Well, welcome everybody again to the annual meeting and the corporate presentation we always make during the meeting to give our shareholders an update on what the heck we're up to as we are continuing to build this busy company. Merlin, can you please read the... Or not read, just click on it.
Sure.
Cautionary note.
We have many lawyers in the room, I must tell you that we will be making a number of forward-looking statements today. Please do join, log in to our website and to look at our continuous disclosure documents which are also available on SEDAR and EDGAR. Ross, you can go ahead now.
Okay. Thank you very much. Okay. The table here is legitimate. This slide is the five-year history of our company. We started about five years ago, beginning of 2018, with a big dream. No assets really of any significance, a couple of development projects, but no operations. A bunch of keen people, a little bit of money, and a big dream to build a big gold company. I would say, if you look at what we've achieved, to this point, we haven't done a bad job. I will say we had an absolutely dreadful year last year on a whole bunch of different fronts. Our share price cratered, which was very disappointing. We had some issues at different mines.
Some were maybe management's fault, you could say, and some were extrinsic factors that we had nothing to do with. It was all in all, it was a kind of a lousy year, coinciding also with a decline in the gold price. Happily, since the beginning of November, the gold price turned and so did our fortunes. We have had a pretty darn good rebound since that time. This slide here kind of shows you the five-year record, what we did, some big milestones, you know, buying the Mesquite Mine, acquiring Leagold, acquiring Premier Gold, and then launching some spin-outs like Solaris and i-80 and Sandbox Royalties, trying to create value all the way through.
You'll see our production really rolled from 2018 when we just had a quarter of the year with Mesquite production right at the end, 25,000 ounces, 22,000 ounces. I can't even read that. 25,000 ounces. It scaled up pretty quickly as we did the acquisitions, and we built the Aurizona Mine, then we built the Castle Mountain Mine, and then we built the Santa Luz Mine. Our growth has come from both internal development of operations, new mines, but also acquisitions. That's why it grew very quickly from 2018, we produced 25,000 ounces, to 2020 where it was 477, a little bit more in 2021.
It sort of flatlined last year because the big push last year wasn't to buy anything new, it was actually to develop the Greenstone deposit in Ontario, which represents the next great leap forward for us, which will take our production to much higher levels when it starts operating a year from now. That's kind of the major milestones of the company, all really happening within the context of our mission to become a 1 million-ounce plus 1 million-ounce gold producer as quickly as we possibly can. This is a snapshot of Equinox Gold today. We have four jurisdictions.
We have two mines in the U.S. producing about 300,000 ounces, pardon me, producing 120,000 ounces right now, but with plans to get to about 300,000 ounces annually. We have our big Los Filos Mine in Mexico, produces 170,000 ounces annually with expansion plans to go to 300,000. We have four mines in Brazil, current production of about 325,000 ounces a year, again, with some expansion potential there to 375,000 ounces. Our big Greenstone Project in Canada, scheduled for first production next year about this time at a rate of about 260,000 ounces annually. Seven mines, four countries, and one big new mine in 2024. That's the asset base today.
All of this has been made possible by a very strong board. I've already made some mention of our board, but I wanna particularly single out Len Boggio, our independent or lead director , and the other independent directors, François Bellemare, who represents Mubadala, a big, big, big part of our financial base and shareholding base. Gord Campbell, Sally Eyre, Marshall Koval, and Maryse Bélanger . Such great people working hard and I just can't express my appreciation to them and their contribution and dedication to the company. Of course, the meat and potatoes of the company is its management team. We have a lot of them in our room today. I'm not going to name all of these people. Some of them are on this slide. You can see them.
They're wonderful people, again, hardworking, smart, fairly, I'm going to say We don't stand on form. We're all about substance. You know, they're just a delightful group of people. Then, of course, behind this group of nine who you see on this slide and all the rest of the people in the room here, we have a pile of our senior management team from Vancouver in the room. We have about 8,000 people now in our team. You know, we're trying to create this culture of kind of family. I will say this, I've just come back on Monday night from a trip with Maryse Bélanger to two of our mines in Brazil and our big mine in Mexico.
Three of the mines in, like, three days. I was in the Fazenda Mine for a Chairman's Safety Award on Friday. They won the award. There were seven mines. Of course, they all compete for who's gonna win the award, and this year, Fazenda won it. Honestly, it was one of the happiest days of my working, you know, my mining life, just seeing. We had hundreds and hundreds of the team there. They were just united and all kind of trying to make us do as well as we could. It was a joyful day, really joyful day. The mine had an incredible safety record last year.
The next day we went to the Santa Luz Mine, which also had an incredible safety record, three years with no lost time accidents. Just remarkable. To Los Filos. Actually, Los Filos, we have, it's been a complicated mine for us, a difficult mine since we acquired it in 2020. Wasn't helped by COVID, so we couldn't really get into the communities at all. We have to, we simply have to get our community relations better, and we're working very hard on doing that. Even there, we have a strong safety culture, and we are just working really hard to build at every one of our operations this kind of culture of friendliness and openness and transparency and really an ecosystem of trust and of course, hard work.
Kind of all being in the same place, trying to get us to the same place of becoming a bigger and stronger and financially more healthy and robust, sustainable business, which provides so much value to communities, employees, countries, and shareholders. I just wanted to profile that senior team, but behind those, there's 8,000 others who are all making them look good, and they make us look good as board members. I mentioned that last year was a tough year, and I just wanted to go through a few things that are, you know, sort of perception versus reality.
The first problem last year that caused our share price to crater so badly was, I would say, a near universal view, held for fairly good reason, actually, in terms of precedent, particularly in the large financial capital of Toronto, by analysts in Toronto, that we were gonna blow our budget out at Greenstone and take way longer to build that big mine. It's a $1.2 billion U.S. capital project, sorry, CAD 1.6 billion, roughly. We're 60% of that, and our, and our wonderful financial partner, Orion, is the other 40%. You know, like, analysts were universal.
We were gonna do just what IAMGOLD had done and Argonaut had done and New Gold had done, and, like, this litany of difficult, expensive mines that other Canadian companies about our size had built in Canada that had blown up budgets and blown up schedules. You know, we said, "We're different. We're gonna be different. For a whole bunch of reasons, we're different." We went through all those reasons. Nobody believed us. You know, a year later today, that weighed on our share price all last year because all these experts said we were gonna need to raise more money, we didn't have enough money to build the mine as we planned. We were gonna go over budget. It was gonna take longer.
All of that meant that we were gonna have to do more equity sales. As the price came down, it was gonna be more and more expensive, more dilution and more risk and just stress on our balance sheet. That was last year. Of course, all that happened in a declining gold price, which didn't help. Gold went from $2,000 in August, I think, September, all the way down to, or pardon me, July, all the way down to, I think $1,650 was the low, right, Greg? This was somewhat nerve-wracking, as you can imagine. Despite all of that nervousness and all of those people who sold our shares assuming this was gonna happen, guess what?
A year later, only a year to go before this mine's completely built, we are on track, on budget, and as of March 31st, Greenstone was 73% complete overall on budget and on track for its first gold in the first half of 2024. Perception versus reality. The other perception problem kind of related to that is that we'd have a funding shortfall, most particularly for Greenstone's big capital development. Guess what? We're well-funded. We have $260 million remaining spend at, to Greenstone, we have ample cash, securities, available credit, and of course, operating cash flow to fund all of that, all of that capital requirement. The other perception wasn't so much a perception as reality. We were a high-cost producer last year. We had various debacles at some of our mines.
We had a few blockades that were surprising, out of the blue kind of things. We had a permit problem at the RDM Mine. We had a huge amount of rainfall at Aurizona, which we hadn't completely planned for or weren't prepared for. All sorts of internal things. As I say, some were our fault probably, and some were things that we really couldn't control. However, it resulted in a very high cost structure for the company, particularly in Q3 when we came out with the numbers that were just awful. You know, may have caught the week. We definitely could have done better, and we probably should have done better, but there it is.
The assumption was that that was gonna continue, and that was where the assumption was wrong, which I think we've proven in our Q4 and Q1 numbers just announced. We are improving our cost structure. As we continue to expand some of our mines and operate our mines in 2023 and 2024, we're going to improve our cost structure, particularly in 2024, when Greenstone starts. I might as well talk about that right now. I've got the sort of numbers here. Why are, why is our cost structure going to improve so much in the future? Because the new expansion projects, and particularly Greenstone, are way lower cost. Let's just talk about Greenstone right now.
We haven't announced recently what our current expectations are for operating costs, cash costs or all-in sustaining costs of Greenstone. We did put out numbers in the feasibility study which showed cash costs of $565 an ounce and all-in sustaining costs of $645 an ounce. Contrast that with the Q3 cash costs we reported just today of $1,376 an ounce and all-in sustaining costs of $1,658. Huge difference, right? Well, even if the feasibility numbers aren't going to... That's not gonna happen. Inflation is biting into all costs. That's one of the problems last year, too. Inflation really hit hard. That really caused our cost structure to go up.
Even if you inflate Greenstone numbers by 40%, I mean, I don't think that's going to be the end result, even if you do, we're still looking at all-in sustaining costs at less than $850 an ounce. However you cut it, Greenstone will significantly reduce our all-in sustaining costs and our cash costs. Castle Mountain expansion will further reduce them to the extent we get our Los Filos expansion going. That will again reduce Los Filos costs. When all of those are complete, we will be producing more than 1 million-ounce of gold a year at substantially lower cash costs. Perception versus reality. That's where we're going from where we are today. The other perception was we had operating challenges at Aurizona and Los Filos.
Well, I can just tell you that I think this year Aurizona is gonna run like a clock. We've increased the fleet to increase the mining capacity. We had high costs at the Bermejal Underground Mine at Los Filos. We've shut that mine down temporarily while we sort things out there and try to reduce costs and deal with those challenges. Finally, Santa Luz. We started the Santa Luz Mine in Brazil last year. It's a tough mine. It's what's called a refractory mine, meaning that it's very hard to extract the gold using conventional technology from the ore. It's got a lot of carbon in it, which complicates things when you apply cyanide.
We used a very novel, almost unique in the world, there's only two or three other mines in the world, and our operating team in Brazil is just amazing, led by Anstruther Bradley at the back there, who's quarterbacking that whole team. We use a new technology called resin. Resin bonds to the gold where you don't need to have cyanide. It doesn't attract itself as much to carbon. It's a very novel, very, very interesting new technology, but it's new and it's a tough ore body. I think it's been a while. We actually have had startup like you have at almost every mine. It's taken a while to get things right.
I can say from my visit to Santa Luz last Saturday, you know, we're getting there. Our budget this year is, I think, for 70% recovery. We're already at 68%. We should go through 70% very, probably in May or June at the very latest, and we didn't expect to get to 70% by before July this year. So far so good with Santa Luz, and I'm quite confident that that mine will run for a long, long time with this novel technology. For me, the strategic part is whether we can use that technology at other places that are having struggles and develop our expertise or apply our expertise in other operations.
By and large, though, I think most of those market concerns have hopefully gone, and I do feel that during 2023 and beyond, we should significantly outperform. The result of that last year is that we had one of the lowest price-to-net-asset values in the industry and amongst our peers. We were cheap, and I didn't think we deserved to be, but that's the way it was last year. At the same time, we have amongst the highest production. Of all these companies, we certainly have the highest production growth in the entire sector, and we have among the highest reserves.
You know, to the extent that the perceptions disappear and the reality inflicts itself upon us, I think there's only one way for our share price to go, which is up. We move up that chart on the left that you see there, and increase our share price relative to our peers. I think that's kind of what maybe is happening today. We had a very good day in the market today. On balance, here we have today, these are just some stats for our guidance in 2023.
You can read all those numbers, our seven mines. At the end of the day, our overall guidance, 555,000-625,000 ounces at a cash cost of between $1,355-$1,460 an ounce, all-in sustaining costs around $1,600 an ounce. Now a couple of words on our big, big mine build in Ontario. Again, I've said this already, the bottom line here is we're on track and on budget to hit H1 production in 2024. Just to remind you some of the big numbers here. This is a 400,000-ounce-a-year gold mine. We own 60%, Orion owns 40%. Our share of remaining spend is $260 million.
This is a big mine with a decent grade for a mine of this size, open- pit mine of this size, 1.3 grams per tonne gold. It's got a 5.5 million-ounce proven and probable reserve and another 2.5 million ounces in measured resources. Long life, low cost, what more can you want when you're trying to build a long-life, low-cost mining company? Beyond that, we have other expansion projects that we're gonna get cracking on now that we've got the lion's share of Greenstone production, pardon me, Greenstone construction, kind of behind us. We're gonna get moving. Castle Mountain has the capacity to be a 213,000-ounce-a-year mine. We're in the middle of permitting there right now.
It's gonna take another couple of years before we get those permits, but we're working very actively on it and so far so good. The Aurizona Mine in Brazil, beautiful ore body on surface, but it also has a beautiful ore body underneath the surface. Has a long-life underground mine. We're working very hard on doing a feasibility study for that and then getting underground to start to work to actually get into the ore body, have a look at it, do some more deep drilling or drilling underneath the open- pit and eventually develop that into a combined open- pit underground mine. At the same time as we're doing that, we're also expanding the open- pit towards the west into a new zone that we've been developing for the last two years.
Aurizona is going to expand. Then we have an expansion plan at Los Filos that we made an announcement on last year about a feasibility study that includes building a new processing plant that'll make much better recoveries from the higher- grade ore that we are expecting to get out of the underground mines there. Currently, we throw that high grade on the heaps. It's a terrible waste of gold because you don't get the same recovery in a heap that you do in a plant. The plan is to build a plant ultimately at Los Filos. We've actually deferred that decision until we have more community stability there, and we're working very hard on that right now.
Maryse and I were there on Monday talking to some of the community leaders and the management team to just sort of plan where we're going and how we can get that mine expansion going on a safe basis for the company and on a wealth- creating basis for everybody, not only the communities, but also us. That's a big expansion plan currently on hold, but hopefully we'll be able to get that going fairly soon. Then with those three expansions, this is sort of what they'll do for us. You can see there, clearly they'll blow us through the 1 million-ounce mark that we set ourselves up in terms of our near-term mission of production with all the assets we have right now in the company to get there.
The reason we're trying to go big is because you get a better value. You got. There's all manner of good reasons to go for scale these days in the mining business. That's what we're trying to do. That's our core mission. The most obvious way, reason is on the right-hand side, you can see these bar charts of where we are today and where we want to be, where we get a better multiple. That's the bottom line that the market rewards you for. It makes good sense because the bigger you are, the less risky you are. You have a higher attraction of different capital pools.
Of course, at that point, at some point, sooner, as soon as we can, we'll be able to be a dividend payer and then, of course, have all that good value that comes from that scale of business. That's where we're going. As we get there, of course, our multiple will increase and we'll get bigger. That's the whole point. We are funded currently to deliver the kind of growth we have in front of us. This slide describes the liquidity we have. Bottom line is about $410 million plus operating cash flow. We've also been quite protective of our production base for the next year.
We've done some gold hedging, and that's decreasing risk on the current budget for 2023. Then we have a bunch of non-core assets that we've harvested to some degree. We've sold our Solaris Resources position completely. We've raised, I think we've raised $212 million in proceeds for that, which has been applied to Greenstone Construction. We have sold two mines, the Mercedes Mines and the Pilar Mine for $175 million. We created i-80 Gold, which we own currently 20% of. We've sold, we invested $14 million. We've received $24 million to date from that, and we have $125 million of value left. I kinda like i-80.
I really like what Ewan Downie, Ewan Downie . Sorry, Ewan, if you're listening. Ewan Downie is doing a splendid job of building value there. I really like what he's doing. It broke my heart to have to sell some shares earlier this year, but, you know, we're going to try to hold on to, you know, all or as many as possible that we can into the foreseeable future, to the extent that we can maintain a strong balance sheet like we have right now. With Greg's help, we've helped create this royalty company called Sandbox Royalties. We divested some of our non-core royalties to them we were getting no value for, and in return, got a shareholding base of 32% of 34% of Sandbox.
Now we're gonna try to help them create value to build themselves as a solid, independent, streaming and royalty company. It's a great model. They've got solid management. We're working actively with them, and hopefully that'll be a very successful spin-out company as well, the way i-80 has been and the way Solaris was. Those are some little nice ways to create wealth for our shareholders from assets that had not a huge amount of value on our books. We do all of this while really trying to walk the talk about being sincere about environmental, social, and governance policies.
We are serious about trying to protect our environment as much as possible, about looking after our employees, our communities, and the nations where we work, and doing this with a governance platform of equality and diversity and openness and transparency. I mean, when I say those words, they're not empty words. We really do work hard. There's nothing I can demonstrate this better than by referring all people who are listening today and in the room to our brand-new, hot-off-the-press , ESG Report that came out today. It's online. It's an absolutely fabulous document. I really encourage you to look at it so that you can see the details of what we're doing on the ESG front. It's.
I was, I just saw it for the first time yesterday, I just was so impressed at the detail it goes into, I think the demonstration to shareholders, to employees, to social, you know, people all over our operations, that we really are sincere when we say we're trying to do the very best we can within the constraints of the business we're in to look after the environment and the communities and our employees, with good policies and good actions. I think, you know, the proof is in the pudding. Look at the pudding. It's all written down in that report. There's another climate report that was done a month or so ago. That's another good document to look at. I just thank the whole team.
It's a big team effort in Equinox to put those two documents out, and I know they know how much I appreciate their work in getting there. That's kind of the company review. It wouldn't be a investor presentation, that I make at least, without talking a little bit about gold, and why, you know, we are where we are relative to the gold price. Most of you who've heard me drone on about gold before, it's sort of one theme that our market for the last, I don't know, really 10 years, or maybe not quite 10, maybe eight years, conditions have been bullish for higher gold prices. We started Equinox in at the end of 2017 when gold was trading for about $1,350 or just under $1,400 an ounce.
It was just, for me, a no-brainer that gold was going to go up. In the context of the rising gold market, when you try to build a really big gold company, it's good business. It's really good business. You can make a tonne of money, you can provide dividends for shareholders, great capital gains, and have fun in the process. I mean, we were lacking a little bit last year, but we're back in the fun game and have fun in the process. That's really been the reason why I wanted to do this company personally, and I'm lucky that we've got such a lot of talent around me that can actually walk that talk and make me look good even though I do very little work.
These guys do a lot of work, and you do a lot of work, and this is why, though, this is why I like the gold price. You know, we are highly leveraged to gold now. Equinox, is it the most leveraged gold company in the business, Gillian? That's the reports we produced, yeah. Yeah. You know, so when you have big reserves, big resources, and big production, and you're a fairly high-cost operator, the way we've been, you know, if the gold price rises 20%, you might rise 50%, and that's kind of what's happened. Instead of that, it's been the gold price has gone up 10%, we've gone up 40%. We've outperformed our peers with rising gold prices, and relatively the reverse works, too.
If gold price goes down, we go down even more than most of our peers, which happened last year as well. Gold price has done really well since November, and that's why our stock has outperformed most of the market. I think you see that on the, in the slide on the, in the slide on the left here. On the right, this is the part that is interesting to me. Even though gold price, which is yellow, has gone up a lot in the last couple of years, gold equities, generally speaking, haven't. They've lagged the gold price. This is an unusual thing looking back, you know, 15 years, 14 years. Actually, you could look back probably 30 years and not see this happening the way it's been happening in the last few years.
My view is that it just demonstrates that not a huge amount of the investment public are buying gold equities the way they used to. Is that gonna change? It probably will. I think we're gonna see more of the general investor market roll into gold as they roll out of things that have hurt them, like tech stocks and, you know, markets generally, bond markets, banking stocks, of course, more recently, crypto markets, which cratered last year, into some things like gold. When that happens, when we actually have a decent movement of general investors into gold, you're going to see quite a remarkable, maybe even explosive rally in gold stocks, and it'll actually start at the bottom rather than the top this time.
The juniors will see the most movement, relatively speaking, the most percentage movement, then the intermediate producers like us, and lastly, the senior stocks, which that crowd generally doesn't buy. I think you're going to see a lot more return to the median. That blue, that blue line there, which is the GDX, the index of gold equities, is going to go up like gold prices have, and I think will continue to. Just a few words on gold. You have, you know, you have these double, you know, economic movers today that are driving gold. You have both increasing demand and relatively flat supply growth.
When you have flat supply growth and rising demand growth, the usual result is higher prices, and that's precisely what we're seeing. Supply is constrained. We have seen very little gold mine supply growth since 2014. For nine years, we have hardly seen any significant gold supply growth, while we have seen significant new investor demand, particularly from central banks, and increasingly, I think, which will come in 2023 and beyond from the general equity markets from retail and institutional investors. This is a lot of, to me, a lot of potential demand growth coming from investors, but you're seeing the sort of the buyers who recognize gold for what it is, which is a store of wealth. It's money.
It's a different form of asset class, the most important being the big central banks who wanna kinda move off their exposure to the dollar, like China. There's a whole bunch of them and they're buying gold like never before. We had record central bank gold purchases last year, tremendous amount of new demand, as I said, I think that's gonna flow into the ETFs, where retail investors go typically, and in institutional markets for gold. I'm very continuing bullish on the gold price. I've kind of, you know, I've been, you know, I've been predicting for some time that I think gold will blow through $2,000. It's done that now in the last month or so. It's done that. It's doing that fairly convincingly right now.
I think the next milestone for the gold market will be to see gold go to over $2,300 in today's dollars, which will be a record price. We're not quite there yet, but I certainly see the momentum that's going there. As a big and growing producer of gold, we are just going to be the go-to kind of stock for that environment the way we have been in the last couple of months. I'm very bullish on gold, I'm bullish on Equinox's prospects. I'm very happy that we've got through last year, which was a tough year, as I said, into, I think, a much more stable and growth-oriented year this year.
My thanks to all of our team for all their work getting us there. The shareholders who support us, I wanna thank them, our ecosystem of lawyers and accountants and service people, our contractors, our communities, the tax regimes that aren't too punitive in most of the countries we work in, and just generally speaking, the whole Equinox family for getting us to the point we're at right now. It's a step on a road to a clear mission. We have it in sight. We have a big, big year coming up, even a bigger year, I think, next year. I look forward to it with optimism. With that, I think I'll close the formal remarks, and I will turn over to questions, which I think I have about five minutes left to take them.
We've only got one question so far, so I'll just remind our listeners online that you can ask a question by typing it into the box at the bottom left-hand corner of the webcast page. You do have Ross here for a few more minutes, then the full management team. Please go ahead and ask any questions that come to mind. Ross, if you wanna put your geology hat on for a moment, the one question we have is, what's the upside at Greenstone once it's built and in operation?
Sure. Thank you. I can certainly address that to some degree, although we have Scott Heffernan here today who can probably expound in more detail. Greenstone has about a 14-year, correct me if I'm wrong, John or Greg, 14-year mine life based on proven probable reserves. Then it has a large reserve base, 2.6 million ounces of resource base, which is largely an underground extension of the known open- pit mineable zone. We actually do plan to have that, you know, have that mined in due course. It's about a $1 billion or almost a $1 billion net asset value just in the underground alone. We can't put it in any of our numbers today, but that's kinda what it's likely to do for us. It's a big contributor.
It'll take the life of Greenstone many, many more years. Then we have lots of exploration upside along trend. There were several old operating mines in the region. Brookbank is one. What are the other ones, Scott?
Long Lac , I think.
Long Lac . Yeah. There's a bunch of mines in that Greenstone Belt. I would say we're going to be mining there hopefully for decades.
Perfect. All right. Are there any questions from within the room? Well, a quiet bunch today. There's one more question from online. Can you give a bit more clarity on the timeline to potentially have a dividend?
Pete? I guess, before Pete answers it with an even shorter answer, it can't happen soon enough. That's my standard line. We obviously have to develop a more satisfactory. We have to pay down some of our debt and get into a more sustainable financial, you know, capital structure, I guess, before we can do that.
We have a lot of CapEx to deploy in the near future. You've highlighted a lot of our growth plans, which are also going to require CapEx. We do want to get paying a dividend as quickly as possible, but it's not going to be in the immediate term. We'll look to the medium term for that.
All right. Oh, one more question online. See what we've got here. Oh, it is a question for Scott. How much drilling is going on to expand resources, and where is it focused? Scott, do you wanna come and grab one of these?
Budget this year is about $25 million, split roughly 50% in Brazil and 50% in the other countries. The key criteria or goal is mine life extension. Drills are turning in Bahia, both underground mine targets, near mine, regionally. Aurizona, same thing. Filos, we're looking more internally. There's incredible potential there.
You're talking with the microphone.
It's moving with me. You know, U.S. is a bit quieter. You know, we're still. We've done a lot of work there. We've had significant resource growth at Mesquite, and we'll look to continue that later this year.
This shareholder is aware that this is a forward-looking statement. best guess, not a forecast, of timing to achieve your 1 million-ounce target.
Well, we produced six, say 600,000 ounces this year. We will have a partial year next year for Greenstone. We'll be adding some production sort of here and there. I'm gonna say it's gonna take a few years. It's gonna depend on permitting from Castle Mountain and what, and how quickly we develop the CIL plant at Los Filos. Of course, going underground at Aurizona takes a bit of time too. It's gonna be a few years out, but we have, like I said, we have assets in place to get there. We don't need to buy anything new.
If to the extent that we found something which was just too good to turn down, we might not turn it down. We are certainly not looking for acquisitions at the moment. We are looking for internal growth. We're really putting our heads down right now to focus on not only just growth in ounces, but also dropping our cash costs and making more money for our to improve our capital structure.
Thank you. Ross, I know you need to leave soon. There's no more questions online at the moment. Greg, did you have anything you wanted to add?
Well, I guess, just again, thanks to our team, our shareholders, everyone that came here today, and appreciate the ongoing support. You've heard all of our big plans. You know, just looking at that last question, you know, timing to 1 million-ounce , the constraints really are, as Ross said, it's permitting, you know, timing of permits, and then just the decision on capital allocation. We have all the assets in the portfolio to achieve that goal. As long as we all keep our heads down and keep working, we should get there, and we should get there, you know, theoretically in the next three to five years, if we work hard at it.
All right. Do you have any closing remarks?
No, that's all. Thank you very much. Thank you, everybody, for joining us today.