Thank you for joining today's teleconference for the release of Mount Gibson Iron's June quarter activities report. Mount Gibson Chief Executive Officer, Peter Kerr, will be leading the discussion and is joined by Chief Financial Officer, Gill Dobson, and External Relations Manager, John Phaceas. Mr. Kerr will provide a brief overview, after which there'll be an opportunity to ask questions. Due to time constraints, only institutional participants will be invited to ask questions at that time. A recording of the call will also be available via the Mount Gibson website shortly after completion of today's teleconference. I will now hand you over to Peter Kerr. Thanks, Peter.
Thanks, Lisa. Good morning, everyone, and thank you for joining us to discuss Mount Gibson's June 2024 quarterly activities report. As usual, I'll give a brief overview before handing back to Lisa for any questions. And as a reminder, all currency we mention on this call is denominated in Australian dollars, unless we otherwise state. So as you will have seen from this morning's report, Mount Gibson had a strong production and financial performance for the full 2024 financial year, which incorporated a steady June quarter production result. But with the June quarter, cash flows unfortunately impacted by adverse provisional pricing adjustments relating to both prior and current quarter sales.
Iron ore sales from Koolan Island increased by a little over 20% on the prior quarter to 0.9 million wet metric tons, grading at 65.2% Fe, and that took full year sales to 4.1 million tons, near the upper end of our annual guidance for the year. Cash operating costs for the full year were $74 per wet metric ton, free on board, before royalties and capital projects, and that was approximately 5% above our guidance target, and that was after averaging $97 FOB in the quarter. As expected, cash costs for the June half year period were above those for the first half, in which we had the benefit of higher sales from previously established ore stockpiles.
These stockpiles have now been processed and shipped, so going forward, our shipping rates will be more closely aligned with ore extraction from the main pit. Sales revenue for the quarter totaled AUD 105 million FOB, which was after the adverse provisional pricing adjustments totaling AUD 29 million, with full year ore sales revenue total AUD 670 million FOB. Operating cash flow was AUD 30 million for the June quarter before the provisional pricing adjustments, which obviously reduced the quarter's net cash flow to AUD 1 million. On a full year basis, our financial performance was strong, with group cash flow of AUD 290 million, before tax and working capital movements.
The group's cash and investment reserves increased over the financial year by AUD 274 million, and that was from AUD 162 million at the start of the year to AUD 436 million by the end of the June quarter, excluding the circa AUD 20 million investment we hold in Mid West iron ore producer, Fenix Resources. The total cash and investment position held by the company is the equivalent backing of more than AUD 0.37 per MGX share, and we remain free of any bank borrowings. Now, touching on the operations. Firstly, in relation to safety, we continued the overall safety improvement trend of the last 2 years.
The rolling twelve-month lost time injury frequency rate remained at 0 incidents per 1 million man-hours worked at the end of June, and our rolling twelve-month total recordable injury frequency rate, and that reflects LTIs as well as other injuries, reduced from 5.4 to 4.4 incidents per 1 million man-hours worked. This is a good trend and a good result, and safety is obviously highly correlated with production performance, and we're focused on achieving further improvements. At Koolan Island, in relation to mining, work on the operation during the June quarter focused on completing the final benches in the western zone of the main pit and preparing for the transition of future ore production to the eastern half of the pit.
Mining in the western end was completed in June at a planned final depth of approximately 170 meters below sea level. The western end of the pit is now established as a water collection sump to assist with groundwater management and discharge from the main pit. Mining also continued on some upper eastern benches, where, as previously reported, production had been resequenced to adjust for the central footwall rock slip, which occurred back in August 2023. So operations are now transitioning to the central and eastern parts of the pit, involving a reconfiguration of the primary ore ramp. This work will occur during the current September quarter, in which shipment rates and cargo grades will be temporarily reduced.
Ground support remediation has also begun on the central footwall area impacted by the 2023 rockfall, and that will enable future extraction of the underlying high-grade iron ore in that location. Ore production in the June quarter totaled 0.7 million tons and just over 3.7 million tons for the full financial year, with the waste to ore strip ratio averaging 0.5:1 for the quarter and 0.6:1 for the year. The stripping ratio, as we know, is a key cost driver for the Koolan operation, and although it will rise for some periods in the next 12 months, in line with the ore ramp repositioning and the waste extraction cycles in the pit, it's expected to average approximately 1.8:1 over the remaining 2 - to 3-year mine life of the operation.
Processing volumes were steady at 0.9 million tons for the quarter, taking total ore processed for fiscal 2024 to 4 million tons. As noted earlier, with the historical high-grade ore stockpiles now depleted, processing activities going forward will be more closely aligned with ex-pit ore extraction. A mobile crushing contractor remains temporarily on site to supplement the main plant to process harder oversized material from the central and eastern parts of the pit, until the new crushers tertiary crushing circuit is commenced. Commissioning of that unit is imminent. 11 shipments were completed in the quarter, totaling 0.9 million tons, taking full year shipments to 4.1 million tons, and the average grade shipped through the year was 65.2% Fe. Operating cash flow from Koolan Island in the quarter totaled AUD 28 million, before the adverse provisional pricing adjustments of AUD 29 million.
Key expenses in the quarter comprised cash operating costs of AUD 84 million, which was the equivalent of $97 per ton shipped. Capital costs of AUD 12 million, including the tertiary crushing circuit and the footwall remediation ground support projects, and state government and third-party royalties totaling AUD 10 million. For the full fiscal 2024 year, operating cash flow from Koolan Island was robust. It totaled AUD 284 million on ore sales revenues of AUD 670 million FOB. Cash expenditure for the year comprised cash operating costs of AUD 302 million, which was equivalent to a unit cash operating cost of $74 per ton shipped, as well as capital projects totaling AUD 24 million and royalties totaling AUD 64 million. Volatile iron ore prices in the quarter significantly impacted the financial results as you will have seen.
The benchmark 62% Fe price averaged 10% lower than the March quarter at $112 a ton CFR, and briefly dipped below $100, before then moving back up to $120 in the middle of the period, and retreating to current levels of around $107 or $108 per ton. The price for 65% Fe fines also declined, and it averaged $126 in the quarter, but with the high-grade premium widening a little bit to average 8% compared with 5% in the March quarter. The Australian dollar also strengthened slightly to average $0.669 in the quarter.
The shipping freight rates for Panamax vessel journeys from Koolan Island to China, these remained steady, and they averaged between $14 and $15 in the quarter. As the final price of our shipments are typically settled two months after shipment, the resulting provisional pricing adjustment of $29 million, which related to both prior and current period sales, reduced the notional realized price of the fines products from $103- $81 a ton FOB in the quarter, when that provisional pricing adjustment is spread over just the tons we shipped in that quarter. And that was compared with $124 per ton FOB in the March quarter, and for the full financial year, $110 per ton FOB.
Now, these provisional pricing adjustments obviously work both ways, in that while negative adjustments are incurred in a weakening market, positive adjustments are realized in a strengthening market, and that's obviously occurring on a lagged basis. Beyond Koolan Island, the company increased its investments in several junior resources companies in the quarter, where it is considered that future financing or strategic opportunities may arise. The market value of these holdings totaled approximately AUD 19 million at quarter end, excluding our investment in Fenix Resources, compared with AUD 5 million at the end of the March quarter. Our strategy remains focused on production and cash flow maximization from Koolan Island, to provide a strong base for opportunistic investments and acquisitions to expand the business and generate returns. On the back of a successful fiscal 2024, significant work is being undertaken in this area.
So before we close, I wanted to make a few comments on our fiscal 2025 outlook. Mining in the September quarter, as I mentioned, is focused on repositioning the main ramp in the Koolan pit, the ore ramp, rather, as we move to the eastern half of the high-grade main pit. We're also advancing the eastern footwall remediation ground support activities to ensure we can extract the high-grade material lying below that area. As a result, September quarter shipping and cargo grades will be temporarily reduced, and shipping rates will thereafter increase, such that we're targeting a total of 2.7 million-3 million tons shipped in fiscal 2025, and this will increase further into the following financial year.
Finally, as also noted in the quarterly report, in accordance with our disclosure obligations, we expect to report an accounting impairment of Koolan's carrying values as at 30 June 2024, in the context of the prevailing iron ore price and outlook. This is obviously a non-cash charge, which will effectively bring forward depreciation and amortization charges that would otherwise be incurred within the next few years. To wrap up, while the June quarter was adversely impacted by lower prices and resultant provisional pricing adjustments, Mount Gibson recorded a reasonable production result for the quarter and pre-provisional pricing cash flows as well, and also recorded a strong production and financial performance for the 2023-2024 financial year. We end the fiscal 2025 with a robust base from which to generate cash flows from the high-grade Koolan operation, and to pursue new investment opportunities for the business.
With that summary, I'll hand back to you, Lisa, for any questions that anyone may have. Thanks.
Thank you, Peter.