Tribune Resources delivered a sharply stronger FY2026 result, with revenue up 28.4% and profit attributable to shareholders rising to $75.7 million. The result was helped by a $35.0 million reversal of the prior Raleigh impairment, while operating cash flow and year-end cash both fell.
- Revenue increased 28.4% to $205.8 million
- Profit attributable to shareholders rose 128% to $75.7 million
- Tribune’s share of EKJV production reached 37,650 ounces
- Raleigh impairment reversal contributed $35.0 million
- Year-end cash fell 35% to $8.1 million
Gold production and revenue drive a stronger FY2026
Tribune Resources Limited (ASX:TBR) more than doubled profit attributable to shareholders in FY2026, but the headline number comes with an important accounting qualification. Profit attributable to Tribune owners climbed 128% to $75.7 million, while revenue rose 28.4% to $205.8 million as production expanded at the East Kundana Joint Venture.
The group’s reported profit after tax was $88.4 million, up from $40.2 million a year earlier. Basic earnings per share increased to 144.31 cents from 63.34 cents. The result benefited from a $35.0 million reversal of a previous impairment against Raleigh underground mine development, after updated mine plans indicated the Raleigh Deeps mining area would be extracted in future periods.
That reversal was not the only moving part. Tribune said stronger operating performance and higher production also supported the result, with Hornet and Golden Hind open pits adding to the EKJV operation. Mining, processing and royalty costs rose alongside the expanded activity, while depreciation and amortisation increased to $26.0 million from $16.2 million.
East Kundana adds open-pit tonnes
The EKJV produced 1.27 million tonnes at 2.51 grams per tonne for 102,206 ounces of gold on a 100% project basis. Tribune’s share of mine production was 466,315 tonnes at 2.5 grams per tonne, containing 37,650 ounces.
Hornet Open Pit accounted for 745,900 tonnes and 46,019 ounces, while Golden Hind delivered its first ore in May 2026 and contributed 102,999 tonnes at 1.2 grams per tonne for 4,009 ounces. Underground production remained material: Rubicon, Hornet and Pegasus produced 40,296 ounces, and Raleigh produced 11,882 ounces at a comparatively strong 4.5 grams per tonne.
Tribune’s share of ore processed totalled 300,668 tonnes, producing 31,677 fine ounces at a 93.6% recovery rate. The group also ended the year with a substantially larger ore inventory, holding 260,654 tonnes attributable to Tribune at 1.05 grams per tonne for 8,793 ounces of contained gold.
Cash conversion lags the profit result
The balance sheet strengthened on paper, with total assets rising to $432.2 million and net assets reaching $389.2 million. Yet cash tells a less exuberant story: net operating cash inflow fell 18% to $58.8 million, and cash and cash equivalents declined 35% to $8.1 million.
Tribune invested $36.5 million in mine development, $5.8 million in exploration and evaluation and $5.7 million in property, plant and equipment. It also paid $13.5 million in dividends. Inventories rose to $248.8 million, including $203.7 million of gold on hand and $28.7 million of ore stockpiles, absorbing cash as operations expanded.
The company’s average gold selling price increased to $6,238.73 an ounce from $4,362.75. Management says a 10% move in the average gold price, with other variables unchanged, would alter group profit before tax by about $20.6 million. Tribune sells gold at spot prices and reported no hedging contracts, leaving earnings exposed to bullion prices.
Resources rise while exploration remains selective
The consolidated group reported 28.65 million tonnes of mineral resources at 2.84 grams per tonne for 2.61 million ounces of gold. Ore reserves increased to 2.51 million tonnes at 3.28 grams per tonne for 260,000 ounces, based on a reserve gold price assumption of A$3,000 an ounce.
Exploration continued across Golden Hind, Sadler and Startrek at the EKJV, with 16,009 metres of diamond drilling completed during the year. At Seven Mile Hill, a single 516.4-metre hole returned several narrow mineralised intervals, including the highest reported result of 0.9 metres at 14.98 grams per tonne gold from 435 metres. The result is an exploration outcome, not a resource estimate.
Japa and Adiembra in Ghana also remain part of the longer-term portfolio, although the Japa campaign was curtailed after difficult ground conditions and access problems. Tribune completed 8,412 metres across the two areas, while no significant exploration was conducted at its Diwalwal projects in the Philippines during the year.
Bottom Line?
FY2026 shows stronger gold operations and a larger resource base, but the next test is whether production and cash generation can sustain development spending without relying on accounting reversals or favourable bullion prices.
Questions in the middle?
- Can Hornet and Golden Hind maintain their contribution as the EKJV mine plan progresses?
- How much of FY2026 profit remains after removing the $35.0 million Raleigh impairment reversal?
- Will $8.1 million of cash provide sufficient flexibility for committed development, exploration and dividend demands?