Last November, they announced the acquisition of the Copperstone mine in Arizona. In August of this year, they announced the acquisition of the Pan, Gold Rock, and Illipah assets from Equinox Gold. As a result of that transaction, the board, the management, and the company has changed relatively drastically. I'll take you through that. Effectively, the story was a low capital intensity developer in Mexico. Unfortunately for them, Mexico became a difficult place to permit mines, and they spent a lot of time telling people what they could do with the mines, but never being able to get them started.
The introduction of the Pan Mine and the 3,100 ounces it produced in October of this year for the company as the company took over control of the Pan Mine on October 1 marks a very key time for the company to take on a gold production asset at $3,100 or at $4,000 and produce 3,100 ounces and put $6 million of positive free cash flow on the balance sheet in your first month. We're happy that the transaction got done. I had originally started to join the board, not the management team, but our chairman had done an amazing job of acquiring these assets and raising the money.
I ended up getting a not just a chairman job, but a day job being the CEO of the new Hemlo company that was bought from Barrick. I went from being on the board to coming into the management to help the corporate side of the company. The company had a large retail shareholding base. We now have probably the seven or eight best names in the mining industry from Merck to Franklin to Fidelity to Ruffer, and from Delbrook to others that are in the company, and participated in the $135 million raise. We've been working through the churn that happens when you have a big change like this. Not only did Jason effectively buy the.
A company which would provide free cash flow for investors, he was able to buy an asset that could basically fund the remaining of the other assets in the portfolio, and that's key. As we look through the Pan operating mine, we'll do 35,000-36,000 ounces of gold this year at $1,700. It will do over 9,000 ounces in the fourth quarter to our benefit. We expect in 2026 to be able to increase that amount because it's been in the hands of Calibre that hasn't been all that focused with its big portfolio in Nicaragua and its growth in on the Valentine project, hasn't been that focused.
Pan, which operated in 2017, has the same crushing capacity as in 2017 as it has now. The grade's gone from 0.51 to 0.35. If you're only moving 18 million tons, you're not gonna be increasing your profile. That will change under Minera Alamos as we look at crushing options to increase crushing by up to 50%. We also have the permitted Gold Rock project 11 km away that we're looking at potentially trucking ore at the beginning of the mine life and trucking it back to Pan given current gold prices.
The most important thing that Pan will do is it will fund the growth and the build of the Copperstone asset. We put out a press release last Wednesday talking about Copperstone being the next asset that the board will approve. It has a $36 million capital build, initial capital. The majority of that is the mill, and the mill we already own the mill. If you were building this mill new, it'd be close to $85 million. It's gonna be $30 million because the building's still there, and the mill is owned, and the parts have been refurbished, and they're actually on their way from Quebec to Arizona as we speak.
The other thing that's changed in this operation is when they did the PEA, they assumed that they had to deliver a 20% copper con in order to satisfy this asset because it's got gold, high-grade gold, around 7.7 grams, but also copper. Copper concentrate has come down from 18%-20% to the 5%-6% copper, which changes the recoveries from mid-70s to high 90s. What was a 42,000-ounce project is now above 50,000 ounces, and we believe that we can get this in production and built in 10 months, and we believe it will be operating at a full run rate in 2027 at around 50,000 ounces to our account.
That would give us two mines, one that Pan, which will get to over 40,000 ounces in 2027, Copperstone at 50,000 ounces in 2027 to be a 90,000 ounce producer. We expect that the balance sheet will have nearly $30 million in cash at year-end, and we expect that we'll be able to do an offtake loan for the remaining capital, which will be non-dilutive to our shareholders. The great hope that's been inside the company for quite a while, probably the best asset in the portfolio, Cerro de Oro. It's 790,000 ounces at $1,600 gold. The pit has already been stripped, so the stripping ratio is 0.67 to 1.
For every ton of ore you put on the leach pad, you put 0.67 into the waste pile. At $3,000 gold, we think the resource is probably closer to 1.3 million ounces, and we're gonna do that work as we move forward to redo all the resources at higher prices. That asset requires 1 permit from Federal SEMARNAT that has already been approved at the Zacatecas level, and we all got excited on Friday when we saw Silver Tiger get their permit, which means somebody's open for business, and I'm pretty sure the governor of Zacatecas is yelling right now at the Federal SEMARNAT to get theirs confirmed too. Sonora is not gonna get the only pit.
Then finally, again, $28 million to build that mine because we have a mining contractor. We need to build a leach pad, and we need we have about $7 million of working capital to get gold off the pit once we put it out there. Then the last asset in the portfolio, Gold Rock, permitted in the United States. It has a bigger capital number, $64 million, so we're moving that to the back end just because of the cost of capital. We believe the Pan Mine generates enough cash flow to build Copperstone. Copperstone and Pan will easily build Cerro de Oro, and the rest will build. If we look at what it looks like in a production profile, we have Pan operating at 35-60.
I've included the Pan operating complex here, so I've added Gold Rock with Pan, 'cause in the early days we're gonna get Pan up, and then in the late days, Pan expires in 2030 at current gold prices. Rather than putting them on top of each other, we think we can produce some 35 this year, but 40+ next year, through the next 10 years in Nevada, 40,000-60,000 ounces. Copperstone still shows the feasibility level of 42,000 ounces, but that will now be over 50,000, we believe, with the lower copper concentrate allowing us to recover more gold. Cerro de Oro is about 58,000 ounces. All told, between 130,000 on the low end and 165,000 on the high end is where this company can produce.
At $65 oil, the AISC on these three projects would be about $1,750, and at $100 oil, it'd be closer to $2,100 just because we don't believe oil's gonna stay at $60. Again, even at $100 oil, it's $1,900 of margin on 150,000 ounces of production if gold stays at $4,000. That's a far cry from where the company is today. Just showing here the value or what happens in a rising gold price environment with an open-pit heap leach. You can see when Pan was restarted by the group at Fiore, Tim Warman and the group, that there were 19 million tons of reserves at 0.51 in the pit.
In 2024, there's actually 19.5 million tons still in reserves in the pit, albeit at 0.35 grams instead of 0.51 grams. As gold prices increase, cutoff grades come lower, more gold becomes less waste and more gold. Obviously, this works the opposite way if gold were to come down, but we're all here because we believe gold's in a good place right now. A mine that was supposed to be extinguished by the end of 2024 still has 5.5-6 years left at $3,000 gold. That is the opportunity here. It's not just about building new mines, it's the existing mines and the new mines we're building, being looked at on a much higher basis of gold.
All of them were looked at well below $2,000. As we do the new resource statements, we expect the resource for the company to go up quite materially as we move forward. I don't wanna go through all the drilling. I think Copperstone here is an interesting story. I guess I don't have a pointer. If you look where the arrow is pointing downward, the one on the far right bottom of the screen is the current underground, which is about 500,000 ounces averaging about 6.7 grams per ton. You can see there's not been much drilling below that, we expect that to expand as we put some drills into play either at the end of this quarter or beginning of Q1.
Secondarily, if you look at the far left side of the graph, there's an historic resource left of about 450,000 ounces at about 9 grams per ton that are sitting in the southern block of the underground, or of the open pit, and that has not yet been permitted, but it's future growth for the company. The other thing I would say is when Saber did the PEA on the study, they could only get 600 grams out of the underground at Copperstone because that was at $1,600 gold. The mill's actually a 900-ton-a-day mill.
The minute we start producing end of 2026 at Copperstone, that 50,000 ounces I said we'll deliver in 2027, we'll be expanding the mill permit to 900 tons a day, which will move 2028 into over 60,000 ounces. There's a lot of upside in the company. We've got a path and a platform to 150,000 ounces in the next two to two and a half years. It's within our control other than a single permit in Mexico, and if we don't get the Mexico permit, then we'll build Gold Rock after we build Copperstone. If you look at this and where we sit, we've got an enterprise value of about $275 million.
We're producing 35,000 ounces this year from Pan. Of course, we're only getting one quarter, and we're going to over 150,000 ounces. Where will our market cap be and where will our multiple be as the company's focused on U.S. assets and production, which is generally you get to 100,000 ounces, you get to $1 billion, or you get to 150,000 ounces. You can see whether you're G Mining or whether you're McEwen, the market cap of the company's gonna grow quite materially. Of course, it's not without its challenges. There's 1.1 billion shares outstanding. We're gonna need to roll back that stock. We're also gonna go on the TSX big board from the venture.
That will be announced at the end of November, that we're gonna roll back the stock somewhere between 8-to-1 and 10-to-1. The stock's currently at CAD 0.40 Canadian, and we will go to the big board. I think the catalyst for the company is when you get to the end of January, and you say there's 9,000 or 10,000 ounces produced, and that generated X amount of free cash flow for the company in the fourth quarter. We're gonna do more ounces at Pan than was done in 2025. We're gonna do more in 2026. By the way, we've made a positive decision to build Copperstone and the money is on hand without equity dilution. I think that's the catalyst for the stock and the story.
With that, sorry, we only got 15 minutes. Had to run through quickly.
Fantastic. We've got 30 seconds, maybe time for one question.
Perfect. Awesome. Great. Thanks, everyone. Well, then I think you've answered all the questions.
Great. Thank you so much.
Thanks, guys.