We had AUD 40 million in debt, now we've got zero. From a business point of view, the company is in one of the best positions it's ever been since I've been with it and clearly looking for how do we grow and how do we set this business up for the future? One of the announcements which we made this week, which I do believe is one of the reasons for the share price movement, is it's the first time our Tritton copper mine has got 10 million tons in reserves. Last year when I was here, we had 2.4 million tons. If you say a reserve life, we produce, we process about one and a half million tons annually, so it's only a two-year reserve. There's 33 million tons of resource, even on a resource basis we've increased by 74%.
One of those are we did an M&A transaction the last six months. We bought Peel Mining, which is an explorer close by. The asset we bought there, Mallee Bull, already added 2.7 million tons at 2.4% into the reserve, it's still got 7 million tons in resource. Really for us, it's about how do we progress that 10-year mine plan. We talked about it a lot. This is the first step that is already giving you five years of reserves with a 33-million-ton resource to back the life. On the strategy, where do we go in FY 2027? Clearly at operational level, Tritton is the key copper asset. Targeting that 24,000 tons is where we see. We do think that Tritton can deliver 30,000 tons within the next two to three years once we start up the Mallee Bull mine.
We'll talk about the current development of Constellation, which we received the mining lease yesterday, the trucks and the loaders were basically ready to go, we will start that mine within the next few weeks. At Cracow, it's one of our really good stable operations. It's consistent. It delivered 40,000 ounces last year, again, on target, generating good cash obviously at these prices, is really allowing us to reinvest back in Cracow and look at one of the projects, called Golden Plateau, which I'll show you a slide to just explain what we're doing at Golden Plateau. The other operations, Jaguar is in care and maintenance at Jaguar Mine. That is currently an exploration opportunity. We will be exploring for gold and base metals at Jaguar. Stockman, it is already a 12-year reserve life, good quality grades.
We will bring out a feasibility study within this half. We have last year invested about AUD 25 million-AUD 30 million in exploration. We're going to do the same clearly with a focus, you'll see some of the results when I show you the images on what has happened over the last 12 months just by spending the money at both these mines in making progress. Let's talk a little about Tritton. That's the plant, 1.8 million ton process plant. As I said earlier, 10 million tons of reserve, which is, for us, a great result targeting that 23,000, 24,000 tons of copper metal. This is the real opportunity. You can see there these assets on the southern side of that image, Mallee Bull and Wirlong. That's what we acquired in the last few months. That will be part of the production profile for Tritton.
Mallee Bull, the key asset. Mallee Bull is the one which we'll try to bring in production. We're already starting the approval processes. We think it'll take two and a half to three years. Within a production pipeline, Mallee Bull is a key feature. The next big asset on that list, you can see there the reserves is the brownish color and the resource is the blue, Constellation is currently the largest reserve, and that's the mine we're busy starting up. It will be a small open pit mine, as you can see on that slide, and then we'll go underground. Already we're busy with the road infrastructure. As I said, we will start that mine. There's currently an ore reserve of 5.3 million tons at good grades and, specifically good gold grades. That plan, as you see there, is already a 12-year mine plan.
Some of it still need to convert to reserves, clearly, it's still open at depth. For us, that plus the Mallee Bull mine, which is a new mine we just acquired, within three years, that's online with Constellation is when you hit that 30,000 ton production out of Tritton. Clearly for us, that is the key focus areas right now to get those in production. Constellation, that's the stage. The pit will be in production in quarter four, so in January or the March quarter, and then it will be a two-year open pit and then underground. Underground portal will start after 12 months, and production from the underground will begin in FY 2029. Just to show you what you get from spending money on exploration. You can see on that slide.
The Tritton mine on the left bottom, that's currently 1.5, 1.3 km deep, and it's still open. Every other asset on that list is currently still open. We're currently mining Avoca Tank, which is a small deposit. You can see the extensions. We extended it just by this year's drilling, and we're mining Budgerygar down at the bottom. All the others are still open and still available for us to drill. You can see when we were here last year, you look at Avoca Tank on the left-hand side. It's a small high-grade underground. The grade's there is over 3%. The drilling we've done this year is all the extensions you can see on the right-hand side. It's still open, and we see a significant value add. You can also see the strike has nearly doubled in size.
You can see potentially an increase in production from the Avoca Tank underground mine. The other one, we're mining Budgerygar. We basically put a straight line decline into it a few years ago, started mining it on the resource on the left-hand side. You can see the drilling has extended the ore reserve and the resource, and it's all open and we're getting the grades we're looking for. The key assets, when you look at Tritton, you'll have two good large base load assets going forward with Mallee Bull and Constellation, all these other assets will be what you add to keep the mill full at 1.8 million tons and get to that 30,000 ton production profile. Touching on Cracow. That's the Cracow gold mine in Queensland. A very well-looked-after plant, low capital, producing that, call it 40,000 ounces.
It has always been from one area which is called the Western Vein Field. It's one of these narrow-veined high grade. You keep on finding more. It's never had more than two years in reserves. It's always been a challenge on life. What we are doing, though, if you look at that image on the right-hand side, which says Exploration and Project Potential, that's an old open pit mine. We'll talk a little about the opportunity in that, because that was an old underground mine. Probably go to that slide. It was an old underground mine, mined in the 1930s at 10 grams a tonne. Everything less of that was sort of left behind.
We've taken the view, well, someone has put an open pit around those old workings and mined 2.5 million tonnes at 2.5 grams a tonne gold. There's still opportunities. There's a lot of data in terms of drill data available. We got a 14,000 meter drill program which we're trying to confirm what the models are telling us. There we got a view that within the next three months, we'll bring out a mine plan around it, which will show us that there's potentially another 200,000 or 300,000 ounces sitting in that opportunity. That will obviously change the life for Cracow from a two-year reserve position to over a five-year mine plan. That's exciting. The work will be done. Obviously then you say, well, where does Cracow go from there?
You can see in that image a Western Vein Field already mined 2.5 million ounces. Golden Plateau is literally a kilometer from the plant, so it's close by. Infrastructure is there. It's on the mining lease. If we start that up, it would be within the next 12 months. The real greenfields opportunities to the south of the workings and all the geological work is done. Targets have been set. We're busy talking to the landowner to get access to drill that Southern Vein Field. The view is you're targeting another Western Vein Field in that Southern Vein Field area. That is where we see. With Golden Plateau at the current mine, it buys you time to drill those greenfields targets and see how you bring that into production. Just touching on the projects.
Stockman it's already got a 15-million-tonne resource on it. It's a 10-million-tonne reserve. The copper equivalent grade is 3.7% copper, so it's good grade. The feasibility study is literally months away. Then we will bring that to the market. Very exciting project in Victoria. A lot of people ask me about approvals and will you get approvals? I think Victoria is one of the states which is probably the easiest and most motivated to get those things in place. We already got a mining lease. We already got an environmental impact study approved. It's really just finishing it off. Then get the final approvals. Then take it to a final feasibility stage. JAG. The history about JAG, we bought it probably four years ago now. After 12 months, zinc price came off by 30%.
We needed to invest more money, we really literally said, "We'll put it in care and maintenance. We need more resources before you restart the mine." We've now got it to a point where it costs about AUD 2.5 million for just care and maintenance. We brought it all the way back, and now we're looking at, well, where do we focus our attention from an exploration point of view? The first one on the left-hand side is these are the base metal targets. There's already eight base metal targets which we're looking at. We've already drilled one hole in each. We're waiting for the results to come back. One of the real option value opportunities at Jaguar is actually the gold.
If you look at where it sits, it sits between Thunderbox, which is a Northern Star asset, and King of the Hills, which is Vault, which will be soon, I guess, Genesis. In between, there's 62 kilometers of unexplored gold anomalies. We will be starting to do some gold drilling in those this year. Clearly for us, if you find a good size gold deposit there, you've got gold miners around you, and you've got a plant and infrastructure which you can turn into a gold process facility as well. That's what we're doing with JAG. I guess just to close off, the company has moved a long way in the last 12 months. There's a lot more to come. We were trading at AUD 0.70 before the war started, and we're now trading at AUD 0.40.
We do believe that with the life of the assets, the reserve resource positions we put out, the commodity prices which we're looking at, there's significant value and upside for Aeris going forward. Thank you very much.