Tribune Resources Lifts EKJV Gold Output 67 Percent Amid Exploration Advances

Surge in Gold Production at East Kundana Joint Venture

Tribune Resources (ASX:TBR) reported a significant 67% increase in gold mined at its East Kundana Joint Venture (EKJV) during the March 2026 quarter, with total gold mined reaching 17,691 ounces at an average grade of 2.5 grams per tonne. Tribune’s share of this amounted to 13,268 ounces from 162,493 tonnes of ore mined.

The production boost was driven by contributions from three mining sources: the Rubicon-Hornet-Pegasus (RHP) and Raleigh underground mines, and the Hornet open pit. Notably, the Hornet open pit delivered 338,348 tonnes of ore at 2.01 g/t, producing 21,819 ounces of gold, underscoring its growing importance to the joint venture’s output.

Ore processing at the Mungari plant, operated by joint venture partner Evolution Mining Limited, handled 121,123 tonnes of Rand and Tribune ore at a robust 4.12 g/t grade. This processing yielded 15,129 ounces of gold with a high recovery rate of 94.4%, of which Tribune’s 75% share was 11,347 ounces.

Exploration Drilling Advances at EKJV and Seven Mile Hill

Exploration efforts continued apace with 8,831 metres of diamond drilling completed within the EKJV area during the quarter, targeting resource extensions at the Golden Hind and Startrek deposits. Assay results from Golden Hind’s eight drill holes were released, highlighting ongoing resource definition, while results from the nineteen Startrek holes remain pending.

This drilling activity builds on the company’s recent 8,831 metres of diamond drilling milestone, reinforcing Tribune’s commitment to expanding its resource base at EKJV ahead of planned mine planning updates.

Meanwhile, at the Seven Mile Hill Project, a single deep diamond drill hole (7DD-003) reached 516.4 metres, revealing multiple narrow zones of low to moderate gold mineralisation, including a peak intercept of 0.9 metres at 14.98 g/t Au. These results suggest potential for deeper high-grade alteration zones, warranting further investigation.

Financial Position and Cost Movements

Tribune closed the quarter with $11.9 million in cash and equivalents, slightly down from $12.5 million at the end of December 2025. The company faced increased production costs by $5.4 million and tax payments rose by $6.5 million, largely reflecting higher mining activity at Hornet and Golden Hind.

Administrative and development costs decreased by $1.8 million and $1.7 million respectively, with a reclassification correction of supplier payments contributing to the admin cost reduction. Operating cash flow remained positive at $646,000 for the quarter, supporting ongoing exploration and development initiatives.

Tribune also conducted a share buy-back program during the quarter, although no shares were repurchased. The buy-back expired in February 2026 and is expected to be renewed shortly, potentially providing support to the share price.

Broader Exploration Activities and Corporate Updates

Outside EKJV, exploration at the Japa Concession in Ghana remained on hold pending resource estimation updates from the December 2025 drilling campaign. In the Philippines, the Diwalwal Gold Project saw no significant activity during the quarter.

Corporate disclosures included payments totaling $303,000 to related parties, primarily director fees and reimbursements, maintaining transparency in governance. No new mining tenements were acquired or disposed of during the quarter.

Tribune reported no safety or environmental incidents, maintaining operational discipline amid the ramp-up in activity. The company’s next steps will likely focus on integrating exploration results into updated resource models and managing cost pressures as production scales.