Fully franked dividend for the year of AUD 0.35 a share, that is Aussie, which represented a 39% payout of our free cash flow and a 6.5% yield. This is where we see there are some key factors of Regis that we would like people to understand. Our cash flow per share is the second highest in our peer group in Western Australia. What does that mean? Well, these are the dividends. We have long been a dividend payer. We had to stop for a few years. We were burdened with a remnant hedge book, a legacy hedge book that stopped us for a while, but we are back paying again. First AUD 0.05 dividends were paid in the second half of financial 2025, and we stepped it up to AUD 0.35 in FY2026, which means that we have paid over $216 million in the last 18 months alone.
That is off a total of AUD 850 million since we started production back in 2012. That is AUD 850 million . The important thing here is looking at the per share dividend yield including franking credits. Regis is a standout at 6.5% on the yield. Our plan is delivering. Our cash flows are delivering, our production are delivering, and in return, we deliver that to our shareholders today, now. How does it look like for the last couple of years? Back in June 2024, we were net minus AUD 5 million. We had about AUD 300 million in debt and obviously about the same in cash. You jump forward 24 months to June 2026, and unfortunately, because of the calcs, we left these in AUD for you. But nearly AUD 1.2 billion in cash and bullion at the end of June 2026.
Somebody asked me today, do we hold a lot of bullion and carry it? No, we do not. It is just the way that we describe it to ensure that the accountants and the regulators are all happy that we are being fully disclosed. Any bullion that we do hold is usually converted to cash within days, if not hours. We built up nearly AUD 1.2 billion in cash, and that is after also repaying or back paying a AUD 38 million dividend in September this time last year, and another AUD 114 million in dividends at the beginning of this year. Obviously, we have just declared another one of AUD 0.20 a share for the second half. The business is performing exceptionally well, positioned perfectly for the strengthening in the gold price that we have seen, and delivering cash flows.
Very strong cash flows, and we are now returning those to our shareholders, while at the same time, keeping ourselves positioned for internal and external organic and inorganic growth. Our guidance this year, slightly higher than last year on production, 360,000 to 400,000 ounces for the group. Our all-in sustaining costs in US, $2,153 to $2,441. We see a slight increase in our all-in sustaining costs this year, and I will explain why. We are putting some opportunistic ounces through one of our mills. We see the real opportunity to make some excellent money there in this price environment. Our growth capital, similar to last year, $180 million- $194 million while we continue to develop underground and we bring you online some new open pits and the underground development at Tropicana. $58 million- $65 million for exploration, and McPhillamys is $22 million- $25 million.
You can see the proportion of our production over on the stacked bar chart on the right. Of note, we are expecting a slight bias in production for the second half. The first half will be a little bit softer and the second half, not substantially, but there will be a slight leaning in our production to the second half. We will also see that the growth capital is skewed to the first half. It is up a little higher in the first half as we bring on a project we call BuckWell. We are doing the pre-stripping for that at the moment. We will see that starting to wind down a bit in the second half. Certainly, a stronger payments there. We have a one-off tax payment catch up that we have been letting the market know about that is coming up in the December quarter.
Otherwise, the year is slightly better than last year and continues on our growth pattern. We see that it is going to be an exceptional performance financially with a sustaining gold price. What is it about? I want to spend a little bit of time talking about our operating model and just, I guess, quelling a couple of questions. One of the things, no doubt, most of you would be aware that we, and we saw the Genesis presentation earlier with the merger with Vault. We had an earlier proposal which Genesis beat, and we weren't prepared to increase our bid. We were happy to walk away from that. Through that conversation, we saw some commentary and maybe a lack of recognition of some of the longer term and ongoing value at Duketon.
I just want to talk a little bit about our operating value model there, and also talk about some of the other growth value areas in our business. The diagram on the left is the Duketon Greenstone Belt, and we have three mills there totaling around 10 million tons per annum. Our key rhythm there is to introduce and discover low-cost ounces, put them into the system. You can see they are coming in about AUD 55 an ounce. We generate strong cash flow, retaining some and pushing a chunk out to our shareholders. As mentioned before, AUD 216 million paid out in dividends in the last 18 months. Then we also retain money, retain that for growth and continue to build. That is our value creation model, and that is what we are delivering now.
An example of that, an example of the opportunistic ounces that we are also including in our production is sitting in this. This is around our old, the first mill that we built called Moolart Well. It has got about a 2.5 million ton oxide capacity, and it was heading into care and maintenance. We looked at some of the old pits, we reinterpreted the geology, and we realized that while the ounces were a little bit more expensive than our existing production in the southern area of our operations, we saw a very clear and a very real opportunity to add some value. We are going to mine from there. As a result, we will mine 223,000 ounces over the next 5.5 years at a gold price of $3,880 an ounce. That is the gold price, that is not the cost.
We get a pre-tax NPV of AUD 193 million and a return on our capital of 127%. Obviously, the gold price is a little better than that. This is delivering genuine returns for us, an excellent opportunity and some very good work, I would say, by our geos as they went and reinterpreted some of the old ore bodies that we thought we had mined past. Bit of a theme that you will see that our exploration geos and our mine geos are really starting to add some value. This is a great example of something that we were getting ready to walk away from, and we saw a real opportunity. This is what has been going on at Duketon. When people think that the mine, we have some discussions that it is not far away from finishing up.
If I look at the reserves that the mine had back in 2021, we have 1.4 million ounces sitting in reserves. Now you jump forward five years, we have 1.389 million ounces. So nearly 1.4 million ounces still sitting in reserves. During that time, we have mined 1.3 million ounces. We have basically mined and replaced nearly all of the reserves that we had four or five years ago. Those ounces have been added to our portfolio at an average cost of $55 an ounce. You want high-value ounces, discover them and add them in reserves. It is probably the best way you will see of adding value, well before acquisition. Half of those ounces, by the way, have come from underground. These are not ounces that have come in because the gold price has come up.
About half of those new ounces that we added in came from our underground operations, about a quarter came from a higher gold price, and about a quarter came from discoveries that we added in. Now, I want to have a look a little bit more at what we are seeing in the underground, and this is where a lot of those new ounces came from.
Back in 2019, when we first went underground, we had 123,000 ounces in reserves. Now jump forward about six years, six or seven years, we have got 714,000 ounces in reserves across three mines. During that time, we have mined 475,000 ounces. So we have actually mined more than three times what we originally had in our reserves, and we have actually got something like probably four or five times what we currently have. The underground, we just keep on adding to them and increasing their scale.
To give further evidence of that, while they are not particularly clear, these two diagrams here, the top one is Rosemont, where we first went underground, and you can see the colored areas and the different areas in the yellow squares. I will just pick one out, for example. laser does not work. But sitting in the far right-hand side, so sitting up the top here, there is 220,000 ounces, 219,000 ounces we think we will pull out of that area.
We have already extracted 200,000 ounces and there is about 20,000 ounces left. So we have pretty well worked that one pretty hard. But you keep pushing south and we are adding more and more ounces. Over in the yellow box, just over on the left-hand end, you can see there is 167,000 ounces in reserves there that we have not started mining yet. That is only the purple area.
The blue area around it is sitting in resource, and it is just sitting in resource because we have not got enough drill holes in it. It following the same pattern. To give us and our investors confidence, we drilled some holes 500 meters further to the south and we hit gold. We hit exactly the same lithology. This is exactly like Tropicana. It is going to just keep on going. We see that at Rosemont. Then on the bottom, you see at Garden Well, we have got our two mines there, Garden Well South and Garden Well Main. We have also been drilling there. You can see the Garden Well Main has got 357,000 ounces in reserves, and we have barely started mining that. We have only just really started commercial production. But we drilled a hole about 500 meters or so down plunge, 10 meters at 2.9.
It is the same ore body. It keeps on going. We see the trend continuing. This is another one that I just wanted to talk on briefly. Beamish South is a 270,000-ounce resource we just recently added into our resource balance. This is 4 kilometers away from the existing Garden Well mill and sits between two pits that were mined some time ago. It is a virgin discovery. This was not off the back of some hole that somebody forgot about. We had a hole in the area that had structural information on it. Our exploration geos now understand the structural conditions in the area. Went and identified, re-logged the core, and they found this hole. We are still drilling it. We are still finding more to add to it.
But it is a real example of how our experience now is starting to provide real answers and I think will continue to add to ounces at that AUD 55. This is just a graphic of the pipeline that we are running. Plenty of prospects. Tropicana is a very similar story. Back when it first went underground, 317,000 ounces sitting in reserves. Here we are about seven years later. We have got 851,000 ounces sitting in reserves underground, and we have mined out 800,000 ounces. So what started off as a 320,000-ounce underground is now 1.6 million ounces. Half of it mined, half of it still to go. We keep on adding to it. We are drilling down plunge. We have got some holes that are 500 or 600 meters down from the nearest resource modeling. Same lithology, thickness, grade, it is there. These underground mines continue.
The last thing to cover off on is the or one other element to cover off on is our McPhillamys project. 1.9 million ounces of reserves. An average of 187,000 ounces or 190,000 ounces a year. Average all-in sustaining costs of around about $1,237 an ounce . This will be an absolute money machine when we get it going. We have had some problems with a Section 10 or a very unusual declaration of heritage protection. We are challenging that in the court. But what we have done is we have developed an alternative way of disposing of the tails. We are going to dry them out in filter presses and co-mingle them in the waste rock dump. The state has supported us on this approach, and we have got a very engaged government that is trying to get this working with us to get this permitted.
We think that this will be permitted and ready for FID, regardless of whether our judicial challenge on the Section 10 on the old tailings dam design. Whether that is successful or not, we have a project. We re-declared 1.9 million ounces. It is about AUD 1 billion to build. We think we will be making FID around about early to mid calendar 2028, two years to build.
This will be in production for 10 years next decade. This is where we see our production continuing at our current rates from Duketon and from Tropicana. If you are looking for where the growth comes from organically, it comes from McPhillamys. It continues at depth. It has some exceptional 100 meters and, well, I managed to put a picture over it, but it is 142 meters. We have 59 meters at 2.2 grams sitting underneath the pit. This deposit, the grades actually improve with depth.
We have Discovery Ridge about 20 km away. That is a 400,000-ounce resource. Across the road, 1.5 km, we have Kings Plains. There is a hole there that is 85 meters at one gram. We have undergrounds that we are drilling around, very old undergrounds, 100 years old. This is an exceptionally prospective geological area. The little map there in the middle, you can see there is Cowal.
Cadia is about 50 km away. I would love to think it would be a Cadia, but it is going to be a mini Cadia. We are going to have a great deposit, 7 million tonne per annum plan. An open pit that will run for nearly 10 years. It will go underground. This will be an asset that just keeps on giving well into the end of next decade. Regis: The Golden Opportunity. We have strong free cash flow today. You can see it in our buildup.
You can see it in the way that we are a sector-leading dividend payer. I have told you we have already paid AUD 612 million in dividends. We have a 6.5% yield at the moment, leading in our sector in Australia. You can see that we are delivering significant value through low incremental discovery. We are finding it on the ground that we hold.
Our geologists and our exploration geologists are really getting to understand the geology now over the last four or five years and really starting to kick some goals. We have a clean, debt-free balance sheet. We have established infrastructure. We are exploiting those opportunistic ounces. When the price is up, we can squeeze some of the lower grade in. Clearly, with the McPhillamys project, we have a clear permitting pathway. We do not require the judicial review to be legally okay. That is a summary. Thanks, Hayden.
Thanks, Jim. Just on McPhillamys, the pit shape you have got at the moment, can you make that bigger, or is anything at depth going to be underground?
We're actually looking at that at the moment. We've decided to go back and do a little bit more drilling. We do have some space to push out. You can't really see it in that diagram. The restrictions that we've currently got on the Section 10 don't limit us too much. We can make it a little bit bigger, not double the size. McPhillamys tends to hit. Even though the grade does improve with depth, it does narrow up a bit. It lends itself more to underground. I think the bottom of that pit ends up being economic rather than geological. We might get a few more benches down. But I think what'll end up happening is it'll go underground.
Okay, brilliant. We're out of time, Jim, so thanks very much.
Thanks for the question. Thank you, everybody.