Hey, we're heading up to Canada for gold production with Equinox Gold. I did see Ryan around. Oh, he's just entered. Excellent. Please help me welcome Ryan King, Senior Vice President of Capital Markets and Strategy for Equinox Gold. There it is. There we go. There's no point.
Welcome.
Sure. Okay, just making sure I know what I'm using here. Okay, thank you very much. I know we're on a tight timeline here, so I'll keep this pretty high level. There's a lot of moving parts within Equinox Gold. We're at the point in time with Equinox Gold where we're just entering a pivotal inflection point, transitioning from a period of time where we've been investing significant amounts of capital over the last number of years into what looks like a very buoyant gold market and a cash harvesting environment for Equinox Gold. It's an exciting time. With that, we believe now we've got the people, we have the assets to deliver a very high quality gold producer, a top quartile valued gold producer.
As you can imagine, I'll be making some forward-looking statements, so please take the time to take a look at this presentation, which is available on our website, equinoxgold.com. As I just mentioned, a couple of the key components to creating a top quartile valued gold producer. In our view, it's high quality, high margin assets, gold assets, located in tier-one jurisdictions that deliver into expectations. A team that can deliver into production and cost expectations. Now why would we be looking at Equinox Gold now? The company has just gone through a significant strategic merger with a company called Calibre Mining. It now has a leadership team in Darren Hall that has over 35 plus years of experience in operating big assets around the world.
His capabilities, his experience, his expertise to deliver on large open pit assets around the world will lend itself here to delivering into expectations for Equinox Gold. We have, as mentioned, we've been going through a capital investment phase with the company, two long life, high quality assets, one in Ontario and one in the Newfoundland, central region of Newfoundland, Canada. We are now just transitioning to, we will see increasing cash flow. We will see a deleveraging process very quickly. Within 18 to 24 months, we'll be in a position to likely return capital to shareholders. On the back of this deal with Calibre, we have now over 50% of our NAV that is located in Canada, a tier-one jurisdiction, over 65% of our NAV coming out of North America. We've significantly enhanced the portfolio.
When we, and I'm sure many of you in the room are familiar with top quartile value gold companies, we use Agnico Eagle and Alamos Gold, two well-known names that have created a lot of value for shareholders. When we look at those key metrics that drive that valuation, things like tier-one jurisdiction, substantial long life assets, free cash flow, an operational track record, returning capital to shareholders, all of which set Equinox Gold up very well for a significant rerating as we advance and deliver on the production profile the company has to offer.
When we look at where Equinox Gold is today, how it's trading versus its peer group, you can see on almost every metric, on a price to NAV, an enterprise value to ounce of production, or even looking ahead to the EBITDA growth we have in front of us, you can see it presents a fairly compelling opportunity. Now looking at the share price performance over the last few years, I mean, many people look at this and even think about, well, the equities are finally starting to catch up. The gold price has gone on a good run. For 2022, year to date, last Friday, performance of gold equities over the last little while, there's been some fantastic returns for shareholders over this period of time. Now we're hitting all-time gold prices at $3,600 plus and potentially going higher.
It looks like there's a tremendous opportunity for additional growth for some of the others that maybe have not caught up to some of these peer averages. As an example, gold has gone up 100% since 2022. The GDXJ is up over 110%. Equinox Gold is up about 60%. Now, why is it that way? We have not delivered into some of our commitments over the last few years. We've missed our production. We've missed some cost profiles that have put us, I would say, into the penalty box. With the strategic merger with Calibre Mining, new leadership team, we have a vision of delivering on all of those expectations, and we have the team to do that now. Plus, after going through this capital-intensive phase, we will now start to unlock the value of these new Canadian assets.
As I'm sure many of you in the room are familiar generally with the portfolio, Equinox Gold is a multi-asset producing gold company. Ross Beaty is Chairman and largest shareholder of the company. His vision was to create a 1 million ounce gold producer. Over the last several years, they have assembled a fantastic portfolio of assets. Now, with this merger with Calibre, we have the team, we have the assets to create that 1 million ounce a year vision. This year, we're 750,000, 780,000 ounces to 915,000 ounces on a combined basis between the two companies. This does not include the Valentine Gold Mine, the new Canadian asset that Calibre Mining brings to the table. That asset has just finished full construction of the asset, and I'll go through that in detail in a slide or two, but that asset is just coming online now.
Dive in, in high level, into some of the assets. The Greenstone Mine is located in Northern Ontario. This year, we'll produce 240,000 to 260,000 ounces at roughly $1,750 an ounce. This is a large, long-life asset at the beginning of its life, over a 15-year reserve life with good exploration potential and resources beyond that. Reserves you can see there are over 5 million ounces. Exclusive of that, we've got over 2 million ounces of resources as well. Over time, I believe this will also grow. What's happening at Greenstone right now? We continue to ramp up this asset. The life of mine average in the last technical report that was done showed about a 330,000 life of mine average, and we're working our way towards that. As I mentioned, this year we'll be about 240,000 ounces.
Sorry, that's the midpoint of our guidance, but we are progressing the asset. In Q1, we were mining about 130,000 tons a day from this open pit. We've made some good progress on the back of the merger with Calibre and David Schummer coming in as the new Chief Operating Officer of the company. Ever since his involvement into the asset, we've been able to grow that daily ex-pit movement to 160,000 tons a day in Q2. We're on track for about 180,000 to 190,000 tons a day out of the open pits. Equally as well, we're seeing good performance and progression in the milling process. As you can see there, Q1, we were about 18,000 tons per day through the plant. This is a 27,000 ton per day plant. As of Q3 here, we're looking like we're averaging about 23,000, 24,000 tons a day.
We're making continuous progress to get it up to the full nameplate and get it up to that annual 300,000 ounce a year production profile. Now, turning our attention to the second cornerstone asset in Canada, Calibre Mining brought this to the table, which enhanced the portfolio significantly. As I mentioned, over 50% of the NAV now coming out of Canada. This is a 2.7 million ounce reserve, a 5 million ounce resource gold mine in the central region of Newfoundland. We are now through construction, and first ore has started to enter the process plant. Things are going very well with that first ore. We would anticipate, as it tracks right now, and expect to have first gold pour by the end of September. We would anticipate having a very smooth and effective ramp up.
The difference between Valentine and the Greenstone asset is that the Valentine asset is probably, it's probably about two, it's two and a half million tons. What's that? One fourth of the size, 25% of the size of the Greenstone plant. It's a simpler plant, a crush grind, a CIL plant, and we're on track to have full nameplate capacity probably by the end of Q1 of next year. As things are processing right now, we're progressing right now. Things are looking very good, and we're probably, roughly, as I last heard, probably around 250 to 300 tons an hour are going through the plant. Already running very, very well. What does this mean now? I've talked about this inflection point, obviously bringing on these new high quality Canadian assets, transforming the company.
We should see a significant inflection in cash flow and free cash flow as the company delivers these assets. I've been talking a lot about the Canadian assets, but the portfolio is quite significant. We have 200,000 to 250,000 ounces of production coming out of Central America, Nicaragua, that came with a Calibre Mining transaction. Also, at the same time, there's about 80,000 ounces a year of production coming out of California. I'll talk a little bit about the growth profile there. We have four different assets and producing assets in Brazil generating 250,000 to 270,000 ounces of production a year, which makes up the 850,000 ounce midpoint for 2025. It's important to note that does not include the new Valentine asset that will produce roughly, on an annualized basis, about 195,000 to 200,000 ounces a year.
There, I said it, I just said about, talked about Valentine, but look at some of the other opportunities within this portfolio. As I just mentioned, we have the Mesquite Mine that generates about 80,000 ounces a year of production. A few hours away in San Bernardino, we've got the Castle Mountain asset that is going through permitting. This is a multi-million ounce advanced stage project that is going through what's called the FAST-41. FAST-41 is, you might have recently seen the administration in the U.S. have signed an executive order to advance and fast track critical metals, and gold falls into critical metals. We were one of the top two so far that I know of that have fallen into this FAST-41 process.
How that works is we would anticipate to have, we would expect to have, and we've been told that we will get the record of decision by December of 2026. State permits, we would anticipate over the next quarter or two, a construction decision shortly thereafter to follow. This looks like, based on the production profile we have, the cash flow generation we have, that we could be in a position to fully self-fund this asset, which would generate about 200,000 ounces of production a year. As well, we have the large, high quality, in my view, multi-million ounce Los Filos asset, which is currently on care and maintenance, and we're working through negotiations with local communities. We've looked at a conventional milling operation there. Currently, it's a heap leach asset. Looking at the conventional milling approach, that could be another 250,000 to 300,000 ounce a year production profile.
As we work through that, we'll continue to update the market. You see, we've got a lot of the key metrics that some of our peers do, Alamos Gold, Agnico Eagle, as well as a fantastic growth pipeline to continue to grow and deliver on those expectations. The company trades at a fairly low value versus its peer group. The focus is on deleveraging the balance sheet. The focus is on delivering into expectations. I believe that we continue to do that. We will continue to get rerated and maybe get closer to peer average or even top quartile valuation. I think there's about a minute or so left. Happy to take some questions, but if not, I'll be available around the conference.
Any questions? One here.
Thanks, Rowan. How are you getting on with the folks down in Los Filos? Can you tell us some more on that?
There's not much to talk about there at the moment, John. Thanks for the question. What we've been doing is keeping a very open, as much as we can, available and open for additional negotiations and discussions. There are three communities. You might be aware that we have multi-decade long-term agreements with two communities. What we've actually stated publicly is that we are advancing a two-community plan, looking at Los Filos, seeing if there's technical viability to maybe relocate where the CIL plant would be onto one of those two community locations. At the same time, we've decided that it would be a good idea to start advancing some exploration work all around that area. We would expect that, I would expect probably within a couple of weeks, we'll have some drills turning down there to look at the potential. A very exciting geologically prospective area.
That's currently what's happening right now. Obviously, we want to progress all discussions with all parties.
Thanks, Ryan. Great presentation.
We're out of time.
Thank you. Nice to see us.
Okay, switching jurisdictions now, a little further.