Rising Costs Challenge Tribune as Gold Output Surges in Q2 FY26
Tribune Resources Ltd reported a 96% increase in gold mined at its East Kundana Joint Venture in the December 2025 quarter, alongside ongoing exploration progress in Ghana with assay results pending.
- Gold mined at East Kundana Joint Venture up 96% to 13,009 ounces
- Tribune’s share of gold production reached 5,040 ounces
- 66,340 tonnes of ore processed at 3.29 g/t gold grade
- Exploration drilling completed at Japa and Adiembra projects in Ghana
- Operating cash flow improved by $6.3 million to support ongoing activities
Operational Surge at East Kundana
Tribune Resources Ltd (ASX – TBR) has delivered a robust operational performance in the December 2025 quarter, nearly doubling gold mined at its East Kundana Joint Venture (EKJV). The combined Rand and Tribune group mined 155,691 tonnes of ore at a grade of 2.6 grams per tonne (g/t), yielding 13,009 ounces of gold; a 96% increase compared to the previous quarter. Tribune’s allocated share of this output was 116,768 tonnes for 9,757 ounces of gold.
Ore processing at Evolution Mining’s Mungari plant saw 66,340 tonnes treated at 3.29 g/t, producing 6,720 ounces of gold with a recovery rate of 95.7%. Tribune’s 75% share of this production equated to 5,040 ounces. This operational momentum reflects increased mining volumes from both underground and open pit sources, including the Rubicon-Hornet-Pegasus underground mines and the Hornet open pit.
Exploration Advances in Ghana
Beyond Australia, Tribune has completed significant exploration drilling at its Japa and Adiembra projects in Ghana. The December quarter saw 5,111 metres drilled across 37 holes, with a total of 8,412 metres drilled during the second half of 2025. Samples have been submitted to Intertek’s laboratory in Tarkwa for photon assay analysis, with results expected to inform resource updates in 2026.
The drilling campaign targeted extensions of known mineralisation and resource definition, with several high-grade intersections reported, including intervals exceeding 10 grams per tonne gold. While these results have yet to be incorporated into updated Mineral Resource estimates, they suggest promising potential for resource growth in the region.
Financial and Corporate Highlights
Financially, Tribune’s operating cash flow improved by $6.3 million during the quarter, driven by increased production costs associated with higher mining volumes and elevated gold sales revenue, which rose to $11.7 million due to both volume and price factors. The company’s cash and cash equivalents stood at $12.47 million as of 31 December 2025, down from $17.45 million the previous quarter, reflecting ongoing investment in exploration and development.
Exploration expenditure totalled $1.8 million for the quarter, with $539,000 spent at EKJV and $908,000 at the Ghana projects. The company reported no safety or environmental incidents, underscoring its commitment to operational discipline.
Looking Ahead
Tribune plans to continue advancing its exploration and resource definition activities, including further drilling at EKJV’s Sadler and Golden Hind deposits and additional work at its Ghanaian concessions. The company’s disciplined approach to capital management and operational execution positions it well to capitalise on these opportunities as assay results and resource updates emerge in 2026.
Bottom Line?
Tribune’s strong production growth and active exploration set the stage for potential resource upgrades and sustained operational momentum in 2026.
Questions in the middle?
- How will pending assay results from Ghana impact Tribune’s resource estimates and valuation?
- What are the company’s plans to manage production costs amid rising mining volumes?
- Could further exploration success at EKJV and Ghana lead to expanded mining operations or partnerships?
