Okay, good afternoon everyone. Before I commence, please take a moment to view the Safe Harbour slide, as I will be making some forward-looking statements during today's presentation. Wesdome is a high-quality mid-cap gold producer. It's offering a high return, low-risk opportunity. From an investment perspective, it ticks a lot of boxes: two of the highest-grade gold mines in North America, expanding margins, robust free cash flow generation, a compelling organic growth profile, a strong balance sheet. We're debt-free. We're accumulating cash and allowing us to self-fund our organic growth strategies. The importance of jurisdiction can't be understated. We have mines in two of the best jurisdictions in the world, Quebec and Ontario. Being in Canada has many advantages, including access to an experienced and skilled workforce, a stable regulatory framework, good security, infrastructure, and high environmental standards.
These provide significant risk mitigation and allow us to focus on operating the business. Wesdome currently has a market cap of about CAD 2.5 billion, and as a publicly traded company for more than 20 years, our shareholders appreciate our disciplined and thoughtful approach to share capital. We're committed to delivering value to our shareholders. In 2024, we brought Kiena back into full production, giving us a second operating access and driving significant organic growth. We've been focusing on improving costs and efficiencies, and we've begun to see the benefit of these translating into favorable increases in our operating margins. Ultimately, our goal is to reduce costs, unlock margin, and increase our resilience to downside risk in the gold price. Wesdome has built a strong reputation for consistently creating value for shareholders. That value is especially clear when viewed on a per-share basis, and it's driven by two main factors.
First, board and management have taken a very disciplined approach over the years to managing shareholder dilution. Second, consistently delivering strong fundamental performance. Since 2016, our per-share production has tripled. Our operating cash flow has grown nearly tenfold, and we've been able to replenish and grow our mineral resources and mineral reserves whilst achieving production growth. Viewed overall, it presents a powerful testament to the potential of the Kiena and Eagle operations. To ensure that we continue to deliver value on a per-share basis, we are focused on a very straightforward organic growth strategy to fill our mills. Our mills were built decades ago for lower-grade, higher-tonnage deposits that are different from the ones we're mining today. This has resulted in both the mills running at about 50% utilization.
The goal is to drive value by increasing that to an equipment effectiveness of over 80%, and we have a clear path to get there. Our strategy to fill the mills is based on three key pillars. The first is cost focus, and the other two are production-driven. Together, they form the roadmap to unlocking the potential of our infrastructure and driving stronger returns. The first initiative focuses on efficiencies, and we are working to leverage our fixed cost structure, not just by moving more tons through the mill, but by structurally lowering our unit costs across the board. We're taking a nuanced approach to our cut-off grades, which will lead to higher resource conversion, and we're executing on cost optimization initiatives tied to production, utilization, better planning, process discipline, and standardization across our business.
The programs are gaining traction, and we have a clear target of pushing the AISC to the lower quartile of the cost curve. The second initiative is exploration, which has been the cornerstone of Wesdome for a few years. Over the past six months, we've taken the time to generate a comprehensive list of opportunities across both assets and rank them based on their maturity and prospectivity using the Target Triangle. This exercise has highlighted over 250 targets outside of our existing resources, highlighting the tremendous potential of these assets. The third initiative is our global model work at Eagle River. We have digitized the entire database at the mine, which includes millions of meters of drilling, kilometers of underground mapping, with the aim of identifying material that may have been left behind by historical mining and which is near existing infrastructure.
Subject to successful infill and QAQC, along with favorable economic evaluations, this material has the potential to be upgraded to a higher resource confidence level. It is important to note that this material is considered incremental and will not displace a single tonne of the high-grade material that's currently being mined from the higher portions of the mine. To advance this work, a nine-month drill program has been launched. It will, with four underground rigs, currently drilling the first 40,000 metres. The initial results are looking promising, and they'll be incorporated into an updated technical report due to be released in the middle of 2026. At Kiena, we're sitting on a 75 sq km land package right in the heart of Val-d'Or in Quebec, on the Abitibi-Greenstone Belt, one of the most prolific gold mining regions in the world.
To date, we've identified 23 mineralized zones across the property, but only three of them are included in our reserve estimates. With over 70 exploration targets outside of existing resource, the potential for discoveries is significant. Unlocking that potential starts with a smart investment in infrastructure. A major milestone is the development of the exploration ramp from Presqu'île surface in the west to the main Kiena ore body, where it will connect with Level 33, a three-and-a-half-kilometer exploration drift located 330 meters below the surface. The drift and exploration ramp combined will give us access to underground drill areas and several near-surface targets, which until now were only accessible during the summer barge drilling seasons. They will also allow us to test depth extensions of known near-surface deposits and explore for new ones at depth.
Our property at Kiena comprises two primary mineralized trends: the southern corridor and the northern corridor. The southern corridor, where we are currently mining, hosts multiple deposits along a five-kilometer trend. All these deposits remain open at depth. Historically, Kiena operated as a low-grade, bulk-tonnage mine before it shut down in 2013. Everything changed in 2016 with the discovery of Kiena Deep, a high-grade deposit at approximately 1,000 meters depth. Now we're leveraging both the upper and lower portions of the mine. The lower deposits will be transported along Level 33 and the exploration ramp, starting with Presqu'île in the coming months, while the high-grade material from Kiena Deeps will continue using the existing shaft. This is quite significant when we consider waste movement. We're currently constrained on movement of material up and down the shaft.
When the exploration ramp breaks through at the end of the year, that allows waste to come up the ramp, and we can increase the volume of our high-grade ore coming up the shaft. We're taking clear steps to use our infrastructure in smarter ways to unlock the full value of both shallow and deep zones across the Kiena property. So far, our focus at Kiena has been on the mineralized southern corridor, but there is a northern corridor that remains largely unexplored. This area isn't just prospective. The shear structures crossing the northern part of the property host significant gold mineralization, including the Siscoe and Sullivan deposits in the east and the Wesdome Deposit in the northwest. Our regional exploration programs are gaining momentum, with surface drilling already underway at several promising targets. With 70 targets across the property, the opportunity is clear.
We have a potential to sustain production at Kiena for many years to come. At Eagle, we've recently expanded our footprint to more than 400 square kilometers with the strategic acquisition of the Angus Property. Eagle stands out for a reason. It's home to the highest reserve-grade gold mine in Canada. This is underpinned by the 300 Zone. It boasts an impressive reserve grade of 20 grams per tonne. What's exciting is the entire mine remains open, even beyond the main diorite where gold was originally thought to be constrained. Our understanding of the geology and mineralization is evolving, opening up opportunities for new discoveries. Eagle has been growing and replacing reserves for over 30 years, and with a large land package, its potential remains intense. In 2025, our drilling focused on expanding known zones and updating our global model and technical report.
Underground, we're advancing key areas like the Falcon 7 Zone and the 300 Zone, the backbone of production over the past six years. We released an exploration update last week. The most exciting has been progress on our Zone 6 Central. In just 18 months, we've traced this high-grade zone over 600 meters down plunge, starting at the same elevation as the 300 Zone. The high-grade intercepts strongly resemble the early 300 Zone results. For context, the 300 Zone is approximately 1,000 meters vertically, holds more than 500,000 ounces, the reserve grade's over 20 grams, and it remains open at depth. Mineralization at the mine is mostly hosted by shears within a diorite intrusive. The recent data reviews we've been doing have identified large areas of the host diorite that remain untested by drilling. It's amazing.
While slightly longer term with the prospect to time, as we will need the underground development and infrastructure in place to drill test these areas, they represent an exciting exploration opportunity for new discoveries. Looking regionally, review work has identified 106 surface targets across the property for further investigation. Three surface drill rigs are currently active, drilling at Mishi, Dorset, and Falcon 720 up plunge. A further three target areas are scheduled to be drill tested later this year. We plan to ramp up our exploration efforts next year, and the coming budgets will reflect this increase in activities. Organic growth is the backbone of the Wesdome story. It's the lowest risk, highest return path to creating long-term shareholder value. Our primary focus is on delivering on our Fill the Mill strategy, and there are several catalysts coming down the line.
We will complete the exploration ramp at Kiena, connecting to the main ore body, vastly improving exploration flexibility and decreasing risk. The next biggest milestones will be the results of our technical reports at both Eagle and Kiena. By mid-2026, when these are released, we'll be able to share the results of several years of exploration and optimization work, and we expect that these reports will give greater visibility into the future of these fantastic operations. Over the last few years, we've shown we can grow production materially while maintaining discipline and capital efficiency. We're confident in the Fill the Mill strategy, and we're excited by the exploration opportunities. Thank you for your time.
Thank you. We've got time for one question.