Thanks, Eric. In June 2021, we paid $6 billion for a royalty on a deposit with zero ounces. Today, that royalty stands at 8.3 million ounces of gold. Analysts carry that royalty at $120 million of present value, and this asset is expected to generate for the company over $400 million of after-tax cash flows. That's the business. The way you make money in royalties is the arbitrage of time combined with world-class geology, and we have done this 33 times. Over the next several minutes, I'm going to show you how and why we are so bullish on what's coming next.
I will be making some forward-looking statements. World-class geology first. The biggest mines on Earth sit on a few small belts of proven trends, and our goal is to own the trend. Our royalty portfolio covers 690,000 hectares across the Americas and Australia. Second, we buy the optionality before the market prices it. Optionality is the most consistently mispriced asset in the royalty sector. I got to say that again because it's so important.
Optionality is the most consistently mispriced asset in the royalty sector, and we have taken advantage of that through 100 different royalties that we've bought through 33 different transactions. Third, we only buy what we can hold in perpetuity. The other half of the arbitrage is time, and it does not work if you cannot wait. Then you let the tier one operators do the work. Eight of our top 10 assets are being advanced by companies with a market capitalization greater than $5 billion, with an average reserve life of 20 years on those assets. Then you let the time compound.
$309 million of capital deployed has become $ 786 million of consensus net asset value, over $900 million at today's metal prices, a 35% compound annual growth rate across all of our material investments, and a share price that has CAGR 28% every single year on average over the last decade. The best part is the next leg is fully paid for. 35% production growth rate over the next six years is forecasted, and 55% of our NAV is expected to be producing by the early 2030s. The arbitrage of time only works if you can hold the asset for as long as the geology needs, and that's measured in decades, not quarters.
The ability to own these assets safely is not a preference, it's a precondition. We've seen jurisdictional risks increase constantly over the last few years with weaponized dollar on sanctions and also trade with tariffs. We've got seven producing assets, 28 in development, 63 in exploration, 98 royalties concentrated along the proven belts in Canada, America, Brazil, Argentina, and Australia. Look at where the biggest mines sit, a small handful of trends.
This is our goal to own the trend, the step-outs, the satellites, the expansions, and the discoveries. That's where the optionality comes from. It has become increasingly difficult to put a mine in production. You need big balance sheets, skilled teams. As a royalty holder, we do not build any of these mines. We rely on our operators to pull all of that metal out of the ground. Quality of operator is not a nice-to-have, it's how the optionality gets realized.
If you look at the top chart, the average reserve life of our top 10 assets, Metalla leads with the peer-leading 21 years. Bottom chart shows number of top 10 assets being advanced by companies with a market capitalization greater than $5 billion. That is eight out of 10 or 80%. Remember those two numbers. That is why the model works. The geology gets built, and it gets built by the people who can start what they finish. After 10 years of executing the strategy, shareholders are now reaping the benefits of this bought and paid for industry-leading growth.
Seven producing royalties, 3,500 oz- 4,500 oz this year. 2025 was a record year for us, driven by the first full year of production at Tocantinzinho, now our largest producing royalty, and the second quarter was a record quarter for us as well. This is a producing and profitable business today and growing. Almost all of the growth between today and 2028 comes from assets that are fully permitted with operating infrastructure in place. Then the development assets come on. Copper World, Castle Mountain, Fifteen Mile , Joaquin, Taca Taca, Fosterville.
Every one of them is a priority project core to its own operator's growth profile and ability to replace the reserves. That is why they get built. 12,000 oz- 20,000 oz by the end of the decade, 35,000 oz at full optionality, a greater than 35% compound annual growth rate over the next six years. Every one of those start dates is funded by someone else's balance sheet. IAMGOLD, First Quantum, Hudbay, Agnico Eagle, Equinox. We do not build mines. We do not fund cost overruns. We do not issue equity to get from here to there, and when the metal price moves, the royalty has no all-in sustaining cost that eats it up.
The price reaches our top line and it stays there, and that growth is already bought and paid for. Côté-Gosselin, this is the royalty I opened with. It covers a portion of IAMGOLD's pit and 100% of the one next door, which is Gosselin. In the last five years, Gosselin has gone from zero to 8.3 million ounces of gold in five years, and Gosselin is the growth part of this asset. Côté is a producing pit with a mine plan. Gosselin is a deposit that has gone from zero to 8.3 million ounces with significant expansion potential still ahead and it is not yet in the mine plan. Our royalty covers 100% of it, so every ounce that IAMGOLD adds carries our full royalty.
Côté is guiding 390,000 oz- 440,000 oz of gold produced this year, and IAMGOLD is expected to publish a super pit life of mine in the second half of this year that conceptualizes up to a 70,000 ton per day operation. Gosselin is not in most models yet. That is the arbitrage of time. We paid for the geology in 2021, and the market is still catching up to it. First Quantum's Taca Taca in the Salta province, one of the largest underdeveloped copper deposits in the Americas. 35-year mine life. At full production, 291,000 tons of copper a year with 133,000 oz of gold for the first decade.
Copper takes about two decades to go from discovery to production on average. Nothing discovered today produces before 2040. You cannot conjure assets like this. You need to already own them, which is why we were buying these assets years ago when no one was paying attention. Our 0.42% NSR is worth approximately 2,600 gold equivalent ounces a year at consensus pricing. At spot prices today, closer to 3,500 oz a year.
As copper has continued to outperform gold recently, that number is just going to go higher. That 3,500 oz a year is averaged over the first 30 years, and by itself is the same amount as our whole company or our seven producing assets is doing today. Copper World. Hudbay's Copper World in Arizona is fully permitted on private land, which is, in the U.S., a scarce commodity. 92,000 tons of copper cathode a year for the first 10 years.
The signal is Mitsubishi paying $600 million for 30% of this project, a strategic counterparty underwriting the asset at a price in a market where very few copper mines are being built. At consensus, this is expected to kick off around 750 GEOs a year. At spot today, closer to 1,000. We are expecting feasibility in 2026, sanction decision in 2027, first production as early as 2029. Castle Mountain, the fourth cornerstone asset that we have in our portfolio. We have a 5% NSR, five.
On the South Dome zone of Equinox Gold's Castle Mountain mine, the higher grade portion of the complex, 1.1 million ounces in reserves, 2 million ounces in all categories. Phase II is expected to be a 200,000+ ounce a year mine for 14+ years. It is in the FAST-41 federal permitting program and construction decision is expected on this asset in 2027. At 5%, this royalty is expected to average 5,000 gold equivalent ounces a year. Again, more than our entire production for 2026. Behind the four cornerstone assets is the next wave.
This is the portfolio growing without us spending $1. A 2% on Joaquin in the Santa Cruz Province. Silver is in its sixth straight year of supply deficit, and 3/4 of it comes out of someone else's copper, lead, and zinc. So a primary silver resource growing is a very scarce thing. Joaquin is now 167 million ounces of silver equivalent, 143% more than when we bought the royalty, and one of the largest silver resources in the Santa Cruz province.
Our royalty covers La Morocha and La Negra in the northern concessions, which is exactly where this year's best holes are. Unico Silver has drilled approximately 40 km there this year, the second-biggest drilling campaign in that district's history, and the new holes at La Morocha sit just outside the resource.
Their plan puts the processing plant at Joaquin, PFS in January with RIGI alongside of it. We have not spent anything on this royalty, and it just got twice as big. Still growing. Gurupi, one of the largest undeveloped gold projects in Brazil, is being operated by G Mining, the team that brought you and delivered Tocantinzinho, which we also have a royalty on, has 1.83 million ounces of indicated and is running a 65,000 m drill program this year to grow it.
Last week's results extended blanket deposit 250 m beyond the resource and confirmed a brand-new discovery at Grodiocal, 5 km quarter where no one has ever drilled a hole every meter on our royalty ground. We're expecting an updated resource by the end of this year, maiden PEA by the end of 2026. It's probably a little early to say, but this feels like the early days of Côté on this asset, and I expect it to get much, much bigger. These royalties are on world-class finite belts.
Every drill meter is irreversible value to Metalla. 98 royalties means 98 operators spending their exploration budgets on our ground at record metal prices, and that means they're drilling more, not less. That optionality is free, and it's not in anybody's net asset value. This is every material investment that we've made, what we paid versus cash return plus NAV consensus today. Côté-Gosselin, $ 8.6 million in, $ 120 million of consensus NAV out, 66% compounded. Castle Mountain, $ 15 million in, $ 95 million today, 45% compounded.
Wharf, $ 5.8 million , $ 37.7 million back, 66% compounded. It's already returned all of our capital and cash. And across every single material investment, it's been a 35% compound annual growth rate based on analyst consensus numbers. We're not asking you to believe a forecast. This is what the arbitrage of time looks like when you can give it 10 years. 33 transactions, 100 royalties, $ 309 million deployed, $ 786 million at consensus net asset, 2.5x capital deployed, built one transaction at a time.
Net asset value went from $3.30 in 2019 roughly to $8.50 today through a pandemic, a rate cycle, two drawdowns in the gold equities, and no year where we destroyed value. And that line is drawn on the broker's long-term consensus decks. Rerun the same consensus at NAV asset by asset, and today that $ 786 million goes to roughly $ 920 million. Every time a broker moves up their long-term consensus towards spot, that line moves up. We're at the beginning of this analyst upgrade cycle, not the end.
And we never managed the company to a multiple. We built net asset value per share every year, and we let the multiple follow. I'm not going to stand here and tell you that we're cheap. Every company on this chart to the right of us would probably tell you the same thing, and I'm sure this room has heard it. What I will tell you is where we sit and what moves from here. We sit in the emerging band. At today's spot prices, consensus NAV by asset is approximately $ 920 million, roughly our market capitalization.
And that figure only counts the assets that the analysts model. Several of ours are not in anybody's model. So at spot, the market is paying for the model assets as they stand. But the unmodeled ones, the growth schedule, the organic growth from our operators, and the model itself all comes with it. The portfolio you have just seen carries a 21-year reserve life on average over the top 10 assets.
Tier one operators on eight of the top 10 projects that we have in our portfolio. Four cornerstone assets, 55% of the NAV expected to be into production in the early 2030s. Those are mid-tier characteristics. Three things move from here, and none of them require the market to change its mind about us. Net asset value grows as the production schedule executes. The operators keep growing the royalties we already own. Our share of NAV that is producing goes from 11%- 55%, and the market goes from haircutting it to paying for it. We have built NAV per share every year.
The multiple has followed. It will follow it again. Currently 94 million shares outstanding, 97 diluted, a tight structure. By sector standards, we have not diluted our way to this portfolio. Net cash even $75 million of credit available. We are funded on the growth on our timeline you just saw. The register includes Tether, Beedie, Euro Pacific Asset Management, and insiders. Our retail float has gone from approximately 80%- 30% in the last three years as institutions have been moving on the register.
Four banks cover us, BMO, Canaccord, National Bank of Canada, Scotia, and we have got an average consensus price target of $10 . Six catalysts over the next 12 months. Here is the part I want you to take away. Not one of them requires a dollar from Metalla. Côté-Gosselin, combined life of mine, second half of this year. Taca Taca, final ESIA approval. RIGI application in the second half of this year, followed by likely JV partner and FID. Castle Mountain construction decision in 2027. Gurupi PEA in 2026. PFS on Joaquin in January.
Six shots on goal, all funded by operators with balance sheets larger than ours. What do we do? We let the arbitrage of time combined with world-class geology be our strategy. We own the trend on the proven belts in the jurisdictions you can hold for decades. Buy the optionality before the market prices it. Let the tier one operators do the work. 33 transactions, $309 million deployed, $786 million of NAV, over $900 million at today's prices, and the next leg already funded. We have done this for 10 years. The portfolio is built, the growth is paid for, and we intend to continue delivering for you. Thank you very much.
Excellent. Thank you very much. Excellent presentation.
Thank you.
Any questions from the audience here? We have another minute or so. Maybe just a question from my side, if you don't mind. Talking to investors, Tether is a topic that comes up quite a bit. Any views on there? I know it's certainly shaking up the mid-tier sector, but how you see the outlook for Tether going forward?
Yeah. We can't speak for shareholders' objectives, but it's great to see Tether show up. They're our largest shareholder today on the register. We've also seen a very, very significant influx of institutions just as the portfolio has been maturing. We've been switching from a company that's been heavy development to production becoming more profitable. So we're happy to see the institutions show up on the register.
Fantastic. Maybe just one more from me. In terms of jurisdiction, when you look forward in terms of assets you want to buy, any views on jurisdictions that you prefer obviously or maybe wouldn't go?
I think it's just more of the same for Metalla. When you look around the world, jurisdictional risk is continuing to increase every single year. When you look at kind of the role that the dollar plays around the world, you're seeing it materially decrease. You're seeing all these central banks start to reduce their dollar exposure. As they reduce their dollar exposure, they don't need the U.S. Gold becomes more of a strategic asset. That includes probably most of Africa, not all of Africa, lots of Asia, parts of South America. So we're really focused on the good jurisdictions and our ability to own these assets in perpetuity.
Fantastic. Well, thank you very much, Brett. I really appreciate it. Love to continue watching the growth going forward.
Yeah, and I-