Thank you. My name's James de Crespigny, and I'm here to talk to you about Catalyst Metals. I'm joined here today by two colleagues. Craig Dingley, Craig, I'll get you to put your hand up if you may. Please do come introduce yourself to us, and he's one of the nicest guys you'll meet, and I promise you we won't bite. Bruce Kay is also with me today, and Bruce has had a bit of a famed career, for those that know him. His career in some ways started here in the Kalgoorlie School of Mines. Eventually, it ended up running Newmont's Exploration globally, and he's built some of the largest gold companies in Australian history.
It's a lot of that wisdom that drives Catalyst, and it's a lot of that wisdom that's led to one of our announcements today, which is, over the last 12 months, we've had quite a number of drill rigs working across the asset that we're probably most well known for, which is the Plutonic Gold Belt in Western Australia. We were able to double reserves. That's happened year on year, and we think really this goes back to the fundamental reason why Catalyst consolidated this belt some two years ago, and it was actually bought out of a meeting here about five or so years ago when Bruce identified a Canadian group that was operating the Plutonic Gold Mine. Those that know it, the Plutonic mine itself is not terribly straightforward. As an Australian team attacking that, we've had a bit more success of it than the Canadians had.
By putting this belt together in the way that we did, it's allowed us to, I suppose, have the capital to expand those reserves. We'll talk a bit more about that in due course, but it is part of today's announcements ahead of, obviously, the Gold Conference in Denver next week. As a business, we are operating predominantly in Western Australia. We're also down in Bendigo, not far from Southern Cross's asset that Michael talked about before, and it really is a jurisdiction that we're having more success in. Hopefully we can uncover some more high-grade gold like they have down there. Most of our focus is very much in Plutonic. That's really what drives our reserves. That one and a half million ounces is about four million ounces of resources and some $300 million of liquidity that helps drive those hundred thousand ounces of production.
That, as a business, is where we sit. It's valued at about $2 billion today and an enterprise value of about $1.8 billion. We have recently just announced a $100 million working capital facility. It's on what we think are quite good terms. It's completely undrawn, with Australian domestic banks, and it's unhedged and really terms that are suitable for the business that we think we are today. This is us. This is the Plutonic Gold Belt as it sits there today, and it's been, I suppose, a bit of a different path. This is one of the longest mine lives that we think the belt has had in its history, and it's really driven by these reserves that we're announcing. I'll talk you through what that 10-year plan looks like because we're now able to stand up here and talk about this 10-year plan.
Whereas before it was somewhat of an aspirational target to increase our production from 100,000 to 200,000 ounces, it was somewhat of an aspirational target to increase our reserves from a million to 2 million ounces. Hopefully today, by coming out with a 1.5 million ounce reserve base in such a short time period of owning Plutonic, we're able to start putting our money where our mouth is, as it were. The simple thesis of what we're trying to drive here is a central processing facility there at number one, and that's also where the main Plutonic mine is that people that are familiar with this belt know. We're feeding these five deposits along the belt: Plutonic Main, Plutonic East, and we're currently operating out of those two mines to produce about 100,000 ounces.
We're busy developing up there at K2, and we've recently started the Trident open pit, and the Old Highway project was a recent acquisition that we made, and we're hopeful that over the next couple of years we'll be able to bring that into production. I'll talk about that shortly. In terms of growing reserves and where that has led to us, really it all started two years ago. It's been 24 months that we've been bedding down these operations from what we inherited. Those that know the story know that we inherited a large debt pile and we had to digest that. I suppose we were fortunate to go through a period there where our friends at Argonaut, some of them in the room that were very encouraging, as I'm sure you'd be aware, of us to raise equity at that time.
We all buckled down together and we were able to work through a plan and we saw the company come out the other side. In the end, we did go and raise equity some two or three months ago, but it was at a price that worked very well for our existing shareholders, and it worked very well for those new shareholders that Argonaut and Canaccord were good enough to bring in for us. We raised money at $6, about $150 million, and then soon after closed that debt facility, that $100 million debt facility that I talked about. That strengthening of that balance sheet has really led to that liquidity. The next piece of the puzzle is the delineation of those reserves.
That's really been the story for the last two years, and what we're hopeful is that is giving a track record to where we want to take this business from here, which is ultimately getting to that 2 million ounces of reserves. If we can spend that $90 million that we've allocated this year to exploration to increase to that target, then we can really start putting the pieces of this puzzle together. When we last presented this, why we think this slide is an important slide for us is that we've talked about this in aspirational terms, and you do need to set a vision if you're going to lead a business. That's really what our target was. As we drill and as we convert to reserves, we obviously fill out the back end of this timeline here.
Over the next three or so years, we're going to be able to put that into practice, and we think we can bring each of these all sources on. You can see on the far left of the screen there, those steady state production rates, and we can bring them online. Each of those grades, as that grade starts to lift, we think we'll be seeing those all-in sustaining costs fall. I think we're all on the same page with gold price obviously going to stay at this price or go higher, no doubt. The margin there starts to become quite attractive over that 10-year timeline. What does the outlook look like for this next year? We're going to produce about that 100,000 ounces, and we're going to do that between sort of $2,200, $2,600 type costs. That's $90 million there of exploration that goes towards it.
As a business, we started two years ago with inherited a balance sheet that some might call weak, and we really knuckled down to bed down the operation, clean out all of that debt, and had a modest cash balance some 12 months ago. Through hard work and a bit of the rise in the gold price, generated about $100 million of cash, and then did the capital raising and the debt facility on top of that. The reason we went and put all of that in place, because some do question that, is because many of us have been through a development of a mine. What we wanted to do was really say to people that there was no way we were not going to be able to reach that goal of 200,000 ounces. Where are we up to on that path, that pathway of going to 200,000 ounces?
Here we have done the first blast at the Trident open pit. This is a project that really was first discovered back in the 1990s, and it's a good project as an analogy for how the whole belt works. In the 1990s, this was drilled, it had some good grades. When we inherited this, it had a head grade of eight grams, about 400,000 ounces. We didn't think that was right, and we re-estimated and felt the reserve grade, the resource grade, was more like four grams. Through the course of our drilling, we've managed to double that resource and lifted that grade up to about six grams. What it did mean is we had to go and permit our first project as a company, and we were able to do that, and then we were able to start mining this just the other day.
We are going at a rate of knots there at Trident, which is the second largest resource on the belt. Next up is K2. This site is 40 kilometers from the belt, and we are progressing this at a rate of knots quite some way down the decline. The Old Highway project that sits 40 kilometers to the south, we purchased this about five months ago, and we're already fast tracking the permitting. It's the same team that moves from the permitting of our Trident, the permitting of K2, the permitting of Plutonic East. They're starting to get pretty good at this, and it's the same team that then goes, and we've already mobilized some drill rigs there, and that's the first time that's been drilled in a number of years.
The production to get from 100,000 to 200,000 ounces is well on track, and the reserves to take us up to that 2 million ounces. Here is the Trident deposit as it looks, that open pit that I mentioned before, and that resource grade up there at about a bit over six grams. We will take out a number of ounces from this open pit, and we're hopeful that we can put that through the processing plant. What that allows us to do is pay for that box cut or that small open pit to get into the underground for a relatively low capital cost. You can see there the mine design as it goes out, and the wonderful thing about this is we're nearly a million ounces all within 400 meters from surface. We do think there is a lot more to give here.
You can see those drill hits at the bottom, 11 meters at 7 grams, sitting some 250 meters away from the existing resource. The 10 or so rigs that we've got sitting on this at the moment that are all drilling inside that inferred resource there or drilling outside to extend that resource is very much part of this year's $90 million of capital. Reserves sit a little over 400,000 ounces there at 5 grams. A similar thing's happening down at Plutonic. It's been a mine for 35 years, and we just don't think that's going to change. This area of Baltic, in fact, it was known back in the Northern Star days, and I think Darren was down there at the time, and we are really just following up on a lot of their past work.
Nothing new there, but it does just need time, does need money, and that again forms part of that $90 million of exploration. K2 is another exciting project. This sits 40 kilometers up the other end of the belt. We are developing down there and cleaning this up. It hasn't had a hole in it for the last 25 years. With hits like 9 meters at 3 grams or 4 meters at 66, we'd like to put a few drill rigs there on surface and get into it. It is very shallow. It's all sitting above 150 meters there, what you can see on screen. Old Highway, it was owned by one of Australia's most successful copper producers. It hasn't been looked at for gold.
We've got here a four-year underground mine at about 4.5 grams, and we're hopeful with a dedicated gold lens to it that we're able to extend that mine life out to some 10 years. More drilling to be done there, and you can see a bunch of those resources that lie along there on surface. Reserves sit there a bit over 110,000 ounces. That same team that does Trident, that does an open pit into an underground, then moves down here to Old Highway and does an open pit into an underground, only 40 kilometers away, all operating out of that same number one camp and processing plant that we saw earlier in the screen. What does that mean? Why did Catalyst do this investment?
We've been able to build a balance sheet, and right now we are starting to go and put the drill bit to why Bruce Kay came up with this idea of putting this Plutonic Gold Belt together all those years ago. It was always for the exploration. It wasn't an operation for the faint-hearted. We've had some luck in being able to pull together an operating team that has had some success there. Obviously, gold price has helped. Really, anyone that knows Plutonic knows it is about the exploration. That's why we're very grateful to be here presenting to you and being able to announce not just an increase in reserves and not just a 10-year mine life, but also that we'll be dedicating quite a large number of rigs to that $90 million of exploration over the next 12 months. Thank you very much for your time.
We have a minute for questions if you want to take one. We're finally caught up on our schedule.
There's no need to. Thank you.
We're good. Okay, thank you.