We've done about $270 million of construction pre-FID. Resource, it's a 2 million oz of reserves, 1.61 million oz of measured indicated. Another 1.8 million oz of resource. There's 3.6 million oz that are not in the feasibility and not in the plan yet, but that's about to change. We're located about a 45-minute drive from the town of Quesnel on a paved road. Quesnel is 22,000 people. We're about an hour and a half from the regional hub of Prince George, which is 110,000 people. This is an on-infrastructure project. We also have 5610 kW US power from BC Hydro, which is a huge advantage in this diesel market. We don't have a lot of exposure to diesel other than a few haul trucks. Everything else is electric.
The way we looked at this project back in the day was, there's a lot of historic mining here, over a thousand sort of workings, a couple of hundred placer mines in the valleys, and one successful underground mine at Cow Mountain, which produced 1.8 million oz at an average of 17 g. The mineral endowment here comes in the form of vein corridors that are long. We have 86 km of strike length, of which we've explored 4.4 in detail, and we have another 6 km underway now, so we consider exploration completion here at under 10%. This is a huge land package, and it'll host many more mines after we get through with it. The go-forward situation, we are investing CAD 990 million, or $717 million . Our available cash position is CAD 1.6 billion.
We have about CAD 700 million of free board, which allows us to get very aggressive on our fast tracking of the mine build, as well as the integration of the measured indicated inferred, which we refer to as the blue mine, with the pink mine being mine one. The goal here is to build two mines at roughly the same time, within the same ore body, given it's just conversion drilling required. As we said, construction is 22% complete, with the first portal being in 3 km , second portal collaring now, and we'll get into which portion of the project complete. Detailed engineering is roughly at 40%. More importantly, procurements and commitments to that sitting at CAD 325 million. Our entire mill circuit is in the driveway. We bought a mill from Hudbay. It was never installed. It was supposed to go to Lalor, then they started to expand.
Our mill is actually in hand in the driveway. It's quite a big mill for what we need to do. We also have our mining fleet procured, a lot of our substations and everything else. Our supply chain has been secured before doing this. I think this is probably the most important slide for shareholders and equities at this presentation. If you look where we sit now, we're about a $1.7 billion market cap, fully diluted. If we look at this table, we have market cap on the vertical and ounces of production on the horizontal. If you look at our friends from Wesdome, they sit at about a $5 billion market cap, and they produce about 200,000 oz a year. Then a lot of the projects to the right are things that you're familiar with.
The analog to us, we believe, is G Mining. They have 175,000 oz a year production, less than Wesdome, but they have a market cap of CAD 15 billion. Three times the market cap of Wesdome with less production. Why is that? They have a good project under construction in Guyana, a very credible management team, and they have quite a bit of upside in their growth portfolio. That is a very same scenario for us. We are coming online in 2029 at 200,000 oz a year. If we are successful in our conversion drilling, we will set the stage for significant increase in throughput at that point in time. Our target is to go from 200,000 oz to 400,000 oz within the same mine infrastructure that we are building.
30 km of underground development will access that other mine, basically what we refer to as the pink mine and the blue mine. Our goal is to land somewhere over in the right-hand side of the dotted line box. You see our friends at Lundin producing at around 500,000 oz a year with a CAD 24 billion market cap. Alamos at CAD 21 billion with a little over 550,000 oz a year. Artemis is in there at CAD 5.4 billion, around 380,000 oz a year. Then they are going up to 550,000 oz a year. One of the interesting things that came out of this work is if you look at the top right-hand corner, Wesdome gets about CAD 2.6 billion for 100,000 oz of production. That same 100,000 oz a year at Lundin gets a CAD 4.5 billion market cap.
The winner of this prize is GMIN getting CAD 8.3 billion per 100,000 oz. One of these things is not like the other, and we feel that that is what we wanted to call your attention to, because this is what we are building now. The feasibility, again, just based on the 2 million oz of reserves, 190,000 oz a year over 10 years, 202,000 oz for the first five years. Ten-year mine life with production starting at Q1 2029. All-in sustaining cost quite low at $1,163 an oz. $717 million go-forward capital, call it CAD 1 billion. Free cash flow life of mine at around CAD 362 million a year based on $3,700 gold. At today's gold prices, this mine would put out about CAD 630 million a year in free cash flow. NPV at $3,570 gold was CAD 2.3 billion, CAD 3.8 billion at $4,300.
34.7% internal rate of return at the lower gold price of $3,550, closer to spot, just under 43%. Ounces that are not in the mine plan, the 1.6 million oz of measured and indicated and the 1.86 million oz of inferred. They are outside of the mine schedule right now, but not outside of the mine development. If we look at the go forward date at $4,350 gold, the NPV would be about CAD 3.2 billion. Payback is about 1.8 years, quite quick, and annual free cash flow the first five years is CAD 642 million. This thing makes a lot of money if we just do the 200,000-oz a year mine. A bit about the schedule. I will not go too much into detail because we are in construction.
A lot of these things are active as we speak, completing almost all the tasks by the end of 2028, with mill ramp up starting at the end of 2028. It is about a 29-month mine build from where we sit today. The CAD 270 million that we spent pre-FID, what we did achieve is a 350-man camp that all has individual rooms with every room has a washroom and one bed, so it is individual lodging. On the right-hand side, you can see the waste dump, which is obviously key to being able to hard push on the underground development. We are at about 90% complete on that. At the bottom, you can see the settlement control pond. The water treatment plant, one of two, is complete and commissioned. A lot of the more boring stuff and some significant earthworks are actually behind us.
In an old mining camp, the earthworks are always one of the hardest parts in case you find an old stope or an old raise or something under your mill foundation. We have answered that. This is the aerial shot, the big one, shows the entire main area of development. The mill site is actually the small area in the top left. That is nearing completion now. We are at about 90% there to start the concrete. On the right-hand side of that dotted line is the actual second portal, the main portal. We are collaring that as we speak. All that area down below is our laydown yards, our stockpiles, and the rest of it. You can see on the right-hand side some rusty stuff. That is the tailings from the previous operation that finished in 1960, having produced 1.8 million oz at 17 g.
The bottom left-hand side is a little bit more of a blow-up of the face for the second portal. This will step on the gas. It will triple our underground faces for development. We are building a very large underground infrastructure, 5.5 by 5.5 m. We are using 50-ton haul trucks to set the stage for the mine expansion that hopefully we will have figured out and announced by the end of the construction. The key story for today is this. When you look at the plan view here, the entire feasibility and all the economics that I just showed you is based only on the pink ounces. As you can see, the blue ounces are far more numerous than the pink ounces. There is 3.6 million oz total in the blue.
If you look at the ramp access, we are often driving by blue ounces to get to pink ounces. We have a CAD 160 million drill budget right now. We have 16 drills on site now. We are going to 35, and we are going to do all the conversion of blue ounces from surface drilling as opposed to wait until we are underground. That will set the stage for a much bigger mine plan. We essentially double the number of stopes available within the existing infrastructure through that infill drilling and set the stage for a much more robust push towards extending the production above the 4,900 tons a day that we are permitted for. We are on a permitting track to expand from 4,900 tons a day to significantly more of that. The goal would be 15,000 tons a day. This is the mine plan we are building.
It will support 15,000 tons a day with the conversion. The current mine plan is built for 7,800 tons a day on just the pink ounces. For 4,900 tons a day, we have 50% over capacity in the number of stopes that we have available at any time. Because this is a ramp access mine, we have a lot of flexibility. Instead of relying on a central shaft, we are building four different portals from surface that will access the mine. It will act like four independent mines that we have. If one has a problem, we still have three left to go. Having that ramp access also allows us, stage two will be to twin some of these ramps and put in conveyors, that is why we think that the thing can push pretty hard well past the 5,000-ton a day limit.
This is the long section of the drilling that we have done so far, 4.4 km, which is the length of the deposit and the length of the mine plan. The red represents all the resources, the 2 million oz reserves, and the 3.6 million oz. We are only down to an average depth of 350 m. You can see some of the red dots. We have actually drilled down past 1,100 m in a lot of these cases. So 350 m gets you 5.6 million oz total resource. If we took it down to 1,100 m, you would have a shot at 15 million oz. If you took it down to 1,500 m, you have got a shot at 22 million oz, and down to 2,000 m, you are at 30 million oz.
The drilling that extends that at depth is going on as well throughout the next 24 months to demonstrate that that is a realistic expectation in this deposit. We have executed just under 900,000 m of our own drilling. There is no historic drilling involved in any of the work that we have done. We redrilled it to Osisko standards with oriented core over the last six years to very high standards and with dry road control accuracy to generate a mine plan that is accurate. We have gone back, and we are doing the infill drilling to tie in that drilling to make sure we will drill from other angles to make sure the accuracy of our stope design. This is not a mine that was on PowerPoint anymore. This thing is in action being built.
The integration of this project took us about 2017 to understand the geology map, the model here. If you look at that right-hand bubble, it actually shows how the vein corridors are made, essentially an accordion opened up and fluids coming through those cracks. That is a pretty important part of the story, and we now have a new discovery on the other side. But before we get to that, the analogs to compare this to, for anybody that is not familiar with Canadian underground bulk tonnage mining, we sit at 3.62 g head grade, 190,000 oz a year production. All-in sustaining cost CAD 1,156 with 4.4 km of strike length, only down to an average depth of 350 m. If you compare that to Alamos's Young-Davidson, they are about 1.7 g lower than we are.
They are about 1.1 km of strike, so they have to go down for their ounces, and they are down to a vertical depth of roughly 1,500 m already. So they are shaft-reliant and constrained by the capacity of their lifting equipment. We, with the 4 kilometers, we can just keep adding portals to increase production. They are 1.94 g, so you could actually put Young-Davidson in our footprint 4x and add 1.5 g . They are currently producing 153,000 oz a year at just under 2 g, at AISC 1,633. So if we put that in 4x with us, that would be 600,000 oz a year on their grade and much more on our grade. Goldex is another good mine to look at. It is about 800 m long and about 400 m wide.
It operates at 1.4 g underground, so we have about a 2-g advantage on them. So 1.4 g right now with gold at about 140 g, call it $200 a ton of rock. Our rock NSR is between $450 and $550 a ton. They are constrained by width. They are only 800 m long. You could put their mine in here 5.5x , and double the grade, and you still wouldn't have it. So they are producing 126,000 oz a year at AISC 1,340 53 at less than half our grade. The other mine to look at is the LaRonde Mine, which was the company maker asset. When I built Canadian Malartic, LaRonde was the biggest mine in Quebec at 350,000 oz. Canadian Malartic came on at 670,000 oz. But this was the company maker asset that had built Agnico.
It is now 1.5 km in the shallow zone, averaging 4 g, so a little bit higher grade than us. But their deeper zones right now are over 11,000 ft deep, over 3,200 m. All with shafts and everything else at 7,700 tons a day to produce about 345,000 oz a year. So we are not that far off their grade, but our mining is much simpler and our ability to scale by adding ramps significantly higher than anything you could do with LaRonde now. So those are three mines that I think you should think about when you look at this project. If you take LaRonde, we can put LaRonde, Goldex, and Young-Davidson in our strike length and still have room to move.
The big story that we are going to hear a lot about over the next 18 months, 24 months, we have Cariboo on the left, which you can see, 4.4 km of strike length. We have a couple of other deposits that we haven't put into the mine plan yet, Barkerville Mountain and Williams Creek. But the big one that we are working on right now is called Proserpine. As you can see, Cariboo has a valley, a lake, and a town in the bottom of the valley. Proserpine is up on top of the mountain, well above the aquifer, and is a perfect setting for an open pit, and it is 50% longer strike than Cariboo and 100% wider. Cariboo is 200 m- 500 m wide. This is 500 m- 1,000 m wide. We have 40 drill holes into this right now. We had drilled some in the past.
We see this being a much larger Cariboo that is relatively free of any encumbrance from mining, because it sits on the top of the hill. In the first 100 m, there is no strip ratio. This will be a very big change for shareholders as we get into it. We have 16 drills on site and there are now three underground, 13 on surface, and we are going to 35 drills. We have a CAD 160 million drill budget. The title of this season is called Drill to Thrill, for all other matters, drill blast. This is the overall property package, 86 km of trend, fully documented through ground truthing, historic workings, about just under 400,000 acres. We compared it to the LaRonde camp, the Malartic camp. Our land package is 1,550 sq km. The entire Val-d'Or camp, including Canadian Malartic and LaRonde, is only 1,400 sq km.
This is game on for a big project. Anybody who has got any more questions, please give me a call or cut me out of the crowd. We now have $1.3 billion to build a CAD 700 million mine and CAD 160 million drill budget. This will be a pretty exciting story for the next three, four years.
We may have time for one very quick question, if anybody from the audience. Otherwise, maybe is there any key components on the construction that still have price and variability? What should we be concerned about, and what is the most important ones that are already taken care of, please?
Most of the stuff that I would have worried about are done now. Earthworks and pioneering and getting camp set ups and getting permits for all the other ancillaries. We are focused mostly on the underground. We are trying to double our chances by doing the conversion drilling, which would double the ounces available, the stopes available per kilometer, and then adding a couple more ramps in and going to the conveyor system probably earlier than we might have thought originally.
Perfect. Sean, thank you very much. I appreciate it.
All right. Good luck everybody with your investments.