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Highlights

  • Tribune Resources is an ASX-listed mining company engaged in the acquisition of mining tenements, mineral exploration and investment
  • In 1HFY24, TBR delivered 137.90% YoY increase in the profit after tax to AUD 11.09 million
  • Billis (Anthony) has the maximum stake in the company with a shareholding of 32.88%

Tribune Resources Limited (ASX: TBR) is an exploration, development and production company, focused on its East Kundana Joint Venture (EKJV), Australia. Additionally, it manages Diwalwal Gold Project and Japa Gold Project.

In the first half of the financial year 2024 (1HFY24), the company reported a 21.58% YoY increase in revenue to AUD 63.55 million, while profit after tax jumped by an impressive 137.90% YoY to AUD11.09 million. Revenue growth during the reported period was backed by higher spot gold prices.

At the end of the half year, cash and cash equivalent balance of TBR stood at AUD 7.99 million.

Top 10 shareholders of TBR

The top 10 shareholders of RBR have around 70.68% shareholding in the company, while the top four have nearly 61.59% shareholding. Billis (Anthony) and Evolution Mining Ltd. have the highest stake in the firm, with a shareholding of ~32.88% and ~21.05%, respectively.

Recent business update

On 26 April 2024, the company released March quarter update. During the three months period ended 31 March 2024, TBR and Rand collaborated to process 53,316 tonnes of ore at an average grade of 4.03 gram per tonne from the EKJV operations at the Mungari processing plant of JV partner evolution Mining. Contribution of TBR in this endeavour stood at 39,987 tonnes.

This processing yielded 6,554 ounces of gold, and the company’s share is 4,915 ounces of gold.

Outlook

At the EKJV, the company intends to upgrade is mineral resource estimates and conversion of inferred resources to indicated resources through its future drilling programs.

For the proposed Japa Gold Mining project, the company is seeking environmental impact statement (EIA) approval. With this development, the Environmental protection Agency (EPA) will be able to issue a certificate to TBR to initiate development activities at Japa Gold Mining project.

Share performance of TBR

TBR shares closed 1.84% lower at AUD 3.740 apiece on 4 June 2024. With this, in the last one year, TBR’s share price has increased by 10% and in the last six months, it has shot up by 40.07%.

The 52-week high of TBR is AUD 4.55, recorded on 18 April 2024, while the 52-week low is AUD 2.480, recorded on 14 December 2023.

TBR Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 04 June 2024. The reference data in this report has been partly sourced from REFINITIV.