Thanks. Thanks Katarina. Thanks everybody for coming along this morning to have a listen to the update on the Regis story. My name is Jim Beyer. I'm the Managing Director of Regis and first of all we'll run through the cautionary statement and exploration targets we talk about. We promise to give up our firstborn child if things go wrong. Unfortunately that hasn't been called into play. I'm still stuck with him. Just don't tell him that. All right, who's Regis and where are we? We're a Western Australia based gold production company with operations sitting at. We own 100% and we operate the Duketon business which is actually made up of three mills and a series of underground and open pit mines.
You can see our guidance there for this year is 220,000 to 240,000 ounces for an all-in sustaining cost of about $2,790 to just over $3,000 at $3,200 an ounce. I'll come back to some comments on our guidance a little bit later on. I would draw your attention to the fact that our all-in sustaining costs at Duketon do include about $200 an ounce worth of non-cash costs. Just understand that all-in sustaining costs are not pure cash. If you're drawing from stockpiles you actually do get a non-cash charge that comes in from what you've been spending in the past. We've got resources of just over 3.3 million and reserves of 1.1 at Tropicana. That's an asset that we own 30% of and AngloGold Ashanti owns the other 70% and they operate it. Great business. We bought about, I think, about three or four years ago.
It has been a very pleasant investment for us and it will this year. We're anticipating it'll produce about 130,000 to 140,000 ounces of gold sitting in this bit over $2,200 to a bit more than $2,500 an ounce. Sitting in that mid range, it too has some non-cash costs associated with it. Those resources and those reserves for Tropicana are our 30% share. The other asset that we've got is, you may have heard of it, it's the McPhillamys Gold Project sitting with about 1.9 million ounces of reserves or it did have 1.9 million ounces of reserves. We had to pull that around about 12 months ago when at the time Minister for the Environment, Minister Plibersek, made a Section 10 declaration. That's a great asset. I'll talk a little bit about that later on and give you a high level summary of where we're at.
The year just finished, FY25, was a great year for us and we didn't do anything spectacular. We just delivered. The team did a very good job. It's and that's been a few years coming as we've positioned ourselves through our underground mines, getting our costs under control and just being able to reliably produce and do what we said we were going to do. We were at the right hands of guidance, a little bit above midpoint for production and a bit below midpoint for all-in sustaining costs. Our growth capital was down a bit relative, but some of that money slipped over into this year. Exploration was great except we didn't find a million ounce deposit yet, but we will, and McPhillamys, well, that was tuned back a little bit thanks to the Minister's decision.
Importantly, and this is the key shot for our year, in the 12 months of calendar year of financial year, we generated $522 million worth of cash. We built our cash and bullion position from a net of just, we were basically net neutral at the beginning of the financial year to $570 million in cash and bullion. During that time, we also paid down $300 million in debt that we had carried over from when we acquired Tropicana. You can see a very good consistent delivery. Nothing spectacular, just delivering on what we said and well over $100 million a quarter slipping onto our balance sheet. Where to from here? How are we thinking about the business as it currently stands?
Duketon at the moment, what we are driving it to is reliable delivery of this 200,000 to 250,000 ounces per annum out at least until FY28 on our reserves. In fact, now you do the numbers, you can see it's out to FY29, and we can see a way of being able to maintain that production out well beyond that by focusing on building one more with four. We currently have three underground mines, two in production, one under construction, with a fourth we see we can maintain that plus 200,000 ounce annual production from Duketon, and that's the fundamental driver of our strategy. We will run the business to that while we look for another Garden Well. Garden Well was a pit that we just finished this year, delivered 1.4 million ounces. We've very exciting exploration, which just takes us a bit of time to find it.
The other asset that we've got, of course, as I mentioned, was Tropicana. Tropicana will generate about 130,000 to 145,000 ounces over the next few years, out to FY28. Beyond that, the open pit starts to peter off. There's a plan around that as well, and I'll talk to that shortly. That's really where we're taking our business. That's the plan in terms of the assets that we currently hold. We also have sitting in the background the McPhillamys Gold Project. McPhillamys now is really sitting probably at least a couple of years away from final investment decision and we've got some judicial, some legal proceedings underway there. Back to Duketon.
The reason that we feel confident that the value that we're starting, that we are really generating from our undergrounds now, that we can build on that and we can see that progressing into the future, is partly it's the geology as has been mentioned a couple of times here through Australia. These are orogenic deposits, orogenic systems. Simple version of that is the gold has come up through fluids from deep. What we're doing is we've mined the open pits, we've started the undergrounds off the bottom of those open pits, and we can just keep following it down. I don't have a slide here but I can show you if you come to the booth later on. There are plenty of mines in Western Australia that are underground mines.
They started life with a two-year mine life and 20 years later they've still got a two-year mine life in reserves because they just deplete and they replace as they go. This chart on the left, push the right button, this demonstrates that. These aren't numbers of what we'd like it to do. This is what it's actually done. Back when we started mining underground and we announced the maiden declaration of reserves at Rosemont underground, 123,000 ounces, couple of years of reserves. You jump ahead five years. Our reserves are now sitting at Duketon at 441,000 ounces, whatever that is, three times the amount. Not only that, during that time we have also been able to produce nearly 360,000 ounces.
What started off conceptually as a 120,000 ounce sort of underground system, we've now got with our mines in Duketon, are sitting at between what we've mined already and what we already know, what we've got in our reserves is sitting at nearly 800,000 ounces. That's the opportunity that the underground mines at Duketon present and that's what we're continuing to build on. We've got the mine running underground at Rosemont. We've got the Garden Well South is currently running and the one that we're building at the moment or mining out and preparing for production is Garden Well Main, so that will give us three. We look at these things and we think with four mines we can maintain at Duketon this plus 200,000 ounces. Where's the fourth one going to come from? The first thing we do, it's pretty straightforward.
We go to our existing open pits and we have a look and see what's sitting underneath them. These are three of the typical ones that we've got. We've got a few others, but these are the ones that are at the front of our activity at the moment. Ben Hur, a mine in production, we're drilling that, the numbers are starting to look good. If that one doesn't work and we can't get it to work out, we've got two as well, which we've started drilling, a pit that we finished mining last year, and if that doesn't work out, we've got another one. We've got Bennego, and if that doesn't work, we've got more open pits. There are plenty of them and we've been pretty successful in identifying them so far.
We feel that it's a reasonable chance that we're going to be able to get at least four mines running, and from four underground mines at Duketon, being that's how you get your 200,000 ounces per annum on the basis of replacing depletion. The other element of Duketon that we like to see as being the potential cream on the top is the exploration program where we look for more open pits. We're looking for another Rosemont pit, another Garden Well, but that will take some time. This plan we know will be able to see us and we've got out till FY2029 to be able to get our fourth mine established. Gives us plenty of time to do that. Tropicana, I won't go into too much detail on Tropicana as I did on Duketon. The story is exactly the same in terms of the underground.
We can see when we first started, when the maiden reserves were declared at Tropicana under the Boston Shaker, it was with 320,000 ounces of gold. You jump forward a few years, the reserves underground have doubled and in the meantime we've produced as much again. What started off as a 320,000-odd ounce underground system is now already 1.3 million ounces, half of which have been mined and the other half are ready to go. It's a great asset as we look at that into the future. The open pits, barring another discovery, will start to peter off. The undergrounds will lift as we get more production areas. We're very excited as well about the future of Tropicana sitting in conjunction with Duketon. The real opportunity at Tropicana is further along strike.
There's a lot of work starting to be revisited now and new virgin areas where we see great potential for another open pit to come in there as well. In fact, both at Duketon and Tropicana you'll see the strategies are quite similar. Work on the undergrounds, get them running, build the cash, strengthen the balance sheet, look at what we do with capital returns. In the meantime, keep looking for more open pits that add significant value on top of what we already got as long life operations. McPhillamys. People ask me why we bother pushing on with this. If McPhillamys was operating today in its first year, its all-in sustaining costs would probably be somewhere around $2,200 to $2,300. It has a life average of $1,600.
For $1 billion construction at current gold price, that asset would be generating $1.5 million a day in pre-tax cash flow and that would be in its first year while its costs are high, while we're pre-stripping. There is every reason in the world why we should be pushing on with that asset. Current gold price probably got less than a two-year payback. It's got a ten-year mine life currently if, once we get our way sorted with either the Section 10 challenge or an alternative way of disposing of the tails. Unfortunately, with the process that we're going through, we don't see this being ready for final investment decision for probably about two years. By the time we either work, ideally we work our way through the judicial review and overturn that decision, or we're looking for alternative ways of storing the tailings dam.
Despite what Minister Plibersek said last year, we don't have obvious solutions immediately at hand and it will take us a few more years to generate it. This asset is well and truly worth the effort as you can see. That's McPhillamys. The outlook for us. I've already talked about where we see Duketon and where we see Tropicana and how we see that as being sustainable well beyond the current reserves. More specifically, our guidance this year is very similar production-wise to last year. The costs, as I said, if you take all the non-cash costs out, they have pushed up. That's partly because our strategy is with excess mill capacity we've been putting in some opportunistic ounces.
Opportunistic ounces are ones that may not have necessarily set within our initial plans, but with the gold price where it is, we can actually put that material through our plant, get some extra production, and make some extra very good cash. Thank you very much. While the gold price is sitting at $5,000 or even $4,500 or even $4,000 an ounce, it's a sensible strategy to run. Understand we do not produce those ounces at the cost of going and not mining and not producing from the high-grade ounces that we have. We produce from our high grade, and we're opportunistic. We add to the top, we don't substitute. Wrapping up, we've got a great balance sheet. We're now well and truly positive, and we will be.
Certainly, while there's no guarantees, Regis Resources in the past has been a very strong dividend payer up until we started to have to deal with our hedge book, which has really held us back for the last probably three years or so. We've paid over half a billion dollars in franked dividends to our shareholders. That is certainly a key element of the agenda. There's no guarantees and no certainty, but people are asking regularly how are you thinking about it? We certainly understand that that's one of the reasons that we're here. One is to grow the business, and the other is to provide returns. I can certainly say that it's on the front of the agenda for board discussion. I can't say how the board will decide. We can see if the gold price stays where it is.
We've got very strong cash generating capability for the year coming ahead as well. We've got a great project in McPhillamys. It takes us a little while out. We've got an excellent team that has become extremely skilled in bringing on new underground mines. We are very well positioned to be able to take advantage of the current gold price where it is, but also we're a company that can do well if the gold price isn't staying where it is. We all know and understand that it is. It's a great time to be in gold, and it's reflected in our cash growth. We'll be over in the booth if anybody's got any follow-up questions. More than happy to answer them as best as we can. Thanks very much for your time and your attention.