After acquiring the Oko West and Reunion Gold in Guyana, this is a company that you want to pay attention to. So we're lucky to have Dušan Petković.
Thank you. So I'm Dušan Petković. I'm the Senior Vice President of G Mining Ventures, and one of the founders of the company. G Mining Ventures is a relatively new company that we launched four years ago with the vision of building the next intermediate gold producer. Our strategy is pretty simple: buy, build, and operate. What I have here is some of the investment highlights I'll walk you through as we go through this presentation, but if I can summarize it. G Mining Ventures is the newest gold producer in Brazil. About two years ago, we bought, built, and are now operating what's Brazil's third-largest gold mine, Tocantinzinho. We announced commercial production last week that came in on time and on budget.
The project's engineered to produce 175,000 ounces of gold a year for ten and a half years at a $680 AISC. Earlier this year, through a merger with Reunion Gold, we bought the Oko West project, and it's our intention to start construction on that project in the second half of next year and build what will be Guyana's largest gold mine. It's a project that we just published a PEA on, and it's engineered to produce 353,000 ounces of gold a year for 13 years at $986. Our strategy of buy, build, and operate, we've already done it with one project. Now we're looking to rinse and repeat with the next project to get one step closer to building an intermediate producer.
Now, the real asset in this company isn't the projects, but it's really the management team and our ability to execute on projects on time and on budget with our unique approach. See, essentially, the company was founded by myself and the principals of G Mining Services. G Mining Services is a private, family-owned engineering business that, over the last 15 years, has built 3 world-class assets, including Lundin Gold's Fruta del Norte project, Newmont's Merian Mine, IAMGOLD's Essakane Mine, each on time and on budget. It's really the way that we build projects that's unique for this industry. See, most companies hire an EPCM contractor to execute on your project. This is really hiring a contractor who will subdivide the project into multiple different aspects and then subcontract out to other contractors, essentially.
Your job is to make sure that every contractor stays on track, on budget, with as little few scope changes. If you've ever renovated your home, it's kind of like that. We, on the other hand, G Mining Services, we execute everything in-house. As an example, when Newmont hires G Mining Services, they get a 120-person in-house build team, seconded from the services business to Newmont, and they execute every part of the project in-house, as I mentioned. We do our own engineering, procurement, supply chain, logistics. We do direct hiring, so there are no scope changes. We manage the project as a whole rather than split up into multiple different segments, and that really allows us to control the time and the budget.
With every task essentially split down to an hours-earned basis, we have, you know, every shift, we know whether we are on time or whether we're delayed. This is a unique approach in that most mining companies don't have in-house build teams because they don't build projects every three years. It's hard to keep teams together. We benefit from having the ability to second the team back into the services business to work on other projects to keep them together. We have two teams. One is now with us at Oko in Guyana, and the other one is with Foran in Canada. So after generating great returns for our clients by being a service provider, we laun`ched G M in October 2020 to do it directly for ourselves as owners.
So in our brief 4-year history, we IPO'd with a cash shell, raising $43 million to go look for a project. It took us a year to acquire TZ from Eldorado. Over the next 12 months from the acquisition, we released a new feasibility study. We raised $481 million dollars, and last week, we announced commercial production. Since then, also, we acquired our next development project, Oko West. We acquired an exploration project from BHP called CentroGold, and essentially have moved at a very fast pace from a cashed-up shell, essentially, to a junior producer with multiple assets in less than 4 years.
The business model is very unique in that we believe we can generate alpha for the shareholders regardless of, call it, the assets that we have, because our ability to build projects, buy them at the bottom of the Lassonde curve, where the valuations are the lowest because the risk is the highest, and take them up to one times. That's our sweet spot, and that's a repeatable business model that we can look to do over and over again, ultimately self-fund that growth. We acquired TZ at the time at 0.28. Based on consensus numbers, when we acquired Oko West, it was about, call it 0.44. TZ is now in commercial production, ramping up to ideally one times NAV, and we'll look to repeat that same model with Oko West.
It's hard to execute on that strategy without having the proper shareholders, and we're lucky to have a great set of shareholders who share in that long-term vision and value. Insiders are big shareholders ourselves. We own 7% of the company. Every share we own, we've actually bought directly, and at this point, we're treated more like owners rather than management. Our other large shareholders include La Mancha Investments, who supported from the beginning at just shy of 19.9%; Eldorado from the asset acquisition; Franco-Nevada, and a group of other key shareholders like Sprott, ASA, T. Rowe, and VanEck. The market cap today is CAD 1.8 billion, and with one asset cash flowing, and we have a cash balance of roughly CAD 115 million and CAD 155 million of debt, which is a term loan and equipment financing.
The asset portfolio has grown a lot over the last four years. We have essentially now three assets that are in the books, each at different stages. TZ is in commercial production. The first five years of production are just shy of 200,000 ounces a year, and this is an asset that we're looking to ramp up to nameplate capacity by the end of the year and start generating some significant free cash flow. Oko West is in Guyana and is our development stage asset. We just published a PEA on it. It is one of the highest grade open pit deposits globally, with multiple opportunities to grow. It's engineered to do 353,000 ounces at $986 AISC for 13 years. The plan really is to set a fast pace to production.
DFS in Q1, permits in Q2, full-blown construction in Q3, and production by 2028, taking the combined profile to north of 500,000 ounces a year. CentroGold is our... also another transaction we just announced on Monday. This is scheduled to close Q1. It's a gold exploration project in Brazil that we just acquired from BHP. We see this as longer-dated exploration. It has a great starter asset of about 2.3 million ounces in the JORC category. That's from 2019. But we really like the land package: 47 tenements, 1,900 square kilometer region that has 80 kilometers of a mineralized trend. So the thinking is, let's slowly develop this and grow this into an asset that can produce at least 150,000 ounces a year to then add to the pipeline.
The transaction will close in Q1, and the acquisition price was a 1% royalty to BHP on the first 1 million ounces of production, going to 1.5% thereafter. As an Americas-focused company, North and South, our assets are in great jurisdictions. Brazil and Guyana currently ranked number 1 and number 2 in the Fraser Institute for the Caribbean and Latin American region. We're open to transacting and growing in Canada and U.S., but we do like these jurisdictions as we've had multiple success, built five mines in South America, and these are countries that have very streamlined mining codes, streamlined permitting processes, and are very open to business for mining. So how has our strategy been since the IPO?
Since going public October 2020, our shares are up 330%, while the GDXJ is down 20%. The last two years of executing in Oko West through systematically de-risking and delivering on what we've said, GMIN is up 159%, while the GDXJ is up 48%. This is inclusive of a $700 million acquisition of Reunion Gold that was an all-paper transaction. Despite the great performance so far, we think that this is still a very attractive entry point into the stock. When we were just with TZ, looking to ramp up to commercial production, we were trading at around, call it, 0.8-0.9 times. Since the acquisition, now with a lot more development risk in the company, we've traded down to 0.5.
We strongly believe that as we show cash flow and from TZ and showing that it's ramping up well, as we look to advance Oko West, that we should look to rerate closer to where we were before, if not, you know, somewhere closer to some of the higher tier higher multiples of these, call it, better ranked or better valued tier one gold producers, because our growth profile is pretty much unmatched relative to our peers. Going from 200,000 ounces to 500,000 ounces over the next three years is up two and a half times, and we think that eventually we will have some credit for that. And the great thing is that we can fund almost all of that through cash flow and corporate revolvers without any additional equity.
To summarize it, GMIN, relatively new company, four years old, but in those four years, we've really progressed, going from no assets to junior producer with three assets in three different stages, and are looking to reach that goal of being an intermediate gold producer over the next, call it, three to four years. All right. Thank you. Any questions?
Are there any questions for Dušan?
All right. Thank you.
All right.