Thank you everybody for your time. I'm Russell Bradford, CEO of Goldsky Resources, a relatively new company. I'll take you through some history why I say that. There's a disclaimer. In September last year, I came on as CEO of First Nordic Metals. First Nordic had a joint venture with Agnico Eagle for the Barsele project in Sweden, the largest undeveloped gold deposit in Sweden. We announced in September we would do a CAD 80 million raise. We raised that money. We also announced I would come on as CEO. We also announced that we would merge Mawson Finland, which is a million ounce deposit in Rovaniemi. We did that, and we merged with First Nordic, and we also announced that we would then change the board once the merge has taken place.
In December last year, the merge was announced, a new board was elected, and we then formed Goldsky. One of our main objectives as a business was to try and transact with Agnico Eagle on the 55% of the Barsele asset that the First Nordic company did not own. That was the JV, and Agnico were the operator of the deposit. In January this year, the 28th, it was announced that Goldsky will acquire the 55% of the Barsele project in Sweden that we already don't own. Now we own 100% of the Barsele project in Sweden, the largest undeveloped gold deposit in Sweden. Now as a company, we have an asset in Finland at Rajapalot, 1 million ounces with a cobalt credit, and we've acquired the 55% from Agnico. Part of the deal, Agnico have taken a 32.5% equity stake in Goldsky.
This is the largest equity stake that Agnico have ever made in any mining company. I think that's fair to say it's a good endorsement for the team, the asset, and certainly for the environment we're working in. The terms of the deal, it's $ 20 million in cash, a 2% royalty we can buy back on day one of production for $ 50 million, and that's it. We gave Agnico, they already owned just shy of 5% of First Nordic. We topped them up by the 27%, and that gives them the 32.5% in Goldsky Resources. They'll take no seats on the board. They don't need to do that, and we've got a nine-month integration program now, as well as we will form a technical committee. Agnico will be part of that going forward. The management team, all well experienced. Noora Ahola's MD of Mawson, permitting expert.
Brent worked with me in Ghana, the CFO. Caroline, based out of Paris, our Head of Geology, worked for Areva for 18 years. Neil's based out of Vancouver. He'll look after North America. My experience, I'm a metallurgist, been in mining my whole life, 37 years. Worked all throughout Africa, America, Australia, and Canada. We're a mining team. That's what we do, and that's why we want to get involved in this project. My Chairman, Peter Breese. Peter and I have worked together for over 25 years. We were part of the LionOre stable. We sold LionOre for $7 billion to Norilsk Nickel. We developed Mantra Resources, which was the uranium project we sold to Rosatom for a billion dollars. I've learned a lot from Peter, and Peter's my Chairman now, and we did Asanko Gold in Ghana.
I'm sure a lot of you know Peter from a previous experience. Mark, Agnico Executive. Worked for Agnico for over 40 years. He's on our Board. Jeff Couch out of London, Orion Capital. Darren Morcombe. Darren's been instrumental in putting this entire, let's say, business plan together. I met Darren last year. We strategized this in London last year, and we're at the position we are today. We've transacted. Darren, instrumental in putting Foran together, as well as Southern Cross. That was really the opportunity to get me in front of Agnico to get this deal over the line and do what we needed to do, rearranging debt chairs, raising money, and making it to the point where we are today.
Corporately, we've got $ 84 million in the bank. That was from the $ 80 million raise. Our market cap, we've had a bit of a run the last week.
We're about $680 million now, and as the previous, t here you can see that was where the, there's no pointer. That was where the announcement was made of the merge. We kept the share price pretty constant. We announced the deal. We had a run. The war, and now we're clawing back, so that's essentially what we see. So about $680 million market cap at the moment. Our analyst coverage, we're getting interest now. We're gonna present to Canaccord next month in Vegas. Canaccord are gonna initiate coverage. Desjardins. The $80 million we raised, we did $68 million non-brokered, and we did $12 million brokered through Desjardins. Desjardins are gonna initiate coverage, and Beacon Securities as well are really keen to get on board. And really, I'm very conscious of time, but this graph here on the right talks about the deal.
Essentially what we did, we gave Agnico that 27% in the company, but more importantly, that gave us exposure to that 55% of the ounces that they didn't have. For shareholders, that was 56% accretive. That was the basis of the deal, and that's why the Board approved the deal. This was updated last week, and it's already out of date because of the run we had. These are all companies that are at PFS stage, and we've tried to benchmark ourselves, and this was quite important, understanding where Goldsky fitted in the spectrum of gold producers. Our market cap's about CAD 650 million, CAD 670 million at the moment, and you can see that against other, let's say, companies in, let's say, that development space. Our ounces, this is attributable. Once the deal's done, we'll move up to 3.6 million ounces.
This is just your P/NAV, where we think there's still opportunity for investors to get involved in this project. Quickly talk about the asset. This is the Barsele area. Agnico have done 174,000 m of drilling on this project to date. They've been operating this project since 2015, up to 2025. Essentially, you've got three zones, Avan, the Central, and the Skiråsen. This is now open pit, open pit underground. The last time a resource was put on this was in 2018. It was 2.1 million ounces, just shy of 2 g/t. There's additional work being done on that. All of that data now has come to Goldsky Resources. We're busy unpacking it, and we'll be putting out our maiden resource once the deal is finalized. Just to talk about that, we had our shareholder meeting last week, Thursday.
That was approved and all went through. We've got about four more weeks to go. It's all transfer of permits now and then the deal's done. Once that deal's done, all of this becomes ours and we are now, my geology team and SLR out of London, and we brought on a very experienced geological team unpacking this resource, and we should have a Goldsky maiden resource published around about in June, which will be a significant milestone as a company. That'll be our new resource. This part of Sweden, it's central Sweden. I'll show you just now on a map. This has been designated as mining status by the government. That was gazetted in 2021. You can only build a mine on this part of the ground. Nothing else can be built here.
In terms of infrastructure and location, this is the road and the rail, and I'll show you on a map just now, runs straight past the project. There's a hydro plant right here. In fact, the power line runs right through the project. We've got access to power, road, and rail. We're about 20 minutes just east of the main town of Storuman. We're not isolated by any means. An excellent infrastructure. Just the other thing as well, this has been given also. It's not only got an exploration permit, we've got an exploitation permit. That's the second stage in development in Sweden as well. Already Agnico's got that for us. This is just an example. It just shows you there's the three zones. Some of the hits that they've had, you can go through that on the website.
And essentially what we're talking about here on the left-hand side is the work that's been done to date. So this is not a new project. We haven't bought a piece of ground. This is already work that Agnico have done over the last 10 years. 174,000 meters of drilling. [audio distortion] Do your numbers, but that's close to $60 million, $70 million already in drilling costs. That'll take you at least three to five years to do anyway. So it's not only about the money, it's the time that we've saved. So we're right up on the development curve. What I like about the work they've done, and they've done exceptional work on this, is the regional geological, let's say, geochem work, and that's the soil samples and the bot drilling that they've done, and I'll get to that just now.
These two pictures here really show the till, and they've exposed the ore body, and if you go to site, you'll see that today. That's already open. At First Nordic, they owned the ground to the north and the south of Barsele, and they had that 45% JV. Well, now we own everything. Essentially, they talk about the Gold Line Belt in Sweden. We've tied it all up now. We own all of that land. This is 85,000 hectares of the Gold Line Belt in Sweden. Strategically, we've got a significant land package. That's something that we're going through now. There is some areas that we'll let go, and we're doing that review. That'll be something to do on our list this year. Obviously, with the jewel in the crown in Barsele, you can imagine this becoming some kind of gold province.
You've got a process plant in the middle there. Left and right of you can start open pitting and bringing ore into this facility. That's 20 years down the line because Barsele, the way that I see it, is going to be a significant size mine anyway. What have we inherited? There's the offices. You talk about the 174,000 m of core. Well, there's the core facility that you can see in the middle there. Core logging facilities, offices, XRF. That's the office in town. We've inherited nine geologists, been working on this site since 2012. We've got all that IP and that technical understanding of what's been done here. Cars, apartments, obviously all the block models, all of the engineering, all of the environmental work that's been done. Where we operate, there's Storuman.
So that road and rail that I showed you on the earlier slide, there you can see Barssele. Storuman's about a 20-minute drive away. To get to site, you fly or you drive from Stockholm, we're 750 Ks north. There's Lycksele, drive an hour. Based in Storuman, this is Storuman town. Car dealerships, schools, houses, families live there. And as I mentioned, there's the hydro plant, and that power's supplemented by wind as well. So that's why the power in this region runs at about 2.6 kWh. So it's very cheap power. Excellent infrastructure, not remote by any means. I like this because when we start building the mine, this is how you get all your materials of construction to site, on the rail, right? All your steel and equipment and stuff, just ship it straight up.
I've spent half my life in very remote areas, and half the time we're wondering where to build the runway and the camp, and bring the extra power in at. That thinking's all gone now, right? All your infrastructure's here. It can save you up to 20% of your total capital cost can be in infrastructure costs. We've saved that now. Again, they've done a great job on site. Groundwater, weather stations, surface water monitoring. There's all those studies, all that base work, all that baseline study work's already been done environmentally. With the Sámi, there's consultation with the Sámi group on an annual basis. We don't have any agreements with Sámi. The Sámi's not really in our project area at all, so there's nothing to worry too concerned about that, but there is consultation with the Sámi.
Regionally, as I mentioned, those soil and that bot drilling that Agnico team have done. We've got a geochem map of the Barsele site, so we understand the signatures of all the different elements. That's important because it's not just about Barsele. We've got regional targets on our property as well. Certainly, if you think about the work that we'll be doing over this coming year, the drill program, there will be work done not only on Barsele, but also in exploration on the Barsele site as well. Let's quickly talk about that. At the moment now, we've got $ 84 million in the bank. The transaction cost is $ 27 million. We're going to allocate $20 million to drilling. That's a 50,000 m drill program. We'll probably pop 40,000 into Barsele, 10,000 m into Risberget, which is that regional area. Study work and keeping the lights on.
This time next year, we'll still have $20 million-$ 25 million in the bank. We've got plenty of, let's say, money to deploy on good quality work. Let's not forget about Finland, Rajapalot. We announced we've completed a drill program here in March this year. That resource will be updated probably by the end of July. The last time a PEA was done here was in 2023. That was done at $ 1,700 gold. We'll update that PEA and release that into the market probably third, fourth quarter this year. This is a million-ounce deposit. This will be a 70,000-ounce a year gold mine. It's got a cobalt credit as well. This is kind of number two in the stable. This came from the merge with Finland, and now we've transacted with Agnico in Sweden.
When we talk about being a Nordic developer, we've got two quality assets now in our stable that we can start looking at this. This is our development schedule. Look, essentially, we've got this integration program with Agnico going on till the end of the year. We have that technical committee that's formed. That's how we'll get the transfer of information, and that's how we'll audit the information that comes from all the future work we'll do. Agnico will be involved in that. We're going to start a drill program. What the guys are doing now, we've put together a very senior geological team. Malcolm Titley is on board. We've got Marcus Tomkinson as well, who's worked with Darren on Foran and other things. We've also got Rick Gordon out of the Gold Fields in Australia, excellent Structural Geologist.
The guys are unpacking that model, going through everything, and we're rebuilding that. We'll be using SLR out of London as our independent verifier for the resource. We've got to do that because if we start drilling today, we're going to get it wrong. We need to understand the style of mineralization. We need to understand exactly how Agnico have got to their point, so when we do put out our maiden resource in June, we're confident that we've unpacked everything, we understand it, and that's why we've rebuilt it, audited it, and that's how we'll get that out into the market. We'll publish our drilling program. I think we'll start rigs roundabout in August time. That's when we'll start the drilling. Let's think about a PEA.
We've got the PEA for Rajapalot, Finland, and as well, it'll be good to start doing study work now for Barssele. A lot of work's been done by Agnico. So flow sheet development. This is a Gravity- CIL plant. There's no refractory gold. There's no preg robbing gold. It's a 75/106 micron grind. All that work's been done. So there's a lot of work. There's even a layout of the mine, everything. So we've taken all that on board. The team that's worked with me for 25 years, Rob, Hugo, Malcolm, and Glen, they've all come on board now. So all those projects I spoke to you about, we've got really experienced team looking at all of this. So, that's essentially what everyone's busy doing at the moment. So in summary, just conscious of time, we're going to deploy capital. We have that money. We had a successful raise.
We're going to now be developing this. We want to be a Nordic Developer. We want to be in gold. We think we're in a good address. We think we've got two excellent projects. We've certainly got a great endorsement from one of the best mining companies in the world, Agnico, because they just do things right, and that's how we want to do things as well. We like the address we're in. In summary, I think it's fair to say that if I look back eight months ago and we thought about how we could put this all together, we've had to really kind of corporately rearrange things. Keep our powder dry, keep below the radar, and just let's focus on getting these things put together. We now announce that transaction. That will be completed in a couple of weeks' time.
We're very excited about the opportunity of working in Sweden and Finland and moving this program through to the next stage of where it'll be. Thank you very much.
Great. Thanks, Russell. I think that's all the time we have, but I'm sure Russell will be happy to answer any questions you have on the sidelines as well. Thank you, Russell.
Thank you.