Happy $3,600 gold. So you're $3,640 coming into the room today. So, you know, I'll take credit for everything but that. That's been magic. A bit about us. We're a fully financed, fully permitted project, and central British Columbia is our lead horse. Recently hit a $1 billion market cap yesterday. The stock's been doing well since we completed the financing, which was, I think, the final piece of the puzzle. So we raised $203 million in equity and another $100 million we drew down from our syndicated facility. And we have another $350 million that we're working on there. So a total of $653 million over the course of the summer. Did cut into the time at the cottage, that's for sure. But it's been very productive, and I think it's the last piece of the puzzle.
What we're trying to achieve and why you want to own this stock is basically on this slide. If you look at where we are right now, you know, we're building mines one and two at present. We have two million ounces in our financial study that was completed in April of this year, and we have another 1.61 million ounces measured and indicated, another 1.86 million ounces, and inferred resources that will be built to infrastructure as we complete the Cow Mine, as you'll see later, so we'll be accessing it, so we see ourselves being basically to put mine one and mine two together at some point in the future. Right now, the reserves are at two million ounces, which is what everything is based on. We are in construction as we speak.
There are 1,250 meters of underground development into the ramp and some stopes along the way that we're developing. We also have significant infrastructure in place. So we've got a camp that we're currently have 70 rooms in going to 272. We own our mill facility equipment. All the comminution circuit is in Prince George, about an hour and a half away from us. The crushers, the ball mills, the SAG mills, the switch gear, the instrumentation. It's a full package that we bought for the Lalor project that didn't get built. It's all brand new hardware that's on site. We bought that about five years ago for about $0.07 on the dollar. And that mill, the comminution circuit itself, can take 11,000 tons a day. We only needed to do 5,000 tons a day here. So we have plans for the future.
We see ourselves on the way. If we just complete the feasibility study that we're on now, we would go to 200,000 ounces a year, which would give us pretty equivalent to where Wesdome is. My friend over here from Kirkland Lake, Mr. Duncan Middlemiss, who's on our board, knows a thing or two about that project. He's here to help us get there. Then in terms of things that we think will happen, if we are able to convert the 3.5 million ounces that sits in the measured and indicated in the inferred, we would set the stage to keep expanding. We see we're sort of on a track to where G Mining is right now with one mine complete and another one in development. But we're doing it behind the same fence.
As we look up the value curve, as we see this property has significant ways to grow. We're only down to about 350 meters, and we're only at 4.4 km out of an 83 km long trend, of which we have another 10 km drilled off, so we see moving up this value chain in terms of the market cap. We've compared ourselves to a few that are further out there. But as we walk through with phase one, get the 200,000 ounce year mine up and running and continue to walk through the increase in production on the same site using roughly the same infrastructure. We can walk up this chart with this property. It's a very important project. It's 1,550 sq km, a little under 500,000 acres.
But more importantly, it has 83 km of mineralized trend, of which we only know about the first 350 meters of 7% of it. So we stepped into this as a camp play. And for those of you who know me from previous moves, Canadian Malartic was the largest gold mine built in the history of Canada, now part of Agnico. Produced 620,000 ounces a year. So my goal is to try and at least match what we've done in the past in this. And that's why I'm not at the cottage hanging out on the dock, is because I do think that this is a world-class camp that gets built in this cycle. We're well underway now. As you can see here, the grade is about 3.62 grams for the first 2 million ounces. You see the measured and indicated about another 1.6 million ounces at roughly 3 grams.
And then another inferred category for another 1.86 million. This is all within the planned mining infrastructure. We don't have to go anywhere to get these ounces. Summary of the feasibility study here. 10 years, 190,000, starting out at 200,000 ounces a year for the first five years. 10-year mine life. First gold in 2028 right now. $1,157 AISC, so just about $3,000 an ounce in margin. $2,000 an ounce in margin right now as we sit at $3,600. Sorry, a little more than that. $2,600 an ounce to where we sit today in terms of margin. CAD 881 million CapEx. So about $652 million. We just raised $653 million. And we had $70 million in the bank. So we are fully financed for phase one of this project. About 1.9 million ounces recovered.
Again, you know, an internal rate of return at the $2,400 gold price was at 22%. Currently, at current prices, we're just around 40% internal rate of return. And again, that's only on the 2 million ounces. Doesn't include the rest of it. Where that puts us and who's who in the zoo in terms of projects, that's a pretty good crowd we're in. And we see off to the right my target, which is the Canadian Malartic, 656,000 ounces a year. So from here to there is where my work is at, is to get us in position to take advantage of that for our shareholders. The NPV of the project right now, $943 at $2,400 at current gold price is $3,300. This is a $2 billion NPV.
Summary again, payback is only 1.6 years with us generating about, if we were in production right now, we'd be generating about $600 million a year. At $3,300, we're $457 million a year free cash flow. So this thing's a bit of a cash cannon once we get it up and running. In terms of our IRR sensitivities, we ran it down below here. You can see pretty good right now at 36%, 36.3%, 38% closer to spot. When I talked earlier about mine one and mine two, this was referring to. In the pink is the two million ounces of reserves. The other 1.61 million ounces of measured and indicated and the 1.89 million ounces of inferred is in the blue. And as you can see, if we build the infrastructure to go after the pink, we've accessed all the blue ounces.
That's really the low-hanging fruit for the shareholders in this room: if we can convert those blue to pink on the way in and basically have those ready to go by the time we reach commissioning in 2028. We have a significant amount of increase in reserves planned. We also have a mill that we think can take 11,000 tons a day without the ore sorter. With the ore sorter, we'd probably take 15,000 with that comminution circuit. We're permitted for 5,000 tons a day. To be clear, we do not have that permit in hand right now. We are fully permitted for the 5,000 tons a day with everything we had. We had the Minister of Mines from British Columbia here with us yesterday meeting up with some of our finance partners. You know, he's very supportive.
His first act as Minister was to give us a permit. He got elected on a Sunday, got appointed Minister on Tuesday. He gave me my permit on Wednesday. So he's a pretty big supporter of this project. And as we get further into it, you know, he wants to see jobs and growth. Our backdrop couldn't be better in British Columbia right now with the tariff wars on. Everything, you know, all the timber is under duress. Agriculture is under duress. And mining is the big hope. So we've got more than a supportive government, the most supportive government I've ever worked with. We did a pre-Beaver Creek meeting with the Minister. And the Premier Eby showed up for half an hour to talk to all the, it was mostly the CEOs and Co that were at that meeting.
And he's like, "Go get it, guys. Whatever you need, we'll give it. We're here for you. We need you guys to get these jobs for us." So never seen it better than this. Our First Nations agreements with the Lhtako Dené Nation and Williams Creek, Williams Lake are finished. We've got great support from them all the way through. We received all of our EA certificates in fall of 2023. And we received our final mining permits 13 months later, including all construction releases in November of 2024. We achieved full financing here about a week ago. So this is one that's in the chute. And I think we've got a lot of value gap to close in terms of how the share price can move. We had about $ 4 a share, $4 .20 a share right now.
But I think if you do a bit of math, you'll see that we've got quite a bit of room to go here. Most of the analyst targets on this right now are showing sort of a $5 target price, $5 and $6. So mine one is the pink, mine two is the blue. And this is the upside scenario for the existing 4.4 km. So this is just what we know about. We've got the red zone is down at 350 meters. That's. We've been averaging 15,000 meters, 15,000 ounces for every vertical meter we've gone down. And we've drilled it down to 1,000 meters. But we've only done resource work down to 350. So the immediate upside is in after we finish building the blue mine is to go below and to go down on that. So pretty good shape there.
You can see a bit of the model. This is much like an accordion. It opens up in an anticlinal structure, and we get these big vein corridors repeating. We have 481 of them in place right now, and we'll start doing site visits this fall, but a lot of people say they know this project from the past, but nobody's really been on site since I drilled 750,000 meters there and accessed the underground, so what people knew about this project in the past has nothing to do with what we're doing. People historically mined in these black areas, the replacement zones, and they pulled out about a million ounces at 17 grams from the replacement zones in the black, so we buffered those out, we don't include any of those in our package.
We're just bulk mining the vein corridors, which is the bread and butter of this deposit to start with. But the chocolate chips and the cookie are those old replacement deposits that we will pick up as we mine. And you know, those things can be pretty valuable. If you saw our press release for drill results yesterday or the day before, we headlined with 165 grams over a meter. We had lots of hits in there, 50, 60 grams over three meters. It's a high-grade system. It's got some great volatility to it. That's always the rub about this project is what's the grade continuity. We're going to mine it. And we'll come back to you and tell you what it is. We've top cut this thing pretty hard. So we've suppressed all the high-grade numbers down to a maximum top cut of 50 grams.
But we had lots of assays in there, 150 grams of stuff that were cut to 50. So we'll see how that goes as we get further underground. We're in the far end of the deposit right now. We're in Lowhee. We weren't able to get a permit to go into the main part of the deposit during the EA process. We now have that permit. So we'll be driving across to get into it. The bulk of the ounces are in the Shaft in the Valley Zone. We're going to go through Cow Mountain from Lowhee. And we're putting in a separate portal to get there. But there's an awful lot of work to be done on this project. And it's self-financing with CAD 450 million a year of free cash flow. We think we might have done our last financing a month ago.
This is a little bit what we're looking for. I put myself in there for width scale on the bottom. That's Chris Lodder for height on the left. Those of you who know me, I'm a man of profile, not stature. So I got my sulfides in there. That's the kind of stuff that will run 150, 160 grams a ton. So we're seeing this as we open up. We see a lot of these veins. Why we call these vein corridors, you see these veins in there. We're bulk mining this thing. We're not trying to chase the vein systems. They are structurally contained in these large fractures that follow the anticlinal. You know, the last slide that is sort of a contact slide here, that's our 4.4 km on the left, 3.6 grams with about 2 million ounce reserves in the other resource.
If we compare it to Young-Davidson, Goldex, and LaRonde, you can put all three of these mines in here and still have room for another Young-Davidson in terms of strike length. We averaged 15,000 ounce of vertical meter. We're only down to 350 with the reserve. You see Young-Davidson is down around 1,400 meters right now and only 1.1 km in strike. So they've got to duke it out on vertical to get their ounces. The rough number is it costs you 7 for every dollar you spend on development to go across on strike, costs you $7 to go down a meter because you got 15% grade is roughly 7 meters of development for every vertical meter you've got to go down. So having that 4.4 km of strike length is a big advantage for us as we get into the bulk mining of this.
If you look at Goldex, the lowest grade underground operating mine in Canada, 1.55 grams, they're only 800 meters of strike length. They're running at 8,000 tons a day, producing 130,000 ounces a year, but their grade is only 35%-40% of what our grade is. So this is, you know, to go to bigger bulk tonnage. LaRonde is running at 3,300 tons a day, but they're down 3,000 meters, and you know, the upper portion of the project is a 1.5 km wide, but that was the cornerstone that built Agnico. This is the fundamental starter mine to Agnico, 300,000 ounces a year at 3.62 grams, and if you notice, that's the same grade that we're starting with, so you know, we've got quite a bit going on for us here.
We talked about the 4.4 km, which has shown essentially, you know, just in that 4 km where it says Cariboo Gold, the next 10 km that we know about that we drilled is the Barkerville Mountain, Williams Creek, and then Proserpine Mountain is where we think there might be a potential to actually build a second open pit mine there. So we've got 10 km of that. And that's where I'll stop. And you know, that's my upside slide. And I don't think we have time for another question there. But.
You're the last company. Maybe one question from the audience if someone wants to ask one. Maybe, Sean, I have one for you unless there's a question. You mentioned the stock price is $4.20. Analyst price objectives are $5, roughly, if I heard that right.
Yeah, roughly.
What do you think the analysts have to see to raise those price objectives? Because.
I think there's two things going on that we, you know, this has always been a show me story given the history of the project. As we get grade reconciliation, we get the underground opened up, and we get, you know, people to see this thing from the underground. I think we get it. Geologically, this is not like anything else in Canada. This is a very young deposit in the sediment host in the Jurassic. So we don't have a lot of geologists that have ever seen one. The only real analog to this thing right now is Muruntau in Uzbekistan, and there's only one guy I know that's actually been to Muruntau. That's Quinton Hennigh. So you know, there's very few people that can actually put it in context.
I think that's our challenge with this story. It is just not a lot of people can get their head around this. Most geologists would have never seen anything like it. So I've asked 28 geologists on exit questions. I have two questions. I said, you know, have you ever seen anything that's an analog to this? And 27 answered no. And I said, did you, the second question was, did you believe this before you came here? And they all said no. And you know, did you believe it after you saw it? And they're like, yeah. So you know, this is very much a show me story. And I think we'll build. It was like very much what happened to us at Canadian Malartic. You know, nobody believed in that story. And then it ended up being, you know, 38 million ounces in Canada, this biggest gold mine.
So I think that we've got a pretty good shot at trying to do it again now.
Okay. All right. I'll leave you with that. Thanks, everybody.
Thank you.