All right. Thank, Michael. Thanks for the introduction, and welcome everyone here in the room and everyone who's joining us online for the presentation of GoldMining Inc. I'm the President and CEO of the company and happy to tell you about a story which has really evolved nicely into a catalyst-rich story of growth, which is backstopped by a very strong balance sheet as well. I will have some forward-looking statements in the presentation. Please review these at your leisure, available on our website. GoldMining, what makes us unique? I think it's really that double strength that we have of having a strong balance sheet, which really speaks to a portion of the value.
The bigger portion of the value, which is where the opportunity arises, is from a multi-asset portfolio of projects all in the Americas, which we have been doing significant work on to advance in the past several years, including a couple of core projects we have taken to the PEA level and have a development plan to advance further. In addition to that, we've also built up a strong technical team, to advance our projects, all with experience working for major operating, producing companies. The resource portfolio we have in solid jurisdictions in the Americas, is really the opportunity for a value driver. That value gap we'll talk about further today.
But effectively, if you look at this slide, you look at what we have on the balance sheet of over $250 million with a market cap of $300 million, you can see that the assets themselves have a real opportunity for recognizing further value. Let's get into that a little bit more and show you how that breakdown does occur. This slide really attempts to illustrate and show that on the right-hand column, we have our cash and equities. On the left side, market cap, not much higher. In effect, that gap between the two is what the market is placing value within our portfolio, and that is where we are driving the most value. Just in this past year alone, two brand new PEA studies on 100% owned projects.
The first, La Mina in Colombia, a gold copper project with an NPV valuation of over $1 billion, using a 5% discount rate and a $3,500 gold price. But more importantly is our San Jorge project in Pará State in Brazil. Inherently buildable project, one we're very excited about, one we're prioritizing with over $0.5 billion NPV valuation. Very strong returns and some exceptional exploration potential as well. That's just two projects, not to mention the other projects within our portfolio, which have another 100% owned 11 million oz measured indicated gold ounces, and a further 7 million gold equivalent ounces inferred. Let's look at where those assets are and how they are distributed. We are in four countries with 100% owned assets, Canada, Brazil, Colombia, and Peru.
You can see from the table here or the pie chart, the vast majority of the commodity exposure is to gold. Over three-quarters of the value is gold. However, we do have a significant contribution of copper, and the copper comes as a co-product or by-product with our gold-rich porphyry systems at a number of projects, and copper makes up about 20% of the portfolio. It's significant because there's over 1 billion pounds of copper measured indicated, another 0.5 billion pounds of copper in the inferred categories. A little bit of silver, and new to the portfolio this year, we also have antimony occurring with our Crucero project in Peru, a gold-rich project but with a significant contribution of antimony as well.
The team. We talked about a team we've put together. We have a Founder and Co-Chairman, Amir Adnani, who has led successfully five companies, two in the uranium space, three in the gold space now, and had a great vision, long-term vision of gold, which was acquiring the assets in our portfolio, opportune moments and dips in the cycle 10- 15 years ago. We're really in a harvest mode now. At higher gold prices, now is the time to show the economic viability of projects, the strength in the portfolio, to unbundle it and move it forward. Our Co-Chair, David Garofalo, formerly from Goldcorp , led the world's largest gold merger at the time with Newmont. So brings a lot of industry strength to the team. We've got a very experienced VP of Exploration, Tim Smith, who we recruited from Newmont.
Earlier this year, for the first time, we have added a VP of Corporate Development and IR to help get our story out there and deal with the number of interested parties who are approaching us looking for opportunities or looking to add to their portfolio. We can have certain non-core assets in our portfolio we can look to unlock as well. On the engineering side, we've brought in a very experienced VP of Project Development, Imola Götz, who will lead our projects from PEA and add confidence and de-risk those projects as we move into PFS levels. So what is the track record we have of moving this project forward? I think really the emphasis here is we're just getting started on this, but we've had good success. We've created two spin-out companies from assets within our portfolio.
The first being Gold Royalty, was launched five years ago. From 17 royalties within the GoldMining portfolio, royalties were created on those assets, put into a new vehicle. David Garofalo came in to lead that company. It raised $90 million on its IPO on the New York Stock Exchange. Today that company has over 250 royalties, is free cash flowing, and GoldMining owns just under 10%. So a significant investment there. Three years ago, we also created a successful U.S. entity, U.S. GoldMining Inc., to focus on our gold and copper rich project in Alaska, the Whistler project. That was launched onto the Nasdaq. That has had great success defining and delineating a very significant gold-copper project in Alaska. Had some significant exploration successes and growth, and GoldMining has retained some 70% interest in that project.
Beyond the IPO level, we've also taken non-core projects at the asset level, and we've spun those out, and we now hold shares in NevGold and Australian Mines. Important to point out that that strategy lets us monetize non-core assets so that we continue to advance our core assets and minimize dilution to our shareholders. It provides a lot of optionality as we advance the projects. Just to highlight this, and this is a presentation that will also be made later today here at the conference, is U.S. GoldMining. A very robust PEA study on this project, and to emphasize, GoldMining owns about 71% of the shares in U.S. GoldMining. This has a $2 billion NPV PEA that was done earlier this year by Ausenco. I think a fairly modest gold price of $3,200 was used for that. So upsize in the gold price, metal prices.
More importantly, the PEA was done on one of three known deposits on the project. A significant opportunity to add resources into future PEAs and the PFS studies, which are advancing. Let's get into the prioritized portfolio advancement. Where are we focusing on core assets within GoldMining? First off on the list, of course, is San Jorge. The reason this project is significant is for a number of reasons. One, I think it holds the best value to advance and de-risk towards production. We have created a PEA study, for the first time this year, which shows a very significant production profile, over 50,000 oz of gold for over 10 years, with a very modest CapEx for a project this scale. It's got a good ratio of CapEx to NPV. Good, strong returns, over 40% IRR, and that's using a $3,500 gold price.
A very strong NPV as well, over $0.5 billion at our base price. If you used a $4,400 price, of course, it goes much higher than that, over $800 million. Besides the economics, the excitement on the project is the scale which it can be expanded. I emphasize this is a base case scenario. This PEA is only on the known resource, which is primarily indicated resources, very close to 1 g/ ton gold. The project is very close to the highway. It's approximately 2 km from major paved highway. Commercial power, the same distance away. So infrastructure is very key here and very important, giving it a leg up when it comes to development. Also the scale of the property. 46,000 hectares, lots of room to expand here while the project is advanced.
If you look at the map, if you can see in detail, project in red straddles the highway. To the west of us are a string of developing assets, so we're part of an emerging trend now, which is some 200 km long. To the west of us is Serabi's Palito operation. Further west is Tocantinzinho, built exceptionally by G Mining. It's a similar style and type of mineralization that we have. Then further along trend is Cabral's Cuiú Cuiú project. So an emerging major district, which we think we have a significant piece of. This is a project that will create a lot of excitement going forward as we explore it, as we move forward with pre-feasibility studies to de-risk and develop a more comprehensive plan to show how this project can be brought into production very manageably for a company our size.
Other assets in the portfolio. Update came out earlier this year on La Mina in Colombia. The significance here is that this is a project of significant size. It has a PEA study over a $1 billion NPV at our base prices. That translates to a production profile of just over 150,000 oz per year gold equivalent. It is about 70% gold, the rest copper and a little bit of silver. So a very important critical metal in Colombia. The grade for a gold-rich porphyry over 1 g/ ton gold equivalent, which is nice. Three porphyries within a cluster within a kilometer of each other gives flexibility for scale and sequencing of mining as well. Lots to be excited about here at La Mina in Colombia.
At a macro scale, I think Colombia has turned a very important corner earlier this year, federal elections and the climate for investment in Colombia is rapidly changing. I am hearing from more and more investors that it is game on in Colombia, which is welcome news because we have an extensive portfolio there ready to advance. Within the portfolio, we start then looking at the next level of assets, which we can either choose to monetize or advance when the timing is right. Coming to the top of the list would be our Crucero project in Peru. A significant gold project in its own right. It has over 2 million oz of gold in the indicated and inferred categories. You can see the split here. More importantly, earlier this year, we created a new resource that incorporated antimony.
The antimony is a nice driver of additional value. The antimony adds approximately 25%-30%, depending on the category, to the gold equivalent ounces. Really becoming quite an attractive asset with a lot of optionality that a company who is focused in Peru may choose to accelerate faster than we can right now. It is great to have this optionality within our portfolio. The final asset to highlight within an extensive portfolio is, of course, our Yellowknife project in the Northwest Territories. I think the importance here is this likely represents the last of the high-grade underground mines in Canada that have not seen modern exploration. We have the Discovery Mine on our property. It produced over 1 million oz of gold from about 1 million tons, so over 1 oz/ ton grade, until the late 1960s, when a fire ultimately shut down the operation.
The current resource outside of that past underground area is north of 2 g/ ton, which is very significant for an open pitable deposit. A very favorable jurisdiction here, we are only about 70 km from the heart of town, Yellowknife City. There is winter road access, and the federal government continues to support plans for a major north-south corridor to open up a more permanent link to the Arctic, which could be another accessible point here. I think this is likely the next project off the mark for us to advance in the near future. High-grade gold in Canada, it makes a very compelling opportunity. A quick summary of the company itself as a snapshot. Very simple structure, issued outstanding shares. I would point out that we do have a dual listing, which gives enhanced liquidity.
Ticker symbol in Toronto, very easy to remember, GOLD, and in NYSE American, GLDG. You can see it trades generally more like 3x- 5x the volume in New York on a typical volume basis. Some significant shareholders. We do have analyst coverage by four companies now, four independent analysts. Two of them were added this year. It is gaining some momentum, gaining some eyes on the stock as we continue to develop what is a compelling development story within the optionality of extensive resource base. To move forward and to work towards a conclusion, I think it is important to highlight a number of key catalysts that can help us close this very significant value gap within the portfolio. San Jorge continues to be at the forefront. We have been exploring this year, so exploration results can come out.
There will be further announcements made as we define the path through permitting and pre-feasibility studies. A good steady flow of news from San Jorge as we de-risk and advance it. We gain exposure to the Whistler project through our share ownership of U.S. GoldMining. That company has just completed its largest ever drill program earlier this year, and those results will be coming out in the coming months, so look forward to seeing that. La Mina, we touched on the PEA study there, showing compelling value for a gold-rich copper porphyry in Colombia, with a lot of upside to expand and delineate further. Then we have the next stage of projects within the portfolio, Crucero in Peru, gold-rich project, with antimony. Our Canadian project ready to enter the next phase of advancement, Yellowknife in the Northwest Territories, high-grade gold in a compelling Canadian jurisdiction.
Thanks for the opportunity to update today, and happy to take any questions, should we have time.
We got like three minutes for questions, so if there is any questions from the audience, by all means, someone will bring you a microphone. They are always shy at first. I will start. You want to maybe go a bit through the valuation gap? I mean, you mentioned earlier São Jorge, $500 million, La Mina, $1 billion. You went through a market cap and essentially your enterprise value when you look at the other share investments that the company owns that have quantifiable market prices given that they are publicly traded. You want to maybe go through a bit what you see why that there is this valuation gap that we are clearly seeing, and what maybe analysts are missing for that to go away?
I think it's a question we commonly get asked, and the biggest single reason I think is GoldMining is an evolving story. As we've evolved and as we've moved projects forward, I think many people haven't kept up with the story, and that is at one point, GoldMining was a project accumulator. It had a large inventory of assets and was doing little work. That was always part of the strategy Amir had, which was a long-term view on gold. When they could acquire assets at the right time, when the gold price reached higher levels, those assets became significantly more valuable, much more economic. That's what I've come on board to do and brought a technical team around me.
We've actually transitioned now far away from being a hold co anymore to one that's an active project developer and explorer because we see the market rewarding projects that have scale and scope to show significant cash flow. San Jorge is just one example. Looking at the PEA with an All-in Sustaining Cost in the PEA of around $1,400. Recent metal prices, that's almost a $3,000 an ounce margin. At 50,000 oz a year, that is significant cash flow. That is what we think the market will reward and has been rewarding other companies. That's why we're focusing on bringing projects like that on, which can provide a source of cash to fund our next stages of development as well.
I'll do one more. Why not? You got active drilling, 8,000 m at São Jorge. You want to talk a little bit about the anomalies that have been spotted and maybe also just cost of this drilling and maybe when we can expect to see some assays?
Yeah, great question. The drilling has been underway for a few months. Like many projects, there's a bit of a backlog because of activity in the labs. Results will be coming in the coming weeks and months at San Jorge. The key for us in the drilling earlier this year was to step away from the known resource, start to identify targets that can be the next stage of resource definition or delineation drilling. We've identified targets that are generally within a 1-3 km radius of the main resource. It's very amenable territory to operate in. You can drive to the projects from the highway. It's a great permitting situation. We can drill them.
Results are coming. This was meant to be step out. As we move into the second half of the year and into the fourth quarter, that drilling will transition towards more pre-feasibility supported drilling, such as infill and upgrading of inferred resources, geotechnical drilling, metallurgical drilling, which will enhance the confidence in our pre-feasibility study. The final part of your question, costs. Actually, costs are very manageable here.