Rand Mining Processes 30,281 Tonnes at 4.12 g/t Gold in March Quarter
Rand Mining's March 2026 quarterly report reveals a 36% jump in gold mined from the East Kundana Joint Venture, driven by increased Hornet open pit activity. Despite higher production costs and tax payments, the company maintained a stable cash position at $3.78 million.
- 36% increase in gold mined quarter-on-quarter
- Rand processed 30,281 tonnes at 4.12 g/t gold
- Operating cash flow down $4.69 million due to costs and taxes
- Exploration drilling advances at EKJV and Seven Mile Hill
- No shares repurchased under ongoing buy-back program
Gold Production Rises on Hornet Open Pit Momentum
Rand Mining Limited (ASX:RND) reported a solid 36% increase in gold mined for the March 2026 quarter, boosted by heightened activity at the Hornet open pit within the East Kundana Joint Venture (EKJV). Rand’s share of ore mined rose to 54,164 tonnes at 2.5 grams per tonne (g/t) for 4,423 ounces of gold, up from the previous quarter. The Hornet open pit alone delivered 338,348 tonnes at 2.01 g/t for 21,819 ounces, underpinning the production surge alongside underground operations at Rubicon-Hornet-Pegasus and Raleigh mines.
Rand processed 30,281 tonnes of ore at 4.12 g/t through Evolution Mining Limited’s Mungari processing plant under a toll treatment agreement, producing 3,782 ounces attributable to Rand. This processing volume reflects consistent throughput, with gold recovery at a robust 94.4%. The combined Rand and Tribune group mined 216,657 tonnes at 2.5 g/t for 17,691 ounces, maintaining the EKJV’s role as a key production hub.
Financials Show Cash Stability Despite Operating Headwinds
Cash and cash equivalents rose modestly to $3.78 million at quarter-end, up from $3.34 million in December 2025. However, operating cash flows declined by $4.69 million, largely reflecting increased production costs by $1.36 million due to higher mining volumes and a $1.21 million jump in tax payments. Administrative expenses fell by $274,000, partially offsetting cost pressures. Gold sales proceeds totalled $13.28 million for the quarter, down from the previous period, contributing to the tighter cash flow dynamics.
Rand’s operating efficiency remains under scrutiny as production scales up, with the company reporting no safety or environmental incidents during the quarter. The ongoing share buy-back program remained dormant, with no shares repurchased, leaving the market to speculate on future capital management moves.
Exploration Advances at EKJV and Seven Mile Hill
Exploration drilling continued apace, with a total of 8,831 metres of diamond drilling completed at EKJV, focusing on the Golden Hind and Startrek deposits. Assay results from Golden Hind confirmed ongoing mineralisation but did not prompt a resource update, while Startrek drilling progressed with assay results still pending. This exploration push aligns with Rand’s strategy to underpin future resource growth, following the detailed drilling programs reported earlier in the year solid Golden Hind drilling.
At the Seven Mile Hill project, Rand completed a deep diamond drill hole to 516.4 metres, targeting potential high-grade alteration zones beneath a salt lake. While the hole revealed multiple narrow zones of low to moderate gold mineralisation, including a standout 0.9 metres at 14.98 g/t gold, the results remain exploratory with no immediate resource implications. The drilling program underscores Rand’s commitment to testing new geological targets beyond the EKJV footprint.
Operational Metrics Highlight Mining Intensity and Ore Quality
Underground mining at EKJV delivered 103,809 tonnes of ore grading 4.3 g/t for 14,285 ounces, with the Rubicon-Hornet-Pegasus operation contributing the bulk. The Raleigh underground mine produced 14,829 tonnes at 6.54 g/t for 3,119 ounces. Waste mining remained substantial, particularly at Hornet open pit, where over 1.35 million tonnes of waste were moved, reflecting the scale of open pit operations. The grade profile at Hornet showed a slight dip to 2.01 g/t, but overall gold ounces mined increased due to volume.
Rand’s share of EKJV ore stockpiles stood at 78,786 tonnes at 1.3 g/t for 3,307 ounces, providing a buffer for future processing campaigns. The company’s toll treatment arrangement with Evolution Mining remains central to its processing strategy, with 121,123 tonnes of Rand and Tribune ore processed during the quarter.
Cash Flow and Corporate Governance Details
Rand’s cash flow statement reflects a cautious balance between investment and operational expenditure. Exploration costs edged up by $134,000, while development costs fell by $443,000. Staff and administration costs were reduced by $231,000 quarter-on-quarter. Tax payments increased significantly due to income tax settlements. Payments to related parties, including directors and management, totalled $240,000, primarily comprising fees and reimbursements.
The company’s share buy-back program remains active but unused this quarter, set to expire in January 2027 unless extended. This leaves open questions about Rand’s capital return policies amid fluctuating production and cash flow.
Bottom Line?
Rand Mining’s production growth is tempered by rising costs and tax outflows, with exploration results poised to shape the next phase of resource development.
Questions in the middle?
- Will pending Startrek assay results unlock new resource potential?
- How will Rand balance rising production costs against cash flow sustainability?
- What are the prospects for Rand resuming share buy-backs in the near term?
