Thank you and hello to everyone at the conference today. It's with sincere apology that I'm presenting by video today. I would have preferred to be there in person. If you do have questions during the conference, please feel free to speak to Simon Rigby, our Chief Growth Officer, or Kusum Liyanarachchi, our Group Manager, Investor Relations and Communications, who are both there. We released our June 2025 quarterly operational and exploration results yesterday. This presentation will cover off on those results briefly and provide an operational update on some of our key assets. It will end with our strategy for FY26. Let's get into it. Safety is the key enabler to improve business performance at Westgold. I'm pleased to report our TRIFR has reduced by 10% in Q4 FY25 to 5.7%. This graph shows our progress, but safety is not a destination.
It's a journey which all our employees commit to when they join Westgold. Slide five. FY25 was a transformative year for Westgold. We completed the Karora merger last August, a move that significantly increased the scale and geographic footprint of our business. Integrating the two businesses was challenging, and the operational difficulties we encountered over the last year meant we had to revise our expectations mid-year. This was a tough but necessary decision. There were many records set in 2020 in FY25. We finished the year with a group record annual production of 326,000 ounces. The fourth quarter was another record with 88,000 ounces produced by the group. Of that 88,000 ounces, 34,000 ounces were delivered in June, demonstrating what this portfolio is capable of when our mines perform.
We acknowledge that while we're not yet at a point where we can consistently deliver at that rate, FY26 will be about more consistent delivery against our targets. Q4 also saw record growth in our treasury. We grew that by $132 million, a result that reflects improved operational execution and growing financial strength. Slide six. This slide speaks to business strategy since FY23. The strategy in FY23, specific to the Murchison operations, had three components: stabilize, invest, then build cash. We delivered on that outcome. In FY25, with the addition of the Southern Goldfields assets, our strategy remains on point: stabilize, invest, then build cash. Westgold in FY26 has a stronger base from which to build further from. Slide seven. Now I'll take you through some of the key points for us going into FY26 in both the Murchison and the Southern Goldfields.
I will focus on our larger operations starting in the Murchison. Slide eight. Bluebird South Junction is not just a new mine, it's the cornerstone of Westgold's Murchison future. In Q4, we gained access to the first major South Junction stopes. That was a pivotal moment. These stopes delivered strong production and validated the quality of the ore body. It was the first real glimpse of what this asset can do when it's firing. We've redesigned this mine in April to ensure it is set up for decades of safe, efficient production. We're transitioning to a predominantly longitudinal open stoping method. This change reduces development in ultramafic host rock and places our infrastructure within the more competent ore body. We've invested in paste fill at Bluebird South Junction, with paste deposition planned to commence in Q1.
This will enable nearly 100% ore body extraction of this valuable resource, and though initially slower to implement, sets the mine up to achieve a steady ramp-up towards 1.2 million tonnes per annum by late FY26. This is a multi-decade asset. We continue to drill it and it keeps growing. As such, we see a much larger opportunity at Bluebird South Junction. Slide nine. Big Bell has long been the engine room at Westgold. In FY25, we gave it a new lease of life. Instead of chasing new, deeper development, we turned our attention to the pre-broken rock in the upper cave. Most of this material was already accessible and ready to be mined. It's now paying off. In Q4, around 60% of Big Bell's ore came from the upper cave. That's a significant shift. It's a lower cost, lower risk, and it's extending the life of this mine.
When you include the lower cave, we now have four years of ore in front of us, and that changes everything. It means we can defer the Big Bell deeps development. It gives us an opportunity to optimize the deeps to make sure that when we go down there, we go down with the best plan and the right timing. Big Bell is proving again why it's a key asset in our portfolio. It's delivering today, and it's giving us flexibility for tomorrow. Slide ten. In Q4, we made real progress at Great Fingall. Decline development continued to advance, and we commenced mining in the Fingall Flats area, an early opportunity that sits just beneath the old open pit. These flat lodes are giving us access to shallow ounces while we prepare for the deeper, high-grade virgin stopes. We expect first ore from these virgin stopes in Q1 FY26.
That ore will be trucked to the Bluebird mill, displacing low-grade stockpiles and lifting the overall feed grade. It should deliver higher margins, better recoveries, and more efficient use of our processing infrastructure. Mine infrastructure is already in place. Ventilation works are complete, dewatering is progressing well, and we've awarded a contract to take control of the underground mining program. Their mobilization is underway, and we're confident in their ability to deliver. We're preparing to launch a comprehensive drilling program from underground, targeting the Great Fingall Reef, Golden Crown, the Sovereign Lodes, and other high-potential areas. This is about unlocking scale, optionality, and longevity from this iconic asset. Slide 11. I won't go through all our key operations. I didn't even mention Starlight in the Murchison, which continues to outperform for us and deliver spectacular grades. In the interest of time, let's move to the Southern Goldfields. Slide 12.
Beta Hunt is a mine with enormous potential, and we're investing to unlock the true potential. In FY25, we made significant progress on the infrastructure projects that have held this mine back. These upgrades aren't just about capacity, they're about reliability, safety, and lifting long-term performance. We've completed the Clean Water Supply project, piping water from the nearby Formidable pit. That's a critical enabler for both production and underground development. We've also doubled our primary ventilation capacity with the installation of two new fans, commissioning to commence within days. Together, these projects remove several of the bottlenecks that have constrained Beta Hunt in the past. This infrastructure sets the foundation for Beta Hunt's future and will support higher mine outputs in FY26. Slide 13. Let's talk about the Fletcher Zone at Beta Hunt.
In Q4, we delivered a maiden mineral resource estimate for stage one of the Fletcher Zone: 3.1 million tonnes at 2.3 grams per ton, delivering 230,000 ounces. That's a serious number, and it only covers the first kilometer of a known two-kilometer strike within Fletcher. The resource remains open at depth, and we're very focused on conversion drilling now, targeting a maiden ore reserve during FY26. That's the next step in unlocking Fletcher's full potential and adding a third mining front to this under-drilled mine. Fletcher is key to the future of Beta Hunt, and it's a future we're building right now. Slide 14. At the other end of our package in the Southern Goldfields lies the Two Boys underground mine at Higginsville. Two Boys is an example of where Westgold Resources has unlocked value where others saw little or no value.
When we took the keys, Two Boys was on the verge of closure. We changed that rapidly. We put a drill into the mine, and we've now built a short but growing mine plan. In Q4, the Two Boys team delivered fantastic tons and grade. They knocked it out of the park. It's now a contributor, not a question mark. Excitingly, development is heading north towards the historical Trident underground workings. The question now remains, what will we find on our way to Trident? Slide 16. In conclusion, what I've presented today is a showcase of what Westgold Resources has achieved in FY2025 and where we are going in FY2026. The FY2026 strategy is simple: deliver consistently, expand production, lower our cost, and lift our free cash flow. In the Murchison, we're setting up Bluebird South Junction for long-term success.
The new stope design will allow us to consistently deliver 1 to 1.2 million tonnes per annum from this asset and provide a base load for our Meekatharra processing hub. I haven't spoken to our ore purchase agreement with Newm urchison, but ore from Crown Prince will add tons and grade to our business and improve our margins at the Bluebird mill during FY2026 also. Supporting this will be a great injection from Great Fingall. High-grade virgin stopes will come online in the first half and bring grade to the business, which we've not seen. In the Southern Goldfields, our priority is increasing production out of Beta Hunt. The infrastructure upgrades: ventilation, water, and power are now complete or being commissioned and will lead to higher productivity in this mine. The Fletcher Zone at Beta Hunt will be another strong focus during FY2026.
We'll continue to drill, convert this resource to reserve, and be prepared to set up a third mining front in what can be a much larger target than we currently perceive. FY2025 in closing was about integration of two businesses. FY2026 focuses on leveraging this new scale, focusing on our cost base and capital management, and more consistent delivery. Westgold Resources is well-funded. We've got a clear plan, and our team is well-positioned to deliver these things during FY2026. Thanks for your time.