Is Michael Wall. He is the Chief Executive Officer of Red Hill Minerals Limited. Michael holds a Bachelor of Science with honors in geology and an MBA and brings over 20 years of experience across a broad range of mining and exploration roles. He joined Red Hill as exploration manager before rising to CEO, positioning the company as a cash flow positive, diversified explorer through its iron ore royalty and gold exploration interests. Please welcome Michael to the stage.
Good afternoon, everyone. Red Hill is a dividend-paying, diversified royalty and exploration company operating across Australia. Our Onslow Iron royalty generates significant cash flow, allowing us to pay dividends while funding exploration and acquiring new royalties. We finished June with AUD 62.8 million in cash, no debt, and a strong shareholder register. The board and management hold 43% of the company's stock. Baowu, the world's largest steelmaker, has 15%, and Eagle Royal hold 13%. What differentiates Red Hill is that our royalty business funds our exploration rather than having to rely on the market to advance our projects, that gives us a lot of flexibility. For those of you who aren't familiar with Red Hill, I'll take you through our business model. Firstly, we create opportunities by building strong relationships and structuring mutually beneficial partnerships. Secondly, we apply a disciplined and systematic approach to exploration.
We've consistently invested in the ground over many years, our team has a proven track record of making significant mineral discoveries. Importantly, we don't just make discoveries. We create value by advancing and monetizing exploration assets. This has included the creation and purchase of royalties. Finally, we remain focused on our shareholders and our people. Our objective is to generate long-term shareholder returns while maintaining strong relationships with our stakeholders and looking after our employees. Since listing, Red Hill has returned over AUD 244 million in dividend payments to our shareholders. I'll now take you through our royalty portfolio. Starting with our Onslow Iron royalty, this was created by Red Hill through the sale of our iron ore interest to Mineral Resources. We retain a 0.75% free onboard royalty over the 35 million ton per annum Onslow Iron project.
We also still own all the other mineral rights on the Onslow Iron Project area, we continue to explore for gold and base metals, I'll take you through some of those exploration results later. Our iron ore royalty currently covers more than 1.1 billion tons of mineral resources across three project areas. While the Red Hill Iron Ore Joint Venture is already in production, the Red Hill Creek and the Bungaroo deposits provide potential for future royalty growth as they're developed. Our Onslow royalty has so far generated AUD 41 million in revenue since commercial production mid-2024. Under our dividend policy, we intend to return at least 50% of royalty revenue to shareholders with the remaining cash after tax supporting exploration, royalty acquisition, and other growth opportunities. Expanding and diversifying our royalty portfolio is a really important part of our strategy.
Last year, we completed two royalty acquisitions, both of which we believe provide excellent leverage to future discovery and project development. The first is our 2% gross revenue royalty over part of Brightstar Resources Sandstone Gold Project. Brightstar recently increased the mineral resource covered by our royalty by approximately 300,000 ounces to more than 1.3 million ounces of gold. Brightstar have an extensive drill program underway and have reported that a maiden ore reserve and a pre-feasibility study should be due later this calendar year. These are important milestones for Brightstar, their Sandstone Hub, and it's all encouraging for Red Hill and our royalty. They put out some really good drill results as well earlier this week. Our second acquisition is a 1.5% net smelter royalty over Legacy Minerals Thomson Copper-Gold Project in Western New South Wales. This is an earlier stage asset.
It's large-scale exploration potential with significant long-term potential. I'll now take you through our exploration projects. We recently completed our earn-in on the Curnamona JV, which covers about 1,800 sq km of tenements in one of Australia's premier base metal provinces. The region continues to attract significant investment, highlighted by Sandfire's recent transaction with Havilah for the Kalkaroo Copper-Gold Project. You can see that there on the map. It's about 40 km west of our New South Wales tenements. In the Curnamona, we're focused on two projects, Anabama, where we're targeting shear-hosted copper gold, and Broken Hill, where we're targeting concealed Broken Hill-style mineralization. At our Anabama project in South Australia, previous exploration was largely focused on shallow copper mineralization along the shear zone. Historic drilling tested around 2 km of strike, with very few holes extending beyond 300 m depth.
Late last year, we completed our maiden drill program, where we drilled two diamond holes for 1,200 m, with the holes designed to test for extensions of the copper gold mineralization at depth and along strike. Our first drill hole, 25ANDD001, shown on the map there, confirmed hydrothermal mineralization associated with the shear zone and returned the highest gold intercept from the project to date. This was beneath all of the historic drilling. We've actually got a section of this core at our booth if you'd like to come and have a look. Following last year's drilling, we completed a down-hole EM survey, and that identified two off-hole conductors along strike and at depth. You can see the yellow plate on the map there.
The conductors have the same orientation as the mineralized shear zone and supports our interpretation that the mineralization continues at depth, well beneath the historic drilling. We believe Anabama is part of a much larger hydrothermal system than what's previously been identified, and we have a drill rig on site at the moment. We're drilling another two holes, represented by the blue diamonds on the map there. We're drilling 1,200 m to test this large-scale system. We're expecting drilling to be completed later this month, followed by down-hole surveying in September, or down-hole EM, and then are expecting assays back in October. We started drilling at our Broken Hill project late last year with four priority targets tested with just over 3,700 m of diamond drilling. The best result came from our Dementus target, where a 958 m drill hole intersected 91 m at 0.1% lead.
While the grades are modest, the geology is highly encouraging. We intersected key Broken Hill-type textural features, including strata-bound galena. As you can see in the core photo, the galena occurs within the bedding, which is exactly the style of mineralization we are looking for as we vector towards the source. These results support our view that the Dementus target has significant exploration potential and warrants further follow-up. To refine our targeting, we have recently completed high-resolution gravity infill and an AMT survey, and these datasets are now being integrated into our geological model to help identify the structures that might have focused the mineralizing fluids, and importantly, guide us towards higher-grade mineralization. The modeling is currently underway and will underpin the next phase of exploration with a diamond drill program of approximately 2,000 m set to start in October. Next up in the West Pilbara.
This is where we retain all the other minerals rights on the Onslow Iron Project. The West Pilbara is best known for its iron ore deposits, but we are on the edge of the Hamersley and Ashburton Basin, which is also prospective for gold and base metals. Much of the gold mineralization in the region is associated with the deep-seated mantle-tapping regional structures that extend from Mount Olympus, where Kalamazoo were exploring, up through Paulsen's Gold Mine and into our project area, up past our Barkley gold target. The regional structures are represented by the yellow gold lines on the smaller map there on the left. Our most recent RC drilling was focused at Barkley, which as I said, is adjacent to one of these major regional structures.
At Barkley, we have consistently intersected gold mineralization over approximately 1 km of strike, and the latest drill program was designed to test extensions in multiple directions, like into the southeast there, where we had 9 m at 2.4 g. We should have the results back in the next few weeks. All of the green drilling there is what we are waiting on assays for. Following the RC program, we also completed down-hole televiewer surveys to improve our understanding of the structure, and that will be incorporated into our geological model and help guide further drilling. Finally, I will touch on our 100% owned Pannawonica Iron Project. As shown on the map, the project is made up of the Red Gate and the White Gate channel iron deposits and hosts a mineral resource of approximately 63 million tons at a grade of 53.4% iron.
The White Gate deposit is contiguous with the Onslow Iron RHIOJV White Gate deposit, which is about 4.1 million tons at 54% iron, and we hold our 0.75% royalty over that part of the deposit as well. In terms of access to a port, Mardie, a multi-user port, it is about 70 km North of the Pannawonica turnoff on the North West Coastal Highway. In BCI Minerals' recent Noosa presentation and their June quarterly report, they mentioned they have commenced discussions with the regulators about the potential export of iron ore. We are taking a measured approach to Pannawonica, continuing to progress the project while directing the majority of our resources towards our higher priority opportunities, while maintaining the project's long-term development optionality. What is ahead for Red Hill?
Over the coming months, investors can expect completion of our current drill program, down-hole EM results and assays from the Anabama copper gold target in South Australia. We will start drilling our lead zinc silver targets at Broken Hill in October, and we should shortly have our RC results back from the Barkley gold target in the West Pilbara. Alongside exploration, we will continue assessing royalty acquisition opportunities while returning at least 50% of royalty revenue to shareholders. It is worth mentioning last financial year, we received AUD 28.8 million from our Onslow Iron royalty, with Onslow producing at 35 million tons per annum. MinRes in their June quarterly report, they reported a current annualized run rate of 38.4 million tons per annum, which is positive for Red Hill and our royalty income. In summary, Red Hill offers a compelling and differentiated investment proposition.
We generate meaningful royalty cash flow, maintain a strong balance sheet, and return capital to shareholders through dividends. We have a diversified portfolio of royalty and exploration assets with multiple opportunities to create value through exploration success and royalty growth. Our experienced team has a proven track record of discovery, disciplined capital allocation, and creating long-term shareholder value. Thank you and hope to see you at our booth.