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2026-11-06
◂ Monitor TBR ASX

Tribune Resources Limited

Producer · Gold · Australia · Ghana · Philippines Rating locked: sign in to view v6.2
Last 2026-11-06
A$5.16
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$270.7M
EV
A$264.4M
Cash
A$8.1M
Debt
A$1.7M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

East Kundana Joint Venture

Australia

Producer42.47% ownedGoldSilver

Operating WA gold mines managed by Evolution. Tribune owns 36.75% directly and 46.73% of Rand Mining, which owns 12.25%, giving an analyst-derived 42.473425% effective economic interest for TBR owners; consolidated operating disclosures often present the full 49% Rand-and-Tribune group share.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics

No numeric study economics were published.

Ore Reserve economic testing used A$3,000/oz gold; detailed project NPV and cash-flow schedule were not disclosed.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred; 100% EKJV basis14.6M tonnes3.42 g/t Au containing 1.61 MozGold2025-12-31
Ore ReserveProbable; 100% EKJV basis5.1M tonnes3.28 g/t Au containing 0.54 MozGold2025-12-31
Tenements1
ekjv.kundana.packageGranted— None · No expiry supplied
Milestones1
  1. December 2025 resource and reserve update released

    Achieved · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Mungari operating permits and statutory approvalsWestern AustraliaGranted—No
Economic studies1
StudyStageStatusDateSummary
Mungari FY27 life-of-mine updateOperating PlanCurrent2026-08-05Evolution internally updated the feasibility-level FY26 life-of-mine plan for FY27; detailed cash flows were not disclosed.

Material

Japa and Adiembra Gold Project

Ghana

Resource Stage100% ownedGold

Tribune-owned Ghana gold project with a July 2020 Adiembra resource. A 2025 infill campaign is being incorporated into an independent resource update expected later in 2026; no current study economics are disclosed.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred21M tonnes2.7 g/t Au containing 1.81 Moz at 0.5 g/t cut-offGold2020-07-31
Tenements1
japa.mining.leaseGranted26.2 square kilometres · No expiry supplied
Milestones1
  1. Independent Japa and Adiembra Mineral Resource update

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Japa Mining LeaseGhanaGranted—No

Other

Diwalwal Gold Project

Philippines

Discovery Drill Stage40% ownedGold

Tribune reports a 40% legal interest plus a further 20% earned economic interest through Prometheus arrangements; no significant activity occurred in FY2026 and no Mineral Resource is disclosed.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
diwalwal.729Granted729 hectares · No expiry supplied
diwalwal.upper.ulipGranted— None · No expiry supplied

Other

Seven Mile Hill Joint Venture

Australia

Early Explorer50% ownedGold

Western Australian gold exploration joint venture owned equally by Tribune and Rand; no significant drilling was undertaken in the June 2026 quarter.

Tenements2
sevenmile.packageGranted— None · No expiry supplied
sevenmile.m26872Application— None · No expiry supplied

Other

West Kundana Joint Venture

Australia

Early Explorer24.5% ownedGold

Evolution-managed exploration interests west of Kundana; minimal work and no current resource or reserve were disclosed in the local evidence package.

Project location

Site imagery

Sentinel-2 · 10 m

Association needs review before imagery can be linked to this project.

Tenements1
westkundana.packageGranted— None · No expiry supplied