Tribune Resources processed 135,191 tonnes of ore yielding 13,568 ounces of gold in the June quarter, but ore mined fell 27.5% from the prior period, while net operating cash flow slipped into a slight outflow.
- June quarter gold production of 13,568 ounces
- Ore mined down 27.5% to 133,195 tonnes at 2.42 g/t
- Exploration drilling of 1,302m focused on EKJV deposits
- Net operating cash flow a $0.6 million outflow
- Cash and equivalents closed at $8.1 million
Gold Production and Ore Mined Decline
Tribune Resources Limited (ASX:TBR) reported gold production of 13,568 ounces for the June 2026 quarter, with Tribune’s 75% share amounting to 10,176 ounces. This output was generated from 135,191 tonnes of ore processed at a grade of 3.34 grams per tonne (g/t) at the Mungari processing plant operated by joint venture partner Evolution Mining Limited.
However, the combined ore mined from all sources at the East Kundana Joint Venture (EKJV) fell sharply by 27.5% compared to the previous quarter, totaling 133,195 tonnes at a lower grade of 2.42 g/t, yielding 12,823 ounces of gold. Tribune’s share of the ore mined was 123,836 tonnes for 9,617 ounces. The decline in mined ore contrasts with steady processing volumes, indicating a potential drawdown of stockpiles or operational adjustments.
Operational Details and Safety Record
Mining operations spanned multiple sources within EKJV: underground mines Rubicon-Hornet-Pegasus (RHP) and Raleigh, plus the open pits at Hornet and Golden Hind. Underground operations delivered 99,360 tonnes yielding 15,065 ounces, while open pits contributed 237,032 tonnes for 10,982 ounces. The processing plant maintained a high recovery rate of 93.46% during toll treatment campaigns.
Tribune reported no safety or environmental incidents during the quarter, maintaining operational discipline amid fluctuating production metrics.
Exploration Focus on EKJV Deposits
Exploration drilling within EKJV continued with 1,302 metres of diamond drilling completed, targeting extensions and resource definition at the Star Trek and Golden Hind deposits. While assay results from eleven drill holes were released in late July, the company confirmed no material changes to the existing Mineral Resource estimates. This cautious stance suggests exploration is progressing but has yet to translate into immediate resource upgrades.
Financial Performance and Cash Flow
Tribune’s financials reflected increased customer receipts of $57.5 million, up $6.5 million from the prior quarter, driven by production-related sales. However, higher production costs ($33.2 million), development expenditure ($8.3 million), and income tax payments ($14.4 million) contributed to a net operating cash outflow of $0.6 million, reversing the $0.6 million inflow recorded in March 2026.
Capital expenditure was $1.4 million, primarily on mining plant and equipment at EKJV, while financing activities included $1.7 million in lease repayments. The company ended the quarter with $8.1 million in cash and equivalents, down from $11.9 million in the prior period, reflecting the cash flow pressures.
Other Projects and Corporate Activity
No significant exploration was undertaken at Tribune’s other projects, including the Japa Concession in Ghana, the Diwalwal Gold Project in the Philippines, and the Seven Mile Hill Joint Venture. The Japa Concession is poised for a resource update later in the year following infill drilling completed in December 2025.
Despite an ongoing on-market share buy-back program initiated in May 2026, no shares were repurchased during the quarter. Payments to related parties totalled $213,000, mainly comprising director fees and associated expenses.
Bottom Line?
Tribune’s production held steady despite a notable drop in ore mined, but rising costs and tax payments pushed operating cash flow into the red, highlighting the need to monitor upcoming resource updates and cash flow trends closely.
Questions in the middle?
- Will exploration at Star Trek and Golden Hind translate into resource upgrades in coming quarters?
- How will Tribune manage cash flow pressures amid higher development and tax costs?
- Could the ongoing share buy-back program resume if operational performance stabilises?