Good afternoon. It helps a lot following a lot of great silver stories in this room today and where silver has gone and prices and that companies are hitting two-year highs. Outcrop itself is in a significant breakout over the last week, hitting highs it hasn't seen in over two years. It's obviously a very exciting time in the silver space. I hope today I will be able to explain why Outcrop Silver & Gold will be one of the standout stories in this upcoming silver bull. Obviously, lots of forward-looking statements, but in big summary, we're one of the highest-grade undeveloped silver projects in the world, if not the highest grade. I do not know of another project, and we are true primary silver with 73% of our value in silver. We are backed by Eric Sprott, who is now at 21% ownership of the company.
We are fully funded, which is a very important component when we're looking at who will be doing well, I think, over the next few months between here and then on the end of the year. We are based in Tolima, Colombia. I won't sell you on the silver story. I'm sure you've seen it enough. As a mining engineer, I do love the overall supply deficit problems that we're facing, and they're finally coming to fruition, catching up to gold, etc. I think that we're only at the very beginning of a very strong silver bull cycle. Next is I want to talk about a project, Santa Ana, looking at it two years ago. Two years ago, the company put out a silver resource between indicated and inferred of about 37 million ounces total, but one of the true, the highest-grade primary silver projects out there.
If you look at true high-grade projects, there's a couple of others out there that might be a little bit lower grade or open pit projects, but this is it. It's not because I only picked handpicked. This is it. First of all, you don't have to look far to find out which are the most high-quality projects. Also very interestingly is that this is a company with 37 million ounces, was trading at $1 per ounce in the ground. We were like a pack of wolves. If you looked at Outcrop Silver & Gold, Dolly Varden, BlackRock Silver, and even previously before they were getting closer to a production decision, Vizsla, and today you could even add Agnico to that pack, we've all been trading very closely on the same valuation per ounce in the ground. As a shareholder, you should know that.
You should know that is what our valuation is actually based upon, dollars per ounce in the ground, and we've traded to a beta to silver price. For us, before getting ahead of myself, obviously, why are we in that pack? Grade is the big one, but the other one is extremely high recoveries and an extremely high-grade quality concentrate, so high grade you could smelt it directly and produce doré without cyanide. Why is that important? It means we could start small. We could start very quickly because we're decoupled from scale. We do not need a 30,000-ton per day open pit project to start producing. We could start producing at a small scale quickly and start ramping up our production because we have extremely high grade coming out of the ground. We recover it and we get paid for it. That is the starting point of the project.
The issue is our valuation was based on ounces per the ground and why I have such a big smiley face, not just because of silver price, but we're getting into a strong value position of being able to say, why invest in this company? Back in 2023, in April, the company put out its original resource estimate. If you look at the blue lines on the top, those were all the veins, the six veins that were in that original estimate. You see all those gray different veins down below that were never drill tested. Every single one of those veins add a lot of ounces. Every single one of those high-grade primary silver veins. If I tell you, and I joined the company in June of 2023, if you're going to increase value, you have to pray that silver price goes up or you need to add ounces.
We need to add high-grade ounces. We knew we had to get south. In 2024, we announced we did a financing, got drills mobilized, quickly went to two drills, and over the last 12 months, we've had six different discoveries: Gradual, Jimenez, Aguilar, Layer, Morena, Los Mangos, including all the way down to the farthest south, Mangos, which we hit 18 meters at 992 grams per ton. You can see the blue highlights are the high-grade hits that we've seen. As many high-grade hits as we had in the primary resource, the preliminary resource, we've seen. We continue to see high-grade silver throughout the entire trend and additional six veins. Why is that important? First, I'm a Mining Engineer. I don't like taking risks. Two, my VP of Exploration is a Resource Geologist, not an Exploration Geologist.
We like to know where those ounces are coming from, how much they're going to cost to get, and we know now we have a value proposition. In 2023, we had a resource estimate. In 2024, we said we got to show market how this resource is going to grow. Discovery, discovery, Eric Sprott went from 14% to 19.3%. Discovery, discovery, did another financing, discovery, discovery. We now today have been halfway through this year's program. We are now going to look at doing 30,000 meters for this year. Looking at now, we know where the resources are going to, the next resource estimate is going to come from. It's all about drilling out to increase the resource. At about a four-to-one ratio, for every dollar we spend, we expect to make $4 worth of value based on our old valuation, which was about $2 per ounce in the ground.
Today, we're about $3 per ounce in the ground because of silver price. We know where our new resources are going to come from. We have the money in the bank to do it. Today, we have about $5 million in the bank. Our burn per month is about $1.2 million with three drills running. We have $4 million worth of warrants that are in the money that are expiring this month. We have another $20 million of warrants that are in the money that will continue to finance this company. We're not dependent on having to go out and ask for money. Meaning, if you want to buy Outcrop Silver & Gold, you have to buy it on the market, which only strengthens our overall story. If you look about where our original ounces came from, and you can see the green, that's the areas we're currently drilling on.
We've been drilling to increase the number of ounces. We're targeting to go up to 30,000 meters this year and put out very early in Q1 of next year an updated resource where we're targeting to go to at least 60 million ounces. That's one of the nice things about this project, we can provide value not just because we're a true primary silver project. We're 73% silver. We're one of the highest-grade projects. We're already in a strong valuation of the best projects in the world, but we are also going to increase the base of how we're valued. Instead of being valued on 37 million ounces, we're going to be based on 60-plus million ounces in a market that continues to be strong. I wish I had time to go into, but we have an extremely strong team. I live in Colombia. I live in Medellín.
I'm fluent in Spanish, but we have one of the strongest teams in terms of how to manage Colombia, working with the community, which is really what it takes to build mines, how to discover, how to increase our resource base, and an excellent board to support that in terms of governance and also the technical skills. We're in the best part of Colombia. If you look at us, operating projects directly to our west include Aris Mining's Marmato project, which is their big expansion project. Collective Mining is directly to our west. Directly to the south is an operating gold mine that's about 500 tons per day. We're in the safest part, that triangle within Colombia between Bogotá, Medellín, and Ibagué. It's where you have a strong presence of government. We have distribution lines that run right by our project. Obviously, there's a producing mine directly to our south.
Infrastructure is already in place, but more importantly, we have the community behind us who now identify with the project. I wish I could go into all the details, but in order to make that big jump south, required over 300 land use agreements for soil sampling, for trenches, for roads, for water lines, and obviously for drill pads. That was done in an accelerated way over the last two years because we built a reputation. The L in Falan, which is the town closest to us. I wish I could see it. If you see the little gray, Falan is where the town is. It's where our office is. It's in the center of the project area.
The L in Falan stands for the legacy and the future of silver, which has built a reputation with the regional government because everyone's politicians want to be associated with really good projects. We've built that relationship. We've built that strength, and now we've built that relationship regionally. Why is that important? It's important because they're the ones who are going to be giving the permits for a future mine, which we've already started the process of permitting bulk sample pilot scale project that we can start now so we can jump ahead into our production process. In summary, we've got cash in the bank. We've got analyst coverage now from Research Capital, recently added Red Cloud, recently added AGP. We have now broken from about a $75 million market cap to $150 million. Now we're getting, I call it, putting our big boy pants on.
We're seeing huge institutional interest to find some of those cornerstone institutions in our future financings. We're in a position of extreme strength as a company because we have an extremely solid foundation, often an amazing asset, an amazing team to run it, a value proposition where we have a pathway of how to increase our value to our shareholders, independent of what happens in silver price, but obviously trade to one of the best betas because we have a quality project that's a true primary silver project. We are going to be able to create growth not only in a silver bull, but independent because we have a pathway of growth. Thank you.
We've got time for some questions. How much of your resources today would you say are genuinely minable?
Because it's an underground resource, a high percentage of the resource is going to be minable except for what is left behind in terms of overall recovery. In most cases, we'll be able to get probably a 90% recovery of all the veins. I would say a large portion would convert to a minable resource, at least 80%.
Why did that reach a true thickness of your veins?
Okay. Our average thickness right now is 1.2 meters. To put that in perspective, that's the same as Buritica. That's the same as the Marmato project. That's the same as Silencio, which are mines that are producing 200,000 ounces of gold a year. It is not uncommon in Colombia. It's a mining method that is well known, and it's doable because they have the experience and also because the cost structure makes it doable. It's also one of the reasons why you're better off starting at a smaller scale and ramping up because what does it mean? You need working faces. As the name of the company implies, our veins outcrop. It's actually not too bad to develop quickly these different individual vein systems. I used to be the President of Soma Gold, which had the exact same methodology at the Layer operations that used to be Mineros.
We had multiple portables, multiple portals, and one central plant. Material was just brought to it. It will work very well at this project also.
Other questions? Behind you, in the back?
Do you plan to do any private placement any time soon?
We do not need to do a private placement, right? Which is one of the advantages that we have because we've seen some companies raise a lot of money and been suffering a little bit. I think the best performers have been the ones that have been decoupled from the need to finance. We will finance probably, maybe, only because when the terms make sense for our shareholders, right? We have a strong position, a strong growth potential. We have a strong beta to silver. We've now broken past $100 million. If we can find some of those very sticky long-term institutional shareholders that want to support this kind of project moving forward, I mean, imagine we saw some of the valuations that were with Abra when you can get to those levels of production, what kind of valuations you can look at.
If we're going towards a 100 million ounce deposit, a pathway to get it into production fairly quickly, right? Because it outcrops, because it's not long-term, we can start small, grow. You can see where there's a significant value proposition all from where we are today to the billions of dollars. Thank you, everyone.
Thank you, Ian. Give me a minute.