Agreements with the three main indigenous communities at Springpole. We have those long-term social license agreements in place now. We are waiting for our provincial environmental assessment approval. We are expecting to get that by the end of October. We will talk about what that means because it is very significant. When you look at large projects in Canada that have made it this far through a permitting process that are not yet in construction, right now there is one of them, and this is it. We are also moving forward our Duparquet Gold Project. It is 6 million ounces in the middle of the Abitibi gold belt. We will talk about this. One thing I am very certain of is that Duparquet is not priced in. There is a lot of value that needs to come from the Duparquet project.
It is an absolute gem of an asset in the middle of the most sought-after gold district in the world. We are well-financed. We just closed a financing last week. We have in excess of CAD 80 million on the balance sheet and driving forward on very clear paths to move these projects further toward a call it final investment decision at Springpole, looking in Q1 2028. This just for those of you who might know about the history of the company, it was founded by Keith Neumeyer, the Founder and Chief Executive Officer of First Majestic Silver, in 2015, really as a mineral bank. Keith and some like-minded folks in the early days used a public company to go acquire eight other projects or companies in Canada with significant resources at a time when you could buy those resources for CAD 10 an ounce or less.
We have actually turned most of that portfolio into cash. Over the last five years, it was until recently quite a difficult financing environment. It is actually these assets that have allowed us to keep doing real work on our main projects at Springpole and Duparquet. We still have a couple of really important assets on the balance sheet. One is our 20% carried interest in the Pickle Crow project, which our partner, Bellevue Resources, continues to move forward. A great team at Bellevue. Those of you who may not know the company or the team that is running it is the same team that just advanced and sold De Grey Mining in Australia for AUD 5.5 billion. They looked around the world and have picked this project to work on next, which we are very excited to be a partner in that.
We still own 48% of Seba Mining, which is a company we created with the Fiore Group and Frank Giustra earlier this year to move forward our Cameron project. A very interesting project. A million-ounce deposit, 80 km north of Coeur's Rainy River mine. It has got a significant value for us on the balance sheet today, worth about CAD 36 million, and we think that is only going north as they continue to do really good work to both unlock the social license and advance the technicals of that project. We are sitting today about a CAD 1.2, CAD 1.3 billion Canadian market cap. As I said, CAD 80+ million of cash in the bank and still have some other significant assets.
Now, this funding will get us to the major milestones that we're moving forward on, being a resource update at Duparquet, a PFS at Duparquet in the middle of next year, and ultimately driving towards DFS at Springpole Q3 of next year and driving towards that construction decision Q1 2028. Well covered by a number of analysts who's picked us up over the last year, I think showing some good momentum on the capital markets profile, and important to know that the management and directors are significant shareholders in this company. Keith Neumeyer, our chair, would own about the same amount as First Majestic Silver Corp. in the 3%-3.5% range. All of the entire management team's bought stock in our financings and taken a significant portion of our compensation over the last five years of difficult times in equity. Now seeing some of the benefit of that.
We like to talk about this as the opportunity here. These are the largest gold projects in Canada. We have on a list of developable gold projects greater than 5 million ounces. As you can see, we have two of them. If you were to look on this list as to which of these projects could see a shovel in the ground and start construction before 2030, I think you have three on this list that would qualify for that. Springpole is certainly one of them. Eskay Creek's half or two-thirds built, and Troilus is driving towards its environmental assessment approvals in Quebec next year. Beyond that, most of the rest of these projects really haven't even entered the EA process. I said before, we're at the end of the EA process, expecting to have our provincial environmental assessment approvals by the end of October.
That was an 8.5 year process for us. When you look at the value of these large development projects in Canada, you need to be looking at where they are in that development process, because I think it's critical. We're very hopeful that all governments in Canada that are talking about the ability to fast-track projects are making headway on that. We hope that every project coming behind us doesn't have to go through an 8.5 year process. But I think we need to be realistic as investors as to really how we see these time frames developing. I would much, much rather be where we are in an EA process, i.e., at the end of it, than coming into the beginning of it. A little bit about our Springpole project, very well located.
It's about 100 km from Red Lake, sitting right in between the two historic gold mining camps of Red Lake and Pickle Lake. We've got a power line within 30 km of the project. We've got forest roads within 18 km of the project. What's really unique and strategic about Springpole is really the size and productive capacity of the asset. Even on that prior list, there are very few of those projects that are going to produce more than 300,000 ounces a year. This is a scale of project in an absolute tier one jurisdiction that is of interest to the largest gold companies in the world. It's a great place to be developing. There is a skilled workforce in the area, largely trained in forestry. The forestry industry in this part of Ontario is decimated right now.
Lots of good opportunity and lots of real focus from both the feds and the province in seeing the economic development move forward. Springpole will be one of the largest ever investments in Northwestern Ontario, and that provides a real opportunity for thousands of jobs, direct and indirect. It is billions of dollars of tax revenue, so a really important part of this local economy. We did a pre-feasibility study update on Springpole last year, and again, it shows a big and robust project. Upfront capital, $1.1 billion U.S., CAD 2.1 billion after-tax NPV at a CAD 3,100 gold price. What is critical about this as well, very attractive all-in sustaining cost. We will talk a little bit about why it has taken a long time for the market to become focused on Springpole going forward.
A lot of it had to do with ongoing legacy perception issues that this was a project, the deposit is in the bay of a lake, and we were never going to get a permit for it. We can now conclusively say that we will get our EA approvals because we have the federal EA approval. A big and robust project. Part of that perception issue around the lake, I think, gave everyone the opportunity to not have to focus on the fundamentals of this project. When you actually look at the fundamentals of this project, it benchmarks very favorably against most of the other big open-pit mines in Canada. That has a lot to do with the deposit itself, which is unique. It is a continuously mineralized porphyry intrusive. It is 150-350 m wide, a 1.5 km long, and 500 m deep.
It is a giant continuous ore body, which is very different than Coté, different than Greenstone, different than Malartic, different than Detour in terms of the simplicity of how you go to mine that ore body, and the continuity that we have. You can see here a very attractive grade profile. A lot of talk about how Coté has emerged as one of Canada's great mines, and it has. Fantastic project. Just for context, our life of mine gold grade is, with a silver credit as well here, is probably 30% higher than Coté at half the strip. When people have to look at this project on its merits, it benchmarks really well against the other projects being developed. Importantly, large projects give you massive leverage to the gold price.
You just look at our study from last year, the difference in NPV from a CAD 3,100 gold price to a CAD 4,200 gold price, it almost doubles. You are looking at a project with, at spot gold price levels, a 60% IRR. This is a phenomenally profitable project with a very quick payback, which is going to get made more quick by some of the moves that the Canadian government has made last week around accelerated depreciation. We are hopeful that more of those types of policy changes are coming. That is Springpole, large, advanced stage, major catalyst coming in the next 18 months, and we will talk about what we think that means for the value. We never have enough time to talk about Duparquet, so this is our second project, which we are moving forward in the wake of the advancement we are making at Springpole.
The project sits in the middle of the Abitibi gold belt. This is half an hour from Glencore's smelter in Rouyn-Noranda. If you were to drive from the two major centers in the Abitibi of Timmins and Val-d'Or, this is literally the midpoint. A great place. 19 km of the Porcupine-Destor Fault, one of the two main controlling structures. It is a past-producing mine. It is a mine that produced 1.5 million ounces from underground from 1933- 1956. In addition to those 1.5 million ounces, we have got 5 million ounces in 4 km of strike that is there today. When you talk about the endowment in this project, it has got a 6.5 million ounce endowment in the top 600 m. A million ounces per 100 m.
There are not many projects that can claim that, and one of the only other ones in the Abitibi that would have that kind of endowment would be Canadian Malartic. Amazing infrastructure, as you can imagine, that is there. Roads, power, highway, a town right there. Most importantly, with a project in the Abitibi, you are in the middle of one of the greatest sources of mining human capital on Earth. Within a two-hour drive of this project, you have got many of the greatest mining skilled workers and pretty much every mining supplier on Earth. With that, two main projects, big projects in Canada. One of them that has got its federal EA approval and driving towards its provincial EA approval. We are trading today at CAD 70 an ounce.
Listen, that is up from CAD 10 an ounce when we were here last year, so we are pretty happy about that, but it is still a lot of room to go. If you look historically at the trajectory that projects have taken as they have come through their definitive feasibility studies, they arrange project financing and move toward that construction decision. Typically, you have seen projects in Canada trade at somewhere, at that stage, between CAD 200 and CAD 300 an ounce. Lots of upside and runway here to see these projects continue to advance. Same thing I would say on the price to NAV ratio. We are sitting at 0.25x today. Most of our peers would be at this stage traditionally in a 0.5- 0.7 x NAV. Continue to make really good progress.
One of the other things, again, we want to really make sure we are pointing out here is there are some projects here that are in development in construction, for sure, but with a project with its EA approvals versus one that does not have one in Canada, there is significant de-risking that has already taken place on our projects. When we think about the NAV, this is the easiest way for us to describe it, just taking the values from our current studies. Challenge is we can only really show the NPV Duparquet at CAD 2,200 gold because that was the upside scenario when we ran those economics three years ago. Where we have that, call it CAD 6.4 billion, if you run Duparquet at a similar CAD 4,200 gold price, it is probably in excess of CAD 9 billion. Obviously, Duparquet is not priced in.
It's something that we really continue to focus on here. The value, in terms of how we see the re-rating potential with really significant near-term catalysts with Springpole and with Duparquet, it's a very clear path that we could see the share price go up, I think 3x- 4x in the next 18 months as we just deliver on the catalysts that we're well-funded to do. The other thing, if we believe that the gold price is going higher, and I think that's, given what we're seeing in the world, I think that's a given at this point. What you get with these large projects is massive leverage to the gold price. Every $100 in the gold price with our projects is CAD 230 million of after-tax NPV.
There's not many other projects in the world, or companies in the world, that can give you this kind of leverage to increases in the gold price. Our projects are economic at much lower gold prices, we've shown that, but this is very, very significant leverage to the gold price here. Major catalysts upcoming. Obviously, we've started to see some of that re-rating happen with the announcement of the federal environmental assessment approval that we got at the end of June. Significant part of that re-rating coming with the demonstration of our social license by signing our long-term project agreements with Cat Lake, Lac Seul, and Slate Falls, at the end of August. That's now five Indigenous communities that we have long-term agreements with, so we really have our social license intact from that perspective.
Very excited about the opportunities that this is presenting, and we're already seeing some of the benefit driving into those communities. Which is one of the highlights of my career and my time here at First Mining Gold is seeing how these projects are going to contribute to the Indigenous communities we're working with. Importantly, the equity financing has given us the runway to hit really all of the key project milestones we're talking about over the next 12 months. Next October, we're expecting the provincial environmental assessment decision, so that should be coming within 30 days. Then driving on to the feasibility study at Springpole, detailed engineering in support of permit applications, application and submission of an initial closure plan for early works for Springpole coming in the first half of next year.
Driving towards the submission of a final closure plan, detailed engineering in support of all of those permit applications, ultimately pushing toward a definitive feasibility study, which we're expecting in September of next year. Project financing, which should come shortly after that, and driving towards that final investment decision in Q1 2028. On top of that, a very, very busy year at Duparquet, so we're putting out an updated resource in Q1 that's going to reflect 50,000 m more drilling in that deposit. We have the resource update coming up with that, as I said, in Q1 and driving towards a pre-feasibility study update at Duparquet, which we think is going to show a multi-billion dollar NPV. We should be seeing that PFS by the end of Q2 next year. A very, very catalyst-heavy year coming up in addition with drilling at Duparquet.
We should have drill results that will be coming out consistently and on top of that, drill results at Springpole as we continue to move the project forward. I want to thank everyone for their time and if anyone wants to catch us, we will be just outside after the presentation, but thank you very much.
Thank you very much, Dan.