For our last session today, we have Wayne Bramwell, the Managing Director and CEO of Westgold Resources. Wayne is a metallurgist and mineral economist, experienced Director and mining executive with extensive exploration operations and corporate expertise in precious and base metal companies spanning nearly three decades. Mr. Bramwell is also the Chair of the Gold Industry Group. Thank you, Wayne.
Thank you very much. Thank you for everyone that's made it through to the end of the marathon today. I can assure you, today's presentation, I only have three objectives. The first one is to rapidly summarize the value proposition within this Westgold. The second is to celebrate a major achievement for the Western Australian gold industry. The third, and probably most importantly, to reward everyone that's made it through to the end of the day. Buckle up. The value proposition, and I won't speak to these slides, there'll be no fly-throughs, you won't be bombarded with geological cross-sections or geophysics. The value proposition is very simple. It's all about cash. Westgold 's cash flow for the last quarter was strong. $132 million was a record treasury bill. The company is unhedged. We've got assets of significant growth.
We now have long-life mines in both the Murchison and the Southern Goldfields, which I'll talk to. The program ahead really is about grade. Grade factoring into higher mine outputs and higher cash flow. Before I talk about the first opportunity, we should look at our scorecard for FY2025. A year ago, I stood here and we'd just taken the keys for a group of assets around Kalgoorlie and the Southern Goldfields. That included a small processing plant at Lakewood on the outskirts of Kalgoorlie, the large Beta Hunt underground mine at Kambalda , plus the processing plant at Higginsville and the mining complex around it. I stood up here and said that the plan for the year ahead would be this, that we love these assets so much, our view was that the best place to invest would be to drill out a target called Fletcher.
We told the market that our view of the Fletcher zone within Beta Hunt would be somewhere around 1.6 to 2.1 million ounces. I told the market that we'd also release a maiden resource during the year, and I'll talk to that a little later on. I stood up and said that Beta Hunt was a 50-year-old nickel mine that had been mined for gold for only several years, and that the things we saw holding back its productivity were largely around mine infrastructure, and that over the next 12 months, the Westgold team would invest capital in pumping, ventilation, and power to lift productivity of this mine up towards 2 million tons per annum output. I also stood up and said we have this fantastic mine in Meekatharra called Bluebird- South Junction that we keep drilling, and we still don't know how big it is.
I said that during the year that we would continue on with reactivating one of the most iconic reef mines in the Murchison called Great Fingall . I'll talk a little bit to that later. I said that the objective for FY25 was to generate free cash. As the scorecard goes, I think some of these things were quite ambitious, and scoring four out of five wasn't a bad result, but certainly the things that held us back were around Bluebird- South Junction. I'll speak to what went wrong and what we're doing about that asset now. Overall, our business and the focus for FY26 is about consistency in outputs. As our operational consistency improves, the valuation gap which exists between us and our peers will close. That's the first opportunity that I'll outline today. There is a valuation gap.
We understand that we also have a plan to close that valuation gap based upon becoming more consistent in our outputs. FY25 was a year of records for the business, and 326,000 ounces of production was the most gold the business has ever produced. Q4 of FY25, another record, 88,000 ounces from the business is the most gold we've ever produced. Continuing on with the theme of records, for the month of June, the business produced 34,000 ounces, and it showed and gave people a glimpse of what the assets can do when these things click. Overall, and most importantly, record quarterly treasury bill of $132 million was another record for Westgold, leaving the business in rude health at the end of FY25.
I won't talk to this in much detail because this is stuff that you can do on the website, but really, the business now has the Murchison, the business that we started with, with a multitude of multi-year assets now. We're now operating five underground mines, sorry, four underground mines in the north in the Murchison and two in the South. South Junction, I like to say we're making Meekatharra grade again, and this asset, which is literally 600 meters from our largest processing plant, continues to delight us. It's certainly challenging because we keep drilling it and it keeps getting bigger. This asset really tested everyone in the business and the team last year, but this is an asset we continue to drill, and currently sitting around five to six years of mine life is starting to deliver. This is an ore body which is worth investing in.
We see it as a multi-decade asset, and with the ability to deliver ore of circa three grams to a processing plant that sits on the pit crest is something worth persisting with. Great Fingall, probably something we're really, really proud about is this mine. Great Fingall is a historic mine. Great Fingall and Golden Crown will be names well known to many, but this asset is something we committed to 18 months, and first ore from this will come in Q2. This will inject grade to the business which Westgold has never seen, and we started a feasibility study said this had a seven to eight-year mine life, and we'll do what we've become maybe not famous for, but something we're far more committed to now is continue to drill. The upside in this system is only limited by our imagination.
Leveraging regional partnerships, what the hell am I talking about there? I think we're trying to show that Westgold is prepared to work with other people. I mean, we've divested the Lakewood processing plant to our good friends at Black Cat Syndicate in the last 12 months, and that transformed their company. The deal we've done with New Murchison was both good for their shareholders and for ours, and we're continually open to working with other groups, both regionally, that generates a win-win situation for their shareholders and ours. We expect to see some of the Crown Prince ore in our business in Q2, and this will be another injection of grade north of three grams into the Bluebird mill. Beta Hunt, wow, for those of you who haven't been there, this thing is fantastic. We are in love with this thing.
I said last year that the things that were holding it back were mine infrastructure. We've now happily finally provided a clean water source for this underground mine, and we are in the process of commissioning ventilation. More air means more trucks, means more tonnage up these twin declines, and we are pushing this mine towards a 2 million tonne output in this calendar year. Fletcher, last year we announced that our exploration target for this Fletcher zone, which we said was 2 km long, the target we set was 1.6 - 2 million ounces for in 1 km . Very happy to say that when we did actually drill this 1 km , the maiden resource came out at 2.3 million ounces. The system is much bigger than we think, and the Fletcher zone or corridor as we're looking at here is over 400 meters thick.
We now have access into the top of Fletcher, and it's provided us a first-world problem of we just don't know how big it is. Certainly, we're mining two zones within Beta Hunt, and we know we can get this mine to North of 2 million tonnes out of those two zones. We're taking our time to drill Fletcher out, and we're on track for a maiden reserve during FY26. Two Boys, when we bought the Higginsville package or bought the Higginsville package back, the Two Boys mine was limping along at Higginsville. I must say, when we first went underground here, we were actually shocked by how little drilling is in Two Boys, and this little mine being run by a small contractor for us has made money every month since we've owned it.
We're effectively pushing on Two Boys towards the Trident underground, something which produced 1.2 million ounces. I haven't drawn a box or some arrows on this image, but you can see broadly what we're doing. The current Two Boys underground development pushing towards the bottom of Poseidon, and once we get close enough, we'll start to drill into this system, which historically has produced a lot of gold. What's ahead? Getting very close to the end of this presentation, which is quite conscious of how late in the day it is. In closing, really, what's Westgold about for the next year? It's about consistency in delivery, sustainable growth, and managing our costs to increase free cash flow.
We've got a solid plan and a fantastic group of assets in the Murchison now, and with the Bluebird- South Junction mine growing, we've got a massive engine room in Meekatharra, which will underpin production into our Bluebird mill. In the Southern Goldfields, Beta Hunt is the engine, and it's a big engine, and now, if you like, it's had a refresh with some new mine infrastructure, which sets this mine up for decades ahead. Across the portfolio, last year we spent $47 million on drilling in both resource development and exploration. We will just continue to drill. Today, we have 17 underground drill rigs running across the business, with over nearly half of those at Beta Hunt. In closing, and it's really the second part of the presentation, I'd like to celebrate the West Australian gold industry.
Just filling while we get the star of today's show, which is clearly not me, is the Melbourne Cup. The Melbourne Cup is the race that stops a nation. The cup or the race is 165 years old, and in all that time, the cup itself, and this is the real thing, has never been made out of West Australian gold. Everyone within Westgold is really proud that this year, 2025, the Melbourne Cup is made out of gold from both the Southern Goldfields and the Murchison, and in some sense, this is a massive celebration, not just for Westgold, but for West Australian gold. At the end of the presentation, I'd encourage you to get a photo with this, because this thing is a thing of beauty. Last point, and this is for those...
I'll accept those applause, not for my presentation skills, but on behalf of all West Australian gold producers and anyone who's in this room is clearly a fan of gold. This is for Western Australia and everyone in Westgold super proud about being a part of its construction. Now, last, thank you for achieving this marathon today. As a reward for those of you who are in the room, if you reach under your chairs, there are some tickets to the Melbourne Cup. I'm told by my team that you have to reach to the back of your chair, but if you'd like to join the Melbourne Cup in Melbourne later in the year, have a good look under your chair. Thanks for your time. Thanks for persisting, and thanks for listening to the Westgold story.
Thank you very much, Wayne. What a way to end the day with the 2025 Melbourne Cup. That is the final presentation of the session, also the final presentation of the day. I would remind you all that at 5:30 P.M., we do have the Kal Tire traditional bash that's in the sponsor's marquee. From the auditorium, that's everything for today. Thanks for joining us, and have a good night.