and copper on the property. We are located along the Cadillac-Larder Belt. We are about the middle of the belt in the Abitibi Greenstone Belt. Everybody knows the area very well. There are a lot of mines, about 15 operating mines around us. We are in the heart of it all. We have about a 40-km strike length along the Cadillac-Larder now. We have a team now that has been put together in the last year that essentially has a great track record of essentially discovering, exploring, developing, and operating mines. We have a great backing as well in terms of financial backing. We are well set up. We are led by Pierre Lassonde, who is the Chair of the board. We certainly have a resource base now that is growing.
We have a lot of drilling to do, and we think there is a tremendous amount of upside in this whole package, but we now have six deposits to work on and a number of targeted areas for exploration. Here is just a map showing our consolidated land package today. We recently acquired ground on the Quebec side of the border called Fokus. That land package is quite large. It extends all the way to Rouyn-Noranda. On the Ontario side, of course, we had the original Kerr-Addison property, and we have recently added the Larder property from Pan American Silver.
All in total now about 27,000 hectares, six deposits on it, about 8.4 million ounces if you include the historic resources from Larder and Galloway, and then the 5.6 million ounces on the Kerr deposit, as well as 218 million pounds of nickel for a nickel discovery we made on the Kerr property. So a fairly substantial starting point for the project to go from. Just giving you a zoomed-in view of the location itself.
Between Kirkland Lake and Rouyn, we have the Kerr-Addison deposit. You can see in the middle, about 5 km to the west of the Larder deposit, historic deposit. Galloway situated about 12 km to the east, and Geminid about a 1-km distance east of the Kerr-Addison deposit. So very well established infrastructure, a good source of labor, obviously in the area of the two large mining centers. We have power access, water access.
We have a historic highway. The Trans-Canada Highway runs right through the property. Also, a rail line runs to the north on the property as well. So very good transportation infrastructure. This is really where we are starting to build the company. The board of directors is led by Pierre Lassonde. Pierre got involved in this about 2022. The project was originally started from the bankrupt assets of the old Kerr-Addison mine. The founding members of the board are still active on the board. That was 2015. Pierre took over chairman role in 2025. Two things he focused. One was building a management team that he thought could carry this forward. The other was to move it towards an IPO. Both of those things have happened. The management team is pretty well established now.
Most of us have been in the industry and have done this for quite a while. We have some experience in developing and permitting as well as exploration and operating mines. A good starting point. We have a very strong board and management and good financial backing. The IPO was completed in August to raise CAD 500 million. It was two times oversubscribed. Raised CAD 250 million in treasury and CAD 250 million in secondary.
Essentially bought out some of the original founders' shareholdings as part of that secondary. We sit now with CAD 300 million in cash, no debt. Our capital structure now is about 30% insiders. That would include Pierre Lassonde, Trinity, board and management, and the founders. About 20% would be corporate strategics, including Agnico Eagle and Pan American Silver through the transaction on the Larder property. About 50% institutions, retail, and high net worth.
All of that came in. About 15 new institutions came into the story on the IPO. Great shape to start with. First off, let's talk about the core asset, Kerr-Addison. We currently stand with a mineral resource of 5.6 million ounces made up of both open pit and underground. The focus of the recent drilling has been to confirm up the open pit portion of it. Most of that pit is indicated resource, about 90% indicated. It's about 3.3 million ounces at 1.3 grams. The underground resource sits about 2.3 million ounces now at higher grade, averaging about 3.5 grams. We are continuing to drill the open pit. Today, we have a couple of drills testing the northeastern extension of the pit to expand the pit. We recently reduced some drill results on that.
You can see here where the pit sits, the targeted drilling to the east in the red square number 1, and then the main ore body sitting at square number 3 and 2, and then square 4, we are also testing the western extension. Those were the focus drilling areas. The recent drill results that we put out on the pit was this one here showing about 60 holes that extended the pit about 350 meters to the east.
We will update well set for the PEA study that we will do later next year in the second half of the year. Underground is still being drilled as well down deeper, but higher grade zones that we are targeting in the underground at Kerr. The exciting potential here is to perhaps have a multi-deposit central mill facility that would service both Larder and Kerr.
Here is the recent acquisition we just closed last week at Larder from Pan American Silver. It's a very exciting opportunity. It's certainly been drilled the upper, call it 500 meters of it. There are three deposits, the Bear, Fernland, and Cheminis deposits. They all trend sort of and plunge in the direction to the southeast. They are open at depth. You can see a large area that's undrilled here. There has been some drilling that Pan American Silver and MAG Silver did that shows continuity of that down to almost a km now. We have to fill in some of that area to see if that's the case. But essentially it's on the same geologic structure as the Kerr is, and it sits on the Cadillac-Larder break itself. It's the same host rocks, same geology, same mineralogy.
Certainly a good fit for a satellite that would combine with the Kerr deposit to produce what we think is a much more substantial production profile and a grade sweetener to the overall open pit at Kerr. The average grades are running about 4-5 grams on the underground and about 2 grams on the open pit. It sits currently with 1.4 million ounces, but we think there's quite a bit of upside to that that we'll drill out over the next, call it 6-8 months.
We'll update the resource on Larder by mid-year next year. Once we've completed both the Kerr and Larder resource updates, we will start the PEA on the combined Kerr-Larder project. The other exciting part of the project, and maybe even a second project that might be standalone, is the Cheminis project on the Quebec side of the border.
It's a bit of a different geology. It's an intrusive-related gold system as opposed to an orogenic gold system. It's also a multi-metal. It contains both gold, copper, and moly. It's more of a bulk, low-grade, disseminated deposit, and it's not well-drilled yet, but the current resource that was put together by the previous owners was about 1.4 million ounces, 41 million tons, averaging 1.1 grams.
The target of those previous owners was mainly to look for high-grade gold underground deposit, but we started to digest this a little bit. You can see the drilling that's been done to date. It's certainly more of a bulk intrusive-related gold system, and really I'll say the drilling that was done was done without consideration for the true potential of the intrusive system, the syenite-hosted system. One hole was drilled down from surface to 1,500 meters.
It mineralized over the entire length and averaged 0.44 grams. It was never assayed for copper. It's starting to give you the idea that this has great potential. All the holes that were drilled near surface were cut off at about 200 meters and ended in mineralization. Then the section you see to the sort of the left side of the screen called the Kendrick deposit. It's an underground deposit. That was assayed for copper. It's showing about 0.2%, 0.3% copper with about 0.7 grams gold. It's interesting, again, even with the Kendrick zone there to the left, that all those holes were stopped in mineralization as well. Whether that system goes as deep as that 1.5 km, we have yet to prove out yet.
But if you wrap an envelope around that whole thing right now, you're looking at more like a billion ton type deposit. Low grade, probably 0.5-0.7 gram gold on average. And we don't know how much copper because most of it wasn't assayed for copper. We are going back and scanning the old core and looking to see how much of the other elements are in those core. And if there's a good indication of copper, we'll re-assay those holes for copper. On top of those two kind of projects, we have a nickel discovery we made about 2023 that's grown quite a bit in the last year. We put out a new resource update. It's now around 5 million tons. It's averaging 2.1% nickel, so pretty decent grade, and about 218 million pounds of nickel.
I'd say it has to grow a little bit before it would be a serious potential mine. We are drilling it down depth. It's open down at depth particularly, so we've done some step down holes planned for the next little while to see how deep it goes. It's down 800 meters from surface. It's a tabular type ore body, so it's pretty straightforward. Fairly steeply dipping, fairly easy mining scenario for it. We think the right optionality around it might be a joint venture or perhaps a toll milling scenario for it. There are some potential opportunities to toll mill this, and it could generate some early cash flow for the business. We are pursuing this and advancing it as well.
We think permitting times might be shorter given it's a critical minerals project, so we're looking to advance it in parallel with the other two projects that I talked about. In terms of where we sit today, of course, the market value post-IPO was roughly one point. We subsequently have moved up and down a little bit from there, but it's still trading at a pretty good discount. If you use our 8.4 million ounce resource, our enterprise value per ounce is somewhere around CAD 178 an ounce on that IPO basis. We think there's a lot of upside with this project. We think it's certainly got growth in terms of adding ounces through Larder and Galloway, and we also see growth in terms of the scale of the project that we think we could build here.
We think the Larder, I'll say the Larder-Kerr combination might produce something in the order of 250,000 to 300,000 ounces with a decent life to it, and significant life in terms of growth of the ounces as well. In terms of a producing asset comparison, again, we see it somewhere around CAD 1.7 billion.
I think if you looked at those projects that are around 250,000 to 300,000 in Canada, they're valued at $5 billion or $6 billion in terms of US dollar market value. We've got a three times or four times upside yet. If we de-risk the Kerr-Larder project, we think there's about that kind of value to be created. We do have a lot of work to do. We haven't put the PEA out yet. We will put the PEA out about the end of next year. That will be just for Kerr-Larder.
The Galloway project likely to lag behind in timing. There's more work to do on drilling there, so it'll take a little longer to get a handle on that one. But certainly once we have a pretty good handle on the scale of that deposit, we will put out a PEA as well on the Galloway project. Geminid again will be continuing to advance on top of it. I didn't touch on all the other targets we have on the property. There's very much a lot of work been done from previous owners, so there's numerous targets to be tested yet. We do see that even further upside potential with further exploration. Just talk a little bit about the activities around the ESG front. The Kerr-Larder project or the Kerr open pit certainly will mean the taking out of Virginiatown.
The pit will occupy most of Virginiatown, so we will have a resettlement project to take on with regard to that. It's about 250 homes, 500 people. The town has been on a downhill slide since the mine shut down in 1996, so there aren't many services left in town for the people that live there. There's not a lot of opposition as we talk to the community about moving the town.
Essentially, people are looking forward to that occurring and just want to know when it's going to happen and how that's going to happen. We have formed an advisory group with the town. We are in dialogue with the community, municipality, and the provincial government over that town move, and so far everything looks to be good. It's probably going to take four to five years. There'll be a two-phase process.
We'll do a sort of a voluntary acquisition phase of properties first, and then for those who want to be resettled, we'll resettle them in some other community away from the open pit. Other than that, the environmental baseline work is underway. The permitting won't start till after we complete the PEA and start the project description and the scope of works defined for the project. That should timeline match fairly closely with the timing to the resettlement. We think that we'd be ready for construction sometime in 2030 with permits in hand, with the resettlement completed, and essentially finance and all the study work done, of course. That would be roughly a 2033 production start if that all came together that way. That's the general target timelines we're working to.
In terms of things that'll happen, as I mentioned over the course of time here, we've got CAD 300 million in cash right now. For the next two years, we'll spend about CAD 250 million in 2027 and 2028 advancing the project and particularly around the exploration side. About two-thirds of the money will go into exploration, and the other third will basically be the permitting and the advanced studies that are required.
By the end of 2028, we expect to be completed on the pre-feasibility. The only stage that would really be left is the feasibility study and obviously the final stage of construction and build. We're in very good shape to complete all that work up to the pre-feasibility, all the exploration work as well, and we'll continue to, I'll say, move this thing forward on a very aggressive timeline.
I think that's pretty much the quick summary.
Thanks, Rick. I would like to open up the floor to questions and please wait for the mic if you do decide to raise your hand. Hey, Rick, just one question from me. We have seen some drill hole results just recently where you pushed the northeast extension of that pit around 350 meters. What does structure tell us about how far that northeast extension of that pit can go?
How, sorry?
What does structure tell us about the northeast extension potential of the open pit?
Yeah, it follows along the Cadillac-Larder break and it is sandwiched between the Kerr fault and the Cadillac-Larder break. But as you go further northeast, Larder continues to extend further to the east. We have tested further to the east. The furthest thing we hit further to the east was a nickel deposit, not continuation of the gold deposit.
Got you.
Not so sure gold will continue, but-
Well done.
Potentially there.
Ladies and gentlemen, please join me in thanking Rick for his presentation.
Thank you.