All right. Well, thank you very much everyone for coming. Very happy to be here. It's my first time presenting at Planet MicroCap. I'm actually very impressed with how big and full and excited the conference is. Thank you for your attention and time. I'm one of the few mining companies here. I have a really interesting story. We've just begun generating revenue. We should be putting out our first quarter of actual revenue generation on this company, in the next week or two. I wish I was presenting then instead of now, but happy to have a follow-up afterwards. This will be very forward-looking, so please be mindful of that. We are U.S.-focused. We've got a Nevada portfolio consisting of a fully permitted, fully operational mine site at the Borealis project, down to the southwest here.
We've got a development asset that has some wonderful economics up in the north called Sandman. We've got an exploration stage asset called Big Balds over on the eastern side of the project. Nevada, for those that aren't very familiar with the mining industry, is the number one ranked mining jurisdiction globally almost year-over-year. What's different about us compared to many other microcap gold stocks on the TSX Venture and on the OTCQB, is that we have all of our permits in place, we have all of our infrastructure built, we have no debt, we have lots of cash, and we are looking to start making a lot more. Our first blast from our open pits occurred in February of this past year. On top of the Borealis mine site, our development asset at this gold price is pretty darn spectacular.
What we'll do is we'll take a look at all three of the assets, put a general consensus together, then I'll give you the investment thesis towards the end of this presentation. In terms of structure, we've got about 147 million shares outstanding right now. Market cap around CAD 143 million. Actually, it's a bit higher today, with the gold price moving up around CAD 150 million or CAD 160 million. Again, no debt as of January 30th. No debt as of today. At January 30th, $21 million in cash. Our infrastructure on the asset that we acquired is at least $70 million , or essentially equivalent to our market cap today.
Actively generating revenue and we anticipate over the next few months that we'll pivot into a free cash flow generating company, again, on a very forward-looking basis, but we are at the cusp of profit generation. Stocks ran quite well with the price of gold, towards the second half of last year, up to a high of CAD 2.04. We raised up CAD 23 million around this level, this is basically the start of the Iran war, where the gold price fell off a cliff for a little bit. Stabilizing now. What we've done since we've raised that money, which was at a CAD 1.50, we're trading at a CAD 1 right now, is we restarted our mine site, we put out a new economic study, and we've dramatically advanced our overall portfolio. In terms of structure, I own a ton of this. It is very meaningful to me.
I've got about 4.5% of the company. Balance of the management team holds another 4.5%. Rob McEwen, the founder of Goldcorp, is our biggest shareholder at 12%. Eric Sprott, mining billionaire, another 9%. Then a really good mix of institutions and retail, for the balance of the company. In terms of board, I'll just quickly touch on some of these guys because they're quite impressive. The founder of Kinross Gold, Bob Buchan, is our Chairman. Richard Patricio, founder of the best uranium company in the world, NexGen Energy, is our Chair of Audit and Governance. Christina McCarthy, previously VP Corp Dev at McEwen Mining. Greg Gibson, previously the President of Sprott Mining Inc and prior to Borealis, I was with a company called Amex Exploration, which went from a nickel up to. It's trading at about CAD 5 right now, and just under a CAD 1 billion market cap.
Now we're going to look at the Borealis mine site itself. The mine is about two hours from Reno, Nevada, or about a four and a half-hour drive directly north of here. If you'd like to come for a visit, please let me know. Fully road accessible, all infrastructure in place. Big property right beside a small town called Hawthorne. The mine in the 1980s was a money maker. It did about 600,000 oz at 1.7 g per tonne in a very simplistic oxide heap leach mining method. We've got a large historical resource base of 1.8 million ounces at 1.28 g per tonne from a 2011 pre-feasibility study, and we have real growth potential around the known resource base.
We've got, as mentioned, all infrastructure in place, I'll show you that in a minute, and real exploration potential, but that won't be our focus of this presentation as it's just an introduction. Snapshot of the mine site. Again, please let me know if you'd like to come up. Beautiful, easy open pit oxide heap leach mining. There's a number of historical pits. For the first few years here, all we're doing is we're going into these old pits, expanding them at depth and expanding them along strike. Known metallurgy, known geology, known geotechnical risks should result in a minimal risk restart of the mine. This is a snapshot of what we're doing right now. This is one of the pits that we're currently mining and extracting ore from called East Ridge.
Then over here on the right, you can see we're stripping the overburden off of two existing pits, bringing it over to our heap leach pad, which looks like this. Just as a quick discussion on what a heap leach pad is. There's a few different ways to exploit gold in the world. The easiest one is the Yukon Gold Rush show, where you have the placer miners and the gravels. The next easiest and most inexpensive way is a heap leach pad, where you basically crush the rock outside. You can see our crushing spread over here on the right. Put it in a big pile, then you lay these hoses that you can see in these linear fashions here, and you drip a cyanide and water solution onto the rocks. It gets collected at the base of this big pile of rocks.
You can see this black liner at the bottom here. The gold in solution collects at the base of the pad and ends up in our plant, where we then extract it. It's a very, very inexpensive method of processing gold, results in low CapEx operations, and also historically results in very lower OpEx operations. As we grow, we expect that we will be quite a low-cost producer on a go-forward basis. Of course, you can see some of our gold and silver bars that were poured from the mine site quite recently. Very conventional, what we call an ADR facility, where we pour our own saleable gold product. It gets sold to a refiner in Salt Lake City called Asahi. We get basically 99.2% of spot on the day that we want to sell it.
No penalties, really, aside from a very minor refining charge. It's a high-purity product. We typically ship something in the range of about 40%-45% gold, 30%-40% silver, and the balance are just junk metals that the refiner deals with. In terms of exploration, what we looked at in this earlier image, I'll just go back for a reminder, is a number of different pits that were exploited where the vast majority of the resource is based. That is this small portion of the property where you can see my mouse moving up and down. The balance of the project has seen very limited exploration, has real potential. I'm an exploration geologist, and the thing that really drew me to this project originally was the potential to identify more and more gold on this known gold-producing property.
We are actively exploring, and what we'll look now at is our development asset called Sandman. The reason that the market has become very excited about this project that we bought for very little money just about a year and a half ago, is how levered it is to the price of gold. In February of this year, we came out with the results of a new economic study. It showed a medium-sized mine doing roughly 35,000 oz-40,000 oz a year. Take a look at that right now. For about a nine-year mine life at CAD 1,800 all-in sustaining cost per ounce. The thing that I love about this project is the low capital requirement to bring this mine up and running at $36.2 million , something that we anticipate that we'll be able to build out of our treasury from revenues generated from the Borealis mine site.
This would be our second mine that we bring online, and this will deliver a whole lot of money in today's gold environment against that CAD 1,800 per ounce all-in sustaining cost. That economic study at a base case of CAD 2,600 per ounce of gold, showed CAD 203 million post-tax NPV and a beautiful 105% IRR. The reason that people are quite excited about it is how sensitive this thing is. When you look here at this chart, what you're looking at, if I can do it effectively. The base case is in green here, CAD 2,600 gold. If you look at today's gold price or roughly around today's gold price, the NPV jumps up to $696 million post-tax US. IRR jumps up to 280+%. This results in about a two to three-month payback period.
The original CapEx does not increase because these numbers were just generated in February of this year. We are rapidly advancing this. If you take a look at any of our news over the past few weeks, you can see that we've been actively working to advance Sandman towards production. We anticipate being in a position to submit our near final permits towards the latter half of this year with an expectation of construction towards end of 2027 or into 2028. At that point, we would have two mines operating, the Borealis mine, Sandman, and then what we'd also like to do, obviously deal dependent, is look for another asset or two to add to this pipeline.
What we're looking for are similar style projects, low CapEx, relatively low cost to acquire, and something that if we put one, two or three of these things together, we can produce a very significant annual production profile at a fraction of the cost it would cost me to go out and buy a single asset that can do 150,000 oz per year. You also limit your risk with a multi-asset basis. You never know what's going to happen in mining. It is historically a risky business. The more ways that you can limit that risks, in my opinion, is just better for shareholders. We kicked off a pretty meaningful exploration program. We announced that last week at the Sandman project. As mentioned, we're in full scale, push this forward to development and look forward to some great results from that.
Recently, I know this is probably not the biggest technical mining crowd, but I'll just show you some of the numbers that were drilled in 2022. You can see 140 m of 1.67 g per tonne, which would be roughly double or triple the average grade of Nevada heap leach gold mines. A beautiful 13 m of 20 g per tonne. This is a nice high-grade operation. The resource base is not huge. It's about 500,000 oz right now. We think we can easily expand upon that based on our initial interpretation of the geological data. On the third project, which we called Big Balds with a D, it is early stage, never been drilled, high potential, low risk really. It's a drill it and kill it study, but we do think there's something quite exciting there that we look forward to drilling.
We'll test that this year. If we're successful, that would be our third potential deposit to develop. If we're not successful, it really doesn't matter to our overall asset base. In summation, this is a really, really simple story. We just started mining. We have no debt. We have lots of cash on hand. We should be triggering or crossing over into profit generation in the coming months, which is probably the most meaningful event for a company of my size and really any company should be. Three assets in hand, one of which is producing, one of which will be producing soon. We are new. We are not very well-known yet at the moment, and we're looking to change that. With that, I think I will turn it over to questions, if any. Yes, sir. Oxide.
They're both oxide. The oxidation happens at the uppermost surface of the Earth, they were all sulfide deposits. The oxidation happens from rainwater, from weathering, usually it's the upper couple hundred feet that get oxidized, and then below that you have sulfides that don't work in our heap leaching pad. You'd have to put a mill or something in place to extract that. But both have a significant oxide heap leachable component. Yep. For Sandman, I have it broken out in this presentation here. We call it oxide and fresh. Although the work that Newmont, who we essentially acquired it from, showed that the fresh ore is probably amenable to heap leaching. For our mine plan, which is this 35,000 oz-40,000 oz a year, we're only looking at the oxide portion. 265,000 of the 433,000 indicated is in the oxide component.
Borealis, of the CAD 1.8 million M&I, it'd be about CAD 500,000 or so in oxide. A portion of that is in transition material, the balance is in sulfides. Yes, sir. Yep. The first few holes that we're doing, actually the first probably month, maybe six weeks of drilling, I've written it in here a little bit, is focused on advancement of the mine. It's going to be some metallurgical drilling. It's going to be some geotechnical works. We are going to get some pretty special drill holes out of those programs. I would say probably two months from now you'll start seeing those results trickle in. The next probably meaningful release, and I'm not saying positive or negative, but certainly revenue generating, will be in the next few weeks here, and that'll be a production update from the mine site itself.
Obviously I can't speak to those results until they're published as they're material, but we'll put a pretty meaningful production update in with that, in the next week or two. Yes. We just permitted it about two or three months ago, so we're all set. We have our pads all picked out, we have our targets all picked out. Drilling is very hard to come by with the price of gold and all the money that's been raised. We've had a heck of a time finding drilling contractors. We have one that's mobilizing to site today at Sandman. We've got Major Drilling, which is a big public company that's going to be coming and bringing in an RC rig at some point in July. Whenever we get a free drill, we'll send it out to Big Balds, it's October, November maybe.
That's a pretty simple program, that's between four and six holes depending on success, and it's either we hit what we're hoping to hit or we don't. It's right beside Kinross's Bald Mountain Mine. It's quite compelling, but it's highly speculative. I'm excited about it.