Without further ado, I'd like to kick things off. First up, we have Genesis Minerals. We've got Matt Nixon to the stage. Matt's the COO of Genesis. He's a mining engineer by background, and he graduated from the University of New South Wales, and he's got about 20 years' industry experience. Previously, he's been a mining manager at Jundee for Northern Star and was the COO of Labyrinth, which is now Gorilla Gold. Last year, I think it was his first time presenting, so he's back for his second year at Diggers. What you won't read in his bio is that Matt's a, he's probably approaching 40, but he's still playing amateur football. He's been in five losing grand finals, unfortunately. He's not hanging up the boots until he wins one. I saw he got a good win against Kobeni on the weekend. I checked it.
Hopefully this could be your year, Matt. Over to you. Thank you.
Thanks for that introduction, Paul. Yes, absolutely. I don't know how much value I'm adding to the mighty Ocean Ridge these days, but ideally the losing five is not all on me, but looking forward and still running out there. It's a pleasure to be back here today with the opportunity to update everyone on the Genesis journey. It's been a fast-moving journey. To remind, two years ago, Genesis had one mine feeding one underutilized mill and effectively no stockpiled ore. At that time, I think it's fair to say that few people would have believed that just two years later we would have two full processing facilities across two production centers, 1.2 million tons of stockpiled ore, and more than 15 years of reserves at current milling capacities. In many ways, at Genesis, that's the way we like it. We pride ourselves on not overpromising and under-delivering.
Whilst we may not always get things 100% right, we're absolutely 100% committed to ensuring that our targets are achievable, reliable, and importantly, profitable. Having arrived at this point today and having achieved cash flow of around AUD 100 million a quarter throughout FY 2025, we can declare chapter one of that Genesis story being written. What I'm about to show you is how we see chapter two playing out. Our long ore position means we are now in the privileged situation of being able to determine the optimum milling expansion scenario. This will be a key plank of our strategy to grow production to 400,000 ounces per year. Yes, at Genesis, we remain unashamedly a growth business.
Genesis currently possesses a market cap of just over AUD 4 billion, and we closed the financial year with cash and equivalents of AUD 287 million after investing over AUD 142 million in growth capital and exploration, and after the exciting AUD 250 million cash acquisition of the Laverton Gold Project from Focus Minerals that I'll talk to soon. In light of our strong ongoing growth, Genesis was pleased to bolster its board in recent months with the appointment of two experienced mining executives and mining engineers, Jane Macey and Duncan Coutts. Jane joins us as a Non-Executive Director with more than 20 years' experience spanning multiple commodities and has held numerous operational General Manager roles through her time at BHP and Rio Tinto, as well as most recently performing the role of Director of West Musgrave for BHP.
Duncan joins as an Executive Director, bringing extensive experience to the Genesis team in due diligence, feasibility studies, design approvals, and ultimately project development and integration, including in respect to multiple successful bolt-on acquisitions during his time at Ramelius Resources. Personally, it's been excellent to see Duncan embed himself rapidly into the Genesis management team, applying his invaluable expertise and specialist skill set to our growth asset base, and particularly the recently acquired Laverton Gold Project, allowing me to focus and continue to focus on executing our five-year strategic plan and successfully driving our operations. Genesis maintains a singular strategic focus on the prolific Leonora-Laverton gold district, just over 200 kilometers north of where we sit today here in Kalgoorlie, with Leonora on the left-hand side of the map and Laverton on the right.
Across our WA Goldfields focus portfolio, we possess 4.2 million ounces in reserves and 18.7 million ounces in resources. The lighter blue tenure you can see on the map represents the considerable portfolio acquired from Focus Minerals and notably has triggered a strategic chain reaction, producing a true west side and east side, represented by the 50-kilometer radius circles centric to our two processing facilities you can see on the map. Importantly, the acquisition has provided an opportunity for the Tower Hill project to be processed through an expanded Leonora mill. To quantify the long ore position I highlighted earlier, Genesis currently holds 67 million tons in reserves, providing 15 years of 100% reserve production at our current installed milling capacity of 4.4 million tons per annum. One can rapidly back-solve these reserves to an implied 10-year production plan scenario of almost 7 million tons and 400,000 ounces per year.
I'm very proud of the entire Genesis team and acknowledge the contribution of all of our business partners as I highlight a very successful year in which we were in line with or bettered all metrics with a strong underpinning safety and environmental performance. This included record production and a guidance beat of 214,000 ounces, delivered within cost guidance at an all-in sustaining cost of AUD 2,398 an ounce. All the while, key growth projects were accelerated successfully throughout the year and are a testament to the tier-one execution of our teams, particularly the early restart of the Laverton mill in October, the commencement of production at Ulysses Underground and Hub Open Pit mines, the now underway mining at Jupiter Open Pit, and progression of our world-class Tower Hill project.
FY 2025 was a demonstration of Genesis ' ability to generate both production growth and cash flow, achieved in parallel with deliberate future-proofing of the business via aggressive stockpile build, closing June 30 with a 600% increase from FY 2024 to 66,000 ounces, and at an increasing grade with that stockpile closing at 1.6 g per ton . Genesis conducts all activities with a people-first approach, a critical element of our aspire company values. Throughout FY 2025, we were very pleased to be able to continue to build on strong traditional owner and community relationships as we grew our activities through the Leonora and Laverton districts, providing business and employment opportunities and ensuring we protect the cultural heritage of the Darlot and Nyalpa Pirniku traditional owners.
These relationships are a priority for Genesis , and I look forward to an increasing amount of local and traditional owner community members working with and alongside Genesis for many years to come. In March last year, we articulated a base case 10-year plan for Genesis , and as we have seen, we delivered a successful first year of this strategy with a production beat above that 210,000 upper end of guidance and in line sub AUD 2,400 an ounce all-in sustaining cost. The first half of this base case plan, with over 90% in reserves, sees a year-on-year increase in ounce production to north of 300,000 ounces per annum, complemented with a reducing all-in sustaining cost profile as Tower Hill comes online. Our attention has immediately turned to FY 2026, with guidance anticipated this quarter.
For the longer term, we're busy conducting a significant amount of technical work, particularly three key elements: mill expansion studies, assessment of the recently acquired Laverton Gold assets from Focus , and the ability to now divert Tower Hill through that expanded Leonora processing facility. Depending on the timing and outcomes of this technical and financial work, Genesis ' long-term plan will be updated in due course, potentially in the new year. Additionally, I'd like to emphasize our enviable portfolio of organic opportunities, which you can see listed here. There is in excess of 12 million ounces for the Genesis team to work through, with some of these opportunities owned for just one month. Now, with multiple drills spinning, targeting the extension opportunities at both Gwalia and Ulysses, plus design and planning ongoing for other expansion projects, we genuinely remain on an exciting learning journey.
With not one of the elements listed here currently in our 10-year plan, there is significant upside to unlock for Genesis. I'll elaborate on a few of the key growth projects in the coming slides. First, I'd like to step you through our west side of the Leonora operations, particularly Gwalia, the Leonora mill, and Tower Hill that you can see in the center, as well as Ulysses, about 35 kilometers to the south. Now, the Gwalia underground mine with a 1.1 million ounce reserve, again underpins production from our Leonora operations in FY 2025, with a continued strategic focus on delivering high-grade quality ounces from the heart of gold area of the ore body versus just an increasing quantity of tons, quality over quantity.
A mine grade of 5.9 g per ton for the 123,000 ounces mined in the year demonstrates that the Gwalia team is executing this strategy with proficiency. I'd like to take the opportunity to thank Paul Kline, General Manager of Leonora operations, and the entire Gwalia team of technical, operational, maintenance, and support personnel for their commitment to overcoming the challenges that a deep underground mine with a history spanning beyond a century can serve up. When these challenges are indeed overcome and continue to be overcome, this world-class ore body provides some excellent geological outcomes, highlighted by some of the recent drill results you see here in excess of 100 gram meters. These are multiple meters wide at around an ounce per ton, including 6.1 meters at 27.4 g per ton and 4.5 meters at 32 g per ton.
With Gwalia delivering in line with our original due diligence expectations at 120,000- 130,000 ounces, it's pleasing to see one of the other key pillars of our Leonora production strategy in Ulysses successfully commence stoping in late December, followed by a steady ramp-up throughout FY 2025 as outlined in our 10-year base case plan. At this point, I will remind everyone that remarkably, a truck of ore from the base of Ulysses actually reaches the Leonora mill 30 minutes faster than a truck of ore from the depths of Gwalia. Two jumbos are now progressing rapidly at Ulysses to open up the larger central district of the ore body and establish multiple stoping fronts for an increasing production rate throughout FY 2026. Diamond drilling from underground is now underway, with the ore body open at depth and not tested genuinely below around 450 meters.
Once Ulysses reaches full production, a profile of 60,000 ounces per annum, the Ulysses and Gwalia synergy drives Leonora production north of 180,000 ounces per annum at the current mill capacity of 1.4 million tons, hence encouraging that expansion to accommodate Tower Hill feed that sits just one kilometer away. Now, the Tower Hill Open Pit project is another world-class asset in the Genesis portfolio, with a 1 million ounce reserve at 2 g per ton, situated again just one kilometer north of the Leonora mill and immediately south of the great township of Leonora. In the base case 10-year plan, Tower Hill is trucked 100 kilometers at up to 2 million tons per year across to the Laverton mill due to the restricting mill capacity currently at the Leonora mill.
Expansion beyond the current 1.4 million tons at Leonora not only delivers AUD 225 million in OpEx savings through deferring or avoiding the need to haul across to Laverton, but also brings down the life of mine milling costs for Gwalia and Ulysses. Some excellent work from Andrew Francis, our General Manager of Growth in the approvals, rail, and permitting space, has ensured that Tower Hill remains on track for first ore in FY 2028. We can expect stage one mining approvals and rail user agreements to be finalized in the current half. This has enabled Lee Stevens, our General Manager of Development, to pivot his focus from the successful and six months early restart of the Laverton mill in October that Lee led into operational readiness activities at Tower Hill, including fleet and infrastructure planning.
This slide captures just the immense value of Tower Hill, highlighted by that 1 million ounce, 2 g per ton reserve, but also the immediate expansion prospects presented with a further 400,000 ounces sitting in a larger resource pit shell, followed by the optionality of an underground expansion in the future. The ore body has produced numerous impressive intercepts, consistently 50 m wide at 4 g- 5 g per ton and higher. Now, similarly, having only been tested to around 450 m depth, despite Gwalia just 1 km away and approaching 2 km depth, there is significant potential for further growth.
The strategic chain reaction following the Laverton Gold Project acquisition adds 31 million tons of Tower Hill reserves to this Leonora district and results in it taking us 22 years to feed everything through the mill at its current capacity, hence that focus on the expansion studies I've mentioned. Now let's jump over to the east side at the Laverton operations and particularly Jupiter and the Laverton mill that you can see at the heart of the dark blue tenure there, as well as the key assets from Focus Minerals acquired that sit just to the east, about 30 km on average from the Laverton processing facility. Mining is now underway at the Jupiter Open Pit in a great start to FY 2026, the fourth mine Genesis Minerals has brought online in the space of just two years.
This reliable baseload ore source located right next to the Laverton mill allows us to replace the low-grade legacy stockpile that averaged around 0.4 g per ton that we used for the mill restart with higher grade feed, driving a stronger Laverton production profile throughout FY 2026 and year on year. Mining is being performed by our in-house Open Pit division in Genesis Mining Services, and the seamless startup of our third Open Pit is a testament to the leadership of General Managers Matt Walter and Ben Cooper and the great work immediately being conducted by their teams on the ground. Jupiter was last mined over three years ago when gold price was about half of what it is today. The use of GMS provides a further point of difference by a lower cost execution versus the contractor model that was previously employed.
As I'm sure you've identified, Genesis believes the recent acquisition of Focus Laverton assets represents a value accretive strategic bolt-on that further consolidates a district and triggers that chain reaction I've spoken about during this presentation, with the ultimate outcome of unlocking Aspire 400 and beyond. The 4 million ounce resource just 30 km from our Laverton mill was acquired for AUD 250 million in cash, importantly ensuring there was no dilution of equity. Now, our immediate steps and focus involve the geological rebuild of the various resources leading to subsequent drilling and ultimately evaluation of reserve opportunities that we can bring into the Genesis mine plan.
On this slide, I draw your attention to the zoomed-in map and highlight some of those key deposits that are required, particularly the + 1 million ounce Karridale, Burtville , and Lancefield deposits, all of which have sat unmined for over a decade and amongst some significantly underexplored tenure, during which time the gold price has actually tripled. There are some prolific regional structures defining the Laverton Gold Project, including those that underpin the significant Granny Smith and Sunrise Dam mines you can see to the southwest. As I mentioned, significant technical work is underway and the full portfolio will be subject to extensive study work with evaluation and reserves to consider the use of the readily expandable Genesis Laverton mill.
To put the acquisition into context, I thank the conference sponsor Canaccord team for all their great work on the transaction and producing this graph, which ultimately demonstrates that the Laverton Gold Project presents as the third largest undeveloped gold project in Australia, possessing both size and grade. It also holds a significant advantage over many peers through its proximity to already installed Genesis-owned expandable infrastructure. How can all this be summarized? Genesis possesses an enviable 4.2 million ounce reserve base, coupled with a significant resource base in excess of 18 million ounces that leads industry peers and provides a plethora of conversion opportunities. Genesis is truly in a long ore position. To round out with Genesis' long-term capital allocation strategy, I want to highlight the ASPIRE Thirds pie. That is an even allocation of a third to growth, a third to balance sheet, and a third return to shareholders.
Our original plan had us focus solely on the growth slice as we invested in Genesis mine and mill assets for the initial years. However, we have reached the second balance sheet slice faster than expected through strong production delivery into a strong gold price environment, generating significant free cash flow, as demonstrated through that AUD 100 million quarter on quarter throughout FY 2025. Over time, Genesis will complete the ASPIRE Thirds pie as we are committed to delivering on expectations to build a resilient business, one that can fund growth and reward owners. As I hope you can see, we have a very clear plan for achieving our production goal of 400,000 ounces a year.
This plan is based on some fundamental policies of taking a long-term view of everything we do, ensuring that we have the means and then some to meet our undertakings to the market, and ensuring that our growth is both profitable and sustainable. Thank you very much for your time.
Thank you very much, Matt. Unfortunately, we've run out of time for questions today.