Thanks very much, Tim, and thanks, everyone, for getting up and coming to this first session this morning. I just want to paint the picture of Norseman first up. It is a simple, typical Western Australian production story where we have two producing underground mines. We have one producing open pit mine. That will be two producing open pit mines as of the end of this month. We have a third underground mine in development. We have a production target of about 90,000 to 105,000 oz in the coming year, that's going to generate very strong cash flow, as we have over the last couple of years, and I'll go into that a little bit more in a moment.
What differentiates us here is I think that as we've gone through the build and development of this project, we've done it a little bit differently to most. We've spent very little money, not taking anything at all away from the stories that we've heard here this morning. I think that total exploration and then build cost for our processing plant was roughly what Lunnon has spent so far in drilling. I think that we've raised about what Santana's raised in total to be up into production. Like I say, it's not taking anything away from those guys at all, it is a little bit of a different approach, where we said we can get this asset into production quickly, and we can continue to grow that asset into a very large, high production asset over a period of time.
That's what we're going about and doing different. I like to think of it like an Aldi supermarket. I think good different. Just having a look at the corporate overview. A few things I want to point out here. You can see our cash and gold at the end of last quarter sitting at just under AUD 225 million. That's after we bought back about AUD 15 million worth of shares in the last half. It's after we've funded a small producer, Mega Resources, to build their plant and add to our stocks. If we go back three years ago, we were just surviving. We barely had a pulse. We actually raised capital here at Diggers & Dealers. If we go two years ago, we had completed all of the capital raises that we have done. We had net cash of about AUD 80 million.
Over that period, you can see that we've added a large amount of cash to the balance sheet, that's with a backdrop of a huge amount of growth work, where just in the last year alone, we've spent about AUD 55 million exploring, that's starting to generate some great results as you'll see. We've spent another AUD 65 million of major capital, that's all been funded out of the AUD 270 million of EBITDA that we've generated over the year. The rest has been cash going to the balance sheet. Again, it's a different strategy to many, I think it's a strategy that's really worked overall, it's really created a balance sheet now that will allow the company to continue to power forward.
I think before I step off this, in terms of talking performance, I have to apologize if you're waiting around for the credits to see a bull passing gold or to see Cookie's brain and mouth being separated by an ore sorter. I'm sorry I don't have any videos like that this year. We'll try to keep it a little bit entertaining anyway. In terms of where we lie, you can see we're at the, shown in red there, we're at the southern end of the Wiluna to Norseman Greenstone Belt. We're surrounded by big producers, Westgold immediately north, followed by Goldfields around Kambalda and Northern Star. We have 70 km of tenure there. We have something like 26 different known resources. To date, we've only drilled about 30% of those.
Most of them we've only drilled in the very top parts and they all have good, strong legs at depth. We have a huge amount of growth to go on here. In terms of what we're currently mining, you can see the spread there. Scotia is the furthest away from our plant at about 35 km by road. The OK Mine very close to the plant. We'll focus on the main field a fair bit today. That's our major growth center as we move forward. Looking at the context of our tenure overall, Norseman has been unloved for a very long period of time. I compare in the center there, the Norseman tenure with the Goldfields St Ives tenure. Western Mining decided they were exiting gold in the early 1990s. They stopped exploring at Norseman. Norseman went to a series of smaller companies that weren't well capitalized.
They fell over quickly. Kambalda went to Goldfields. Goldfields has put in a huge effort there and discovered somewhere in the order of 13 or 14 million ounces of gold in the time that Norseman hasn't had a single drill hole. In particular, those salt lakes that you see in the photo in the center there and marked in white on the right-hand side. Massive discovery up on the lakes in Kambalda in the Invincible discovery. Norseman had exploration on those lakes between 1990 and 1992 with Western Mining. There's multiple targets there that have got between six and 18 holes in them. They've all got +10 g hits in there. That is the entirety of that exploration over the period. We're now back on those lakes and exploring. We'll talk about that a little bit more as well.
Hopefully you can hear from all of that, we are very, very focused on growth. We'll spend nearly AUD 50 million again on exploration this year. As I said, we're starting to see that exploration translate into new mines now. Certainly through FY 2027, we expect to pick that production up from where we were to around 100,000 oz this year, in the longer term, our aim is to replace all of that lower grade open pit material with high grade underground material and take our production to 200,000 oz+ . It won't happen overnight, but I believe that it will happen. Our processing plant is in a great position to do that for us. We built it with a comminution circuit capable of processing 1.5 million tons per annum. We've been sitting at 1.2.
When we have those high grade resources in front of us, we will increase that to 1.5 You can see the production profile that generates with the bar chart on the right-hand side there. 4.5 g a ton is our lowest reserve grade underground at the current time. You can see that if we can fill the plant with that grade material and better, we're at the 200,000 oz and better. Looking at our operations now, the OK Mine has been a great performer for us. It's produced in the order of 30,000 oz a year since we started in 2022. We're mining on the O2 Lode and the Star of Erin Lode there. We've done a large amount of drilling in-mine. We've grown the reserve here year-on-year after mine depletion every year since we've started.
We believe this mine has a long future ahead of it. In addition to that, we are drilling in the area around OK and looking at potential new discoveries. Just as of May, I think that we can confidently say that we've found one. The Racet rack deposit sits 600 m to the North of OK, so it's directly accessible from the upper areas of the OK decline. We don't need to replicate any of that infrastructure. We can put its own ventilation circuit in there and make it independent. You can see the phenomenal grades that we're seeing there, some great widths. Relative for Norseman, the consistency in this has been the best thing that we've drilled. The ore widths that we're drilling are the best things that we've drilled.
You can see the grades there, by any comparison, are as good as you get. Within that high grade purple zone that you see there, the vast majority of those holes have been displaying abundant visible gold, and I'd encourage you to have a look at the release that we got out yesterday on our latest drilling to see what that gold looks like in the core. This is a classic sheeted quartz vein. Exactly what we're aiming to mine right across the area. You can see it's a plunging shoot at the moment. Everything to the right-hand side of the screen there that is shown in green, you can see the black dots where that is drilling to happen. The only reason at the moment that we don't have mineralization beyond what we show is that we haven't put a drill hole in it yet.
It is a new discovery. We've got multiple drill rigs on here continuing, and we're going to continue with that for the foreseeable future. We're also expecting to put an exploration decline off of the top levels of the OK Mine within the next couple of months. That'll be a 450-m drive that'll allow us to grade control drill it from underground and get into mining very quickly. This, I think, is a real demonstration of what our exploration program is capable of achieving. We're looking for deposits that are 500,000 oz+ and our exploration team is very excited about this one and think that this might be one of those early successes. The Scotia Mine, we started mining underground here in May 2024, so it's only a couple of years old. Everything that's shown in red there is what we've mined since that time.
We have finally got to the northern area of the mine, which has about 2/3 of our ore reserve. Coming into this year, it really opens the mine up for us. We've been constrained over the last year to just mining in that central area of Scotia there. We've done a lot of drilling in central as well, so we have added four new levels, so basically 100 m vertical to Scotia over the year. We are continuing to grow that deposit as well. Getting into the North and restarting the South there, now that you can see, we go from one production area to three over this year. That gives a huge amount of flexibility and we'll see that production continuing to increase from there. Mining in open pits as well, as I said, the Gladstone Mine.
We expect Gladstone to produce about 20,000 oz in this coming year, 30,000 oz in the following year. I think really importantly, what we've seen in our drilling for the Stage 3 of Daisy is that we've really picked the grade up as we've headed North. We've got an additional ore body in there. As we go into next year, we're sitting up in the mid- 3 g per ton sort of ore feeds out of Gladstone. It's nearly as good as the underground feeds that we're working hard to replace with. That's Stage 3 that's shown in the blue line there. Finally, in terms of what's operating right now, the Green Lantern Mine. We mined the Stage 1 of Green Lantern when we started in 2022. It reconciled very well.
This is a large, lower grade ore body that allows us to build some big stockpiles, give us real continuity in our processing. It's all fresh rock, which is important for our plant. We will mine it for the next year. We expect to put just over half a million tons on stockpiles in addition to what goes through the processing plant between Gladstone and Green Lantern. We've got the ability here to switch Green Lantern on and off as we require it going into the future. If we were to mine it with a single fleet continuously from here, we'd be mining for roughly 4.5 years. It's a large, long-term ore source for us.
In terms of the growth, like I said, all of our focus really has been on the main field, and you can see OK down to the bottom of there. OK forms a very southern part of that main field, I consider Racet rack, which is a cross-linking structure similar to Bullen that I'll talk about in a moment. That forms part of that overall mainfield architecture. We have, through this last year, been able to re-access the Bullen mine. The Bullen mine is the area there that you see plunging down the page. It's the only area in this whole 6 km that has been developed with a decline. Historically, everything's been mined with shaft and rail. The Crown Reef, which I focus on there, and is a real focus for us, last mined in the 1970s.
No one's been able to get good access to exploring in these areas until we've got through Bullen. We've spent a huge amount of money over the last year. We've rehabilitated roughly 7 km of decline. We've done about 1.5 km of development down here. We're now at a stage that we're drilling all of those initial targets. We've got three individual ore areas that we will develop this year. You won't see a lot of production from the main field just yet this year, but we will have three areas coming to production. First of all, the Crown Reef and the Southern end there is, on the left-hand side, is Crown South. That does form part of our development plan as it stands. The Crown Reef itself, you can see has produced 1.1 million ounces at 11 g historically.
That's the sort of quality that we're talking about. All of that has come from those high-grade stopes that are shown with the purple colors there. All the area shown in gold currently sit outside of our resource and outside of our ore reserve. A chunk of that will come into our resource and reserve when we update in September this year. You will see an appreciable increase there. The real feature that excites me about this is we take those stope and grades off and the development grades in the top half of that Crown Reef look very similar to the bottom half, where there's been almost no mining happening. We genuinely see a sort of million-ounce target just in the Crown Reef itself. The Mararoa Reef, which runs next to the Crown Reef, has produced 1.4 million ounces.
Apart from a small area that we're getting into to mine over the next couple of years, at the moment, we haven't even looked at drilling that Mararoa area yet. These are huge targets that we're rolling through. You can see Crown South there, and another deposit called O'Brien's in green below it. That is one of the areas that we're going into mining this year, as is the Butterfly Zone. The decline that you see in Butterfly, we have again, off of the Bullen decline, developed to drill test the Butterfly area. Huge grades, fairly narrow width, very typical Norseman, but enough for us to be very comfortable that we're going to go and put the first couple of ore levels in, assist us with our resource estimation and basically build on it from there.
Going to the south of here, we have 1.5 km of strike where it's been almost continuous mining above it over that entire length, and there's just no data beyond. We've drilled a fair bit of it right at the southern end from surface. We have good results from there, and the work that we've done up near the mine now is really supporting us accessing it all from that Bullen decline. It's all a very simple prospect with individual mining areas off of the one underground access. Finally, I touched on the Greenfields exploration. We are out on those lakes now. I think we've just completed a drone-based magnetic survey that our geologists assure me is the largest drone-based survey that's been completed in Australia to date. We've got some incredible definition on the structure in those lakes now.
We're going through a systematic air core drilling process at the moment. From that, we'll start to zero in on those key targets and hopefully translate to a big discovery. I should say on these lakes, that two and a half years that Western Mining explored, they found the Harlequin deposit right on the edge of the lake. They downed tools and everything else when they did that. They went on and mined 800,000 oz at 10 g out of that. That's the sort of size and quality of ore body that we're hunting. That's all I've got for you today. Thanks very much for your attention. Hopefully, you can see that we are just touching the tip of the iceberg here. We are a production story that is generating a lot of strong cash flow.
More importantly than that, we have, I think, the most prospective gold field in Western Australia, the most prospective mature gold field, certainly, that has had basically no drilling for the last 30 years. For the first time, I think, in its history, we're able now to put a huge amount of capital investment back into this area. We already have a reserve that's roughly 3x bigger than it has been in its whole 100-year history, and we're aiming to double that again. Thank you very much