Thanks very much, Katerina, and thanks to everyone for taking the time to come in and listen today. Pantoro is a Western Australian gold producer. We own 100% of the Norseman Goldfield in the southern end of the Norseman-Wiluna Greenstone Belt. We have a large mineral resource there of just under 5 million ounces of gold. We built a new processing plant in 2022 and currently have two operational underground mines, two operational open pits, and a third underground mine being rehabilitated. Our corporate structure is very tidy in terms of the balance sheet. At the moment, we're generating some good cash. We closed last quarter with just over $175 million in the bank. We have no debt, so we paid the remainder of all of our debt out in the last quarter. We're essentially unhedged.
You can see there that we have just 6,000 ounces of call options, which basically go through to 1,000 ounces a month for the rest of this year. We've got a very experienced board and a board and senior management that's been together for a long time now. I think that's the key to success is getting good people and hanging on to them. We've been very fortunate to be able to do that over a long period of time. Obviously, merging with Tulla Resources in 2023, I guess, was the final change to that where the Maloney family, Mark and Kevin, came onto the board with us. The June quarter, I think you can see there has been a very strong one relative to many of our peers.
Your all-in sustaining costs below $2,000 an ounce is where we've had it pitched for some time now and where we've expected that to land as we've got to that full 100,000 ounce run rate. I'm very happy that we're in the sort of position in the cost curve that we expect to be and everything operating well at the mine now. Going on for next year, we put guidance out with their quarterly report as well. We expect to produce somewhere between 100,000 and 110,000 ounces of gold next year. That all-in sustaining costs should stay very similar to what you've seen in that last quarter. Again, very competitive with the majority of the other gold miners. We continue to invest a lot of money into the ground at Norseman, all focused on doubling that production rate from 100,000 ounces a year to 200,000 ounces a year.
We expect to spend $55 million exploring next year. About 4/9 of that is mine rehabilitation and development just for exploration purposes. The remainder is via the drill bit. We'll have four underground drills and three surface drills running for all of the year. As I said, we own 100% of this full Gold province. Our tenure is 70 km from north to south. It has had very little exploration since Western Mining decided they were exiting gold in the mid-1990s. It went through several small owners during the period, so the 30 years between Western Mining and ourselves. Those operators generally went and picked the low-hanging fruit that Western Mining had left, and they didn't invest back into the ground to keep generating those ounces.
Our current ore reserve at just under a million ounces, we took it from zero to a million as part of our feasibility study back in 2020, is currently roughly three times bigger than the reserve that Norseman had for all of its nearly 100 years of operation. This is a field that's been very, very productive. It's produced 6 million ounces of gold. Historically, it's been the highest grade gold mining center in Western Australia, but it's had a really small investment in exploration until now. As far as the project goes, you can see we've got a whole number of existing prospects and resources. I think there's 25 different resource areas within the package. To date, we've drilled about 30% of those areas and primarily the near surface areas of those as well.
We see massive opportunity here to continue drilling, continue growing that higher grade underground resource, converting it to mine plans, and growing the production on the back of that work. Our full strategy going forward is at Norseman, and it's all about turning on additional underground mines to keep growing that production. Currently, we have a couple of underground mines running. The OK mine, first of all, we started back in 2022. It's reliably sitting at approximately 40,000 ounces per annum. We're mining it at just under six grams per ton on average. Just as a note on that, the reserve grade on that is 5.3. You can see, I think we've got a lot of experience in mining these narrower vein ore bodies and where you often see people overcalling those reserves. I think we've been appropriately conservative there, and we've demonstrated that over a couple of years now.
The Scotia underground mine is our latest development and one of our biggest growth centers too, actually. We mined the open pit that you see there from 2022 until late last year. The underground mine we started developing in May last year, and you can see the red stopes that are marked there. That's the production that we've done so far. We're in the very early stages of mining, but the ramp up to full production rates is what's seen our production really lift over the last quarter and a bit. When we drilled this ore body out as part of feasibility, we drilled the northern side, so to the right-hand side of your screen there, down to 500 meters below surface. We drilled the southern side of the mine down to about half that, just over 200 meters.
The reason for that was we knew it would be underground early on that southern side, and we could halve our drilling cost as we move forward. Our game plan here is to drill out that southern side to the same extent that the northern side's drilled. Both sides of the mine operated about 1,000 ounces per vertical meter. By filling out that southern side of the mine, we expect to take the mine to a 2,000 ounce per vertical meter mine, which should see us up around that sort of 100,000- 120,000 ounces coming from Scotia in the longer term. The open pits at Princess Royal are relatively small pits. We will be mining them until the end of this year, and then we move on to another mining center called Gladstone. These pits will produce roughly 20,000 ounces of gold all in this calendar year.
It will give us mill feed right through until the end of this financial year, and then we continue to get mill feed from Gladstone from there. It gives us a great platform for growth. Once again, you can see North Royal to the north of the pit that we're mining there. North Royal ran at 5,000 ounces per vertical meter historically, so roughly two and a half times the size of Scotia. It's been mined to 350 meters depth, and there's very, very little data below that. There are three lines of drilling spaced 500 meters apart. We see a massive opportunity there for some very big grades. The processing plant, I think, is right-sized for Norseman. It's a narrow vein ore body or a narrow vein system.
Typically, the 1.2 million tons per annum that we're running at right now is actually quite a bit of material when you're mining those narrower lodes. We have good capacity to take this plant to somewhere between 1.4million- 1.5 million tons per annum, and we're talking sub $2 million to make that change as we bring additional underground mines on. You can see from the tables there, as we increase the grade, we'll be aiming for sort of five- seven gram feed grades in that mill, and that should see the plant producing that 200,000 ounces plus without any real modification to what we have there now. Our pathway is quite simple and well represented by this graph. Everything in the gray sort of colors is open pit there, and everything in the red colors is underground.
The first thing I'll say is that in the open pits, we do have material to continue on for the next seven or eight years at the same rate that we have mined out through FY2025. Those pits are available, but we're aiming to phase those out, have a small base load coming from there. We do have that material available, but turning on at least two additional underground mines so that they're fully operational by 2028. That big drill program that we're going into now is really focused on starting those additional mines during FY2027. We've already talked about Scotia and the big growth opportunity there. You can see that that's sort of a path of that growth strategy is very close at hand and being advanced as we speak.
The main field in Northland, which as you can see is right on the edge of town, is a production center which has produced about half of the 6 million ounces of gold historically. It's been mined at over 10 grams per ton, so not resource grade, but actual mined grade. It's 6 km from north to south. Most of that gold has come from the two wider reefs that are shown there, the Marrow Rower Reef and the Crown Reef. There's another, the black dot there, the Bullion Decline, has produced about half a million ounces there. Bullion was developed much later than the rest of the main field, and it has a decline access. The remainder of the field was mined by shaft and rail, so that ongoing exploration was quite difficult. We're 5 km into rehabilitating that Bullion Decline now.
We are currently setting up and starting the drilling in that Crown South area, so that green fan of drill holes. You can see that we've got access right the way along that Crown Reef to drill out from this mine. The Crown Reef has produced 1.1 million ounces of gold historically. There's less than half of the developed area that has been mined. It was developed in the 1970s at a very small scale. Where we're drilling into that lode, we're drilling into known high-grade material that's already got old development with face grades in there. It's not quite the exploration that you're thinking about in the greenfield sense. We're really drilling this thing out. It's another ore body for us to convert. That Crown Reef is 2.5 km long when you take the south and the north in there.
You're talking about a minimum of sort of three declines, potentially four if we can get that whole strike length going. You can see that we don't see a big challenge from those two additional mines. We're also drilling on surface to the south. I don't have a slide for it, but we see a real potential for another decline to the south of that main field as well. Finally, looking at regional exploration, this is the first time in 30 years this year that any real regional exploration has gone on through the Norseman area. Western Mining started exploring those dry salt lakes that you can see over much of our tenure in 1990. They discovered a mine called Harlequin in 1991, and they downed tools in all of that exploration. They mined 800,000 ounces of gold at 10 grams a ton from Harlequin.
There's still a few hundred thousand ounces of gold in resource there. All of those other prospects that you saw in the lake area there have a very small amount of drilling, but they all have hits that are plus 10 grams a ton in them. A very fertile area. You can see that we compare Kambalda to the north there. At the same time that Western Mining stalled, Norseman Goldfield bought the Kambalda operations. They've added about 13 million ounces of gold in the time that Norseman hasn't had a single drill hole. Same terrain, same geography, obviously a very exciting prospect for us. In summary, I think we're in a fantastic position now. You can see we've got a very strong cash position. We're generating some really good profits, EBITDA of just under $200 million in the last year.
We should see that increase significantly coming into this next year now that the production's up at the level that we expect it to be. We expect to add significant cash to the balance sheet while we're making that big spend both on exploration and on additional capital growth projects, which are set at sort of $67 million for the year. Thank you very much for listening. Very happy to answer any questions people might have in the booth later on. Thank you. We'll be there for the rest of the day.