I know that, Jefferies has been a little slow getting into the mining space, but I think timing's good, so McEwen Mining, we're listed on NYSE and the Toronto Stock Exchange. We have 53 million shares outstanding, and we provide exposure to both copper and gold. Safe Harbor statement, you've seen them all. You can read it at your leisure. Our assets are spread between North and South America. Gold mine in Canada, another one in Nevada. There's a development project in Mexico and a joint venture at the bottom of Argentina, a gold-silver mine, and then we have two copper projects, the biggest being Los Azules. It's in Argentina, on the spine of the Andes, next to Chile and in Nevada, in the Cortez Trend.
So McEwen Mining, between McEwen Mining and its subsidiary, McEwen Copper, I have a personal investment of $225 million, own 16% of the equity, and have taken $1 a year for quite some time. Between 2019 and 2022, I had the misfortune of hiring the wrong person for operations, and we missed guidance repeatedly and paid the price. You can see the line, I call it the road to hell. We're now on the road to redemption. The precious metal assets are starting to turn, and we have a large copper story that's also moving us along. Since we funded the copper separately, 'cause I felt the market wanted a pure play. Our treasury was small, and I didn't want to dilute McEwen Mining, so we started funding the copper subsidiary.
I led it with a $40 million investment. We raised $82 million, closed in September of 2022, and since then, we've climbed over 200%. We're up considerably more than the broad market. We're up 3x what silver and the GDX, GDXJ, the two gold indices, 4x Nasdaq and gold, 6x the Dow, and 10x copper, and I think there's a lot more upside to that. Management estimates of what is the value of McEwen Mining and giving you a low to high range of $20 to over $50 a share. 60% of that value is composed of the copper project we have. There's a royalty portfolio that we valued at $35 million.
It's non-performing, but five royalties, the largest of which is a 1.25% royalty on Los Azules, and based on our preliminary economic assessment of production, it would yield over the 27-year life, more than $450 million, and then our gold and silver projects, we just compared it to four other peers and looked at their economic value divided by their gold equivalent ounces, which would be silver converted to gold and gold being its own. We're currently trading just below $9, so I'll talk about the copper. It's large. We own 48% of it now as a result of the $400 million we've raised in the last 22 months privately. Stellantis, the fourth largest car manufacturer in the world, owns 19%.
Rio Tinto, the second-largest mining company in the world, owns 14%. I personally, 13%, and the balance is owned by individuals in Australia and Canada. It's a large deposit. It is 5.7 billion tonnes of material that has estimated in it 37.6 billion lbs of copper. According to Mining Intelligence, it is the eighth largest undeveloped copper deposit in the world. If you exclude those ones above it that are owned by or controlled by the majors, it's the fourth largest, not controlled by a major, at a time when most of the majors are looking for copper. We did a preliminary economic assessment we released in June of last year that looked at a 27-year life, and that's only mining 40% of what we've drilled off and estimated is there.
It would be producing 175 million tonnes of copper a year, and at a cost of $1.07 cash and all-in $1.64. We've done subsequent metallurgical testing and been able to reduce the cost estimate to $1.02 a pound, so it's in the lowest cost quartile for the industry, and at the current price, it would have a gross margin of 75%, all-in sustaining cost at $1.58. I've spent most of my life in the gold market, built a company called Goldcorp. Prior to that, I was in the investment industry, managing closed-end and mutual funds, so I look at most deposits that aren't gold and convert them to gold to get a sense of scale.
So I take the gold price, divide it by the copper price, in this case, come up with the number of pounds of copper to equate to one ounce of gold in terms of value. This is bigger than a 60 million ounce gold deposit. Applying that same factor to the cost, we're producing gold at just over $600 an ounce cash, and all in sustaining costs of just under $1,000, and producing better than 650,000 oz. In my book, that is a really big gold deposit. It's bigger than almost all the production that's come in the last 100 years from the Timmins mining camp in Canada, which is one of the richest mining districts in the country. As I said, we have two large shareholders and myself. We've done...
Of the four hundred million we raised, we closed first in September of 2022 at $10. We did a second deal about a few months later at $19, and then at $26, and we're at a $30 a share right now, giving an implied value of just under $1 billion on this copper project. As I said, it's on the spine, located on the spine of the Andes next to Chile. Chile and Peru provide 40% of the world's annual copper production, so it's in a very prolific district, and there are a number of deposits around it, Filo del Sol and Josemaria, that BHP just came in and cut a deal with Lundin Mining for $4.5 billion on that project. Glencore is in there with El Pachón, that has close to 60 billion lbs.
It's a very prospective area. So Argentina has been the pariah of the investment world for quite a while, and last November, they got a new president, Javier Milei. He's a libertarian, he's a trained economist. He worked in private enterprise, and he campaigned with a chainsaw in his hand saying, "I'm gonna cut out bureaucracy." He's cut out more than 20,000 civil servants. He's got. He was a political outsider. No one gave him much of a chance of getting in. He got elected. His legislation he pushed through, no one thought it would get through. It got approved by the two houses of the government, then approved by the governors of the provinces, and it's about stabilization. It's about removing foreign exchange controls. It's about attracting large-scale foreign investment.
I think the biggest illustration of that, on the heels of that approval, BHP announced their deal with Lundin, and that was a $4.5 billion transaction. And you'll see more of that coming. This is just some of the details. These stability agreements and that are very positive. He's coming to New York on the twenty-third with the G20. New York Stock Exchange is hosting a reception for him. You might wanna take it in, and if you haven't, you should take a look at what he said at Davos. He was saying the West is in trouble and needs to change its tone. Very positive statement. So the two properties that were bought, that were involved in the BHP Lundin deal, are both located within the same province that Los Azules is in.
They're at the top. In the upper right, you can see that little diagram. That's a picture of the province of San Juan, and we're about 2/3 of the way up the side of it. Important to note, we have some real site advantages. We're at a lower altitude. We're at 3,100 m-3,600 m above sea level. Filo, the top end of it is Base Camp Everest. So if you've ever been up in the mountains, you, the higher you go, the shorter your breath and the harder it is to move. It represents some real challenges for machinery and people working there. Based on the public resources, and I think they're going to change, but we are a larger resource than the combined resources of those two, and we're a higher grade, pure, higher copper grade.
I expect Filo's had some really nice holes, and I expect they're gonna come out with a new resource number at some point, but at the moment, we're considerably larger than both of them. We're closer to infrastructure, major roads, highways. We're at an earlier stage of development. Josemaria's is a feasibility and Filo's a pre-feas, and we'll have a bankable feasibility study out in the first half of next year. Goldman Sachs looked at our projected costs, put us in the lowest quartile and Josemaria in the highest quartile of the cost curve for the industry. Our current value is just under $1 billion, implied by the last financing, and Josemaria was $1.3 billion, and Filo was $3.1 billion.
So you can look at some of it, our life of mine, our capital intensity. We're up in the top one, two, or three of a select group of ten other projects. Sensitivities, IRR and NPV to the gold price improve. I'd like to show you what we're looking to do to differentiate ourselves from many other people in the mining industry. This is an architectural rendering of the accommodation we plan to build at Los Azules. The mining industry, like many industries, is experiencing a shortage of talent and a real push for demand to develop projects. So how are you going to keep them at a remote site? Also, it's about social license. Can you build it if you own it?
You have to get the community to approve it, and we're going quite a distance to protect the environment and put forward a model, one of the models of the mines of the future, and I think it's really important, and it should start here. This is about a five-minute video. I'll just, I'm quite excited about this, guys.
McEwen Copper is planning the world's first regenerative copper mine in Argentina. It goes without saying that we need to transform industry to provide us with the materials we need for a renewable society, but without the historic legacy of environmental damage. Copper is one resource that will only grow in importance as we replace fossil fuels with a decarbonized world. Electric cars, wind turbines, batteries, solar panels, and the computers that power everything all require copper, and that copper needs to be green copper, carbon neutral and ecologically responsible. When we started the project, we began by drafting a set of principles for the project that would guide the team in its decision-making and approach. We did this work informed by the place itself.
The Andes are an incredibly beautiful and sensitive ecosystem, so we knew it was our duty to be stewards of this place, protecting habitat, glaciers, water, and life itself, while at the same time getting the copper resources that we need. We've been thinking carefully about the future first and our eventual legacy. We then focused on the people, the miners, and the community itself, and we've been working to create a new kind of experience for people that live in San Juan and the surroundings. Over the life of mine, over one thousand high-quality local jobs will be created, and these will be jobs unlike any others in the industry. We think people will covet working for McEwen Copper because not only do we focus on safety, but also on dignity and livability, creating a mining facility that is an oasis in the sky.
Here is our vision for the mine camp of the future. Beautiful, inspiring, and bold. A biosphere of health and life. After a long day of work, our people will return to a place completely powered by the sun and creating ideal conditions for rest, sleep, recuperation, and the daily needs of miners. Imagine a place that grows its own food, collects and treats its own water, and generates energy without emissions on a giant solar super roof. We are placing specific emphasis on indoor air quality, acoustics, and stress reduction, with a focus on social justice, equity, and even beauty within a mine setting. This will be a place to live and thrive while earning a living. We're designing an ecological water treatment valley that not only completely protects downstream water quality but allows for the creation of new habitat and the enhancement of vegas.
Partnerships with local universities and scientists will see new advances in natural phytoremediation, water treatment, and ecological testing to ensure that water is always pure and healthy. Our entire mine operation will be powered by on-site and off-site solar farms, generating all electricity without carbon emissions. Wherever possible, conveyors and fleet facilities will be electrified and plugged into this network of clean energy, with batteries instead of diesel for backup generation. At Los Azules, we are not building a mill. Instead, we are advancing heap leaching techniques to extract metals chemically and in a completely closed-loop process, with radical reductions in energy and water requirements as a result, and finally, a state-of-the-art, renewably powered electrowinning facility will produce pure copper...
So that from the pit to the product, our investors and customers know that sustainability informed every single step, and they can count on that for their own ESG goal setting. Our planning process continues, and we look forward to sharing more innovations as we develop this amazing project further. At McEwen Copper, we are striving to deliver the world's greenest supply of copper in the world's first regenerative copper mine.
Looking at this, the lowest cost quartile production in terms of carbon emissions in the low and lowest decile. 100% renewable power provided by YPF, one of the major power companies in Argentina, sourcing wind, solar, hydro. Water consumption one quarter of the comparable conventional size. Copper processing, we'll be doing a heap leach, so there are no tailings to threaten downstream water supplies, no tailings. With our large shareholder, Stellantis, we agreed to be carbon neutral by 2038. We have a large and very talented management team in Argentina, headed up by Michael Meding, who our Vice President, General manager down there. Lived in Argentina for nine years.
Two of his daughters were there, very fluent in Spanish, well connected with the government, and he's assembled a group of people that s enior officers that have worked with mining companies in the province and are very familiar with that environment. Our contractors are many, many international. We believe that there's more to be found here. We've drilled. What you're looking at is what's called a pit shell. It's a diagram of the resource as we know it. The darker shaded area is the 27 years that were contemplated in the preliminary economic assessment. The lighter color is the resource we've outlined, and we've gone both to the north and the south and been extending it from there. We were exploring on the property, and three kilometers away, we encountered another setting similar to Los Azules, an intrusive system, copper oxide on surface, copper veining similar to Los Azules, and a similar geochemical signature.
We've been able to get one hole in on it before the winter came, and that'll be. We'll be back in there in October of this year, drilling, thinking that we might have further growth over that GBP 37.6 billion . Just talking about McEwen Mining. At the end of Q2, we had $41 million in cash, we had $40 million in debt. We did a financing at well above market, $14.36, and that's for exploration on our Ontario, Canada, property. You can use a tax deferral mechanism there called a flow-through share. In terms of resources, we have 3 million oz spread between three mines. The largest in Timmins is Fox Complex. In Nevada, about 250,000.
But we have exploration programs, and we just bought an adjoining property that will extend that life. San José is a joint venture with Hochschild Mining in southern Argentina, and there's about 10 million oz of silver. As I said, right at the beginning, our cost of production and our production fell during that period, 2019- 2022. The costs are stabilizing and going around and improving. Still room to do, and you can see the production went up and then dropped precipitously. By 2028, we expect to be back up to 200,000 oz a year. And I think this is the type of market you want to be looking. It's the junior, if you wanna call it, the small exploration companies have been ignored, and they're finding gold, but no one's paying attention.
We're moving, at least in my mind, into a stronger gold market, so you wanna have more exposure. Prior to McEwen Mining, I built a company called Goldcorp, and we went from $50 million to $8 billion. I stepped away when we had $400 million in cash, no debt, and we were one of the lowest cost gold producers in the world. I thought, "Well, let's try to do it again." So right now, you get exposure to precious metals and critical metals, being copper. You get a rebound in the gold. I think our share price is significantly undervalued right now. Argentina is now becoming an object of consideration for large base metal producers. Thank you.
Thank you so much. We're now going to be opening it up to a Q&A. Does the audience have any questions?
Everybody's happy? Everybody's invested in gold or copper? Good. We're gonna need it. There's politics in the world is changing a lot, so, I think we have to protect ourselves and our clients' money. So okay, thank you.