Thanks very much, and thanks everyone for sticking around for the presentation this morning. Thanks also to Diggers & Dealers. This is the 10th straight year that we've presented Pantoro, and there's been quite a path to get to where we are. Pantoro today is the 100% owner of the Norseman Goldfield. Norseman is historically the highest grade goldfield in Western Australia. It's produced over 6 million oz of gold. Historically, it has approximately 5 million oz of gold in resource. In 2022, we redeveloped the mine, building a new ore processing plant, commencing underground and open pit mining, and we've continued to grow that position up to where we are today. As far as our company structure goes, we're in a very good position. We have a strong balance sheet with over $175 million in cash and gold at the end of last quarter. We have no debt.
That was all paid out last quarter. We're essentially unhedged, and we have a great shareholder register. You can see there that a large portion of it is institutional, and we've got both domestic and international funds continuing to invest. I think everything's really underpinned by the team that we've built, and you see here the board and the senior management. All I have to say about that is we've all been together for a very long time. The majority of us have been working together over the last 20 years. Of course, we had the Maloneys, Kevin and Mark, coming into the board when we merged with Tulla to buy the project. Stuart Matthews, the ex-head of Gold Fields Australia, came onto the board and has a very complementary skill set as we move forward into a real growth phase now.
Just looking at where the operation is sitting today, I think in terms of costs, we're right up there with the best of the industry. Our all-in sustaining cost last quarter was below $2,000 an oz, which I think has been a real standout. We've managed to keep our all-in cost to a manageable level as well while we're doing a large amount of exploration. We're doing over $10 million a quarter in exploration, but as you can see in that last quarter, we still banked over $40 million. In terms of the year coming up, we are, as I say, in a real growth phase. You can see that we have a $55 million exploration budget next year. About $14 million of that is for development and rehabilitation of mines that are solely for drilling purposes.
The rest of it really is a combination of dominant RC drilling in current known brownfields deposits, which will allow us to start additional mines, as well as starting our first regional program in over 30 years. For the next year, we expect about the same level that we're at now with that 100,000 oz- 110,000 oz of gold to be produced, but there is a real focus on starting additional underground mines to grow that position. Norseman's at the southern end of the Norseman to Orlanda Greenstone Belt. Obviously, most people in here would be aware that it's the belt that has produced the vast majority of the gold in Western Australia. I have a comparison there with the Gold Fields Australia tenure to the north.
The reason I have that comparison is that they were both sold by Western Mining at about the same time, along with the rest of Western Mining's gold assets when they decided they were exiting. There's been well north of 10 million oz of gold discovered in the period that Norseman sat and was unexplored for nearly 30 years. The project itself, we have a processing plant in the middle of the tenure. We have about 700 square km of tenure there, roughly 35 km to the north of the plant and 35 km to the south of the plant. This tenure encompasses all of that 6 million oz production history, and there are something like 26 different known resource areas, of which we've only drilled about 30% to date. There's a huge amount for us to continue to go in and grow that all-reserve position.
In fact, we started with zero reserve in 2019. We drilled about 300,000 m then and took that up to a million oz to get the operation started through that large drilling program coming up for this year. For next financial year, we're aiming to double that reserve position and double the production at the same time. In terms of our operations at the moment, the OK Underground Mine, this is the first underground mine that we restarted back in 2022. It had about 100 m of water in the base. We had to dewater it. We had to rehabilitate it and get it up and operating. It's been a great success with both the O2 Lode and the Star of Iron Lode reliably producing gold. We're sitting at that 40,000 oz per annum run rate, and that's a great outcome for us in the feasibility study.
We had the OK Underground Mine pegged at 25,000 oz per annum. It's been an excellent performer for us. Just this week or last week, actually, we put out our latest round of drilling from the depths of OK Underground Mine. You can see there getting close to 100 m below the current resource and reserve. We're seeing some very, very strong hits, often in the hundreds of g/t, as we've seen right throughout that mine. We're quite confident that this mine will continue to be that base load around 40,000 oz at circa six gram per ton material going into the ore processing plant for quite a while into the future. We move on to Scotia. The Scotia Mine was our starting open pit. The open pit that you see there was mined from 2022 until late last year.
We had challenges in the open pit, but we saw a great ore body that is very well suited to underground mining. We actually brought that underground mining forward. We started the underground in May last year, and as of the end of March, we had it up to its sort of nameplate capacity, which in turn saw the whole operation get to that 100,000 oz run rate. We see a huge amount of growth potential in Scotia. You can see the growth target that I have highlighted there. The background on that is we drilled the northern side in feasibility to 500 m below surface. The southern side of the mine, we drilled much shallower, just over 200 m, knowing that we'd be in and mining underground and able to expand that out as we went forward.
We see real opportunity here to add an equivalent ore body on the southern side of the mine. You can see that we're mining there at the moment and getting some great results. In effect, we expect to see it going from effectively 1,000 oz of vertical meter to 2,000 oz of vertical meter if that drilling works well. In turn, that should see Scotia alone producing 100,000 oz- 120,000 oz of gold. Open pits that we have operating at the moment, the Princess Royal Mine, again, a small open pit. We'll be mining this until the end of this calendar year. We then go on to another pit called Gladstone. It produces about 20,000 oz of gold over the balance of this year. It is a great addition, but it also, again, gives us an entry to potential underground opportunities, which are very real in this area.
The North Royal Mine that you can see on the right-hand side of the screen there, historically produced at 5,000 oz per vertical meter. It's a large mine. It's large, very, very rich ore bodies that produce that at 17 g/t. These open pits give us the opportunity to get in, drill Princess Royal, the area below the open pit, but also North Royal from the surface and access into that mine as we move forward. That is not going to happen in the near term. In the medium term, though, we see it as a real growth opportunity. The processing plant as we're operating, I think it's really important for people to understand. I get all the time, why don't you just make the plant a whole lot bigger and throw a whole lot more material through?
The real value at Norseman is in the very high-grade material, and we see much bigger margins from those high-grade undergrounds. Hopefully, you can see those tables and what the grade does in that plant. We see it as being a very real opportunity to add two additional underground mines over the next couple of years, bring that feed grade up from the circa three grams that it is now to somewhere between five and seven grams a ton. That will see us at 200,000 oz +. As you can see there, the opportunities are unlimited in terms of high-grade drill outs on the site, not unlimited, but close to. When we get to that 200,000 oz, I think we'll be talking about how we then move to three. It is a pretty simple strategy. You can see all the gray colors here.
They're open pit material that we have there right now. Of course, we do have the reserve that would see us continuing at the same rate of open pit mining that we've had in these early years. The strategy is to wind those down, keep one pit ticking over while we bring on additional underground mines and really lift that grade up to get the ultimate production. The next big growth area outside of the mines that we're operating at now, we see is the Mainfield. The Mainfield has produced over half of that 6 million oz of gold from the historical operations. Most of that will come from the Mara Roll and the Crown Reefs. You can see the thick lines there. Another little mine called Bullen, which was a cross-linking structure, you can see it in black, a dot on the page there.
That mine was not discovered until the early 1980s. They were mining Mara Roll literally m from it for 50 years before that was discovered. It shows how little exploration was going on as Western Mining pushed the shafts down and continued to mine, but really highlights the opportunity for more of those linking structures as we go forward. That ore body produced half a million oz at 10 g/t once it was discovered. The other great thing that Bullen did for us was the whole field was previously shaft and rail. It's the only decline access into the mine, and it gives us access across the entire Mainfield. You can see there's an existing drive going out all the way to the north. We've been rehabilitating Bullen since the start of this year. We've done over 5,000 m of rehabilitation.
The first drill platform that you see on the right-hand side of the screen there is now complete, and we have a drill rig in there drilling the Crown South area. Having a look at the Crown area in long view, you can see here an ore body that is about 2.5 km long, as it is presently known. To the south of the left-hand side of the page there, there is absolutely no data beyond there. You can see from the face grades and the dots that are presented right out at the south there, some of the highest grade material that was developed. The reason that area hasn't been fully stoped is that it was 3 km from the shaft. You can imagine pushing ventilation back in the 1970s. It was last mined in the late 1970s, 3 km in the conditions that people had out there.
They simply moved to areas that were closer to the shaft with a full plant. The other great thing about this is everything that you see in gold there is currently not only unmined, it's not in the resource, it's not in the reserve. You can see, however, that there's development along that whole 2.5 km. That development, when you peel the stoping grades away, looks very, very similar to the grade of development in the upper half of the ore body. We're very confident as we go in and drill this ore body that we're drilling into known high grades that have got existing small-scale development grades in place. While we have a really big exploration budget, we very much see it as a drill out rather than raw exploration. 2.5 km of strike, that's at least three declines, possibly four declines.
Going back to our desire to start at least two additional declines in the next two years, you can see why we're so confident that we'll do that. At the southern end of the Mainfield, if you go back a couple of slides, when you have another look at this later tonight, we have an area called Butterfly. We've been drilling Butterfly since last September. There are all our results that are listed there, four different areas. The Pascoe's Cross Link is one for me to highlight. It's very similar in nature to that Bullen deposit. We're drilling pretty hard in there at the moment. What we're seeing is good high-grade mineralization to within 400 m of the OK Underground Mine now. We believe that we have an access straight from the OK decline to get into this area and again start another mining position.
With that in mind, both this area and Bullen are fully permitted. We can start production from a statutory point of view tomorrow if we wish to. Getting onto the regional exploration, I mentioned it earlier, Norseman hasn't been explored for the best part of 30 years now. The lake areas in particular, where Gold Fields Australia has had so much success up at St. Ives, are virtually untouched. Western Mining started working in these areas in 1990. They discovered a mine called Harlequin in 1991. They downed tools, drilled Harlequin out, and mined it. That mine produced 800,000 oz of gold at 10 grams a ton. All of those prospects that you see on the lake areas on the right-hand side have had a limited amount of drilling. When I say limited, somewhere in the order of six to 18 holes.
All of them that I show there have got gold hits that are + 10 g/t. We see a real opportunity to replicate the great work that Gold Fields Australia has done up the road at St. Ives, make some big discoveries. Part of that $55 million program is really focusing on those lake areas this year where we expect to do in the order of 60,000 m of air core drilling. In summary, I think we're in an exceptional position now. We're generating some really strong cash. We have a strong balance sheet that can fund all of this exploration work and the additional underground mines that we need to switch on. We have a great team in place covering all of the positions that are taking this exploration program forward.
We're very, very confident that we'll have additional underground mines over the next couple of years to fill our growth ambitions. Finally, I've got a little compilation of slides here just to, I guess, show that 10-year journey that we've seen in Diggers & Dealers over the years. We started out very, very small. We had a $15 million market cap when we bought Halls Creek. We had a broken plan and were developing an underground mine in oxide material, started with about 20 of us. We got to 2016. This is why I really wanted to show it. I'm always asked to bring this bull back out. This was our opening presentation at Diggers & Dealers in 2016. The bull keeps finding more gold and it's getting better and better. Rolling on now, obviously picked Norseman up in a pretty poor state.
We've developed a modern, advanced operation and things are really going well. Thank you very much. Looking forward to the next 10. Thank you.