Good afternoon, everybody. I appreciate your interest in our company here today. Again, I'm Jon Cherry. I'm the President and CEO of Perpetua Resources. I want to talk to you about our project today and the outstanding progress we've made over the last year. We've got the standard forward-lookin statements and cautionary pieces. Let me talk just kind of a high-level overview for us here. This is the largest high-grade independent gold project in the United States outside of the Nevada JV between Barrick and Newmont. This will be an open pit mine with some of the lowest all-in sustaining costs for a project between U.S., Canada, and Australia mines. There we go. On the resource side, we got 4.8 million ounces in reserves. Another 1.5 and 1.6 of M&I and I that's sitting out there.
For the first time in 10 years, we've actually started doing exploration again. We've got drills turning for the first time in 10 years. I'll talk about that as we go through this. We have significant upside exploration potential that we're pretty excited to talk about. If you followed our story at all, obviously critical minerals are a key part of this. The economics on this project are driven by gold, but the antimony has kind of been the enabling piece of this. This is the largest, and it's the only published reserve of antimony in the United States, critical mineral. It's also one of the largest reserves in the world with 148 million pounds of antimony. It's located in Idaho, central Idaho, one of the safest mining jurisdictions, a very mining-friendly jurisdiction. Mining's been going on in Idaho for over 150 years.
We have also recently entered into a partnership with the Idaho National Labs, where we're building a pilot plant to process antimony. Again, antimony is really our enabler. It's helping us do a lot of good friendly work with the US government and the military. But again, the economics are driven by the gold on the project. Speaking of that government support, the Department of War has awarded us over $80 million on the antimony side specifically to do basic engineering, permitting, and to build the pilot plant at INL that I mentioned before. And we are also working with, you may have seen a news release that we had out here a week or two ago, we're working on a $2.7 billion loan with US Export-Import Bank from the United States. That's been going very well.
We've gone through three review committees with them, and their board just approved that to release it to Congress on a notification basis for a 25-day period. That should be up a week from Friday, then it goes back to the board for final approval. We're also listed as a priority project. Last year, we were listed as one of 10 critical mineral projects in the United States. We were number two on that list, and so we're very excited about that as well. The other unique thing about this project site, it's a brownfield site. This mine actually produced about 90% of the antimony and 50% of the tungsten during World War II and the Korean War effort. They didn't mess around with the gold back then, but they did walk away after the war, left a bit of a mess out there.
The fact that we've incorporated a site cleanup into our overall project, so by the time we build a mine and do the proper reclamation and restoration, the site will actually be better than it is today for us having built and properly reclaimed a mine. Just our shareholder structure here. We have about 129 million shares outstanding. Biggest shareholder is Paulson. Last year, we added two other strategic investors, Agnico Eagle, that came in for about $180 million, and JP Morgan. We were their inaugural investment out of their $1.5 trillion critical minerals initiative that they announced. Very glad to have both of them as shareholders now. Specifically with Agnico, part of that was we have an advisory committee with them. Actually, two separate advisory committees. One is for exploration and one is for project construction. Very good conversations with them. They're a great partner.
You can see the research coverage that we have over there on the other side of the slide. Touched on this earlier, but the project's located about 95 mi due north of Boise, Idaho, up in the mountains, about two hours east of McCall, Idaho, south of the historic silver mining that's happened in the northern part of the state. A lot of historical mining, a lot of mining knowledgeable workers that are in the area. It's not all that far either from all the gold mining in Nevada that you might be familiar with as well. Very good political support for mining in Idaho as well. This is a picture of our site layout. On the picture that you can see here up on the north end, we're going to have three pits that we're going to mine. First is the Yellow Pine pit.
That's an existing pit. Essentially, all we have to do is dewater that, clean that up a little bit, and we're right back into mining. That's the one they walked away from at the end of World War II. We'll go to the south. You can see Hangar Flats. That's the next pit that we'll go and mine. Once that's mined, then we move back up adjacent to where Yellow Pine is, and then we'll mine the West End Pit. The processing plant you can see goes right in the middle of all those three pits. When I talk about exploration here in a minute, you'll see that the processing plant is also centrally located to a lot of exploration opportunities that we have on site. I mentioned this before, but the largest independent U.S. gold reserve, 4.8 million ounces of reserve.
Again, that's not counting the M&I and I that add together another about 3.1 million ounces. In terms of grade, highest grade as well for the first four years when we're on Yellow Pine, averaging about 2.2 grams per ton. Life of mine drops down to 1.4, but still outstanding grades for the life of this project. In terms of production, the first four years where we are in the high grade, we're going to be doing about 463,000 ounces per year of gold, and then over the life of mine, about 300,000 ounces of gold. This is a very large gold mining project. Obviously, everyone likes to talk about the antimony and the critical nature of the antimony, but as you can see with these numbers here, the economics are overwhelmingly driven by the gold.
Speaking of costs, all-in sustaining costs, you can see the costs here, we're at the very end of the cost curve here. We keep our antimony flat at about $10 per pound. When we use the $10 per pound for that, we get about a $220 per ounce byproduct credit. Just to mention this in passing, last year when antimony got up to about $25 a pound, we would have actually been a negative cash cost producer for 463,000 ounces of gold per year. Depending on the price of antimony, it's a very nice benefit, but we're very conservative. We try to hold that at $10 and just use that $220 per ounce credit. The mining sequence and production. You can see here it's a bit front-end loaded. Obviously, we want to go after that high grade first.
See the first four years where we average that 463,000 ounces per year. Beginning about year five through 10, we do have a dip in the production profile. Those measured and indicated ounces that are out there, obviously we would like to convert that into reserves and fill that gap as well as some other exploration that I'll note here in a minute. The goal obviously would be to fill that production as we go forward, but it's a great start that we have already. Just a couple of quick financial highlights. We put out an updated technical report here a couple of weeks ago. These numbers are included in it. You can see the capital costs on the project's now about just a little under $2.6 billion in CapEx.
When you run the economics on that using a consensus price for gold at $3,250, $10 a pound antimony, we get about three and a half billion-dollar NPV on the project. If you use spot pricing, that NPV goes up over $6 billion. Again, depending on where you think gold is going, plus those additional maybe 3 million ounces of M&I plus I, you can see the upside potential. Our share price has done very well over the last couple of years. We've gone from a market cap of about $250 to about three and a half billion dollars right now. Again, that's not including that 3 million of M&I plus I or higher gold prices. A lot of upside opportunity left in front of us here. Just project cost summary. In the interest of time, I'll let you look at this online.
This presentation is on our website. Again, all of these costs have been updated. These are recent as of about two weeks ago. The thing to note, most significantly probably is the CapEx is now sitting at about $2.5 billion. I touched on this earlier as well. Our reserve of antimony is 149 billion pounds, one of the largest in the world and the only published S-K 1300 in the United States. China, Tajikistan, and Russia produce most of the antimony is mined there. About 90% of it is actually processed in China. As many of you might be aware, China put an export ban on antimony late last year, and now there's export controls on it. Still pretty hard to get it out of the country.
We can supply up to about 1/3, about 35% of the U.S. demand of antimony coming out of this project. Another thing that has just kind of popped up for us. This is a new slide that we've added to the deck here recently. I mentioned before that this mine was built during World War II and the Korean War, specifically to supply about 90% of the antimony and 50% of the tungsten for the war effort. Antimony's been kind of the high-profile critical mineral the last couple of years. Tungsten is now more critical than antimony. We've been asked to go back and dust off the tungsten files, look and see what's out there on tungsten. These are just a couple of pictures of the tungsten mining that occurred at the site during the war effort.
On the lower right, you can see the tungsten, the mineral scheelite will fluoresce under blacklight. That's about a 12% historic sample of a core of tungsten that we pulled out. We're beginning to take a look as well at tungsten now. Antimony. I already touched on this a little bit, but you can just see the different antimony prices, the very nice byproduct credits that we get from the antimony. Upside exploration potential. I keep going back to the 4.8 million ounces largest independent gold mine in the United States. The 4.8, that doesn't include the M&I or the I at the 1.5 and 1.6 additional million ounces right there. Very excited about that. We haven't drilled in 10 years. We're starting to drill again. I'll show you some pictures here, where that's going to come from and how that might get converted.
This is a cross-section of our Yellow Pine pit. Yellow Pine is the first open pit that we'll begin to mine. You can see the black and red outlines of the reserve and the resource there on the picture. If you look below the pit there on the right-hand side, you can see some existing or historic drill holes that are out there, anywhere from 100 ft-150 ft upwards of five grams per ton. Remember, the life of mine grade for the 12-year mine life that we have is 1.2. You're looking at about maybe a 3x or 4x factor on potential additional grade. That's at Yellow Pine. This is kind of an exciting one. This is called Hangar Flats. This is the second pit that we would be mining. Use the laser here maybe, or not.
Anyway, you can see the black outline again of the reserve pit, and then the red line is the resource. There's a lot of grade, there's a lot of ounces that are sitting out there to be added. On the right-hand side, you can see intercepts anywhere from 150 ft-350 ft, that again, get upwards of five grams per ton of gold. A lot of potential there as well. This is our land holding package. This is about 20,000 acres. The three purple areas are the Yellow Pine, Hangar Flats, and West End pits. Those are the 4.8 million ounces that I talked about. That's what's permitted for construction at this point. We've started the construction already. We intend to be in production the second half of 2029. The yellow and the red indicators on that map are additional gold and antimony opportunities that we have.
You can also see the intercepts that we've included on here. These are not included in any of those resource estimates. These are all in addition to that. Over at Scout, you can see we have almost 400 ft of typical kind of grade. Some of the other intercepts, we get up to that five and six grams per ton again. The further you go down towards Garnet and Upper Midnight, we get into the 10 gram and 15 gram per ton range. Again, this is all kind of new work. These are historic intercepts or some underground workings. We haven't really gone and chased this yet, but this is on our list to go start doing some more drilling. Let's talk about financing for a second. I mentioned before that the project is permitted to be built. We actually started construction last fall.
We recently hired Hatch as our EPCM for the project. We're effectively financed or very will be with EXIM. We'll be fully financed very soon. Last year, we raised about $850 million in equity for the project. At the end of the year, we had $714 million in the bank. That's the money we're using to do all the construction work right now, placing orders for long lead equipment and moving the project forward as quickly as we can. As you can imagine with the investment from the government and their need for critical minerals, we're trying to go as quickly as we can to get that going. We also, as part of that equity financing, there's another $172 million in warrants that are out there, and then the $2.7 billion loan with U.S. EXIM. Again, the U.S. EXIM Board did approve that for notice to Congress.
It's a statutory requirement when they intend to spend over $100 million of taxpayer money, they have to notify Congress. That's not for an approval, that's just a notification. That 25-day period will be over a week from Friday, and it goes back to the board for final approval. That gives us up to about $3.6 billion of available capital for financing. CapEx for the project to direct build it is about $2.5 billion. With the equity that we have, plus the EXIM loan, we should be well-financed to cover the project at this point. Just a couple of slides here on some indicative value. These are just some estimates looking at the illustrative equity value at the start of production at the different commodity prices.
There for a while, we were having to make a new chart every month because we couldn't keep up with the gold price. You see the range there from today up through 5,000 ounces at the start of production. There's still a lot of upside potential. We don't think we're getting any value for any of the exploration at this point. As well as, this is just an analog for other gold mines, Artemis, G Mining, and Skeena. Typically, there's re-rates when you go from permitting to construction to production, and you look at where we are on kind of time-wise on this, we're just kind of coming out of the permitting phase. We're just at the beginning phase of construction. Like I said, production, we're looking at 2029, second half of 2029, so additional opportunity for more value to be created as we move along here.
Excuse me. We continue to gain momentum. We've had a good run the last couple of years, but we definitely have a lot more in front of us. As I just pointed out there, over the last year, we have completed the permitting necessary to begin construction. Project is essentially financed. We're just waiting for that final U.S. EXIM approval. We're building the worker housing facility and mobilizing people to site. This construction season will really be the launch of the big construction of the project, and then waiting for that final U.S. EXIM approval and then full production in the second half of 2029. Excuse me. I know I went through that pretty quick, but if there's any time, I'd be happy to answer any questions.
Sure. Maybe we have time for one question. Anyone? I think we're good.
All right. Thank you.
Thank you very much, Jon.