Tribune Resources Ltd.

Tribune Resources Ltd. is a junior gold producer headquartered in South Perth, Australia, operating primarily in Australia. The company's portfolio consists of 2 projects, comprising 1 operating mine and 1 advanced exploration project. Key assets include East Kundana JV and Japa. The company's business model is centered on participating in non-operated joint ventures for mineral production and development, complemented by wholly-owned exploration initiatives. This structure involves reliance on a third-party joint venture manager for operational execution, risk management, and the provision of accurate operating information. All ore processing is conducted at a third-party facility, positioning the company as a non-processor that depends on external capacity and negotiated terms for its production stream. The operational approach requires diligent oversight of joint venture activities through participation in technical and operating committees to monitor performance and ensure alignment with strategic objectives. A key aspect of its risk profile involves the management of interests in ventures where it does not hold a controlling stake. The enterprise also advances its own exploration projects, maintaining a portfolio that balances near-term production-linked cash flow with long-term discovery potential. This dual focus allows for participation in established producing areas while independently pursuing new resource opportunities. The corporate structure is further characterized by significant cross-ownership with an associated public company, creating a complex inter-company relationship.

Strategic priorities are focused on advancing existing development and production activities while concurrently pursuing acquisitive growth through the evaluation of new exploration projects. A core component of the exploration strategy involves enhancing geological understanding through targeted resource definition drilling and the continuous updating of lithological and structural models to identify new targeting opportunities. This systematic approach is designed to improve the probability of discovery and expand the potential resource base. The capital management approach includes a commitment to shareholder returns, demonstrated by a consistent dividend policy and the implementation of an on-market share buy-back program. This indicates a balanced strategy of reinvesting in growth and distributing surplus capital. The organization's long-term development plan involves sustaining current production levels by successfully converting exploration targets into reserves, mitigating the inherent risks of reserve depletion. Management of commodity price and foreign exchange fluctuations is addressed through active monitoring rather than hedging, aiming to achieve optimal pricing on sales and currency transactions. The company also focuses on mitigating exploration and development risk by ensuring all resource and reserve estimates are compiled by qualified professionals in accordance with industry standards.

Executive leadership is characterized by extensive tenure and deep industry experience, with the Managing Director and Chief Executive Officer, Anthony Billis, possessing over 30 years of involvement in exploration and development. The Non-Executive Chairman, Otakar Demis, has served as a director for over 30 years, providing long-term strategic continuity. The Board of Directors is a compact body comprising 3 members, which also undertakes the functions of the Nomination and Remuneration Committee, indicating a centralized governance structure. Board meetings were held 3 times during the fiscal year. The remuneration framework is designed to align executive rewards with shareholder interests and strategic objectives, incorporating fixed pay, short-term incentives based on key performance indicators, and long-term incentives. Governance practices are guided by a commitment to comply with the ASX Corporate Governance Principles, with policies and statements available for review. The management team includes a Finance Manager with over 19 years of service who was appointed as an alternate Non-Executive Director in August 2023, further highlighting the promotion of long-serving internal personnel to key oversight roles.

The organization's sustainability and risk management framework is structured around compliance with extensive environmental, health, and safety regulations. A key commitment involves adherence to statutory reporting under the *National Greenhouse and Energy Reporting Act 2007* and the *Energy Efficiency Opportunities Act 2006*, which mandate the public reporting of greenhouse gas emissions, energy consumption, and the assessment of energy-saving opportunities. The company manages environmental liabilities arising from its operations, including costs for site rehabilitation, by making provisions based on estimates of future costs and current legal requirements. To mitigate cyber security risks, the enterprise employs technical controls such as firewalls and antivirus software, monitors security incidents with external IT partners, and has implemented disaster recovery testing and training. The company also acknowledges and monitors risks associated with climate change, government regulation, and native title claims, seeking to ensure compliance and manage potential impacts on its projects and operations. Health and safety practices are governed by extensive laws aimed at protecting workers, with a focus on obtaining and complying with all required permits and approvals.

The corporate structure is significantly defined by its participation in joint ventures and a material equity holding in an associated public company. The company's primary activities are conducted through the East Kundana Joint Venture, in which it holds a 36.75% interest alongside partners Rand Mining Limited, holding 12.25%, and Gilt-Edged Mining Pty. Limited, a subsidiary of Evolution Mining, holding 51%. Another key arrangement is the West Kundana Joint Venture, where the company holds a 24.50% interest, with Gilt-Edged Mining Pty. Ltd. acting as the manager. The company also holds a 46.73% interest in Rand Mining Limited, a publicly listed entity, creating a significant inter-company investment relationship. Major shareholders with substantial influence include Evolution Mining Limited, holding a 21.05% stake, and the entity's Managing Director, Anton Billis, who holds a 32.57% interest through related parties. Other significant shareholders include Trans Global Capital Ltd with a 16.30% holding and Sierra Gold Ltd with 15.29%. In January 2024, the company announced an on-market buy-back of its ordinary shares, signaling a strategic initiative to manage its capital structure.