Thank you very much. Thanks for giving us a platform. Obviously, Spartan merged with Ramelius. I was here last year presenting the Spartan story, and now we're part of the Ramelius organization. I'm here to present the Ramelius story. A few disclaimers. I'll get right to it. $6.5 billion market cap, Australian. $784 million in net cash at the moment. On track to deliver $1 billion in net cash by the end of the quarter. 12.1 million ounces in resource. At the moment, 2.6 million ounces in reserve. That is exclusive of anything that will come out of the new Dalgaranga mine plan, which is obviously the amazing ore body that we discovered at Spartan. I suppose key to this slide, and in small writing on the right-hand side, is producing 302,000 ounces for this financial year at a U.S. cost of $1,008, which is pretty, pretty good.
I can't take credit for that, obviously. This is a planned production profile for the next few years. The orange arrows are meant to indicate, and I'll admit they're a bit messy, but basically that's meant to indicate the impact of the Dalgaranga operation being integrated into the current Ramelius mine plan. When we produce the study in the last quarter of this year, we will outline exactly what that reserve and what that impact will be in fixed metrics rather than just orange arrows. We're aiming to be a 500,000 ounce per annum producer by FY2030. This is where we're located, Western Australia, specifically Midwest down to the southwest. You can see there Yolgu, Dalgaranga, and the Mount Magnet operation up the top there. I can just highlight those. Just through here.
Dalgaranga is obviously the Spartan asset coming into what is obviously a very well-credentialed and well-performing gold producer, Ramelius. Our shareholders now occupy about 40% of that register, so we obviously have a good say, and we've got two representatives from Spartan on the board of Ramelius to make sure we husband that Spartan ownership through to the Ramelius group. Exceptionally strong operational and financial results. Having $784 million in the bank on track to $1 billion is a very healthy place to be. We're currently integrating the Dalgaranga underground mine and that mine plan, and we'll be producing, as it says there, targeting the release in December 2025 quarter with a five-year plan. Time to double down. Increase in exploration expenditure up to $100 million. What that means, obviously, there was a $50 million number applied to the balance sheet last year.
This year it's $100 million, and I'm saying to this room and anybody else listening that I will make sure that that $100 million is going to be spent on meaningful drill holes, not just service holes. Dalgaranga integration PFS. Obviously, there's a bunch of study work that we were midway through when we got merged with Ramelius. That's now being finished off. Mount Magnet is going through a bit of an expansion plan at the moment, targeting an upgrade there. As Mark will say at Denver next week, there is still a key area to understand, which is how we're going to run those plants. We're going to run them in parallel, start off with Chequers, which is the Mount Magnet plant, and then integrate the Dalgaranga plant into the production profile, or just stick with one.
We got into, after two and a half years of drilling one of the most incredible ore bodies that I've ever seen, we were lucky enough just before the merger went through, or just as the merger went through, to be able to get into Nevernever for the first time. That's myself, Mark Zeptner, and Tim Hewitt, the Chief Operating Officer of Ramelius, standing at the face there, first cut. That is now developing through to actually outline that first level. I'll go through a few of the projects outside of the Dalgaranga and the Mount Magnet area. Rebecca project is a development project that's been on the cards at Ramelius for quite some time. It's targeting total production of just over a million ounces, with an annual production of 130,000 ounces, all-in sustaining costs of $23.46 AUD, with some CapEx there.
We're obviously still working through some permitting at the moment, and those numbers will be finalized on the way through. I'll probably just rush through this. You can look at this stuff at your leisure in the presentation that's been uploaded to the ASX, and I'm also happy to take questions on it afterwards. This is not my area of expertise. The Rebecca project is actually part of the Ramelius asset. I would like to talk about the exploration upside, so I'm going to get through to that. Just to summarize, I suppose, just before I get into that exploration upside, record gold production just over 301,000 ounces. Fifth consecutive year of delivering both production and cost guidance. Demonstrated strong economics. It's unquestionable. Record underlying free cash flow. The seamless transition of Q, which interestingly enough is actually reconciling much better than even was predicted.
It's a pretty amazing ore body, that Q asset that Ramelius got off Musgrave a while back. Obviously, with the Spartan integration, we had a transformational combination to take the Mount Magnet hub from good to great. Excuse me. I walked up a hill this morning and lost my voice as a result. You probably all know the hill. A few metrics there. Pretty impressive. Mine grade, to me, just stands right out. You know, 5.7 grams a ton. Mill grade, 3 grams a ton. Obviously, there's a fair bit of stockpiled material going through that plant at Chequers at the moment. With the integration of Dalgaranga, the intention is to increase that mill grade and the mine grade. It's a good place to start from, and obviously, it's generating a lot of cash flow at that level. Imagine what it does when we integrate that Dalgaranga material.
Revenue of $1.2 billion. These are insane numbers. I'm an exploration guy, so to me, I look at these numbers and I go, that's great because then there's a lot of funding available for me to go and drill some holes. Those are very meaningful numbers to have that much money in the bank, to be able to produce the margin that they have been, and the earnings per share, importantly for shareholder value. Dividends up 60%, seventh consecutive dividend. Luckily enough for me, we managed to get into the gate before that final dividend was paid. Spartan shareholders benefited from that dividend as well, which was great. That's returning some of that investment that's obviously been put into the company on the way through. I'm pretty strongly of the opinion that sitting on the board there, I want to have a bigger impact on increasing that return.
If you're sitting on almost a billion dollars cash in the bank, obviously the pressure is to do something with it. I'd like to try and give some more back, but we'll see what the board says. Guidance history obviously exceeded the production guidance, just over 300,000 ounces, which is a record for the company. Never been done before at that company. Looking forward, it's a plan to maintain consistent production at a low all-in sustaining cost. Against North American peers, obviously interesting, given that Mark's presenting next week at Denver Gold, just to put some peers there. I apologize for the small writing down the bottom there, but basically Ramelius is sitting at the head of quite a few peers in their same space in terms of underlying free cash flow per ounce produced and underlying free cash flow and gold production.
The returns in the last three years have been sector leading against those peers as well. Now the fun stuff. This is the Mount Magnet hub just in the middle there. I'll just draw again. This is where the mill is, but the Mount Magnet hub, all of that material is intended to come back. Any of the resources and reserves that we outline, any new discoveries we make are going to come back to that mill at the center of Mount Magnet there. Interestingly enough, that area has been in consistent production for over 130 years. There have been some periods where it's been put into care and maintenance by various companies, but there's been 130 years of operations in that area. They've yielded just over 6 million ounces just from the Mount Magnet region, and the deepest mine there is just over 1.5 kilometers.
That's the only mine in that area that goes to depth. There are 55 open pits at Mount Magnet alone with no drilling beneath them. One of the things I get really excited about is being part of this business now with the way that I take a pretty aggressive approach to exploration. There will be significant increases in growth just at the Mount Magnet asset itself, as well as continued drilling at Dalgaranga, a corridor for future discoveries. Obviously, I know this area pretty well, having spent the last three years there, first operating a loss-making gold mine and then shutting it down and making pretty amazing discovery and a series of discoveries that's allowed us to really outline what the future of this area could be. There are high-grade chutes that cut across the geology here, structures, sorry, that cut across the geology here.
I've drawn this a few times, and I apologize for the messy nature. Every time we see these structures cross-cutting the stratigraphy, which runs this direction, you end up with a high-grade chute. I'll make that in black so you can see it. You end up with a high-grade chute at that intersection point. Pretty simple model. I am just a mine geologist. I don't really put too much creativity into it. When you apply the same principle to Mount Magnet, they call them Bugatti breaks. They worked that out a few years ago. We've put 3 million ounces in here, breaking that code in two and a half years. There's been 6 million ounces total produced from Mount Magnet. You take that knowledge, that understanding, and our aggressive approach, and you apply it to Mount Magnet. How many ounces are we going to outline?
It's going to be, to me, pretty spectacular, particularly with the exploration expenditure approaching $100 million for the year. Q exploration plans, as I said, over-reconciling, over-performing. There's some incredible grades there. There's a lot of oxide gold there that probably wasn't taken into account. There's just been amazing reconciliation through the mills. You can see a lot of deeper drilling is showing that there are some extensions to these chutes at depth, and we're only really just getting started. Just to put it in context, when I started talking to Mark and Ramelius about potential combination, there was one drill rig drilling the assets at Ramelius. There's now 10. This is the Galaxy mine area, which is currently being developed. In the blue is the current mine plans. Under those mines, there's like one drill hole.
The talks I've had so far are that we're going to put in drill drives to be able to unlock the depth potential. On the right-hand side, you can see the 1.5 kilometer Hill 50 mine, which produced most of the high-grade gold in this area. There is every intention and every, I suppose, every signal I've ever seen showing that these Mars and Saturn open pits to undergrounds will become much more extensive to depth. You can see there with the high-grade highlighted, that's the Hill 50 mine on the right-hand side. You can see how many drill holes and how many intercepts are sitting underneath those currently operating mines. The intention is obviously to do exactly what we did at Spartan, to grow these things to depth, to really supercharge the mine life of this area with high-grade, high-margin ounces.
Iridanus, currently, it's postulated as a low-grade, high-volume base material for the mill. That will go ahead by the looks of it. Importantly, underneath that, there are some incredibly high-grade veins as well. We'll be putting in a drill drive, I'm certain, to go and unlock some of the geometry there. Essentially, it's very similar geometry. Investment case, reliable operational performance, sector-leading cash flows, dividend yield well above mid-tier ASX gold producers, vision to 500,000 ounces. We're not just sitting on our laurels. We are going to use this aggressive exploration approach to take us up to 500,000 ounces and beyond. Benefits of scale and liquidity, and obviously that exploration upside that I talk about a lot. Thanks for.