Tribune Resources Boosts Gold Output and Cash Flow in December Quarter

Operational Performance

Tribune Resources Ltd (ASX:TBR) has reported a solid operational and financial performance for the December 2024 quarter. The company, in partnership with Rand Mining, processed 49,715 tonnes of ore at an average grade of 3.77 grams per tonne (g/t) through the Evolution Mining Limited Mungari processing plant. This effort yielded 5,369 ounces of gold, with Tribune's attributable share representing 4,027 ounces, reflecting its 75% stake in the joint venture.

The East Kundana Joint Venture (EKJV) operations remain the core driver of production, with underground mine development continuing at both the Raleigh and Rubicon-Hornet-Pegasus ore bodies. Development metrics indicate steady progress, with capital and lateral development metres increasing quarter-on-quarter, supporting sustained ore extraction.

Exploration Advances

Exploration activities during the quarter were highlighted by a focused drilling campaign at the Hornet deposit, where 4,158 metres of reverse circulation (RC) drilling targeted the Mary Fault mineralisation. The results have been encouraging, revealing a high-grade mineralised zone that will feed into an updated mineral resource estimate and inform the open pit mining sequence scheduled for FY25 Q4.

Additionally, two drill holes totaling 651 metres were completed at Seven Mile Hill to enhance structural understanding and identify deeper high-grade gold zones. These efforts underscore Tribune's commitment to extending the life and quality of its resource base.

Outside Australia, exploration in Ghana remains on hold pending mining lease ratification, while the Diwalwal Gold Project in the Philippines saw consolidation of geological data but no active drilling during the quarter.

Financial Highlights

Financially, Tribune Resources demonstrated strong cash flow generation with a net cash inflow from operating activities of $19.97 million, a significant increase from $7.48 million in the prior quarter. This improvement was driven by higher gold sales volumes and operational efficiencies, despite a slight increase in development costs and exploration expenditure.

Cash and cash equivalents stood at $12.33 million at quarter-end, providing a solid liquidity position. The company also maintained disciplined cost control, with staff and corporate expenses declining by $278,000 compared to the previous quarter.

Tribune continued its share buy-back program, although no shares were repurchased during the quarter. Tax payments increased notably due to the final income tax settlement for 2024, reflecting the company's profitability.

Outlook and Strategic Positioning

Tribune Resources is well positioned to capitalize on its exploration successes and operational momentum. The upcoming open pit mining at Hornet, supported by positive drilling results, is expected to contribute meaningfully to production in the near term. Meanwhile, ongoing underground development at EKJV sites will sustain ore supply.

Exploration programs remain active across multiple fronts, including the Seven Mile Hill Joint Venture and international projects, although some activities await regulatory approvals. The company’s strong cash flow and solid balance sheet provide a foundation for continued investment in growth and shareholder returns.