be making some forward-looking statements, so please review the disclaimer on our website. Given we're at the Precious Metals Summit, I won't belabor why we're bullish at gold, at Gold Royalty, or preach why we think the royalty and streaming model is the best way to invest in gold. I imagine most of you are very familiar with the business model: insulation from cost inflation, free exploration and expansion upside, and reduced risk through diversification. At Gold Royalty, we came out of the gate in March of 2021 with 18 royalties on development-stage assets, high-quality projects with over 32 million ounces of gold equivalent resource underneath them, but no line of sight to near-term cash flow.
With that in mind, we had a conscious strategy to achieve critical scale, grow the cash flow profile of the company, and really look to kick off the wave of consolidation we've seen in the sector. Our IPO was very successful. We raised $90 million, and recognizing we had a strong currency, we started consolidating some of our peer companies. First, we acquired Ely Gold Royalties, bringing us ninety-some-odd royalties in the state of Nevada, a very attractive mining jurisdiction. And then later that year, we acquired Golden Valley and Abitibi Royalties, which brought us our cornerstone asset, a 3% NSR, the Canadian Malartic Mine, Canada's largest gold mine.
Since then, from 2022 onwards, we saw a derating in our valuation and understanding that we were no longer in a strategically advantaged position to acquire peers, we had to be more targeted in how we continued to grow the portfolio. We were still a development-heavy story. That was the main critique of the portfolio. We were cash flow light, and to that end, we started surgically acquiring cash-flowing assets. As mentioned, we acquired the Côté Gold Royalty, going to be a massive mine in Canada, close to 500,000 ounces a year of production, and we have a royalty over phase one of that pit. Initial production was received in Q2, and that's really ramping up here in the second half of the year.
In the last 12 months, we've made numerous cash flow and royalty acquisitions: the Cozamin royalty, the Borborema royalty and loan, and then most recently, the Vares copper stream, all which meaningfully enhanced our near-term cash flow profile. In just 3 years, we've managed to assemble a portfolio of 242 assets, have the strongest revenue growth rate within the royalty and streaming sector, and that growth is not just over the next few years, it's underpinned on assets with multiple decades of reserve life ahead of it. That duration is something that is quite unique within the small cap end of the royalty and streaming sector. Now, why pursue all this growth? Why achieve that scale, go after these assets so quickly over the last 3 years? And it's this slide that really preaches to the longer-term vision of the company.
There's a clear correlation, not only in the mining industry, but specifically the royalty and streaming sector, that scale results in a premium valuation multiple. Franco, Wheaton, Royal Gold, all trading close to two to three times net asset value, and that's warranted. They have great portfolios, strong free cash flow profiles, and long life assets that underpin those assets. But at two to three times NAV, that implies growth, and given the scale of those companies, it's difficult for them, or it's difficult to see how they continue to perpetuate that growth, from their current platforms.
Looking lower down the food chain in the royalty and streaming sector, we think there is significant scope for continued consolidation, achieving that critical scale and the space for a new intermediate royalty and streaming company that is small enough to continue to grow, but is big enough to be investable by institutional investors. By doing so, we think we can achieve that premium multiple that the seniors benefit from. Now, as you'll see on the slide, Gold Royalty sits today at point five times net asset value, actually a little bit below that. While that's incredibly frustrating, we're quite confident in the prospects over the next coming quarters, given we are at this inflection point for the company.
Given the assets we've acquired, we've managed to go from zero revenue three years ago to now breaking into positive operating cash flow and a much stronger revenue profile over the next 12 months. To that end, we updated our guidance earlier this year. We're looking at $13 million-$14 million in revenue after acquiring our Vares copper stream earlier in the year, and this is against a fixed cost base of $7 million-$8 million a year, so positive operating cash flow starting to bolster our treasury in the coming quarters. Looking ahead, we see significant growth approaching close to $40 million a year in revenue as those key development stage assets ramp up, and achieve commercial production.
I'd highlight the three recent transactions we completed over the last twelve months in more detail: the Vares copper stream, the Borborema royalty and loan financing, and the Cozamin royalty third-party acquisition. These three acquisitions alone are going to represent over 50% of our attributable GEOs over the next three years. So a very significant enhancement to our near-term revenue profile, with 2028 being that step change that comes from the Canadian Malartic Mine when the largest open-pit gold mine in Canada transitions to become the largest underground gold mine in Canada. Now, with 240 assets, I can wax poetic on all the catalysts across the portfolio, but I'd highlight some of the big picture aspects of our portfolio on this slide.
We have seven cash flowing assets, another dozen or so at various stages of development, and then 200-plus advanced exploration, resource stage assets, or early exploration stage assets within the portfolio. Now, the vast majority of value is attributed, of course, to those cash flowing and development stage assets where we have a line of sight, can value these on a DCF basis. But the beauty of the royalty model is those earlier stage exploration assets, they don't cost anything. They're fully bought and paid for, they run in perpetuity with the land, and it's free optionality should those assets enter production in the future. You'll note the flags on this map here are primarily located in Canada and the USA. We're over 80% located in Quebec, Ontario, and Nevada, some of the best mining jurisdictions in the world to be located in.
Our key assets are operated by some of the premier companies in the industry, well-capitalized companies that have the balance sheets and the expertise to advance these development stage assets into production. These aren't small cap developers, although that has its merits. It significantly de-risks the development in the portfolio, given who we're partnered with. Another point I'd highlight, not on this slide, is that we are very much a pure play gold company. We're still close to 90% gold in the portfolio. A couple of our recent acquisitions have been in copper, the Vares copper stream and Cozamin, so a bit more tilt to copper in the near term, but still very much predominantly a precious metals investment.
Now, with 200+ exploration assets, again, it can be hard or difficult to get lost in the weeds on all those exploration assets, but we liked to quantify how much investment is actually being put into the ground by our operating partners, and over the last four years, we've seen over 2 million meters of drilling across the portfolio in total. That's the equivalent to over $200 million per year being put into the ground by our operating partners. That comes at no cost to us at Gold Royalty as a royalty and stream holder. Now, that's not something that's going to immediately enhance our near-term cash flow, see it show up on our financial statements, but that kind of exploration optionality in our portfolio will deliver growth well into the next decade and see those assets move towards production in the future.
Now, speaking to the near-term growth in the portfolio, I spoke to that line of sight to $40 million in revenue. That's at $2,000 an ounce gold price on consensus estimates, but in the near term, in the next six months, we are at this inflection point as several key assets are really ramping up or have major catalysts enhancing our portfolio. I'll start with Odyssey, flagship asset, most important contributor to NAV in the portfolio, and Agnico Eagle has continued to exceed its own expectations in terms of development at the mine there. Our royalty, a 3% NSR, covers the northern half of the Odyssey Underground project, specifically the Odyssey North, portions of East Malartic, portions of Odyssey South, and the internal zones, which could supplement our revenue profile in the near term.
All that said, it's a meaningful portion of the overall Odyssey underground mine plan. In 2028, a key area of upside at Odyssey is that only one-third of the plant capacity of the complex is currently being utilized in the mine plan. There's over 40,000 tons per day of excess capacity at Canadian Malartic, and there's a very strong focus by Agnico to fill the mill, look at ways to increase annual production, the potential for a second or even a third shaft at the underground to increase underground mining rates, to increase that annual production rate. That investment into increased throughput would significantly enhance our royalty value and increase the attributable annual production to us at Gold Royalty. Moving along to Vares, our most recent acquisition.
Vares is operated by Adriatic Metals, ASX-listed company, and sometimes lesser-known by North American investors, but this is an exceptional quality asset, a primary silver zinc mine located in Bosnia, and we acquired a 100% copper stream with 30% ongoing payments. Now, copper only represents 2% of the overall revenue in this mine plan, so not a detriment to the overall economics of the project. They achieved first concentrate sale earlier this year and are ramping up to nameplate capacity in Q4. The expected annual production, once fully ramped up, is close to 2-2.5 million pounds of payable copper, which will be fully delivered to Gold Royalty. The upside at Vares, similar to Odyssey, is the potential for increased resource conversion. A lot of upside there.
Only about two-thirds of the underlying resource are in the current mine plan, and they're also evaluating ways to increase plant throughput to 1.3 million tons per year from the current 800,000 tons per year. At Côté, similar to Vares, ramping up, just achieved commercial production last month and on track to achieve 90% of capacity by the end of the year. We have a 0.75% NSR over the southern portion of the pit. This, in addition to Vares, will be meaningful drivers of our revenue growth in Q3 and Q4, and we will benefit from a full year of production from those assets in 2025, so we're really on the precipice of these assets, ramping up, achieving commercial production, and seeing significant revenue growth over the next twelve months.
And the last asset I'll highlight is Borborema. We completed a project financing with Aura Minerals to construct the Borborema project last December, and this was a bit of a structured financing package. We gave them a 2% NSR over Borborema, and we also provided $10 million in the form of a gold-linked loan. Both of these instruments had pre-production payments, which in total are close to 1,500 GEOs reporting into Gold Royalty before the asset even achieves production. So we're getting close, over $3 million a year in revenue in 2024 before ounces come out of the ground at Borborema. Once it achieves initial production, which is set for early 2025, we'll see that revenue grow further. Again, similar to where we see Odyssey, Vares, a lot of upside at the Borborema project as well.
The current mine plan of the most recent feasibility study had 748,000 ounces of production based on a resource of close to 2.5 million ounces. Aura Minerals is confident that they can unlock an additional 1.3 million ounces of reserves by moving a nearby federal highway, which they've already advanced discussions with local bodies in Brazil. Aura Minerals is an experienced Brazilian operator with other assets in the region, and just came off the successful construction of the Almas Mine, and that team is currently delivering at Borborema, which is over 40% complete construction.
So all that said, several other catalysts across the portfolio, but given this strong fundamental portfolio we've been able to assemble, and the track record of the team on successfully executing M&A, we've been able to attract some of the leading financiers in the resource sector to our shareholder register and as strategic backers. Our two largest shareholders are GoldMining Inc, our former parent company, and Nevada Gold Mines, specifically Barrick, as we acquired a portfolio from them in twenty twenty-two. Beyond that, we have fundamentally focused institutional investors, as well as strategic relationships with Queen's Road Capital, specifically with Warren Gilman, who sits on our board, and the Taurus Mining Royalty Fund, where we actually have a strategic partnership to source opportunities together and potentially co-invest, giving us the ability to invest in larger assets with bigger tickets. From a capital structure standpoint, fairly simple.
169 million shares outstanding, low share price relative to where we've been historically, but at a market cap just north of $200 million currently. We do have strong trading liquidity, $1.6 million average daily traded value, and we're listed on the NYSE solely, no Canadian listing. Balance sheet, $4 million in cash, with about $10 million available on our credit facility with BMO and National Bank, and we have $40 million in convertible debentures. Those are held by Queen's Road Capital and Taurus, so in friendly hands.
And we're just about out of time. Sorry, that's basically wraps it up.
That's the summary slide. I think it's simple, and it's a great business model. We've got high-quality portfolios, a team that continues to execute, and, yeah. Yeah.
Thank you, Peter.
Okay.