Thank you very much, everyone. Thank you, Chrissy, for the introduction. Thank you to RIU. We started here. We were born essentially at RIU three years ago. We were not listed. Jackson and the team snuck us into a hallway or somewhere. So this has been a very rapidly growing story. It's a story of a deposit called Sunday Creek. It's down in Victoria, and we are dual listed now. We started on the ASX. We're on the ASX's SX2, and now we're on the TSX's SXGC. Because I've got a dual listed company here to present, we have lots of pages of disclaimers which you should read if you're thinking of making an investment decision.
Victoria matters. Victoria really matters. It hosts one and a half percent of the world's gold. It's the only other significant mineral field in terms of endowment in an orogenic gold sense than the Golden Mile in Kalgoorlie. So it's produced a lot, but it's been forgotten. I'm going to tell you something here, and none of you in this room will believe me, but Victoria is potentially the best place to permit a mine in Australia. Now, I told you you wouldn't believe me, but where else has permitted two mines in the last three or four months? Where else in Australia has limited their permitting timeframes to 18 months? And they've got a real willingness now to get on with the job. Probably something to do with the financial situation down there also, but it really, really has changed. So I want to get that into your head.
First up, in terms of key discoveries in Australia, gold discoveries, here they are. Back from the end of '23, this was Richard Schodde. Here we are named here, but we're on the back of Fosterville. That was the highest grade gold mine on Earth for four of the last eight years. And we came on the back of the shoulders of that discovery. Now this is a very rare asset. You know, we put estimates out there somewhere between eight and a half and ten and a half grams gold equivalent. You just don't find those multi-million ounce, 100% owned deposits. They're very rare. Belleville was one, Spartan was one, Windfall in Canada was one. They're all gone. This is one of the few left, and that's why it attracts a lot of interest.
So here's that Victorian slide. I've really covered it, but they are permitting mines down there now, and they've put limits of timeframes. Tailings dams in some of the mines have been permitted in five months. So the critical metals business has really sanitized the mining business, if you like, and the Victorian government are really giving it up.
This is the slide that will change only in a few hours' time. We're just going through a raise that Chrissy mentioned, 162 million Aussie dollars that we're closing tranche one today here in Australia, and then the next tranche in about a week in Canada. They're a bit slower in Canada than Australia. So our major investors are located here. High net worths — Darren Morham-Person is the best value investor in the world when it comes to gold — and about 25% institutions here in Australia and abroad. The raise that we're just going through right now has brought in some of the best funds, superannuation industry funds, investment houses and funds here out of Australia. So we've been able to add to that list that you'll see when that financing closes.
This was just from a few days ago. We're really, really going to increase our activity. We've got eight rigs there today, but we've got a lot, lot more to do now. We've got — these are Canadian dollars here, but really it's — the first number there is $60 million to drill this out until Q1 '27 to produce a multi-million ounce resource that we'll put our first economic assessments on. We've got $30 million Australian dollars to put a decline in, which we're going through permitting now, and we hope that will be permitted by year end.
You never forget exploration. That's what creates all the value. How good was the Warrawoona story? I love seeing that. And that's what we've still got a lot of. As Chrissy said, we're only a very, very early part of the way through our whole discovery trend. It's about 5% now that we've drilled. So there's a lot more to come, and you never forget that exploration upside even if you drill one of these deposits out. So we've got the ability to do that with 20 million bucks through that budget and then a lot of working capital. So we're funded here for the next three years, and that will only go quicker if we bring 20-plus rigs. So keep your eye on this as we ramp this up.
The summary is it's very high grade. The scale is large. The hit rate that we've got here — if you look at the amount of 100 gram-meter hits, I talk about that a lot. This has moved on somewhat from a drill story, but there's no better hit rate than the 100 gram-meter hits that we've hit, which is 63 with 77 km of drilling there at site today. That is an extraordinary hit rate, and it's getting better. It is 80% gold, so we say gold will pay for it and antimony will help permit it. And it is one of the top three, heading even higher, Western world antimony projects, with 20% of that antimony making the revenue mix.
There's the cash we'll end up with in a few weeks: 176 million Aussie pesos. We've got lots of ground, lots of freehold ground that we've bought. We've secured the future of this project by buying lots of the farms over and beyond the project, so we can develop this project kilometers away from any people. And that's a real secret: 100% owned, no royalties.
So this is really the investment thesis. It's rare. These high-grade deposits can create amazingly high cash flow businesses. The all-in sustaining cost at Fosterville down the road was something like $400 an ounce. So the margins are extremely high, and that's why people love these projects. This is a project that our investors have no interest in selling. They want us to build this project, and it's all within our realm with a lot of the infrastructure. That's the benefit of being around roads and power and people. So that lowers our potential capex.
It was an old mine. It was kept open by the British during World War I, and it was being mined from the 1880s. Over 12 km, and we've only looked at about 1.2 km of the trend and not drilled that all the way down to depth. So these old-timers left a lot behind. Very thankful, but they were very tenacious. And the deepest hole on the property up until a few years ago was still what they dug in the 1880s. So nobody had looked at this project like Warrawoona. You come with a slightly different idea. This time we knew to look deeper because these systems get better at depth, and we found it. So the deepest shaft — the hole was the shaft these guys drilled at 180 m.
Lots of drill results here. Don't need to focus, but some extraordinary high grades. The average widths here — this is every result on the property — they fall in between about two and a half and four meters, and we've got 70 of these structures. So they're mechanical mining widths, and we're not talking about very thin zones that will be diluted. There's a lot of science behind that, and very happy to address any questions at the booth.
Here we are. This is where we created the project in March '22. We spun it out of a Canadian company onto the ASX. Look at the dots here. The pink and the red ones are the ones that you really want to focus on: red greater than 50, pink greater than 100 grams. Here's a scale, so about a kilometer deep. We're looking at a long section, a slice along the long axis of the bread loaf, if you like. And all you have to just see is how this is growing. So March '22, we knew we had an interesting project. There was a couple of pink hits down through here, but it was in December that those key investors came in when they saw something happening at depth that was a little unusual.
Roll a year, and that's where we put a 1 to 1.6 million ounce exploration target out at 8 to 10 grams essentially. And then one more year later, we're now at 2.2 to 3.2 at 8.5 to 10. The grade's increasing as we drill this more, and a lot more to come. That exploration target's just within the bounds of that red dotted line, if you can see that. So all these hits out through here aren't included yet because we don't have the drill density to include them in that exploration target estimate.
And if we just look at that one box that we're looking at — here's that box here, and here's the old mines we've drilled along, and here's all the old mines that go for 12 km along that strike. Here's Fosterville, the highest grade gold mine on Earth, just next to us. They've now drilled that out over 20 or 30 years. They're drilling down to 2 km. So we know these systems can continue and have the potential to continue, let alone let us find more discoveries along that strike as well. So lots, lots more to come.
Here's the project location. Melbourne — it's about 60 km from Melbourne. We own over 2,600 acres, about 200 acres of blackberry. So we're also in the blackberry business as well, for those of you who farm. About 100 km from Fosterville, looking into the zone. Let's just go underground. This will keep you awake just before you get your sugar hit at lunch. Here's the main area. That's over about 1.2 km, and where that estimate was that I was talking to you, and a lot of growth to come. But all those areas along strike that I've talked about — we've done just over the last few weeks, well, over the last six months, a million dollars' worth of geophysics out there, lots of soils, etc., to keep that exploration opportunity going.
Now if we just go underground — that was a little bit of a quick transition — but what we can see here is the trend. That green line is the trend going into the bush that I was talking about. All the veins that host the gold — only 70 of them here. Here's that exploration target of 2.2 to 3.2 million ounces at 8.6 to 10.5 gram gold equivalent. Lots of hits outside of there. And if these things continue to depth, which is where we're drilling — all the yellow holes there are the ones that are in the laboratory. So always lots of news flow coming with eight holes. This is growing to become a lot larger, let alone the drill out that we're now funded to undertake.
Because we can't get there today by bus — we take a lot of people by bus to the property. That drill out area was in here. So we put 70 km in here. There's about 12 houses within 2 km to the north of us in through here. Lots of 100-acre farms through there, about a dozen of them, but nobody to the south. And that's the key development opportunity for this project. And that's the ground that we own all through here, 2,600 acres.
Metallurgically, it's relatively simple. It's free gold. So we've got plus 80% free gold. It's gravity and flotation. We're optimizing that now. So you'll see more work to get more gold into that gravity where we get higher payabilities, and cleaning up the antimony-gold concentrate, which we can do simply through flotation.
Here's the exploration target. Too many numbers, but there's that number that I was talking to you about, 2.2 to 3.2, and that's at the upper end, places this from an antimony point alone as the third largest Western project here. And as you know, it's growing.
So in summary, please come and visit us down the back. But this is a very rare asset. Not many multi-million ounce, growing 10-gram deposits. It's got that critical angle which will help permit the project and genuinely fill a Western supply chain, and help fill a Western supply chain that we've lost. You don't have a defense industry without antimony. There's a lot of exploration upside. Remember that first statement I made about the Victorian government. It is open for business, and it's demonstrating that, despite what everyone thinks — Victorians are worse than the rest of Australia about hating Victoria. And we've done this before, and with that great shareholder base focused on per-share metrics, we've got a long, long way to go. So thank you very much.
[Applause]
