All right. It's great to be here for the first Nordic conference ever. So this is a good start to the day. So at District Metals, we entered Sweden about four years ago, and it was based on our Tomtebo project. We've built up to three base metal polymetallic projects in the Bergslagen. But in 2022, we actually started picking up some uranium projects, given that the new government came in and they're talking about being very pro-nuclear and lifting the uranium moratorium. And as Maria Sunér mentioned earlier today, I mean, it really is the intent of the current government to lift the moratorium. When that does happen, it will be a major re-rate for District Metals, given our portfolio now. So a cautionary statement: you can find this on our website.
With the team at District Metals, I mean, you get a very experienced group that's had a lot of success from exploration through to production in uranium and in base metal. Obviously, we're focused in Sweden. I might be biased, but it's one of my favorite countries to work in. The current center-right government is just so pro-mining. They're doing all the right moves. They have every intention of lifting the uranium moratorium. When we went staking up a bunch of uranium projects, we were able to get control of 100% of the Viken deposit. It is the second largest uranium deposit on the planet after Olympic Dam. It has uranium, vanadium, potash, other energy metals like molybdenum, nickel, copper, and zinc. It is very strategic, especially for the EU. We also have four other uranium projects that I won't be covering off in too much detail.
But then also in late 2023, we were able to get Boliden to option our Tomtebo project and also bring in their Stollberg project. These are both advanced stage base metal polymetallic projects with some really good intercepts of 30 meters of 11%. And I'll get more into that further down. So we have a tremendous team at District Metals. I won't go too much into detail. Myself, I'm a geologist by training. I spent much of my career in high-grade uranium in the Athabasca looking for and discovering uranium deposits and developing them as well with Alpha Minerals and NexGen Energy. Also very importantly on the technical team, Hein Raat, who was with Boliden, knows base metal polymetallic and the whole lay of the land in Sweden along with Rodney Allen as well.
Our board is very well-rounded: skills matrix, Joanna is a lawyer by training that I work with at NexGen, Doug Ramshaw, and Jonathan Challis, good capital markets experience and also background in geology and engineering. More recently, Sophia Shane joined us. She was almost with the Lundin Group for 30 years. It's just a complete asset, knows Sweden inside out. Her network is unlike any I've seen before. Rita Bennett is the president of the Discovery Group, and she takes care of our corporate communications, marketing initiatives, and everything, making sure that we're sending out the right message. Share structure. So one of our very important strategic investment groups is the Jordan Fund. We have over 900 shareholders that are Swedish, and that's one reason why we're looking to list on the Nasdaq First North Growth Market, and we're looking to get that listing before the end of the year.
In our last financing, we also had some key funds come in, such as MMCap out of Toronto, Extract Capital out of New York, and also Sachem Cove out of the US, so it's very good content of institutional high net worths within District Metals, and we also have some very strong industry investors that I'm not allowed to mention their name, but if I did, everyone would know exactly who they are, so I mean, the big question in the room is when are they going to lift the uranium moratorium. Everything in the news is pointing towards it happening. Right now, we are waiting for the government to put out an official press release on the legal framework on how it's going to work in lifting the uranium moratorium. That will kick off a three-month consultation period whereby any stakeholders can make comments.
Then, after that, a proposed bill can go to Parliament to lift the uranium ban. It's believed that the four coalition parties all have a majority to vote in favor of lifting the uranium ban. Timing-wise, I mean, it could be early 2025. As soon as that happens, we have the green light to go full speed ahead with our Viken project and other uranium projects. There's quite a good history with our Viken property. The last company that ran or developed the Viken property was Continental Precious Minerals. In the last uranium cycle, they reached a market cap of CAD 330 million. I mean, our market cap right now is about CAD 40 million. The delta there is quite large, which is why I talk of re-rates when the moratorium, if it gets lifted.
There is a historical PEA on the Viken deposit that had an NPV of about $1 billion. Our next-door neighbors, Aura Energy, did a scoping study on their Häggån deposit that showed an NPV of $1.6 billion with IRR of 47%, payback of one and a half years. It just really shows the true potential value of these alum shale deposits. They're very simple to mine in conceptual nature, and the value here is immense and very strategic for Sweden, for the EU, and for NATO. Looking at some of the historical mineral estimate resources, there's just under 17 billion pounds of vanadium, about 1.15 billion pounds of uranium. But if you put together like a uranium equivalent, you're looking at in the inferred category, 3 billion tons of material at a grade of 0.11% U3O8 equivalent.
For a very shallow open-pittable target, that is an amazing grade, given that in Southern Africa, they're mining much smaller tonnage at grades that are half that. I'll talk a little bit about our base metal polymetallic projects and what we started in with Sweden in 2020. The big draw into the Bergslagen was the Bergslagen is just an immense metallogenic belt, host to historic and operating mines. The Falun Mine had about 28 million tons, 3 grams per ton gold, 3% copper. The Garpenberg Mine, which is about 25 km to the southeast of our Tomtebo project, when you add up all the categories of production, reserves, resources, you get over 200 million tons very quickly. Then Zinkgruvan, which is operated by Lundin Mining, when you add in the copper and cobalt resources, you're over 100 million tons.
These are massive polymetallic systems, and there's been very little exploration done in this area that's modern, so potential for finding another one of these giant polymetallic deposits was a big draw for us, so I mentioned that Boliden is optioning in on Tomtebo. They're spending CAD 10 million over the next four years. We are the operator. We have an operator fee of 7.5%. And at the end of the four-year term, they'll have 85%. We'll have 15%, but I mean, the target that we're looking for here is another Garpenberg or Zinkgruvan, so it would be a lot of value for 15% of that and probably much higher than our current market cap of CAD 40 million. Also, the combination of the technical teams with Boliden and District is amazing.
We get to use their leading-edge down-hole electromagnetic surveys, which were critical in finding new mineralized bodies at the Garpenberg mine. So just looking at some of the results that we've had at Tomtebo, more specifically at the historic mine, the Steffenburgs zone. So we've had intervals ranging from 12-30 meters, grades of 8%-15% zinc equivalent. These are very good. It's open in all directions. And we continue to drill. This year, we drilled hole 42. We had 29 meters of 7.4% zinc equivalent that is completely wide open at depth. So we're looking forward to getting back to Tomtebo and stepping out further below these intercepts. And we're actually finding there's a pretty good gold content in some of these intervals as well, which really gives a good bit of juice to the zinc equivalent as well.
Just to talk a bit about what's going on with District right now, where are we headed till the end of the year. I mean, we picked up a bunch of new alum shale properties, and alum shale is the mineralized body that hosts the Viken deposit. I mean, we're continuing work on these and teeing up additional targets. We've identified a geophysical airborne survey that looks like it'll be able to tell us the depth and thickness of these types of bodies because they're so conductive. Everything's looking bright on that side. Then in terms of the Swedish government, it's going to be putting out their press release hopefully in the next few weeks about their investigation results.
Basically, once that happens, we go full steam ahead in advancing our updating an updated PEA on the Viken deposit and exploring very aggressively on our other uranium projects. Then, of course, next month, we'll be going back to drilling the base metal polymetallic Stollberg project. Then obviously, we're targeting our Nasdaq First North growth listing before the end of the year. Everything's headed in the right direction there. We just put out a news release on that matter today. Just in highlight with District, I mean, you're getting a very strong team technically, capital markets-wise, strategically. We're focused in Sweden. We love it. I wouldn't want to be anywhere else. I actually prefer working in Sweden over top of Canada, and I'm based out of British Columbia. So we've put together an amazing portfolio of uranium properties and also base metal polymetallic.
I'm very proud of the shareholders that we've been able to attract onto our share registry. They all have the same. They see our vision moving forward and are very supportive as we continue along. So I think I'll end it there. And if you have any questions, I'm happy to answer.
Thank you for that. Let's go see how we can [Foreign language] . Tack. Right. You have, in a previous mission statement, saying that you'd seek out to explore and to develop. And it seems like you've been seeking out quite well. So where would you say that you are? Explore or develop, or are you going into development now?
So yeah, skill sets here are geological. Very happy in terms of exploration and development, going to a feasibility level. But yeah, in order to go into building a mine and operating a mine, that's a totally different skill set. So there's really two paths forward. Once we, say for instance, start developing the Viken deposit, we either create a monetizing event with a major mining company to buy us out or buy out one of our assets to take it into a mine, or a mine builder takes over as CEO, so.
And if we look at uranium here, and obviously, you did elaborate about the decisions coming and everybody expecting some. But what is the plan going forward? Because if I understood you correctly, you will increase other areas in uranium. But the current one, what's going to happen there?
Yeah. So obviously, our main focus for uranium is the Viken property that hosts the Viken deposit. So the first thing we'll be looking to do there is an updated preliminary economic assessment. The historical PEA that was done in 2014 did not include the vanadium or the potash, and it still came back with an NPV of $1 billion. So we have a pretty good idea how to do an updated PEA and just optimize it to make it show the true value of these alum shale type deposits.
So one could fairly safely say that it will not be a lower value because you're adding more parts. You don't need to answer that question. Boliden, you mentioned Hein, and you are more or less in between of Boliden, and they invested in you. So it seems like you have a pretty good relationship there. Will they be, I mean, will they be more than an investor to you?
Yeah. So they have not put any capital into. They're strictly investing on a property level into Tomtebo. But I really like the way that we structured this deal. So they brought in their Stollberg property into our collaboration. And Stollberg is more advanced than our Tomtebo project. And Stollberg is actually a very good, it's more analogous to the Garpenberg mine, whereas our Tomtebo project is more analogous to the Falun mine.
Okay. And then you did elaborate about it yourself, preferring Sweden to Canada. And you have a jurisdiction in Canada. But will this be a fully Swedish company? Or would you leave or sell or divest?
Well, right now, we have two Swedish subsidiaries that we use to hold our mineral licenses, obviously. We do have one property in British Columbia. I mean, that was used as a listing asset, but it actually has a very good drill target. So then we've been trying to permit that for quite some time. And that's another thing. In terms of permitting in Sweden, we're seeing permitting times quite often from six to eight weeks. In parts of Canada, it can be years.
Okay. Right. So interesting. To summarize, it will be a Swedish uranium play listed in Sweden and an excellent cooperation with the major in the area. Things are looking bright. What would be the next thing you would like us to keep attention in going forward?
Yeah, that's a good question. So I mean, going forward, if the market really starts to come back for base metals and things really start headed positively in that direction, given if when the uranium moratorium lifts, we really have two parts of the company right now. And if both of them are working very well, then at some point, it might make sense to separate them out and spin out the uranium assets as like a District Energy and continue along that path as pure plays.
Excellent. It doesn't seem that I need to say good luck, but I will say good luck anyway. And thank you very much. Appreciate it.