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2026-11-06
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$8.1M Finite
Debt A$1.7M Net cash A$6.4M
Basic shares 52.5M 2026-06-30
Runway 12.65 quarters Appendix 5B item 8.7 divides A$8.096 million available funding by A$0.640 million of June-quarter relevant outgoings.

Liquidity

Financial position

The group remains an operating producer but reported only A$8.1 million cash and no undrawn facilities at 30 June 2026. Large bullion inventory provides economic backing but its liquidity and ownership are not equivalent to parent cash.

Inventory composition5

The latest physical disclosure is 260,654 tonnes containing 8,793 ounces attributable to Tribune at 30 June 2026. The latest reviewed carrying values are at 31 December 2025 and total A$230.6 million including consumables; carrying values consolidate Rand and therefore include non-controlling interests.

Tribune-attributable EKJV ROM ore stockpiles
— carrying · 260,654 tonnes
Consolidated ore stockpiles at cost
A$21.9M carrying
Consolidated gold in transit at cost
A$1.9M carrying
Consolidated gold bullion on hand at cost
A$191.7M carrying
Consolidated silver on hand at net realisable value
A$10.9M carrying

Capital structure

Ownership and dilution

Ordinary shares
52.5M
Fully diluted
52.9M

The 3 June 2025 Appendix 3H shows 52,468,077 ordinary shares and 400,000 surviving A$7.07 options after 1,000,000 A$6.00 options expired. Subsequent reports state no buy-back execution through 30 June 2026, so ordinary shares remain unchanged and fully diluted shares add only the 400,000 options.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share52.5M——
Unquoted employee options exercisable at A$7.07Option400KA$7.072027-12-16

KPI history

Operating metrics · East Kundana Joint Venture

Production shown
03,1776,3549,53112,709September 2025: 5,114 oz Au attributable to TribuneSeptember 2025December 2025: 5,040 oz Au attributable to TribuneDecember 2025March 2026: 11,347 oz Au attributable to TribuneMarch 2026June 2026: 10,176 oz Au attributable to TribuneJune 2026
MetricUnitTrendSeptember 2025December 2025March 2026June 2026
Productionoz Au attributable to TribuneSeptember 2025: 5,114 oz Au attributable to TribuneDecember 2025: 5,040 oz Au attributable to TribuneMarch 2026: 11,347 oz Au attributable to TribuneJune 2026: 10,176 oz Au attributable to Tribune5,1145,04011,34710,176
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
ProductionEast KundanaSeptember 2025 quarterQuarter5,114 oz Au attributable to TribuneReported
ProductionEast KundanaDecember 2025 quarterQuarter5,040 oz Au attributable to TribuneReported
ProductionEast KundanaMarch 2026 quarterQuarter11,347 oz Au attributable to TribuneReported
ProductionEast KundanaJune 2026 quarterQuarter10,176 oz Au attributable to TribuneReported
RecoveryEast KundanaJune 2026 quarterQuarter93.46 percentReported
RevenueCompanyFY2025Year160,309,625 AUDReported
RevenueCompanyH1 FY2026Half Year97,331,936 AUDReported

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-07-30LeaseA$1.7M——Ongoing—
2026-05-21Ann. 2026-05-06BuybackOrdinary Fully Paid Shares———OngoingAuthority for at most 5,246,807 ordinary shares, 21 May 2026 to 21 May 2027. No purchases through the June 2026 quarter. Authorization does not reduce shares outstanding.Max 5.2M · Period 2026-05-21 to 2027-05-21 · Market price at each purchase, not fixed · Mainbreak Securities Pty Ltd
2025-11-24Ann. 2025-10-29DividendA$10.5M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual, quarterly and reserve statements identify major joint ventures, Diwalwal investment agreement, WA gold royalty and three named third-party royalties; individual third-party rates, caps and holders are undisclosed.

Evolution manages and processes EKJV production. Tribune receives 36.75% directly plus 46.73% of Rand’s 12.25% share and bears attributable development funding.

Joint Venture · Active
Counterparties
Evolution Mining Limited · Rand Mining Limited
Applies to
East Kundana Joint Venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Evolution operator interest: 51 percent
Tribune direct interest: 36.75 percent
Rand direct interest: 12.25 percent
Tribune ownership of Rand: 46.73 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Gilt-Edged manages the minority West Kundana exploration interest; Tribune receives its share of any benefit and funds its share of work.

Joint Venture · Active
Counterparties
Gilt-Edged Mining Pty Ltd
Applies to
West Kundana Joint Venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Tribune interest: 24.5 percent
Manager interest: 75.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Seven Mile Hill is held equally by Tribune and controlled Rand; its option value does not add the Rand stake a second time.

Joint Venture · Active
Counterparties
Rand Mining Limited
Applies to
Seven Mile Hill Joint Venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Tribune direct interest: 50 percent
Rand direct interest: 50 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Prometheus has an investment agreement with Pacominco. Tribune reports a 40% legal interest and further 20% earned economic interest, with underlying funding and tenure terms unavailable.

Earn In · Active
Counterparties
Paraiso Consolidated Mining Corporation · Prometheus Developments
Applies to
Diwalwal Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Reported legal interest: 40 percent
Further earned economic interest: 20 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Western Australia receives 2.5% net smelter returns on EKJV gold, already reflected in reported net earnings and reserve economic testing.

Royalty · Active
Counterparties
Government of Western Australia
Applies to
East Kundana Joint Venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State gold royalty: 2.5 percent NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Kundana-Hornet Central Royalty burdens relevant EKJV tenements. Its rate, cap and holder are unavailable; the operating calibration uses reported earnings after aggregate royalty expense.

Royalty · Active
Counterparties
undisclosed third-party royalty holder
Applies to
East Kundana Joint Venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Named agreement: Kundana-Hornet Central Royalty
How it affects our valuation

No valuation treatment is available for this arrangement.

Lake Grace Royalty burdens relevant EKJV tenements. Its rate, cap and holder are unavailable; the operating calibration uses reported earnings after aggregate royalty expense.

Royalty · Active
Counterparties
undisclosed third-party royalty holder
Applies to
East Kundana Joint Venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Named agreement: Lake Grace Royalty
How it affects our valuation

No valuation treatment is available for this arrangement.

Kundana Pope John Agreement No. 2602-13 burdens relevant EKJV tenements. Its rate, cap and holder are unavailable; the operating calibration uses reported earnings after aggregate royalty expense.

Royalty · Active
Counterparties
undisclosed third-party royalty holder
Applies to
East Kundana Joint Venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Named agreement: Kundana Pope John Agreement No. 2602-13
How it affects our valuation

No valuation treatment is available for this arrangement.