Thanks very much. Thanks everyone for coming into the presentation today. I think hands down, this is probably the best attended sort of presentation hall that we see across all the conferences we do. It's great to have everyone in and listening to all the stories. Pantoro Gold owns the Norseman Gold Project, which is a large project. It's a large development story. We'll get right into that. First and foremost, it is a really simple production story. We have currently two operating underground mines at Scotia and OK. We have an open pit that is producing gold at Gladstone. We have a second open pit called Green Lantern, which will commence next month.
All of those things together will see us produce between 90 and 105,000 ounces of gold in this coming year, as part of the greater growth story where we're aiming to take the operation to 200,000 ounces. I think we have a really unique position in Norseman. It's been a large producer. It's produced 6 million ounces of gold historically. It's been the highest grade gold field in Western Australia. We've taken the approach a little bit different to some that have taken large amounts of debt and done really big growth up front. We've taken the approach that we've started operations, we've generated a lot of cash flow over the last couple of years since building the processing plant. A reasonable amount of that cash flow is going back into the ground.
We have eight drill rigs turning on a very large and prospective land package, as it says there, that's had a real paucity of drilling compared to most of the mature assets in Western Australia. We see the extensional growth and the discovery growth opportunity at Norseman really being second to none in terms of those mature sort of assets in Western Australia. Looking at the corporate overview, I think first of all, you see the board of directors and the executive team there. Most important, we don't need to go through everyone there. Most importantly, it's been a very stable senior team. The board has been the same bar Stu Mathews. Since we purchased Norseman, we brought Stuart on when he retired from Gold Fields.
He brings a lot to the table in terms of strategy and having real experience in developing big projects. The rest of the crew there has been there for a long time. You can see we have a great balance sheet. We have zero debt. We've grown our cash position to just over AUD 220 million. I should say outside of that, we loaned another developer, MEGA Resources, AUD 15 million in the last quarter. That will all come back onto our balance sheet in this six months. That's all part of a strategic partnership that just ensures that we produce all of the gold we expect to over this year as we're growing and going into the future. Like I say, we have the three producing assets.
The tenement package that you see there is 70 kilometers from north to south. It's almost contiguous. We took the approach that we developed the first six areas that weren't necessarily the highest grade, but were the least time and the least capital to production. We started that production at the end of 2022, and we said, "When we get into a profitable position, we're going to aggressively drill and go into our second and third phases," which are Main Field and Princess Royal that you see there. We're going about exploring those things and developing those things now. In fact, in the Main Field there, we have just commenced. Over the last year, we've rehabilitated and dewatered that extensive mine. That mine's produced over 3 million ounces of gold historically.
We are now developing ore in there for the first time in about 15 years, so very exciting times. Taking a step back on Norseman and understanding what we have in the sort of state context, we're at the southern end of the Norseman to Wiluna greenstone belt. That is the belt that's produced the vast majority of gold in Western Australia. You can see, I have a comparison there between our tenure down at Norseman and the Gold Fields tenure up in Kambalda. Most of you are probably very aware of Gold Fields and what they've done in the Kambalda region. At the time that Western Mining exited these assets, they bought Kambalda. They've gone very aggressively on their exploration, and during the time that Norseman's had no exploration at all.
They have discovered somewhere in the order of 13 or 14 million ounces of gold. A lot of that work is on the salt lakes that you see there. You can see a lot of our tenure is on those lakes, and I'll cover that again as we go through the presentation. Like I say, right now, we're sitting at approximately 100,000 ounces per annum. We have that program in place and aim to take that to 200,000 ounces over the coming years. Come September, we'll have a new resource and reserve estimate out, and with that will come a new five-year plan that shows our pathway to getting up to that sort of 200,000 ounce run rate.
The important thing with that is it's all predicated on replacing the lower grade open pits that we're mining now with high grade undergrounds. You can see, as I mentioned, we've started developing that Main Field again as the first step to those additional undergrounds. When we built the processing plant, we built it for those high grades. We have some very minor upgrades going on that'll take it from 1.2 million tonnes up to somewhere in the order of 1.5 million tonnes. Obviously, as we push that grade up, we'll aim to get that grade to somewhere between five and seven grams a tonne. That will see us, with the infrastructure that we have, producing at and above 200,000 ounces. In terms of our operation, just stepping through the individual mines.
The OK Underground Mine, we've been mining since 2022. The load that's in yellow there was flooded when we started. We had to dewater it. We had to rehabilitate it. We mined Star of Erin, which is the green load there, at the same time. That's been a reliable producer at between 30,000 and 40,000 ounces a year since that time, and will continue to sort of run at that level. Very encouragingly, immediately to the north of the OK Underground Mine. You can see the OK Underground Mine that you just saw in 3D in plan view on the right there. If you step 600 meters to the north of Star of Erin there, up on the page, we've discovered this very high-grade zone at what's called Racetrack.
It's called Racetrack because it's under the racetrack in Norseman, which is no longer used. You can see there very strong widths, very strong grades. We've defined a high-grade core there now that's about 500 meters along strike, approximately the same size as the Star of Erin and O2 lodes that we are mining together. We're doing our second program in there at the moment. If that continues to demonstrate the results that we've seen in that first program, we have plans to put development out there within this year and to fully drill it out from underground. We absolutely see that as an opportunity for another underground mine over the next 12 months. The Scotia Mine is our largest mine at this point in time. It's about a kilometer in strike length.
You can see we've got three individual declines rolling down through there. Most of that mining's been in the central area, up until now. We started the underground development approximately two years ago now. We've now got, you can see that development out to the northern side of the mine, the right-hand side. That northern side holds about two-thirds of the reserve there. It is higher grade by about a gram, compared to the central areas. Again, we expect to see growth out of Scotia as we go through the year. You can see all the callouts here. All I'm really pointing out there is you can see the base of the resource as it currently stands. You can see all that drilling in the central area.
That is, effectively we've added four levels to that central area, and they will come into the reserve and resource estimate over this coming year. While we have a large long life here at Scotia, we are continuing to reinvest in exploration there and substantially expanding that deposit as well. Moving on to the Gladstone pit. You can see it's out on the edge of the lake, we are starting to deal in these lake areas. Again, it's a base load of feed while we get those additional underground mines up and running. We expect it to produce 50,000 ounces over the next two years, 20,000 in the next year and 30,000 the year after. We've had great success with our drilling here.
We initially had stages one and two, which is shown in green and yellow there, approved through this year. We've drilled out stage 3, which is shown in blue. You can see it's substantially larger. It's also shown to be quite great grade. It's about a 3.5 gram open pit now. That life's extended out to roughly August 2028. You can see the drilling that's outside of that pit shell. We are drilling for a fourth stage there, which would see that pit progressing further again. At the same time, we're right at the early stages of doing the next stage at Green Lantern. We've mined a single stage on Green Lantern when we first started operations. It reconciled very well.
It's a lower grade deposit, but it has a life of approximately four years to tick away and build some really big stockpiles. Really low strip ratio of sort of 6 to 1. We will turn this pit on and off as we go through the coming years. We'll mine it for this next year, and we'll build a very substantial stockpile on surface, which will underwrite that step up in mill capacity. Looking at the really exciting stuff now, the growth. This is the main field that I've been talking about. It's six kilometers from north to south. It's produced just over three million ounces of gold historically, and large parts of it have not been mined since the 1970s. That Crown Reef in particular was all accessed by shaft and rail previously.
Western Mining Corporation used to put a shaft down on the ore body, develop north and south, mine it bottom up. They did very little drilling. We've drilled about 30,000 meters in there already. We'll drill another 50,000 meters in there this year. We have announced that we're starting mining in the O'Briens Lode, you can see that down towards the bottom of the diagram there. The Bullen Decline that you see, Bullen wasn't discovered until the 1980s. It's the only thing that's been developed in the main field with modern decline methods. That's given us the ability to get in there and access all of these ore bodies that weren't really accessible for exploration previously. We have very active drill programs going right along that sort of three-kilometer strike length.
Just to give you an idea of some of the stuff we're drilling. The Crown Reef here was last mined in the 1970s. The areas that are shown in pink there are the stoping grades. You can see that's produced 1.1 million ounces at 11 grams a ton. All the areas that are shown in gold there sit outside of the resource and reserve at this stage. That will change in September. There's a very small part of it coming in that next update. What we see is the bottom half there that's had roughly 5% of it mined so far has very similar development grades to the top half of it. We genuinely see this as a million-ounce target.
Over time, the areas that you see within those bright colors that haven't been mined, they look really small at this scale. They look a little bit better on the big screens compared to an A4 page, but they still look small. The one on the right's 300 meters by 250 meters. The one next to it's about 300 meters by 300 meters. These are full mine-scale zones that weren't mined in the previous iteration. I think we've done quite a bit of drilling in those pillars now. We see great results in there. I'm just showing you the very first hole that we've drilled right in the middle of that first pillar to demonstrate these aren't areas that were left because there's no gold. That was the first hole that we drilled.
We drilled just under six meters at 35 grams a ton. Everything you see there is visible gold. There's no sulfide in that. That's the sort of high-grade opportunity that we're chasing. At the same time, as I said, we've announced that we're mining into the O'Briens Lode this year, we're finishing off the last of the dewatering and rehabilitation at the bottom of that Bullen Decline at the moment, and that development will start. On top of that, we've actually got a number of other areas that aren't yet in the resource reserve. Butterfly's a great example. The decline that you see there, we purpose-built that for exploration of that lode. That lode has been mined almost completely back up to the top of it near surface.
We've got enough drilling in there now to get in there, develop the first couple of levels and really start delineating that ore body. You're going to see a lot of growth over the next few years in the main field. We expect it to get up to something that's sort of bigger than what we see at Scotia. Finally, I just wanted to touch on the greenfield exploration opportunity that we have here. The lakes, as I said, have been barely touched. Western Mining explored them for three years in the early 1990s. They discovered a deposit called Harlequin, which is over 1 million ounces at 10 grams. When they discovered that, they downed tools and everything else. A number of large prospects there. We've got a large aircore drilling program, first of all.
We'll do about 80,000 meters of aircore this year, and that's all part of a stage-gated process to get us to a large discovery. Hopefully, something like Gold Fields has seen up in Kambalda. Thank you very much for your attention today. Hopefully, you can see the huge potential that we see in Norseman. We think it's a fantastic time to be getting into the company and really growing with the operation as we have it. Thank you