And again, it'll be 50% open pit, 50% underground. You can see the pink high grade. This is just the main trend. This is going to grow really a lot from this point forward. It's like a sheet of plywood that goes for six kilometers over the main trend.
The reason why we want to do this is because no one's paying attention. Everybody's hyper-focused on Zgounder. It's a cute project, but it's not going to be a company maker. This is a company maker. So with that, I'll actually mention one more thing. I got 41 seconds. We recently did a spin-out for Mx2. That's a Rick Clark company. We own 40% of it. We're consolidating non-core gold assets in Morocco.
We're looking at the Western Sahara. There's a bunch of other opportunities, low-hanging fruit, really exciting to us. And you know Rick, I mean, obviously Red Back. Well, that extension comes over to the Western Sahara. We're looking at that and a bunch of other stuff, producing assets. We're working with some delegates in Morocco.
And the last thing I'll just summarize. We've delivered on everything in the drill program we're going to do. We're going to pre-announce probably 500,000 meters of drilling over the next three years into next year. It's untouched. When you think about the biggest drillers in the country, we do about 90% of the drilling in country, so huge amount of opportunity. We're there. We're staking ground and I wouldn't say we're unloved. It's changing, but there's a huge opportunity for people to get involved. I'll take questions.
Alex, I'm afraid we're out of time for questions, but no, I'm sorry. We have to stick to a schedule because we're externally broadcasting. Yeah, but please see Alex outside. Yeah.
T hank you very much. Sorry.
Thank you.