Our next presenting company is i-80 Gold. This is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status through the development of four new open pit and underground mining operations that will ultimately process ore at the company's central Lone Tree Complex that includes an autoclave. Today, we're joined by President, CEO, and Director, Richard Young.
Andrew, thank you very much. It's a pleasure to be here today to talk about the i-80 story. I will be making forward-looking statements. Our safe harbor language has been included. We're a Nevada producer. We currently produce about 50,000 oz of gold per year. We've got a three-phase growth plan that will see production rise to over 600,000 oz over the course of the next five years. We are the fourth-largest mineral resource holder in the state of Nevada. We've got 6.5 million oz of measured and indicated gold, 7.5 million oz of inferred, + 100 million oz of M&I silver, plus another 100 million ounces of inferred silver. Again, as Sean mentioned, we can't really add those two together.
What we are seeing as we transition from the PAs to the feasibility studies is essentially a one-to-one conversion of inferred to measured and indicated. We've got four past-producing mines, they're called brownfield projects, that we're basically restarting. We've got an experienced management group. We've just refreshed the board. We've got a terrific board, and we're well on our way to executing on that plan. The plan consists of three phases. Each of the three phases, you'll see a doubling of production, and we're well on our way. We put this plan out 15 months ago, and we remain on track. A year ago, we put out preliminary PAs for five of our six gold projects. The sixth is not included in this development plan. Overall, we ran the numbers originally at $2,175 gold. We did sensitivity to $3,000 gold.
At $3,000 gold, the NAV for these five projects is about $5 billion. We can't tell you what it would be at current metal prices, but you can do the math. When you look at these five projects, we've got three high-grade underground mines that will feed our refurbished autoclave that is underway, and we'll get 150,000-250,000 oz from our underground. Two of the three underground mines have a +10-year mine life based on the PA. We expect Granite Creek, our third underground mine, to be +10 years as we complete the drill program. Our two open pits are more than 10 years. Granite Creek open pit, our flagship, is Mineral Point, and it's got a 17-year mine life based on the current resource, but we do expect that to rise.
This is a three-phase development plan. It shows the work that we've got underway. We remain on track to execute on this plan as we laid out 15 months ago. Phase one, Granite Creek Underground, is ramping up. Our second underground project, Archimedes, we began construction in the third quarter. We expect to hit the ore zone in the second half of the year, and that will continue to ramp up in 2027. We expect both of these to be 100,000 oz per year producers. We're refurbishing the autoclave. We're one of two companies with an autoclave, Nevada Gold Mines being the other one. Hatch Engineering has done all the engineering work. They actually originally built this autoclave circuit, and that's a $400 million build, and the refurbishment is now underway.
We are looking at ways to optimize phase one, two, and three, with a goal of trying to bring Mineral Point forward as much as possible. It is our flagship operation. As part of this development plan, we needed to raise about $1 billion. We've now raised about $800 million over the past 12 months. We raised $300 million of equity, including the warrants, in Q2 of last year. We announced roughly one week ago or two weeks ago now, a $500 million financing package from Franco and National Bank and Macquarie. I think the important point there is that these are reputable names. They did a lot of diligence.
We actually had two other credit-approved term sheets on the financing from two alt lenders, and I think that just demonstrates the quality of the assets, the quality of the team, and the quality of the plan. As we move forward into the month of March, we are calling all the existing convertible debentures, and we've got a small prepay that will be extinguished on March 16th. That totals about $175 million. We're looking to put a new convert in place for that similar amount, and that will provide us to be fully financed through all three phases of our plan at $3,000 gold. Over the past 15 months, we have accomplished a lot. We put out a new development plan. We put out those PAs I mentioned earlier.
We've stabilized Granite Creek, the first of our operations, and we're on track to complete some of the feasibility work. We began construction of our second underground mine. We completed the tech report for the refurbishment of the autoclaves, and we really strengthened our team as we moved through 2025. That will set us up very well as we move into 2026 and beyond. As you look at what's gonna happen over the next 12-18 months, in the second quarter, we will file two feasibility studies for two of our three underground operations, that being Granite Creek and Cove. Archimedes, the third underground mine, we have an extensive infill drill program, and we expect to complete that feasibility study in the first quarter of next year.
As we look at Lone Tree, we're the board has approved the notice to proceed, and we are moving forward with that project, $400 million for that refurbishment. We expect that to be complete in the fourth quarter of 2027, and that will first pour in December, and then we'll ramp up in the first quarter of 2028. Archimedes, we've begun construction. We've got a $30 million infill and step-out drill program there to complete the feasibility study for the first quarter of next year. On the recap, we expect to have that wrapped up by the end of the first quarter. Before I leave, I thought Sean Roosen had a great presentation ahead of us. Our current market cap, on a fully diluted basis, is about $2 billion.
The NAV at, you know, 5% discount rate is $5 billion at $3,000 gold. At current gold prices, it might be twice that. Our goal over the next 18-36 months is to deliver on this plan and move to fair value. While our share price did quite well in 2025, we believe that there is significant upside in the portfolio in terms of expanding our resource and ultimately the reserve base, increasing production beyond what was in the PAs, and delivering more value than we initially laid out. That's the i-80 story.
Thank you, Richard. We've got a couple of minutes for questions. If there's anyone wants to submit it in the app or put your hand up in the room, happy to field them with a microphone. Maybe I could just ask you about permitting. You are in a domestic U.S. jurisdiction that is supportive of mining.
Mm-hmm.
We've seen some of your peer companies apply for the, I think it's the FAST-41 process.
Mm-hmm.
What's your experience, visibility on permitting, ability to partake in this FAST-41 type concept?
Andrew, that's a great question. you know, one of the benefits of i-80 Gold is these are all brownfield projects, so they've previously been approved by both the federal and the state regulators, we are seeing within the federal government, you know, a willingness to work with mining companies to accelerate and move things forward on an expedited basis. When I mentioned earlier that we are looking at some of the opportunities to optimize phase two and three, that is in part due to the permitting opportunities that we see before us. Recall, we put our development plan together in the fall of 2024, before the election and before we had a clear understanding of what's really taken place over the last 12 months. Again, our projects are largely permitted.
We do need some additional permits as we move forward, but we are in a very, mining-friendly environment today in the United States.
Maybe just a follow-up question. I asked a similar question to Jason Simpson from Orla about his Nevada project. I would say that, you know, there's an increased pace of activity in the state.
Mm-hmm.
Are you seeing any challenges in terms of availability of construction teams for the Lone Tree mobilization and things like that, in-state?
That's a great question. You know, I think that people. I used to work at Barrick. You know, I was there when they built Goldstrike. The industry actually shrunk in Nevada over the last 30 years, which means there's a lot of highly experienced, competent groups that are available. We've hired roughly 20 individuals, technical individuals, between 30 and 45, to be able to move this development plan forward. We've hired incredibly competent, talented people that are really driving our initiatives. Our suppliers and contractors are phenomenal. We have not had any issues with them to date. Hatch Engineering, which built our autoclave facility back in the early 90s, we've got the A team with us on that.
You know, we're seeing, you know, great people come to the table to assist us, and so it's just a great jurisdiction to be able to execute in.
Well, it's great to hear. Thank you very much, and we'll close this presentation.
Andrew, thank you. Thank you, everyone.