It's a huge step forward for us. I won't go through the forward-looking statements, but when I jump into the Eldorado story at the moment, George Burns, who's here today, has done a great job of taking this company to where it is today over the last 9.5 years, and we're really coming up to this inflection point. When you look at Eldorado today, what is it? It has a peer-leading growth profile. We've got gold production coming online this next quarter. We've got copper coming online as well, and we'll walk through that in a second. We've got underlying long-life assets that underpin the value of this company, and we're focused on execution as we go forward. We've just finished two big builds. Now it's time to take a pause, take a breather, and focus on the execution and operational excellence.
With that, we're getting to the cash flow inflection point, and we'll have a good graph on that a little bit later on. But effectively, we're going from a big investment company into generating a lot of cash in the next year. So next year should be a lot of fun, and that'll allow us to look at increasing shareholder returns. We started a small dividend at the beginning of this year, and we have a chance to actually look at increasing that next year, and we'll come out with a new plan on our capital returns, including potentially buybacks as well. So we've put back almost $400 million to shareholders through a dividend and buybacks over the last four quarters, and we have a chance in the quarter one next year when our guidance comes out to actually reset that at a new level.
We've got future internal growth, although we are taking a pause probably for 2027 after these large builds, but that can be funded internally through the cash flow that we have going forward. Just a quick snapshot for those who aren't quite as familiar with Eldorado. We've got the three mining jurisdictions. We like the spread across these. Two assets in Canada, two in Greece, and two in Turkey at the moment. Very long mine lives. For most gold mining companies, 13+ years is quite exceptional. We've also got the new copper exposure coming into the portfolio. This next quarter, as we're ramping up to commercial production, roughly 15% of our go-forward revenue will be coming from copper. Just quickly going across that portfolio from left to right, Lamaque's been a nice generator of profits over the last seven, eight years.
It's producing about 200,000 ounces of gold on a very consistent basis, has huge exploration and expansion potential. McIlvenna Bay, the newest asset into our portfolio in this past year. It's a copper, zinc, and gold asset. Huge district potential, 1,400 sq km. It's not just the mine you see in front of us. It's actually a huge potential there that we hope to discover multiple mines. It's in a district just down the road, effectively from the Flin Flon district, where I think there was 27 mines discovered over the last 100 years. So there's only one in the area that we're in. So we see that as a huge opportunity going forward.
Turkey, the two mines produce over 200,000 ounces of gold, have generated a huge amount of cash for this company, helped be the engine to generate the cash to build Skouries and other assets along the way, and they'll just continue doing what they're doing. Olympias, a little bit smaller, 60,000-70,000 ounces of gold production in northern Greece. We'll be increasing that with our expansion underway right now to probably 70,000-80,000 ounces. And obviously, the flagship new asset, Skouries, which you saw a picture of on that first page, is coming into production here this quarter. We also have the Perama Hill exploration or the development project, which is in the middle of permitting at the moment in northern Greece. So a spread of six assets across three jurisdictions at the moment.
Just looking at Skouries a little more closely, this is a 20-year mine life. It'll produce roughly 150,000 ounces of gold on average over the whole mine life, about 70 million pounds of copper over that period of time as well. And because you can see it's basically constructed, the open pit's been operating for the past 1.5 years Or so. We've actually started in the underground as well with two test stopes. We have almost 4.6 million tons, 4.7 million tons on the stockpile in front of the mill right now. So six months of ore is sitting in front of the mill. And we've had very good grade reconciliation on that as well. So we're really happy with where we sit going into production in the next quarter. As I said, the main substation, fully energized now. We're unplugging all the gen sets.
We had 36 MW of gen sets. We no longer need that anymore. The tailings filter area, we put a picture of that on here. It's the last area to be commissioned. We're in the process of commissioning the first two of the filters right now. We've got six of them. Those should be done in the next week or so, possibly two weeks, and then we're starting our real ramp up now that we've got the full grid power as well. So Skouries is in a great place. It's the newest critical minerals project in the EU, and from next quarter onwards, it'll be generating a lot of cash flow. McIlvenna Bay, just quickly turning to that. It's a strategic minerals project in Canada, designated under the Major Projects Office as one of the first projects under the new government to be put into production.
So really excited here as well. It's just a little bit ahead of Skouries. We've generated first concentrate in June. That was a copper concentrate. Zinc was generated in, I think it was July, and now we're working our way towards commercial production here. So pushing hard to get to commercial production as quickly as possible in Q4. This is, again, like I said, it's an 18-year mine life, but we'll be announcing also a new resource at Tesla in the next quarter, and that has the potential to double that mine life. So it's something that for us, we thought, we're going to go in here, we'll get this mine built. We can look at the whole district scale potential, look at mine expansions and plant expansions, and we think we'll be here for 30-50 years at least.
When we step back, as I said, we want to take a little bit of a pause this year in 2027 going forward. Big projects are done. All that capital's been spent. We need to start harvesting the cash from that period onwards. There's small optimization expansions that we are focused on. They won't take a lot of the cash flow that we'll be generating. In Q4, we'll be getting the Kisladag secondary crusher up. In Q1, the Kisladag whole ore agglomeration will be starting. That'll allow us to bring the leach cycle in. Bring this mine into a slightly less working capital intense project, get the heap leach more efficient, and actually bring us back to sort of 130,000-150,000 ounces a year. As well, Olympias is in the middle of an expansion.
It's quite small relative to the other two projects that we have underway at the moment. It'll be into production in Q1, ramping up into Q2. That'll expand the throughput by about 30%, take us up towards that sort of 80,000 ounce mark per year. In terms of expansions, these are a little bit further out. I think Tesla at the moment will be able to announce probably in December, this new resource. We do think it has a good chance to double the mine life. It's more zinc heavy and got a bit of copper as well. It's open at depth. It's open in all directions, so we're really excited about that.
The other two projects on the list here, they're more for later on, but we have an expansion at Lamaque and also an expansion at McIlvenna Bay that we'd like to get to. Likely, those won't start for a few years, but we're working on the studies at the moment. Those studies will be done next year. We'll have a staged expansion at Lamaque going to 5,000 tons per day. We're permitted to go to 5,000 tons per day already. It operates at about 2,600 tons, 2,700 tons, 2,800 tons per day at the moment. McIlvenna Bay, as we said earlier, it's got a long mine life. We got to find some way to bring that value forward. I think the first step is a 7,000 ton per day plant. Currently, it's operating at about 4,900 tons per day as it gets into commercial production.
The really exciting projects a little bit further out in the pipeline, we submitted in the EIA in Greece, for the Perama Hill project. It's a 3-gram open pit, about 100,000 ounces a year, eight-year mine life. It's got a zero strip ratio. I don't know what the economics will be when the new feasibility comes out, but you don't need that feasibility to know this is going to be a heck of a mine. As well, there's also satellite targets in the oxides. There's also sulfides below this pit. So it's going to be a really exciting project for us, but it probably wouldn't start construction at least till 2028 at the earliest. So we've got a bit of a breather here in 2027 before we start it. In terms of the balance sheet, how do we fund all this growth?
We've basically got $550 million of cash, $1.7 billion of debt, so a net debt of about $1.2 billion at the end of last quarter. $11 billion market cap, and we've been able to return about $400 million to shareholders. We're really proud of that. Normally, you'd wait till you finish off the projects. We felt we had the confidence in these projects that we'd start a small dividend. We started that in quarter one. It's about $20 million a quarter, and we'll look at extending that a bit further next year. As well, we've gone ahead and started the buyback. Our share price has been trading at a discount to NAV, and we've been quite aggressive for over three quarters.
We've paused it this past quarter, and we'd be looking to restart that if our discount is still existing there in the market as we get these two projects into production. Where is that growth coming from? We talked about Skouries, that gold growth's coming directly from Skouries. It'll be about a 40% increase in gold. That'll be about the 150,000- 70,000 ounces coming from Skouries over the next year or so. As well, we're going from basically zero copper production to about 110 million pounds of copper per year. That's split about 70 million from Skouries and about 40 million from McIlvenna Bay. How does that translate? Or, sorry, I wanted to talk about a couple of the unique features of Eldorado and why Eldorado is so exciting.
When you look at the mine lives across the sector, and I've been involved with a number of gold mining companies, you're quite often chasing your tail trying to extend mine lives, trying to push them past 10 years. One of the exciting things here is we already have a 13-year or 14-year average mine life across the whole portfolio. A number of them are over 20 years. A number of them have clear pathway to being a 20-year mine life. We want to keep pushing that mine life up to the right into the high teens as we continue exploration. We've committed to about $90 million of exploration this year. We'll probably be pushing $100 million in the future as well.
As well, from a sort of a unique perspective, I think Eldorado's done a great job of embracing the technology as well as sustainability in the way we do things. I give all the credit to George and the team who've done this over the last eight, nine years. From a technology perspective, we've gone ahead with automation at a number of our sites, teleoperation, autonomous drilling. It's working fantastically well at Skouries already, as well as remote blasting. We've also started virtual reality training at our testing center. AI fatigue monitoring, we've seen a real benefit from that in terms of our safety statistics. On the geoscience front, Claire and her team have really embraced technology as well there. We've integrated geoscience and identified the new Olympias Northwest Zone.
It's some of the highest grade material on the property at the moment, and I think that'll be a big contributor to the mine life extension that we're working on. As well, we've been building in exploration around modern technology across the portfolio. In terms of sustainability, battery electric trucks, it's been a real investment for the firm. It does take a bit of effort and time to get those up and running smoothly, but Eldorado's now got it operating at three sites, and I think it's the largest Sandvik pushing that through the system, and we're seeing real benefits from it. Filtered tailings as well. Four of the sites are filtered tails. We're ramping up two of them at the moment at McIlvenna Bay and Skouries. That's really unique, I think. We're seeing savings in terms of space and efficiency. Obviously, it's safer in terms of how we operate.
It's been really important in getting our EIA and getting our social license in certain parts of the world where we're working in. As well, clean grid power. We have clean grid power across all of our sites. We're also investing in solar as well, particularly in Türkiye. We've already made a small investment, and we're looking to put in more solar power in the future. In terms of exploration, again, I said we've already got that 13-year to 14-year mine life. Looking forward here, the Tesla zone, which I said earlier we announced in Q4, has a chance to double the mine life and add over 30 million tons in terms of our resource base. Really exciting in Northern Saskatchewan. That'll give us the confidence and the potential to go and expand that mill.
Look at Lamaque in Quebec, again, lots of drilling going on, 48,000 meters over this past year. A couple of examples, or an example of some of the holes we've discovered, 13.5 grams over 13 meters. That's much higher even than the reserve grade. We're seeing some really good results in Ormaque and Lamaque South. When you look at Olympias, in Northern Greece, as well, the Stratoni skarn, there's been 33,000 meters of drilling going on. Just an example of one of the holes, 22 grams over 23 meters. That's well above reserve grade, some of the best hits we've had on that site over the last decade or so. Really excited about the potential to expand and extend the mine life. It's already 16 years at Olympias. We think we can push that well above 20.
Across the whole portfolio, there's district scale exploration potential, and probably not enough time to talk about it in this presentation. A whole bunch of the sites have huge potential. McIlvenna Bay, all of Northern Greece, Perama Hill, obviously, and we've also got a Sapes Viper license that we just had renewed about 30 minutes to the east of Perama Hill. We have some really good historical drill results there too. Huge potential to explore and expand the whole portfolio. In terms of how does that translate into value creation? You look at the gold equivalent ounce production increase. We talked about pure gold ounces before. We're going from about 500,000 ounces up to almost 900,000 ounces. How does that translate into cash flow? The past year or two, we've basically been investing all our cash, but obviously negative free cash flow.
In 2027, we're looking at well above a billion dollars in free cash flow at a very attractive free cash flow yield on our share price currently. EBITDA in a similar manner will be a very big number, at almost $2.6 billion on a consensus basis. Looking at that in terms of valuation, where do we stack up versus peers, versus other sectors? At the moment, we're probably trading on about a 4.9x EV-EBITDA, well below this gold sector average of almost 8x . When obviously you look to the right, all the other sectors are trading at a much higher multiple. So we're pretty excited about where we're positioned in the sector and the value re-rating that's coming, as well as obviously the discipline that's come into our sector.
Hopefully, the cash flow that's being returned to shareholders in form of dividends and buybacks will help drive us up this curve to the right. Where are the near-term catalysts? We've already talked about it, but McIlvenna Bay and Skouries should be hitting commercial production in this coming quarter. The Tesla resource is coming, which has a chance to double that mine life. The secondary crusher at Kisladag is upgraded in this fourth quarter. Then in 2027, in the early part, we've got the expansion at Olympias that comes on stream in quarter one. We've got Kisladag agglomeration that comes on stream in quarter one. The key part of the program going forward is what do we do with all that cash that we're generating next year?
The idea will be to get our guidance out early in the new year, have a capital markets day probably in March, and actually talk about where we're going to distribute some of that capital. I think obviously dividends and the share buybacks are going to be high on that priority list. In future growth, we've got that pause right now in 2027, potential to build out that silver lead circuit, which will be part of the overall McIlvenna Bay expansion. Small capital, fairly easy to get done in 2028. It'll allow us to get paid for the silver and the lead, and a better payability rate over the near term. So that will be part of that McIlvenna Bay expansion that'll be done by sort of 2030 period. Lamaque, as I talked about earlier, will be a staged expansion, it'll have multiple stages.
The first stage would be coming on stream in 2030 as well. All these are subject to getting our feasibility studies done over the next year, but they look like really exciting projects at the moment. Just in summary, what is our pathway to re-rating? That's our goal at the moment. We've been trading more like a developer at a discounted multiple, discounted rating versus our peers. We've eliminated that large project risk. We're done with the capital, basically. This quarter, effectively, both mines are fully constructed. There's a very little bit to be spent in the fourth quarter. What we're looking to do is hit commercial production in quarter four, and then free cash flow inflection comes early in the new year. So an exciting year coming up in 2027. The underlying base to this business, it's a diversified asset base, diversified across three jurisdictions.
We really enjoy operating in all three of them, and we've got a really long life asset base with huge exploration potential. Really critical to us right now is the growth isn't five years out. The capital is sunk. The growth is right now. Next year, you're going to see that huge cash flow inflection, the big uptick in production from both gold and copper. It's a really exciting time at the moment, and maybe I'll pause there and see if, Ralph, you have any questions.
We do have some time for questions, Christian. Well done. Two minutes. If anyone would like to raise their hand, please wait for the mic. Maybe one from me, Christian. Can you talk a little bit about the Skouries stockpile and how that's positioned to de-risk the startup?
Yeah. I just mentioned earlier, we have about 4.6 million tons on the stockpile at Skouries. About 1/3 of that is sulfides. We're going to be ramping up with the sulfide ore. Simpler, easier to float, obviously a little easier to filter as well, so it puts us in a great position. As well, the open pit is now down in the sulfide, so we'll be mining sulfides in addition to all the sulfides that are sitting there. The grade is reconciled as well. The tons have reconciled well, so that's huge. I think as well, actually, I didn't mention, but on McIlvenna Bay, we're in a similar position, 400,000 tons sitting in front of the mill. Great grade reconciliation, and the tons have reconciled really well as well. So we're in a great position.
Great. Thanks for that added color. Christian, just maybe a general question on Greece. You do have the enviable position of having the strongest foothold in there. When it comes to three things, what's been your experience? Regulatory framework, social license to operate, and the ability to train high-skill technical labor.
That is a big question. I am fairly new to Greece. It has been the last year. I have learned a heck of a lot. In terms of how to operate in Greece, I think what I have found is there is a hugely skilled workforce, very eager. We are finding that in our teams, there is a great group of young Greeks eager to work in the mining industry and be working at home. You are seeing some of them come home, some of them coming out of the universities, and we have got an expat layer that are helping us have that expertise and experience to get us into operation. In terms of the actual permitting and that process, I would say it is a fairly well-trodden. I think George laid the groundwork with a lot of hard work on getting the Skouries permit.
Once Skouries is up in operation, it really does lay the groundwork for Perama Hill and showing what a mine can do to contribute to the local communities. I think the Prime Minister is coming to site next week, and I believe he said to George the other day, "This is going to be the highest royalty paid back into a community in all of the country." The mayor will be able to pay all of his bills from our royalty alone, and that is pretty cool, and we are really proud of that, being able to be a key contributor.
That is great momentum. Please join me in thanking Christian for his presentation.
Thank you. Thank you.