Next up, we have a very exciting company with two executives coming up here to speak. These guys don't need much of an introduction around these parts of the world, but Mark Zeptner, Managing Director and CEO of Ramelius , his background is a mining engineer and was educated at WASM in Kalgoorlie, as we all know, and with more than 30 years' experience, including senior operational and management positions with WMC and Goldfields at their gold and nickel assets in Australia and offshore. He joined Ramelius as the Chief Operating Officer in March 2012 and took up the reins as Chief Executive Officer in June 2014 and was appointed Managing Director in July 2015. Zeppi, you want to... Simon Lawson, we all know, is a Geologist and Corporate Executive with 20 years' experience in high-grade, structurally complex gold and base metal systems.
He played key roles in geology and mine development at Jubilee Mines, Silver Lake, and Northern Star before founding Firefly Resources in 2020. After acquiring the Yalgoo Gold Project, Firefly, the focal point of a high-profile takeover by Gascoyne Resources, where Simon was appointed CEO in late 2021, he led a major turnaround highlighted by the high-grade Never Never discovery and successful recapitalization, ultimately transforming the company into Spartan Resources. Following Spartan's recent $2.4 billion merger with Ramelius, Simon now serves as a Non-Executive Deputy Chair, focusing on reinvesting cash flows into aggressive exploration targeting more high-grade gold.
Thank you, Andrew. Thank you also to Canaccord and the Diggers team. It's great to be back in Kal again. It's also nice to be sharing the stage with Simon after the merger completed, I think last Thursday, allowing the program to be rejigged rather than sparring with him, as I had done over the last year or so. Given our belief that the combination of Ramelius puts together a well-regarded producer with a successful explorer, I thought it made sense that I'll handle the somewhat boring operational financials. That's if you find ridiculous cash flows boring, that is. Simon will provide the sizzle with the exploration portfolio in the second half. This morning's presentation will have a different look and feel in more ways than one.
Our project location shown here with Mount Magnet being our flagship operation with over 2 million ounces of production since Ramelius took ownership in 2014. At Mount Magnet, we have at least a 17-year mine life, probably the longest mine life that the asset's ever had. With the addition of Spartan's Dalgaranga asset, we'll be looking to push production to + 350,000 ounces from that hub alone. Importantly, we are cranking up exploration at the Mount Magnet hub. As mentioned, Simon will speak to that in more detail shortly. At Rebecca-Roe, we're in the process of completing a DFS later this quarter with the final investment decision to follow. Given the time constraints this morning, I won't go into much more detail on this project.
Suffice to say, the permitting process, the hydro geo work, process plant, tenders, and Roe underground reserve work is all tracking well, and we are still committed to finding more resources in the Rebecca-Roe area. Lastly, Edna May is now in care and maintenance and will stay that way for now, as our primary focus is on the integration of Dalgaranga. We have stated that our vision is to be a 500,000-ounce producer by the end of the decade. The company will continue to feature highly profitable operations, but now it has a supercharged growth profile and excellent exploration upside. The actual market cap of $4.8 billion puts Ramelius on the cusp of the ASX 100, and the actual net cash of $784 million is well north of the expected $500 million pro forma that was put out when the deal was announced back in March.
Group resources of 12 million ounces and Ramelius-only reserves of 2.6 million ounces, remembering that does not include any reserves from Dalgaranga. These will be included upon release of our five-year plan, along with updates on the remainder of the inventory to bring everything up to date. Production for FY 2025 was a record 301,000 ounces, the first time we have exceeded that 300,000-ounce mark, a notable achievement in itself. What is our pathway to 500,000 ounces? This chart shows Mount Magnet and Rebecca-Roe's production profiles in the dark gray and the light gray bars, respectively, with the combined all-in sustaining costs being the yellow line at the top.
In orange, we're showing what we are targeting from Delgaranga, both in terms of production ramp-up with the arrows, but also looking to keep our all-in sustaining costs in a sector-leading range by effectively taking out the higher cost bump that previously existed between FY 2028 and FY 2032. Once at 500,000 ounces, we believe this is sustainable for many years. Cash flows at this production level, with an all-in sustaining cost below $2,000 an ounce, will be, dare I say it, mega. In terms of integration work, we've been fortunate to be able to do a fair amount of work during the scheme process, and I understand that access to people and data is not always forthcoming during a scheme process, but we have the Spartan, and there's a fair few of them here today to thank for that. There is still a bit of work to do, though.
It's fair to say that the mine design and scheduling work is largely done, but there is a lot of work going on currently on the various processing options. We are running met-test work with Delgaranga combined with Mount Magnet ore, which is primarily Eridanus, to measure overall performance, noting that ideally Delgaranga has a finer grind requirement. This has led the team to be looking at up to eight processing options. We're looking at all avenues to make sure that we land on the highest value option. We have committed to bringing these integration studies to market in the December quarter, if not earlier if we are able to.
If I can go into a little more detail with respect to our record FY 2025 year, over 300,000 ounces for the first time, as I mentioned, above both the original and the upgraded guidance ranges, generating sector-leading cash flows per ounce and being the fifth straight year of achieving both production and cost guidance. My mail is that no other ASX gold producer has done that. We've brought Q project into production with a bang. More on that shortly. We have demonstrated robust economics at Rebecca, which, the fact of the matter is, has an all-in sustaining cost that's in line, if not better than the industry average at $23.50 an ounce Aussie.
We truly believe the addition of the Delgaranga asset to the Mount Magnet hub will take that asset from good to great, and our renewed exploration focus since the start of the calendar year across the portfolio has already started to pay dividends. In terms of the mining and processing physicals here, we see the key numbers for FY 2025 at the top and the four-year trends in the charts at the bottom. Clearly, the average mine grade over both open-pit and underground mines, that is, of 5.7 g per 1 ton is next level. This converted to a 3 g per 1 ton head grade once lower-grade stockpiles were added to keep the mills full. There was a point in time when 2 g per 1 ton was our internal target, which is what we achieved if you look at FY 2022 on the head grade milled grade. We made good money then.
It is fair to say at a 3 g per 1 ton head grade and the current gold price, we are killing it. For anyone who has any queries about our ability to bring projects, including Delgaranga, into production quickly and make a return, I have this little case study, two slides on the Q project. We acquired Q in October 2023, which was at the time essentially a series of drill pads. By Diggers last year, August 2024, we'd completed permitting, internal, external approvals, and we were mining the pre-strip of the Break of Day pit, which you can see on the bottom left. If we move forward 12 months, remembering that we mined first ore in October, we've mined almost 100,000 ounces at 10 g per 1 ton at an all-in sustaining cost below $800 an ounce and generated almost $288 million in free cash flow.
This year, Q actually outdid Penny. Never thought I'd say that, and by a pretty wide margin, in fact. Q has actually paid back the purchase price and capital development, a figure around $230 million in nine months of production only. Quite an amazing story is Q. Before I hand over to Simon, I have to talk about everyone's favorite subject, cash flow, which should be. Ramelius is sector-leading on a per-ounce basis, as you can see on the chart on the left-hand side, which covers the full FY 2025 year. We are leading the way by some margin. On the right-hand side, we come second on total gross free cash flow, booking a number just under $700 million in free cash flow for the FY 2025 year, remembering that we are competing against, in some cases, much larger producers. Also, worthy of mention is that these charts do consider gold hedging.
That is whether you are completely unhedged, whether you have some hedging that's rolling off like Ramelius, or whether you have paid out your book to gain exposure to the spot gold price. They're all accounted for in these numbers. Ramelius has just 50,000 ounces of gold hedges remaining as we speak. Over to you, Simon.
I hope it can bring the expected sizzle, the Spartan effect. I noticed, actually Craig Jones, our former CEO at Spartan, noticed the incredibly large eye on the young lady behind us there. I hope nobody takes that as the Spartan effect. Just to give everyone an idea there, these are the tenement holdings. Obviously, on the left-hand side, predominantly that's the Spartan ground and obviously the well-known and well-understood Ramelius ground on the right-hand side. Just for context, though, I just want to point out that in a two-and-a-half, three-year period, we've put 3 million ounces of high-grade material on the left-hand side, and there's been over 6 million ounces mined from the right-hand side.
What we want to do, and Mark and I, after stopping sparring, agreed that it would be a great combination to bring that skill set together, that operational excellence, and that exploration upside, that excitement, hopefully that sizzle. I can already see it in some of these, you know, some of the assessments on the assets that Ramelius have on the right-hand side there. We'll continue the excitement machine with the cash generation machine that I think Mark and I led off with last year when we were speaking consecutively. Everyone knows the Delgaranga story, I hope. I've stood up here and presented my PowerPoint slides before that are pretty much hand-drawn. Ramelius has helped me out by providing some more sort of corporate-looking diagrams here, so I'm pretty happy about that.
Obviously, the Gilby's open pit that most people know on the left, Pepper, and then Never Never on the right-hand sides there. A pretty well-known story. What most people, or some people may not have noticed, is that we've gone from 100,000 ounces in resource to a much larger number, almost 2.8 million, 2.9 million ounces on the right-hand side in a two-and-a-half-year period. What I want to do, and Mark and I obviously talked about this, is to try and take that sort of trajectory and put it into the operating assets that Ramelius has been working so hard on. Again, just to lay the foundation there, Never Never on the left-hand side, the old Gilby's open pit on the right-hand side. Beneath that open pit, there are a number of prospects.
We've put our exploration drill drive down there now, and we actually went to site the other day. We've gone through Never Never for the first time. All of this, whether you believe it or not, I've been standing up here for two and a half years talking about it. We actually have mined through the tail end of it now on one level and handing over to the Ramelius operational team with our combined exploration focus. We'll be leveraging off that access and expanding that mine, as you could expect. What's really exciting, though, we only really just started hitting our straps underneath that former Gilby's open pit.
One of the things I want you to take away from this is that we borrowed a lot of the information that had been learned over the more than 100 years of mining and exploration at Mount Magnet just down the road and applied it to our model here, tested it, and it seems to be a very similar structural system with very similar geometries in a lot of cases, slightly different rock types sometimes, but as most gold geos know, structure is a very big part of what we do. We see a lot of similarities, and not just in the mineralization, but the potential to take this kind of model where we've grown so quickly, a massive high-grade resource, and apply that to the Mount Magnet Q project assets, and we'll see what we can get done.
You can see there the expansive drill program on the left-hand side, the mine design to extract Never Never and Pepper. That's obviously underway, as I mentioned. We've already cut through the Never Never deposit, and we'll just expand that footprint from here. On the right-hand side in the yellow, a lot of drilling. You can see that we're focusing primarily underneath that Gilby's open pit now because some of those grades that we saw there, some of those structural features that we saw develop the Never Never and Pepper deposit so quickly, we can see the same similarities under that pit. That work will continue. You can see right down to over 1,000 m on the right-hand side there. That's where we're targeting. We're thinking pretty big at Delgaranga. We're certainly not slowing down.
Now to take you through to Q, as Mark mentioned, overperforming, performed better than Penny, which he was surprised about. Obviously, I was pretty surprised about how big Never Never and Pepper got pretty quickly. I think that there's a lot more potential in the Q area. I've made this publicly known many times. There are a lot of similarities there in terms of structure and high-grade potential at depth. That open pit, Break of Day, is overperforming massively. You would have seen the block model that Mark put up before. Incredible grades in that system, and there's no reason to suggest that they stop. I watched Nick Jolly present last night our story. It took me back a bit. Some people would like to rewind time and go back to the start of Spartan.
I'd rather that sort of stayed history, to be honest, because in the corporate world, it was pretty difficult to keep the company alive for a while. Obviously, once the excitement got a hold of us and we brought the market back to us, it was a great ride. For me, we can apply that kind of genesis that we took drilling those deposits, understanding that structural framework, and apply it right here. What's the new exploration plan? I'm just going to show a couple of long sections here. This system is, as I said, it's been continuously mined for over 100 years. It's one of Australia's oldest gold fields.
I am absolutely over the moon that I get the chance to go and drill down there with my team and integrate with the Ramelius strategy and also leverage off some of those amazing cash flows because for a while it was looking pretty bare in our cupboard. You know, Mark's been putting a lot in the bank, so I'm quite happy to try and spend some of it finding some more gold. We're focused on discovery. I mean, it doesn't really need to be said. That's what I've stood up here for the last few years and talked about is discovery, and it's about people. We've got amazing people to get that done, and we have an amazing project with great cash. It's a really good combination, and it does sound kind of familiar. Galaxy mine area, a couple of areas that are being mined right now.
I see huge amounts of potential here. Ramelius does too. You can see on the right-hand side there, this incredible Hill 50 system that was mined for a very long time down to over 1,500 m below surface. These two systems, Saturn and Mars, that sit right next to it, there's actually evidence to suggest that these systems will go just as deep, if not deeper, and that is the existence of the Hill 50 mine. I was asked which one could possibly become the next Hill 50. I said, why stop at one? There could be several, and we're determined to prove it. You can see these structural chute systems are actually quite similar geometry to what I showed and have been showing for Never Never.
I must admit I'm feeling a little bit sort of out of sorts at the moment because I'm usually spinning around 3D diagrams, and I'm having to resort to 2D here, but you can use your imagination. There's some incredibly high-grade chute systems here. You can see them illustrated by the open arrows. Everyone uses them, but there's nothing to suggest these systems stop, and without something to stop them, what's to say they don't go for at least 1,500 meters like Hill 50 did? You can see some of the grades there. I mean, I've stood up here and read out grades before. I'm impressed by those grades. Obviously, they're producing, you know, profitable gold.
We'll just continue to drill and keep providing Mark and the engineering team with the problems I've always liked posing, which is to put more high-grade gold in front of engineers and have them solve the problem of how to get it out. It's a bit of a race. We don't want to run out of gold. I'm just going to keep drilling in front. Eridanus, low-grade open pit. I must admit when I first saw this, I was kind of like, it's low grade. When you look at some of those grades there, it's a low-grade open pit because it's mining a series of high-grade chutes, and they coalesce towards the deeper parts of that pit design. You can see these chutes start to emerge as you get lower down, and you can see some of these grades here. Incredible grades.
You can see off to the right-hand side there, Orion South North Pit, Frank Tower, Frank's Tower. They're all structural chutes. We need to drill under them. You can see some of those deeper holes there, 18 m at 14 g. Who doesn't want to follow up on that at Frank's Tower? We're definitely going to be putting more drill holes under this. Ramelius's investment case. I do like to sort of round out, you know, as a combined group, obviously we were on the run. I might have accused Ramelius of not having the firepower to take me out last year, actually. It was repeated to Mark on the golf course, which I think was a little bit unfair, but he's a well-known podcast host who's quite spicy. I'm happy to say now that I'm, you know, I'm part of this team. My team is part of this team.
Ramelius as a combined business is an incredible investment. When you can produce this much cash flow, sector leading, and then reinvest that back into the ground, you don't have to fight for capital like I have been for the last two and a half years. You can actually really leverage the geological potential, and that's what this whole industry is about, is that potential. Reliable operational performance, sector-leading cash flows, dividends, pretty good dividends too, right? Vision to 500,000 ounces. There's a few people who have said that before. We are well on track to make that happen. Benefits of scale and liquidity, ASX 100, lots of people getting interested. I'm certainly going to be telling this story, you know, joining Mark on the Board of the company. It's going to be fun. It's a good ride. The exploration upside, like I say, let's spend some money on drilling.
Thanks very much.