Tribune Reports 6,818 Oz Gold Production and $17.45M Cash at September Quarter

Gold Production and Operational Highlights

Tribune Resources Ltd (ASX – TBR) delivered a solid operational performance in the September 2025 quarter, producing 6,818 ounces of gold through its partnership in the East Kundana Joint Venture (EKJV). Tribune’s attributable share was 5,114 ounces, derived from processing 78,296 tonnes of ore at an average grade of 2.89 grams per tonne at the Mungari processing plant, operated by joint venture partner Evolution Mining Limited.

Notably, production commenced at the Hornet Open Pit mine during the quarter, with ore delivered to the ROM pad and processed at Mungari, marking an important milestone in expanding the EKJV’s output profile.

Exploration Progress in Ghana and Australia

Exploration activities gained momentum with the recommencement of drilling at the Japa Project in Ghana. The campaign has already yielded significant gold intercepts, including a standout 5 meters at 8.06 g/t from 14 meters depth. A total of 31 reverse circulation drill holes were completed, with over 3,300 meters drilled and samples sent for assay, confirming mineralisation consistent with expectations.

Meanwhile, at the EKJV in Western Australia, 671 meters of diamond drilling targeted the Sadler underground area, aiming to extend known mineralisation. Although assay results are pending, early geological observations support potential resource growth. Additionally, resource targeting drilling at the Ambition prospect returned high-grade intercepts, reinforcing the prospect’s promise for future development.

Financial Position and Cash Flow

Tribune’s financial footing strengthened during the quarter, with cash and cash equivalents increasing to $17.45 million from $12.45 million at the end of June. This improvement was driven by higher receipts from customers, up nearly $4 million to $42.8 million, reflecting both increased sales volumes and elevated gold prices.

Operating cash flows remained stable, despite a rise in development costs by $5.4 million and exploration expenditure by $1.2 million, including $781,000 dedicated to the Japa drilling campaign. Production costs decreased by over $3 million, contributing to operational efficiency. The company did not repurchase any shares during the quarter, although a buy-back program remains in place until February 2026.

Outlook and Next Steps

Looking ahead, Tribune plans to continue its aggressive exploration and development programs. Further diamond drilling at Sadler is scheduled, with over 1,000 meters planned for the next quarter to refine resource models. The Japa Project drilling campaign is ongoing, aiming to complete 89 holes in total, which could significantly enhance the resource base in Ghana.

Operationally, the ramp-up of the Hornet Open Pit production will be closely watched as it contributes to overall output. Financially, the company’s robust cash position provides a solid buffer to support these activities amid fluctuating gold markets.