Over the course of the next year, we should be able to both increase that resource base as we move forward, but more importantly, for the first time, put reserves on the balance sheet. We put just over half a million ounces on the balance sheet last week, and we would expect by the end of next year to be somewhere between 7.5 million ounces and 10 million ounces in reserves. The three underground mines, good grade, likely will come in between 8 g and 9 g. The open pit are lower grades. They are oxide, but they have great economics. One of the things that I think separates our company, yes, we have a large resource base. We are located in Nevada. Our AISC, when we fully develop everything, will be about CAD 1,750.
I worked at Barrick for most of my career, and what really stands out is the fact that we believe with this asset base that we will be able to produce between 500,000 ounces and 600,000 ounces into the 2050s. That is unique, and I think ultimately, that is what will stand this asset base strong as we move forward. We have a three-phase growth program that I will get into a little more detail in a minute. Phase 1 is well underway.
Phase 2 is Cove, our third underground mine, and Cove, our first oxide open pit that we developed. Phase 3 is our oxide open pit, but it is a much larger project. We will likely flip phase 2 and phase 3, and I will get into a little bit more detail on why that is. We think that really assists with simplifying the story and delivers more value for shareholders.
We put out PEAs a year ago. We went up to $3,000 gold. There is a lot of value within the asset base. Granite Creek open pit, we were forced to remove from our NAV calculation because we updated the Granite Creek underground fees. Look, there is a tremendous amount of value in this portfolio, and over the course of the next year, as we complete either the Feasibility Studies for the underground or pre-feases for the open pit, it is going to demonstrate significant value to our shareholders. Two years ago, we announced this three-phase development plan. It is complicated. There is a lot of work, but these are brownfields projects. They have already been built and permitted. There is a lot of infrastructure in place, and things are coming along well. Phase 1 is well underway, on schedule, on budget.
That is going to take production of 175,000 ounces to 200,000 ounces per year, probably at an AISC of $2,000 an ounce. As I mentioned earlier, we will likely flip phase 2 and 3. Mineral Point will point into permitting later this year, with the goal of getting those permits as early as the end of 2028, then moving into construction and production by the end of 2030. We will build Granite Creek open pit, and Cove open pit will likely get deferred to about 2040, just because we have enough fill for the Lone Tree plant for the foreseeable future from the first two underground mines in operation. Mentioned earlier, we had completed the recap. We raised over $1.1 billion. It was more challenging than I expected when I took the role two years ago.
It was also a lot more expensive than I thought it would be, but that's now behind us, and that allows us to move forward with this plan without further dilution to shareholders. We're well underway. One of the things I would focus on is that while we have maybe 860 million shares outstanding today, internally, we run the fully diluted number, including the convertible debentures and the warrants. The number of shares ultimately issued and outstanding will be about roughly 1.25 billion shares. At that, we've got a market cap on a fully diluted basis of about $2 billion. We would expect that by the time we put out the tech reports next year, at current gold prices, that that NAV would be $8 billion-$10 billion. Granite Creek underground, as I mentioned earlier, we put out the Feasibility Study last Monday.
It largely confirmed what was in the PEA. We view this as conservative in that the average grade is 8 g, but we're able to screen the low-grade material that will be stockpiled for open pit processing in about five years, and we put about 10 g through the mill. That means that we actually overstate our trucking processing cost by between 20% and 25%. The NAV also includes about a $50 million charge for the Lone Tree allocation, but that will go away. It's a good asset. The resource doubled in size. We think this mine will produce for 15, 20, 25 years. It's got a lot of upside, and we continue to drill it. This is really just a snapshot. 600,000 ounces, roughly, in reserve, 1.2 million ounces in resource.
We believe that this mine will continue to grow at good grades as we move forward. Archimedes is our second underground mine as part of phase one. We began construction in September of last year. We're ahead of schedule and largely on budget. This is a bigger mine than Granite Creek, and we think this mine is going to get bigger. We will be updating and moving this from a PEA to a PFS by about mid-next year, and we expect the resource base and reserve base to grow and the economics to improve. In part, why we believe that's the case, there's two zones at Archimedes, the upper and the lower. We began drilling the upper zone late last year, finished that program in Q2, put out a press release. It is much larger than what was in the PEA. It confirmed the sulfides.
Where we saw the increase was on the oxides. Those oxides, while we've designed Lone Tree both for refractory material with the autoclave, we also have a bypass for oxide material. We've done the metallurgy testing. Turns out this material leaches very well. We've got a permitted leach pad right at the Ruby property, so we'll begin leaching this in Q4. Leach kinetics are great. We continue to drill both the lower portion of the upper zone as well as the Ruby Deeps. We think the Ruby Deeps has a lot of continuity that will allow for longhole mining, which will be lower cost. We do think that this is going to be a very large, long life asset for the company. Between Granite Creek and Archimedes, we believe that's going to fill our Lone Tree plant at least through 2040. Turning to Lone Tree.
Lone Tree was a Newmont facility that we acquired in 2021. We will put the three underground mines, which are all refractory, through that plant. We began demolition in Q3, and that is largely complete. We are now mobilizing to be in construction next week. We are on track. In terms of the cost to build this facility, it was $412 million plus $18 million of capital spares. We are on track in terms of procurement. We are about 80% through procurement. We are running about 1% below the tech report. On the contract side, that is the one area where we are seeing higher costs. We are seeing labor about 5%-10% higher. That is a combination of higher labor rates, per diem rates, and then the cost of additional trucks for all of the individuals. But look, we are on schedule.
We expect to be fully committed by the end of this year and be commissioning in Q3 next year and pour gold in Q4. That is going very well. The blue areas are what is new. The gray areas are what is being refurbished. The critical path item is the dry stack tailings. We will begin construction of that next year and expect commission in Q3 of next year. So it is all coming together on schedule. Mineral Point is really what the future of this company will be. So there is 5.5 million ounces of measured and indicated gold, plus about 200 million ounces of silver. The PEA demonstrated a mine life of 17 years at about 280,000 ounces of gold equivalent production at AISC of $1,400 an ounce
Again, we only ran the NAV up to about $3,000 gold, and I think the NAV at $3,000 was $2.3 billion. It is significantly higher at current gold prices. We are targeting to have a PFS for this by mid-next year. As we look at the deposit, it is growing. We put out a press release last Tuesday. 35 drill holes as part of the program. It is a $45 million program, about 430,000 ft. We expect to continue into the first quarter next year.
So the first 35 holes, 19 were step out. Of those 19 step outs, they are not included in the green area of the pit. All 19 encountered mineralization. Five had mineralized widths of over 200 m, another five between 150 m and 200 m, three between 100 m and 150 m, three between 50 m and 150 m, and three below 50 m. But all intersected mineralization.
What we think is going to happen, bless you, is that we will have to put a pin in the drill program once this program is completed. But we will likely continue to drill through the course of the year because we do think it is going to get materially bigger. In terms of near-term catalysts, first gold from Archimedes will be Q4. We are going to put that on the heap leach pad. In terms of Lone Tree, we are now moving into construction. We are going to complete engineering shortly, filtration plant early Q4 next year, and first pour before the end of next year with the ramp up through Q1 of 2028.
In terms of technical studies, we just put out the Feasibility Study for Granite Creek, the first of our three underground. The second underground mine, Cove, we will put that Feasibility Study out shortly in Q4.
We are targeting Archimedes underground mid-year next year and then two PFS's, one for Mineral Point, the other for Granite Creek open pit, second half of next year. I think that with those fees and pre-fees, I think that will demonstrate significant NAV of somewhere between $ 8 billion-$10 billion, depending on gold price or maybe higher as we move through and complete those programs. In terms of why i-80, I think historically why investors have invested in the stock was, look, Nevada is probably the number one jurisdiction to mine. We do have one of the largest resource base in the state and overall, and we have an organic growth plan. Why now? We now have a funded development plan. Look, we are two years into the development plan, and we are largely on track. We are going to flip some phases and the valuation.
David, I will open up to questions.
Thank you, Richard. Do we have any questions? If not, I might ask a sneaky one. The production profile you showed obviously has very strong growth up until sort of mid-next decade, and then it starts to roll. Maybe could you talk to what you see as the key opportunity to further enhance that profile of backfill?
I am sorry. I did not really hear the question.
I was saying the production profile sort of peaks and rolls mid-next decade. What is the opportunity to extend that?
Okay. The question is that it looks like, based on the PEAs, that our production peaks and rolls. The Mineral Point mine plan was not really fully optimized, so that will be a flatter production profile. The two underground mines, Granite Creek and Archimedes, will produce a lot more gold. We had the production profile falling off, and that is why underground production was falling off. What we would expect as we move through the 2030s, roughly 175,000 ounces to 200,000 ounces through the Lone Tree plant in terms of our underground contribution. We do expect that we will be able to produce at that level, including Cove, the third underground mine, through into the 2050s. Mineral Point will be roughly about 300,000 ounces into the 2050s. Granite Creek open pit is another 125,000 ounces.
It is a shorter mine life of about 10 years-12 years, and that is about 125 per year. Ultimately, we will look at the Lone Tree open pit. It is a 3-million-ounce resource. Look to put that into production to further bolster production as we move through the second half of the 2030s.
Okay. Thank you. Is there one final question for Richard? If not, thank you very much, Richard, for your presentation.
David, thank you very much. Thank you, everyone.