Tribune Resources (ASX: TBR) reported a robust quarterly performance for March 2025, primarily driven by its share of production from the East Kundana Joint Venture (EKJV). During the quarter, the EKJV processed 37,117 tonnes of ore at 4.37 g/t at Evolution Mining’s Mungari processing plant, with Tribune’s entitlement equating to 27,838 tonnes. This processing yielded 4,909 ounces of gold, of which Tribune’s share was 3,682 ounces.
Underground mine development at Raleigh and Rubicon-Hornet-Pegasus continued, with significant meterage achieved in both operating and capital development. Total EKJV production reached 117,861 tonnes at 3.9 g/t, containing 14,678 ounces of gold. Tribune’s attributable mine production totaled 43,407 tonnes at 3.9 g/t, yielding 5,401 ounces. The company also holds a substantial share of EKJV stockpiles, amounting to 80,373 tonnes with an average grade of 1.70 g/t.
Exploration activities included infill RC drilling at Hornet and DD at Sadler, aiming to convert inferred resources to indicated resources. Assays for these programs are pending and expected next quarter. In Ghana, planning is underway for drilling on the northern extension of its mining lease, while minimal activity occurred at the Diwalwal Gold Project in the Philippines.
Despite the solid operational performance, Tribune’s cash and cash equivalents decreased from $12.328 million to $9.187 million during the quarter. Receipts from customers declined by $26.349 million due to increased gold sales in the prior quarter to cover operational expenditure and dividends. However, increased mined tonnes, improved efficiency, and lower costs led to a $4.667 million decrease in production costs. Exploration expenses totaled $947k, with significant spending on EKJV and Ghana projects. The company’s net cash inflow from operating activities was $1.567 million, a decrease from $19.970 million in the December quarter. The company is not repurchasing shares under its buyback program. Payments to related parties totaled $274,139, comprising director fees, superannuation, rent, operating expense reimbursements and royalties.
