Tribune Resources Advances Gold Production and Exploration Amid Cost Efficiencies

Steady Production and Operational Progress

Tribune Resources Ltd (ASX:TBR) reported a solid operational performance for the March 2025 quarter, processing 37,117 tonnes of ore at an average grade of 4.37 grams per tonne (g/t) through the East Kundana Joint Venture (EKJV) operations. This resulted in the production of 4,909 ounces of gold, with Tribune’s 75% entitlement amounting to 3,682 ounces. The ore was processed at the Mungari plant operated by joint venture partner Evolution Mining Limited, achieving a strong recovery rate of 94.1%.

Underground mine development continued apace, with significant lateral and decline progress at both the Raleigh and Rubicon-Hornet-Pegasus underground mines. These developments underpin the ongoing extraction of ore bodies critical to sustaining production volumes in the near term.

Exploration Activities Signal Potential Resource Growth

Exploration drilling remained active during the quarter, with 2,550 metres completed across the EKJV. Notably, diamond drilling at the Sadler prospect targeted resource definition to upgrade inferred mineral resources to indicated status, a key step in advancing mine planning. Reverse Circulation (RC) drilling at the Hornet open pit prospect focused on delineating mineralisation along the Mary Fault Zone and K2B horizon ahead of planned mining in the fourth quarter of FY25. Visual observations from drilling were encouraging, though assay results remain pending and are anticipated next quarter.

Elsewhere, no significant exploration or drilling activity took place at Tribune’s Ghana and Philippines projects during the quarter, though planning for upcoming programs in Ghana continues.

Financial Performance Reflects Cost Discipline and Cash Flow Management

Financially, Tribune Resources reported cash and cash equivalents of $9.187 million at quarter-end, down from $12.328 million at December 2024. The company generated a net cash inflow from operating activities of $1.567 million, a notable decrease from the prior quarter’s $19.970 million, largely reflecting lower gold sales volumes and dividend payments totaling $16.1 million to shareholders of Tribune and Rand Mining.

Production costs were reduced by $4.667 million to $13.475 million, driven by increased mined tonnes and improved operational efficiencies. Exploration expenditure totaled $947,000, down slightly from the previous quarter, with the bulk allocated to EKJV activities. Staff and corporate costs rose modestly to $1.7 million. No shares were repurchased during the quarter despite an ongoing buyback program.

Governance and Related Party Disclosures

Payments to related parties amounted to $274,139, covering director fees, superannuation, rent, and royalties. The company’s competent person, Gregory Bennett Barnes, confirmed that exploration results were compiled in accordance with JORC standards, lending credibility to the reported data.

Looking ahead, the market will be watching for assay results from the recent drilling campaigns, which could influence resource estimates and future mine plans. Tribune’s ability to sustain production while managing costs and cash flow will remain critical as it navigates the evolving operational landscape.