Good afternoon, everyone. I'm Diane Garrett, President and CEO of Hycroft Mining. I'm really excited to be here presenting to you at the European Gold Forum. I'd also like to take just a moment and give a shout-out to those who are in the virtual audience, to Andy, Justin, and our entire APE community. You have been here with us from the very beginning. You believed in our journey and mission. Thank you for the diamond hands, and thank you for your support. This is for you, to the moon. For those of you in the audience who have no idea what I just said, you can ask me about it later. It's quite an amazing story. This is our disclaimer, which we will not read. We are located in northern Nevada.
This is the Hycroft Mine, which some of you may recall because it has been a successful heap leach producer off and on since the 1980s. This is not the Hycroft that you used to know. We have come into what's always been known as a world-class asset, but low grade, and we have turned it into something extremely amazing. We were drawn to this company because we recognized there was an opportunity to find out what was feeding this massive resource, and by doing two years of meticulous technical work, we have discovered not one, but two very, very high-grade silver systems. We're now finding high-grade gold, and the story is just beginning and evolving. Key investment highlights, we are among the world's largest precious metals deposits with over 16 million ounces of gold, over 500 million ounces of silver.
I'll show you more of that in a moment. Two high-grade silver discoveries. Only 8,000 meters of drilling in 14 months, and we already have a resource of over 100 million ounces of silver, 300,000 ounces of gold. We increased our resources over the last two years by 55%. We have 189 million cash in the bank, no debt, and we trade on multiple indices, notably the SILV, the Solactive Silver, and the GDXJ. Which is interesting because 60% of our revenues will be generated from gold, 40% from silver, but we are traded more like a silver company.
We have a management team that has a very good record of success in delivering wonderful value to our shareholders, which is why these institutional investors came in last year once we were able to clear the debt that we inherited and propelled us from a market cap of about $200 million-$4.5 billion at one point. Today, we sit at about $3.4 billion market cap. We were extremely undervalued due to that debt as a developer. Eric Sprott today, who is the quintessential precious metals investor and one of the biggest silver bulls you'll ever meet, owns 43% of the company. BlackRock came in, they said, "We want 10%," that's Evy Hambro out of the U.K., and of course, a whole host of other institutions. We're really pleased to have them in.
As I mentioned, our gold increased to 16 million ounces in the M&I category, over five million ounces in the Inferred category. Silver, over half a billion ounces in the M&I category, with an additional 132 million ounces in the Inferred category. If we look at this on a gold equivalent basis, because we have such a substantial amount of gold and silver, we're almost 23 million ounces in the M&I category and another 7 million ounces in the Inferred category, and this is where it gets very interesting. Almost 2 billion ounces of silver in M&I on a silver equivalent basis, another 600 million ounces in the Inferred category. This is what our project looks like. You can see that it's had a long history of operations. We don't have any reclamation environmental liabilities. The resource still sits in this area.
What's great about this is that we have all of our permits for heap leach and milling. Of course, you're always modifying permits as you go through operations and expand your scope, but we have permits for heap leach and milling, and we have a substantial amount of infrastructure on-site. Our two new high-grade silver discoveries, Brimstone and Vortex, look like this in the mineral resource footprint if you're looking at it from the sky. There's just the details. This is the Brimstone deposit, beautiful high-grade silver veining, very typical of an epithermal system, which it is. Our silver is well distributed throughout the entire ore body, and the silver that you see here in these areas is silver that has yet to be factored into the resource. Similar with gold. Sorry, that was a bit much after lunch.
To show you the scale of this is the Eiffel Tower that sits right here. You can just see how large this system is compared to the Eiffel Tower. Our land position is a total of 64,000 acres or 26,000 hectares or 100 sq mi, and the resource itself just sits within this blue area. We have a lot of potential targets outside the resource area, but this area is what we're currently permitted on and where we're currently drilling and expanding. Our land position is bigger than Manhattan. Manhattan is about 22 sq mi. We're over 100 sq mi, so we have a lot of availability. We are different from most developers because we have a substantial amount of infrastructure on-site.
We have a fully operational lab, we have truck shops, maintenance shops, warehouses, admin buildings. We also have three stages of crushing which will be utilized in the next phase of operation. That's the tertiary crusher, this is the secondary, and this is one of the world's largest primary crushers that FLS makes. We have two processing facilities. This is the Brimstone processing facility, and this is the Merrill-Crowe processing facility. We have a rail line that runs right through the property. This is Union Pacific. It is operational today. This is going to be a great benefit because if we produce a concentrate and want to ship it, we have a rail line. We'll bring in a couple of spurs to the main gate. Excuse me. It's also going to be very beneficial in bringing reagents in.
We also have a brand-new leach pad that is ready to receive ore, because in about the first 20 years of the operation, we'll still be in and out of heap leach material in addition to milling material. What we're doing now is advancing all the engineering work because the operation shut down when they were depleting the oxide material, which is for heap leach, and getting into sulfide. Now we're going to be building the milling operation for the sulfide ore. Excuse my voice. I've been talking a lot lately. Looking at this at a bird's-eye view, this is Brimstone and Vortex, and here's how the high-grade systems are looking. This particular image has not been updated with the recent drill results, but I'm about to show you that. When we talk about high-grade, what do we mean?
Well, the best hole, our discovery hole, best hole ever drilled in the 40 year history of Hycroft was 85 meters of over 500 grams of silver. Half of that, 40 meters, was over 1,000 grams. Within that first hole, we had many intercepts over 2,000 grams, one 10,000 grams. We drilled the best hole ever again, and that was 21 meters of 2,800 grams of silver. That was really spectacular. In that hole, we had 80,000 gram intercepts. What I would invite you to do is please go look at our website, because all of our drill results are on our website. They're also in our PowerPoint deck. I know you don't want me to walk through all those with you today, but multi-thousand gram intercepts, not just over small intervals, but 20 meter, 30 meter, 40 meter, 50 meter intervals. This is staggering for us and for this ore body.
Brimstone has always been known and typical of multi-thousand-gram intercepts, and Vortex has been very high grade, but slightly less in grade. They've recently shown up, and Vortex has said, don't forget about me. Not only did they deliver a phenomenal intercept with almost 3,000 grams of silver, but 33 grams of gold. We have never seen that anywhere at Hycroft. We're real excited about that, and I want to show you a little bit more. We're first going to talk about Brimstone. We are doing step-out drilling now. We already have a nice resource. We want to see how large this system can be. We want to wrap that into a new resource, and then we want to complete the economics and a technical study.
We have a massive resource at Hycroft, but what we want to do is start mining on the high grade, and that is our focus right now. Make them bigger, get the engineering work done, put out a preliminary report with economics, and start studying this from an underground mining perspective. Brimstone starts within 30 meters of the bottom of the Brimstone pit, very easy access. We are working right now with an engineering firm that is looking at putting in an exploration decline so that we can drill from underground, but also it would be large enough that we could use for production. We're already seeing the opportunity for mining this underground, or we wouldn't be spending this money. We're also drilling with four core rigs, two on-site, two on their way, and we're drilling three times the size of the program we did in our discovery year.
Over 20,000 meters. That's an indication to you that we think these systems are going to become much larger. They're still open in all directions and at depth. This was the last hole that we reported, so we are extending Brimstone down depth. We also have an opportunity up here to start mining that open pit and then diving on the deeper portions of Brimstone. This is from our wireframes of our most recent modeling of Brimstone, which again, you can see comes very near to the pit bottom. One of the things that we're targeting at Brimstone, if you'll look in our news and on our website, is we have identified what we believe is a potential feeder system for Brimstone. We're now looking at Brimstone Southeast, so it's, in your view, looking as if it's a different direction.
We stepped out, and we found 11 meters of 385 grams in this area. We are drilling deeper. We have more drill holes pending on this. We're seeing a lot of fluid flow coming up through the core, which are always good indicators, and very significant structural controls on Brimstone. On Vortex, we have now extended this system to the west, to the south, and to the north. Vortex looks like this. It's much more flat-lying than Brimstone. Vortex and Brimstone are two entirely different systems. They were formed at different times. Hycroft has had at least three mineralizing events occur on this property that we know of. That means that we didn't just have one event that deposited precious metals, but there have been three. Lots of fluids moving up and down through this system.
That is great excitement for us because we see opportunities of high-grade silver, high-grade gold, and again, Vortex and Brimstone were formed at different times. Vortex, a lot more flat-lying, if you will. It's much more brecciated. We don't see the discrete veining like we do in Brimstone, but very much high grade. On Vortex, similarly, we are following the structures. It's still open in all directions and at depth. We're doing big step-outs on both these systems, anywhere from 100 meters-200 meters. Those are very large step-outs. We're still in great continuity. In Brimstone, we're still in the veining. In Vortex, it's much more brecciated. We're still in high-grade silver. As we go deeper in Vortex, and Vortex does sit deeper than Brimstone, we're starting to see high-grade gold.
In that intercept that returned the 2,890 grams of silver and the 33.7 grams of gold, it was about a meter. Unfortunately, we hit a structure. That's actually good news to hit a structure, since all of our mineralization is controlled by structures. When the hole entered that structure, it twisted off, and we lost the hole. We're coming back in to redrill. We don't believe that mineralization is confined to just that meter. That's just where the drill hole ended after it. We will be coming back in and drilling there. We've already begun looking, as I mentioned, at this from an underground perspective, and what we would do is come in through the bottom of the Brimstone pit. We can ramp down, take Brimstone. We would love to put a platform across here that we could use for drilling. We can save money.
It would be much more efficient, and you're actually seeing the structures and the mineralization as you're drilling. It's always desirable if you've got an underground target to be able to drill from underground. We can come in and take Vortex. We also could come in through the side of the Vortex deposit as well. We're real excited about this. We have many other targets in the property as well. Our focus right now is on these two high-grade systems, but we've taken what we've learned at Brimstone and Vortex, excuse me, and we are applying it to other areas, and we're seeing some very interesting things. Now we understand what is feeding this massive low-grade resource, and we think that we're going to see much more potential on the high grade throughout the district.
If we look at ourselves from a resource benchmarking perspective, on a silver equivalent basis, we're the second-largest resource among silver producers. Among silver developers, the middle column, we are the largest deposit, and among gold developers, as a gold equivalent basis, we are second largest behind Seabridge. Of silver projects, we are by far the largest silver project, and keep in mind that if you're investing in silver, there's very few opportunities in the U.S. Most silver mines are Brazil, Bolivia, Mexico. This makes it very unique, and certainly not a company that is of our size and as well-advanced as a developer. You're either a very, very large senior producer of silver or you're an earlier-stage explorer and developer.
If you look at how many ounces of metal you own for every share you own of Hycroft, by far and away, of the silver producers, you own 22 ounces of metal for every share you own. The next largest would be Fresnillo at 7.8 ounces per share. We're also the largest of the silver developers on a resource per share and second largest amongst gold developers. What do we have going on this year? We have completed the new resource. We completed all the metallurgical work for pressure oxidation. We got fantastic recoveries on that. That has been disclosed in February of this year. I invite you to look at that press release. We are completing a PEA with economics, but we started this work prior to the discovery of the high-grade systems.
We're going to complete it, and that will come out very soon. In our recent news, we were delayed getting it out because when the new resource came out, it was such a substantial increase that the engineering firms had to redesign the tailings storage facility in order to accommodate the extra material from the increase in the resource. It's a good news, bad news story that we were delayed getting it out, but for a good reason. We're expecting that work to be finished up any minute, and then we'll run the mine plan, excuse me, and finalize all the cost for that, and then we'll get the economics out. We do not intend to build a massive operation on the entire project. We intend to start on the high grade, somewhere 3,500 tons a day-5,000 tons a day.
That is where we'll start mining this ore body, and then we can scale up, just like we did at our last company, expand the facility, and take in the other material in good time. We want that best cash flow, that best material up front to deliver value for our shareholders. We are assessing a restart of the heap leach operation. We have a lot of material that is still leachable. In this commodity price environment, we do believe it's economic, so we're looking at that as a potential revenue source as we bridge our way to the sulfide milling. Our motto is, "Drill, baby, drill." We have an RC rig, two core rigs, and we've got two more core rigs coming, and again, over 20,000 meters this year, and as always, maintaining safety and ESG performance. Another quick note I'd like to add.
Not only has China limited or banned their exports of silver, but if you've seen the recent news today and yesterday, they are banning exports of sulfuric acid. We are completing our metallurgical work on roasting. The reason we would look at roasting is we have a substantial amount of sulfur, and we would be a meaningful producer of sulfuric acid, very significant, which adds a third revenue stream to our gold and silver. We are going to see global supply shocks with this ban of exports. It's going to happen in China beginning in May, is what they've said. That means it's going to hit fertilizer. It's going to hit the copper industry.
From copper, if those mines don't produce, they're going to start sacrificing their byproducts, which is gold and silver, and you're going to see it affect agriculture, and all of those things are going to be very good for silver and the commodities. We're really excited to finish that roasting work. That is going to be amazing for our project and the ultimate economics. You should see that out soon. Again, this is an evolving, developing story. It has been an amazing discovery. Our share price has reflected that value, but we've only just scratched the surface, and we have so much further to go. Thank you for your time. Please check out our website with more information, and if you have any questions, I'll be around.
Thank you very much, Diane. That was a great presentation. We are out of time, but yeah, I'm sure Diane is going to be around if you have any questions.