Ladies and gentlemen, thank you. Please join me in welcoming Mr. Mark Utting, Senior Vice President with Discovery. Mark.
Just waiting to see if my slides are coming up. Oh, there we go. Okay, there we go. Great to be here. I haven't been here in a couple of years, and we fully realize how important Europe is, and Switzerland and Zurich in particular. I started out yesterday and actually somebody, a very astute investor, as all of you are, said to me, "I look at your name and I see Discovery Silver. Are you a gold company with a silver project, or are you a silver company with a gold production in your portfolio?" I said, "It's a good question. We get it a lot." We did a renaming exercise last year, and what you can tell from this slide is we decided we're keeping Discovery because after all, every mine started with a discovery. We will look at the back part of the name.
When you think, if you ask the question, what are we? What I say is, what we are is a North American precious metal company with one of the world's most compelling growth stories in the gold space through our Porcupine assets in northern Ontario and one of the world's most attractive development stories in the silver space with our Cordero project in Chihuahua state in Mexico. At the end of the day, regardless of what you produce, what it really all about is generating returns and creating value. Boy, we think that those assets create a very solid foundation for doing that, and if you've seen our share price, we've been doing very well and expect to continue to. I'll get into the details, but just before I do, I'll go through the cautionary language slides. They're on our website.
You can look at them at your leisure. Going to slide four. I'll start really at the end because we get asked a lot, "Okay, you've got all these opportunities. What does it roll up to?" Well, as we sit here today, we're working on things, projects that will take our production in Porcupine and around Timmins, Ontario, from 234,000 ounces last year to half to three-quarters of a million ounces a year within the next three to five years. At the same time, we expect to develop our Cordero project. So right around that same three to five-year period, we expect to start producing 14 million ounces of silver. All our production, regardless of the precious metal, will be in the lowest half of the cost curve, and our goal is to continually run down those costs.
Everything you're seeing here, I want to tell you, we're approaching from a very strong position of financial strength. We ended 2025 with over $400 million in cash, and these are all U.S. dollars I'm using. No debt, $250 revolving credit facility with a $100 million revolver. We're very well capitalized to achieve what we want to do. We have two technical reports outstanding right now. One is at Porcupine. It was a PEA-level report we did with the acquisition announcement. By the way, we acquired these assets from Newmont as part of their divestiture program. We didn't do a lot of work. This report really drew heavily on their mine plan.
We did some, but really none of the major investments and very little of the upside that we have were included in this report. Even with what we have, at $4,000 gold, you get an NPV of over $4.5 billion. Cordero has a feasibility study that was done in 2024. I mentioned the 14 million ounces a year of silver production. You're also getting over 200 million lbs of zinc and 150 million lbs a year of lead. Very low cost and using $60 silver, we also have an NPV based on that study of over $4.5 billion. I mention that because those numbers are important because, yes, our stock has performed very well. In fact, we were the top-performing stock on the Toronto Stock Exchange last year.
If you look at those reports and those studies on these projects, you can use whatever price you want, but using those prices, we still have significant long way to go in terms of getting the value we have reflected in our share price. That is without all the improvements that we are currently making at the existing operations, at our key growth projects around Timmins with exploration. I'll tell you, I'm going to review it very quickly, but I will. If we had nothing else other than the exploration rights in this camp, we'd probably be one of the world's most valuable exploration companies, we think. We just announced an acquisition of Glencore's Kidd assets around Timmins, and this is a very important development I'll talk about. This is the production profile from the technical report on Porcupine that was released last year.
As I said, drew heavily on Newmont's plan. A lot of our investments and enhancements aren't included, but what you see is solid growth and improving unit costs. A couple of very important things here are we're already beating these numbers. We beat them last year. We're on track to beat them this year with production targeted to be close to 300,000 ounces. You'll see just based on the report, AISC is scheduled to come down significantly. I'll tell you, if Tony was here right now, Tony Makuch, our CEO, he would say, if by 2031, if we have AISC of $1,275, somebody's in a lot of trouble. We will continue to drive those costs down.
The arrow on the right is really where we expect our two biggest projects, Dome and TVZ in Timmins, to come on, and that they are critical to that reaching three quarters of a million ounces. I'm going to get in very quickly to what exactly it is we bought from Newmont, and we paid, by the way, $200 million in cash and $75 million in equity. They have since sold that equity. There are some deferred payments starting in just under two years to go with it. The three operations included in last year's technical report are Hoyle Pond, Borden, and Pamour. Hoyle Pond and Borden are underground mines. Hoyle Pond is one of Canada's highest grade gold mines that started in 1987 with about 60,000 ounces.
To date, they've produced 4 million ounces of gold and counting, and I'll show you, based on drilling we're doing, we expect to be producing at Hoyle Pond. That track record of replacing reserves and ounces in the ground will continue. Borden, at one point, was Newmont's largest land position in its global portfolio. It's 1,000 sq km. Almost all the drilling's just been on the one mining trend that is currently being produced. We've already extended that mining trend. This is the old Probe project that they had, that they acquired. We see a very good growth opportunity. Tony likes to say that this is the mine that has the potential to become a camp, and we are getting drills, doing district drilling here. Pamour is a historic mine, but we're ramping up a new open pit.
In the technical report, it was 150,000 ounces a year for 22 years. That was largely driven by anticipated milling capacity. Milling capacity is a key subject that we talk about because it's one thing was clear, to reach three quarters a million ounces, we needed increased milling capacity, and that's really where Kidd comes in and Dome, which I'll get to in a moment. We call Dome the game changer, and the reason for that is we get very little value for it from the analyst community. It's got 11 million ounce inferred resource on a site where there's been 17 million ounces of production since 1910. We're doing studies there now to upgrade that resource and put the plan in place to resume mining at Dome, and again, in the next three to five years.
TVZ's a large zone adjacent to Hoyle Pond right beside it, and I'll show it to you in a moment. Owl Creek is a very good exploration target, three km along trend from Hoyle Pond, where we already are getting very good exploration success. Hollinger-McIntyre I won't spend a lot of time on, but it has potential to be something very special. These two mines are adjacent to each other, as you can see right here. They produce 30 million ounces of gold between them. There hasn't been mining there other than the project in the Hollinger pit, but the larger projects in the underground in decades, we think there could be tens of millions of ounces there. This isn't in our three quarters of a million ounces, but this could be a super pit opportunity sometime in the future. Kidd.
We announced on March 2nd the acquisition of Glencore's Kidd Operations in Timmins. I'll show you where they're located, but I mentioned the issue around milling capacity. With these operations comes the Kidd Met Site and tailings facility, which is a processing facility right beside Hoyle Pond. Also, it's a large tailings facility. It could have up to 50 million tons of additional capacity. We also get the Kidd Creek Mine, copper, zinc, and silver, which actually last year was Glencore's most profitable mine, and there's lots of synergies and other opportunities for us. We're getting very important infrastructure, land, power, 90 MW of power, and water that we need for Porcupine to reach its full potential. Here's Dome. I told you that we call it a game changer because we get very little value for it. What you see here is the existing pit.
The mill is in yellow, including a three-stage crushing that goes around the existing pit. We're working on a concept at Dome. The 11 million-ounce pit shell is the purple. We're working on a concept, which is the red pit outline, that would get us 5 million ounces-7 million ounces of that in our view and would not require us to move the mill. That's very important. We're doing a study on this that'll be done late this year in terms of bringing Dome back into production. Again, it's a large resource on an existing mine where there's already a pit, and the mill's right beside where we're going to be mining. Clearly, it's got a lot going for it.
Getting to the milling question, because we get asked about this a lot, there is a study on our milling strategy going on and the Dome Mill specifically. One scenario we're looking at is taking Dome to 15,000 tons a day. We had talked about going to 30 and then dedicating Dome Mill specifically to process ore from Dome Mine. At Kidd Met Site, it is a large milling facility that gives us a lot of optionality. It's got four independent circuits. What we're looking at doing is putting a conventional gold circuit in Circuit A, which is idled right now, which would allow us to process everything else we're doing right now, except Dome. B and C are used for processing Kidd Creek. Kidd Creek, Glencore was going to close at the end of this year. We're not closing it at the end of this year.
We're going to continue to do work and drilling, and we'll make a determination. Right now, those circuits are dedicated to that. We're going to look at putting a gold flotation circuit where the nickel flotation circuit is now in D because TVZ has some refractory elements to it. That's another thing that we get by virtue of this acquisition. We get access to existing flotation circuits to do refractory ore. Just in terms of catalysts and what all this means, I'm going to just run you through some 3Ds very quickly, but we've already had two exploration releases. They were very positive. Virtually everywhere we're drilling, and we're going to continue to have updates during the year.
We're doing the study on bringing Dome back into production, on Dome Mill and the Kidd Met Site to put our milling strategy together, updating the existing technical report and launching an initial 43-101 resource for TVZ. All of these studies likely come together or very close to together at the end of this year. Cordero, obviously, if you know Cordero, you know permitting is the key question, and I'll talk about that shortly. Once we get the MIA approval, and we think we're going to get it soon, we'll be updating the capital and cost estimates from the feasibility study, and that'll take about three to six months after we get the permit. That will be released, obviously, we believe sometime this year because we think we'll get the permit soon.
And then the big deliverable for us to release our first multi-year guidance, in February next year when we release our full year-end results just prior to the BMO conference. And that's where we'll be able to lay out both the ramp-up in production, driving down costs, and the capital that's going to be involved in getting us to three quarters of a million ounces. I mentioned the exploration and just how attractive the exploration upside is. This year we're doing about 280,000 meters of drilling. We've already had two press releases, as I've indicated. Our budget is somewhere between $55 million and $75 million. I won't run through these specifics, but what I'd like to give you is just kind of a sense of what the upside is and where we're drilling. This may take just a second. This just gives you a sense of where everything is located.
As I mentioned, Kidd Creek is out here right beside Hoyle Pond. Pamour is there. Dome's here. Owl Creek, that target. Kidd Creek Mine is up here, by about, I believe, 10 km. Everything's very closely located within a very short distance, and if we can take things from Hoyle Pond and Pamour to Kidd Creek, excuse me, Kidd Met Site instead of Dome, that saves us a lot of money in transportation costs. I'm going to show you Hoyle Pond first. Again, 4 million ounces have been produced here since 1997. We are getting very good success continuing to extend the S Zone, the deep zone where the bulk of the mining is right now. Our plan this year is also to drill out a number of zones mid-mine that were just more or less left behind, and we're undertaking that now.
We're also doing some mining and going to be doing drilling in the upper part of the mine. This is TVZ. We have three drill rigs turning there now. As I mentioned, it is right beside Hoyle Pond. You talk about the benefits of the Kidd acquisition. We will look at all options here. I mean, Hoyle Pond and Borden, I didn't mention, were really capital-deprived for a long time, and what that did was make them operate well below capacity, and we're committed to getting them back up to capacity. Also, they didn't invest in ventilation and proper truck fleets and really the essential infrastructure as you go to depth. We will look at all options. We are putting internal vent raises in now.
The one thing about Kidd, if we decide to put, say, a vent raise to surface or do a shaft to produce everything from it, which would take care of all the ventilation issues, we didn't own the surface rights before Glencore did. Through this acquisition, we also get the ability to look at optionality here as well. This is quickly just Owl Creek. It's three km away, and we're getting very good drill results from surface to about the 650 level at Owl Creek. Really what I mean by showing you all this about Hoyle Pond is when we sit here and tell you we think that track record of replacing ounces is just going to continue, and we're going to be mining at Hoyle for a very long time. I'm going to go to Pamour now, and it's a three-phase pit design.
As I mentioned, 150,000 ounces over 22 years in the technical report. These are just some of the results that we've gotten. What I really want to focus on here is when we talk about that mine plan in the technical report, this is the shell that's going to do it. There has been lots of drilling here with very good results all around this area, and a lot of this isn't drilled. If you go out, you'll see that there's the Pamour West target. There's drill results extending far to the east and west. When we say that Pamour can get a lot bigger, believe me, it can, and we're going to look into that. I mentioned Dome. I showed you this visual already, but just to give you a sense of the optionality of Dome.
Yeah, we have the 11 million ounces. Again, this is drilling since 1990. We not only have the opportunity to continue to grow this as an open pit, we will revisit underground mining at Dome again. Just finally, I'll show you a quick visual of Borden. Again, on 1,000 sq km land position, almost all the drilling's been along this one trend. We've extended this trend. In fact, we've proven the mineralization extends at least a kilometer further from the end of the resource. We're backfilling that in. We're also going to be drilling at a district level. I'll just quickly say about Cordero, I mentioned it sooner. Basically, what's happened at Cordero is everything is done in terms of our permit. You may have seen in Mexico, Silver Tiger got their permit. There's been a few permits.
We know that the project was reviewed with the President in late January as one of several key projects for the country. We understand it was basically green-lighted at the executive level. SEMARNAT has told us there is no additional work to be done, that we came through well on all the studies. No more information is needed. It is our understanding, basically, we're looking at a government administration exercise. When we say that we are confident we're going to be permitted very soon, that is the basis of that optimism. I'll say once we get the permit, we will be paying a fee, about $80 million fee for the change of land use we have to do.
We'll also be finalizing our financing, doing advanced engineering, and we could be ready to go shovels in the ground if we get this in the next few weeks or next couple of months, by early next year. With that, maybe I'll stop right there.
Thank you. Sadly, we're out of time, but please join with me to thanking Mark for that presentation. Thank you.
Thank you.