The next presenting company is Dakota Gold. This is an exploration and development company focused on advancing the Richmond Hill and Maitland projects, and, in that process, revitalizing the Homestake District located in South Dakota. Presenting on behalf of the company is Chairman, CEO, Bob Quartermain.
Great. Thank you very much, Andrew, and it's a great pleasure to be here with you today in order to describe the development opportunities which we have at our Richmond Hill project, which will be the foundation for the organic growth which we have in this historic Homestake District. I caution you on making forward-looking statements and refer you to our disclosure statements, which you see here. Dakota has accumulated a total of 48,000 mineral tenures in the Homestake District, which hasn't seen any systematic exploration since the 1990s with that low gold price cycle. You can see here on the center slide in the green, that is our Richmond Hill project, which is the area of our current focus, which I'll be making most of my remarks about. To the east of it, in the purple color, you can see the Maitland project.
The nice thing about Dakota Gold is that we have a foundational project with respect to the work we're doing at Richmond Hill, and that will translate into the ongoing work that we can do with organic growth in the Maitland Project, and of course, it lies just 2 mi north of the historic Homestake Mine, which produced over 40 million ounces of gold. I'll go into these in a little more detail. Key with respect to South Dakota is that it is currently the US' 7th-largest gold-producing state. We hope by bringing Richmond Hill into production, that will move that up to the 4th, and as we evolve our Maitland Projects, we expect that to move up to the 3rd. Dakota, again, is becoming a very important gold-producing state within the Union.
It was last year at this time that we completed an updated S-K 1300 resource for our project. That then informed an S-K 1300 with cash flow that we concluded in July of this year. These are the detailed highlights you can see. We used a $2,350 gold price, as well as a $29 silver price, and you'll note with that, very robust economics. If we look at both the M&I and inferred case, you can see there's a very large resource here. With respect to the M&I case, we're looking at over 160 million tons of material at a grade of about 0.017 or 0.566 g of gold. That's, of course, where we'll be currently focusing our activities, is advancing this into a reserve category.
Very long mine lives, 17 and 28 years in both cases, and one of the work that the company will be doing is focusing to bring those forward. We initially planned to do 30,000 tons a day with a jaw crusher. We're looking at putting a gyratory in, which will allow us to expand our mining rate from 30,000 tons a day up to 45 and perhaps up to 60 in that regard, in being able to improve on both the production that you're looking at the bottom of 153,000 oz of gold. The other credit here that's certainly more important for us now is our silver. You see that we'll be producing almost a half million ounces of silver a year, and that provides us with financing opportunities as we continue to advance the project going forward.
Key to us is the fact that we are 2 mi North of Wharf Coeur Mine. It's been operating for over 40 years and produced over 4 million ounces of gold. As a result of that, we have real-life time data in order to inform our financial modeling of this project. All-in sustaining costs are similar to those at Wharf, which shows this is going to be a very robust project. Also key to is the capital cost, because we're looking at conventional heap leach with a Merrill-Crowe plant and putting material on pads and having trucks, that we have a capital cost, which we think is very well-defined. It also includes a $50 million contingency, which we're able to look for these trade-off studies, which we're currently involved with.
If you look at the bottom, the bottom right-hand, that kind of puts in context the net present value of this project. You can see at $4,000 gold prices and recoveries, which we're anticipating for the project, this project currently, we're looking at over $4 billion net present value at current metal prices. Extremely robust project and one that needs to be developed and go along the development track. Here you can see what I talked about. This is the original plan of mining, sequencing, and gold production for the years which come out of the IE with cash flow. You'll notice in the initial years, we're producing up to 170,000 oz of gold with a very good silver credit. Our plan would be able to look to enhance that.
If we go from 30,000 tons a day up to 45,000 tons a day, you're gonna see a corresponding increase in gold production and basically moving some of those later years forward and making this a very robust project at this time in the gold cycle. If we look at our plans, the kind of blue area shows the outline. One of the key aspects of our key projects is we are on private land, and that's important in the United States, particularly in South Dakota. It means that the regulators have been used to and familiar with the evolving Coeur Mine, and as a consequence of that, we're able to go to the regulators, talk about what our plans are, and be informed from their decisions about the work that we should be doing for permitting.
We want to keep all of our activities within that 3,000 acre of private land, which means we'll be doing concurrent reclamation as we advance going forward with respect to the project, such that our plans are to mine at the north end of the project and work our way to the south, keeping our disturbance initially at about 580 acres. You can see that we're having our leach pads, which are in blue on the east side or right-hand side of the project. You'll notice below that there's actually space down there. We've been able to drill it, condemn it. There's opportunities for us to make sure that we utilize the best area, which has been condemned for leach pads, and at the same time, have opportunities to continue to expand the resource.
This entire area is ubiquitously mineralized with material. We've had 900 historic drill holes in it. We added 100 in our initial drill program. This year, we've added over 250 holes in it, and we'll be drilling another 100 holes. We'll have lots of drill holes, which will go in and continue to advance this project. Historically, metallurgical research had been done with 31 column tests on the south end of the project in an historic mining area. We currently have a very robust metallurgical program ongoing. We utilized 100 drill holes in here. They're currently at the lab, and we're doing column tests across each of the zones, which you see here. We'll be doing a number of zone areas with respect to our columns.
You can see the Chism Gulch area, which is in your upper right, when you enter our M3 zones. Each of these are areas that we're looking at separate mining, and key for that is that many of them have higher grade mineralization within them, I'll speak about in a moment, which gives Jack Henris and his team the flexibility when they go through to be able to determine where is it optimal to mine. As you'll see, with respect to this cross section, much of the mineralization is at surface. It's a side cut. We have a low, very low strip here, and the measured indicated it's at about 0.5, 0.66, and then the M&I, 0.4. Low strip.
You can see here the drilling that we did this year, particularly to the bottom slide into the north. We have 2 g intersection over 30 m, and it's open. It's 400 m from the edge of the open pit. Lots of expansion, and that will go into the resource, which will inform the pre-feasibility study, which we're planning for this year. Our plans in 2026, we'll do another 50,000 m of drilling, including another infill drill holes. Those will all occur within the first half of this year, and that will inform the feasibility study that we plan to have by the end of it. We'll also be doing some work over in our Maitland Project. We'll have three drills operating on it, so generating lots of information throughout the year for shareholders in that regard.
Key for this is a Richmond Hill trade-off studies that we'll be working with over the year. Initially, we're considering conveyor stacks. We know from the permeability of the rock that we're able to go through and probably just do conventional truck stacking on it. Agglomeration, we've considered, but again, amenability from initial test works is something that's probably not something we're gonna have to consider. Key to it will be the processing rates, as I talked about, bringing a gyratory crusher, and then also mine sequencing, and that's what will come out of the pre-feasibility study, to be able to deliver on our plans for this project as we evolve it going forward. A key thing for me, having been in this industry for 50 years now, is location.
Our head office is in the town of Lead, which is in the lower, right-hand corner of your screen. It is a 15-minute drive from the office to our projects, and you have to drive by Coeur Wharf Mine. As you can see, this is a Brownfields project. We're located just two miles north of Wharf. We have similar geology. You notice the infrastructure's there. It's a great aspect when we're now looking for competition for both people, as also looking for perhaps equipment in this enhanced gold price environment. We're well-positioned here where our initial project, Richmond Hill, which you can see in the green and the blue, is the outline of the resource, is only a mile and a half away from our Maitland project, where we have high-grade mineral opportunities.
Timeline to production, we'll be completing a pre-feasibility study in the second half of this year. That'll flow into full feasibility study. Next year, we have ongoing drilling occurring. We've been doing baseline work for the last year, and that will inform permitting. We are on private land in South Dakota, therefore, we have to deal with the state and the local Lawrence County with respect to our permits. Those are fairly defined and prescribed processes, so it's a matter of speaking with the regulators, looking at the data that we're able to require to bring into them, and then start that permitting process. At the end of this year, we'll give our Notice of Intent that we intend to start a large mining process. We're already engaging hiring people to start our engineering and EPCM work in that regard.
You can see that, construction occur, we anticipate kind of late 2028, after an 18-20 month, 4-month permitting process, with production targeted in three years from now with respect to the end of 2029. Back to our other project, organic opportunities. This is the Homestake District itself. You can see the 40 million ounce Homestake Mine here in the right-hand side. Very old generational mine, operated for 120 years. When we got involved here 5 years ago, our thesis is, was that there was additional mineralization in the district. You can see here, we stepped to the north, we drilled our JB Zone. We have 47 intersections grading over, close to 11 g over 4 m, very similar to the 6 million ounces that was mined in the historic mine.
We believe we have a large resource here, we just have to be able to continue to drill it off. As we were drilling our JB Zone, we went through oxide material, and we came up with what we call our Unionville Zone. We currently will targeting drilling of that later this year and hope to have a maiden resource on it by the end of the year. The opportunity here is that this mineralization is oxidized, and there may be an opportunity to be able to bring it over to Richmond Hill for processing. It's something that Jack and his team will be looking at in that regard. From an enterprise value, you can see again, we're in that kind of orphan phase with respect to the Lassonde Curve, and we're just getting the trajectory to be able to advance it going forward.
Here you can see comparison of ourselves with many of the other producers, which are currently out there, which for 100,000 ounces a year, have an enterprise value of close to $2 billion. If you look at our planned 150,000 ounces of annual production, we'll be looking enterprise value well over $3 billion. Key for that is we're financed through to being shovel-ready. I'll speak about that in a minute. This is our cap table. I have the privilege of being the larger shareholder. We have a number of shareholders who are here in the room and numbers that we've seen here. We have 125 million shares outstanding, and we want to keep that count low.
We were very fortunate, with respect to, recent financing, which you may have seen that we announced, last week, co-led by our host here today, BMO, and also with Scotia, that we now have, about $108 million of cash. That's $33 million we had our last financial statements. Add in the $75 million from the financing. What that does is put us in a unique position where we can now plan for three years as a development company. We have all the funding to take us all the way through feasibility. As many of you know, there's going to be pressure on long lead items now, so we have to start looking at the equipment material that we're going to be looking for Richmond Hill.
We have the capital to be able to look at making those purchases, and key to us is that we can grow the team. Jack Henris is our COO and President, and Shawn Campbell, CFO, in the room today. They're growing that team, which is gonna go from 40 people to 250-300 people over the next 3 years, and we have the capital to attract that talent. We have this great opportunity with what's going to be the next development in the Black Hills, and particularly in the Homestake District, with respect to our Richmond Hill Project, and that will lead on to the work and ultimate development over in Maitland. Thank you very much for your time, please continue to follow us at dakotagoldcorp.com.
Bob, I think you've skillfully used up the allotted time. If anyone has follow-up questions, I'm sure the Dakota team could handle them just outside the door to the room.
Great. Thank you.