ANNUAL
R E P O R T
2 0 2 1
Contents
Corporate Directory .....................................................................................................................................................................................3
Directors’ Report ...........................................................................................................................................................................................4
Auditor’s Independence Declaration ........................................................................................................................................................35
Statement of Profit or Loss and Other Comprehensive Income ..........................................................................................................36
Statement of Financial Position ................................................................................................................................................................38
Statement of Changes in Equity ................................................................................................................................................................39
Statement of Cash Flows ...........................................................................................................................................................................40
Notes to the Financial Statements ...........................................................................................................................................................41
Directors’ Declaration ................................................................................................................................................................................76
Independent Auditor’s Report to the Members of Tribune Resources Limited .................................................................................77
Shareholder Information ...........................................................................................................................................................................81
1
2
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Corporate Directory
Directors
Otakar Demis
Non-Executive Chairman
Anthony Billis
Executive Director, Managing Director
and Chief Executive Officer
Gordon Sklenka
Non-Executive Director
Company secretaries
Otakar Demis
Stephen Buckley
Notice of annual general meeting
The annual general meeting of Tribune Resources Limited
will be held at:
The Plaza Hotel
45 Egan Street
Kalgoorlie WA 6430
Auditor
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
Perth WA 6000
Bankers
Australia and New Zealand Banking Group Limited
(‘ANZ’)
77 St George’s Terrace
Perth WA 6000
Stock exchange listing
Tribune Resources Limited shares are listed on the
Australian Securities Exchange (ASX code: TBR)
Website
www.tribune.com.au
on 26 November 2021 at 9.00am
Corporate Governance Statement
Registered office
Suite G1, 49 Melville Parade
South Perth WA 6151
Tel: +61 (8) 9474 2113
Fax: +61 (8) 9367 9386
Principal place of business
Suite G1, 49 Melville Parade
South Perth WA 6151
Correspondence address:
PO Box 307
West Perth WA 6872
Share register
Advanced Share Registry Services Limited
110 Stirling Highway
Nedlands WA 6009
Tel: +61 (8) 9389 8033
Fax: +61 (8) 9262 3723
The Company’s directors and management are committed
to conducting the Group’s business in an ethical manner
and in accordance with the highest standards of corporate
governance. The Company has adopted and substantially
complies with the ASX Corporate Governance Principles and
Recommendations (4th Edition) (‘Recommendations’) to the
extent appropriate to the size and nature of the Group’s
operations.
The Company has prepared a Corporate Governance
Statement which sets out the corporate governance practices
that were in operation throughout the financial year for the
Company, identifies any Recommendations that have not
been followed, and provides reasons for not following such
Recommendations.
The Company’s Corporate Governance Statement and
policies, approved at the same time as the Annual Report, can
be found on the Company’s website:
http://www.tribune.com.au/Corporate-Governance
3
Directors’ Report
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the
‘Group’) consisting of Tribune Resources Limited (referred to hereafter as the ‘Company’, ‘parent entity’ or ‘Tribune’) and the entities
it controlled at the end of, or during, the year ended 30 June 2021.
Directors
The following persons were directors of Tribune Resources Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Otakar Demis - Non-Executive Chairman
Anthony Billis - Executive Director, Managing Director and Chief Executive Officer
Gordon Sklenka - Non-Executive Director
Principal activities
The principal activities of the Group during the year were exploration, development and production activities at the Group’s East
Kundana Joint Venture tenements (‘EKJV’).
Exploration projects that were advanced during the year include the Diwalwal Gold Project, Philippines and Japa Gold Project,
Ghana.
Dividends
Dividends paid during the financial year were as follows:
Dividend of 20 cents per ordinary share paid to shareholders on
24 November 2020.
Dividend of 10 cents per ordinary share by controlled entity Rand Mining
Limited and paid to shareholders on 20 November 2020.
Dividend of 20 cents per ordinary share paid to shareholders on
25 October 2019.
Dividend of 10 cents per ordinary share by controlled entity Rand Mining
Limited and paid to shareholders on 22 October 2019.
2021
$
10,493,615
6,014,848
Group
2020
$
-
-
-
-
11,100,604
6,014,848
16,508,463
17,115,452
Other than the above, there were no dividends recommended or declared during the current financial year.
Review of operations
The profit for the Group after providing for
(30 June 2020: $48,211,437).
income tax and non-controlling
interest amounted to $50,745,314
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors’ Report
East Kundana Joint Venture
The EKJV is located 25km west northwest of Kalgoorlie and 47km northeast of Coolgardie.
The East Kundana Joint Venture (EKJV) is between Rand Mining Ltd. (12.25%), Tribune Resources Ltd. (36.75%) and Gilt-Edged Mining
Pty. Ltd. (51%).
KUNDANA PROJECT
Location Map
Note: The Joint Venture deposits are located within the red shaded area. Other deposits as indicated on
this map do not belong to either Tribune Resources or the Joint Venture.
5
Directors’ Report
EAST KUNDANA JOINT VENTURE
Deposit Locations
Note: The Joint Venture deposits are located within the red shaded area. Other deposits as indicated on
this map do not belong to either Tribune Resources or the Joint Venture.
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors’ Report
Mining
Raleigh
Raleigh Underground Mine was put onto care and maintenance due to seismic activity in April 2020. A full review of the mine plan
was initiated by the JV manager and will result in a rescheduling of mining the remaining reserves at a later date.
There was no capital or operating development for the year. The depth of the decline is approximately 743 metres below the
surface. The top of the Sadler incline remains at 356 metres below the surface and the bottom of the Sadler Decline is approximately
401 metres below the surface.
There was no mine production from Raleigh during the year.
Rubicon/Hornet/Pegasus
During the year ended 30 June 2021, a total of 888,507 tonnes of ore at 3.72 g/t containing 106,283oz of gold were mined from the
Rubicon, Hornet and Pegasus ore bodies.
Tribune’s entitlement to the ore extracted was 326,526 tonnes and 39,059 ounces of gold, compared to 350,664 tonnes and
57,388 ounces of gold the previous year.
Year on year RHP Mine production is summarised in the following table -
Mine Claimed Production
Rubicon/Hornet/Pegasus
Year
11/12
12/13
13/14
14/15
15/16
16/17
17/18
18/19
19/20
20/21
Tribune’s entitlement
Mined
(t)
78,229
266,113
314,685
605,988
761,483
843,340
996,445
1,072,429
954,188
888,507
326,526
Grade
(g/t)
9.6
10.3
11.3
9.5
7.3
7.1
6.2
6.0
5.1
3.7
3.7
Gold
(oz)
24,103
88,666
114,454
184,302
178,931
192,487
198,276
208,264
156,158
106,283
39,059
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Directors’ Report
Ore Stockpiles
As of 30 June 2021, Tribune had 106,137 tonnes of ore stockpiled at a grade of 2.94 g/t which contained 10,036 oz of gold.
The breakdown of Tribunes high and low grade ore stockpiles is tabulated below –
Stockpile
RHP Low grade
RHP High grade
RHP LG oversize
RHP HG transfer SP
RHP LG 1
RHP LG 2
Lakewood HG
Lakewood LG
Tribune Stockpiles
Tribune Ore Stockpiles
Tonnes
3,959
10,580
551
22,204
25,083
9,197
17,706
16,857
106,137
Grade
Ounces
1.65
4.03
2.50
4.53
1.84
1.60
4.00
1.74
2.94
210
1371
44
3234
1484
473
2277
943
10,036
Tribune ore stockpiles reduced by 170,190 tonnes and 29,823 oz in the 12 months from June 30 2020.
Processing
Tribune share of ore processed in FY2021 was 496,822 tonnes at 4.13 g/t with 94.54% gold recovery for production of
62,726 fine oz.
Since January 2013, the majority of EKJV ore was processed at the Kanowna Belle Plant located near Kalgoorlie under an
Ore Treatment Agreement (OTA). Excess ore was periodically processed by local Toll Milling providers in campaigns managed by
EKJV Management.
In October 2019, Northern Star Resources (NST) issued notice that it would treat only 35,000 tonnes of EKJV ore for the four
quarters post 1st January 2020. NST maintained that this met their minimum obligation under the OTA. NST also advised that EKJV
mined ore was to be split to allow processing in proportion to the EKJV partners interest, 51% GEM (an NST subsidiary) and 49%
(Rand and Tribune Group).
During the 2021 financial year, Rand and Tribune were able to secure additional toll treatment arrangements at St Barbara’s Gwalia
operation and Golden Mile Miling Lakewood processing facility
During FY2021 ore processing was carried out in 4 campaigns at Kanowna Belle, 7 campaigns at St Barbaras Gwalia operation and
6 campaigns at GMM’s Lakewood Mill during the year.
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Tribune share of ore processed is outlined in the table below –
Tribune Share of Ore Processed
Campaign Location
Tonnes Milled
Head Grade Au
(g/t)
Recovery
(%)
Fine Au Produced
(Oz)
GMM Lakewood
St Barbara Gwalia
NST Kanowna Belle
Total
304,448
139,079
53,294
496,821
3.98
4.57
3.85
4.13
94.46%
95.21%
93.12%
94.54%
36,771
19,815
6,140
62,726
The increase in available processing capacity saw an improvement in Tribune’s share of the gold bullion produced compared to the
42,264 ounces produced the previous year.
Historical gold production from the EKJV is summarised below –
Rand and Tribune Group Bullion
Tribune Share
To
FY2021
FY2020
FY2019
FY2018
FY2017
FY2016
FY2015
FY2014
FY2013
FY2012
FY2011
FY2010
FY2009
FY2008
FY2007
FY2006
Total
Gold
(oz)
83,630
56,352
119,834
94,751
109,451
103,747
97,420
79,907
95,554
61,864
64,716
77,624
32,478
59,638
49,335
25,599
Silver
(oz)
3,039
8,335
20,567
14,690
20,728
20,647
21,027
18,854
17,248
15,841
8,639
12,019
4,649
8,048
6,640
3,951
Gold
(oz)
62,726
42,264
89,875
71,063
82,088
77,810
73,065
59,930
71,665
46,398
48,537
58,218
24,358
44,728
37,001
19,199
1,211,900
204,922
908,925
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Directors’ Report
Exploration
EKJV
Exploration within the EKJV mining complex during the reporting period was focussed on the Falcon Corridor, Pode extensions,
Centenary Main Vein footwall mineralisation, Hornet, Startrek Prospect, Hera, Nugget and Golden Hind Resource. Diamond core
drilling totalled 151 holes for 40,660 metres. A program of 59 reverse circulation percussion holes for 4113 metres was completed
at Golden Hind.
A high-resolution gravity survey was completed within northern EKJV tenements M16/181, M16/182, M16/325 and M16/326 to
assist exploration targeting within this and adjacent areas.
Overview of EKJV Projects showing main mineralisation corridors
The Falcon deposit is interpreted as a series of mineralised splays off low angle structures that persist through lithological
contacts. Mineralisation is comprised of laminated to brecciated to extensional style quartz veining internal to a sheared
biotite-sericite-ankerite altered siltstone/sandstone unit and an intermediate volcaniclastic unit. Mineralisation is present
within veins, on vein selvedges, and within the altered host rock, with coarse gold often observed. Current Inferred Mineral
Resource for Falcon is 858,000 tonnes grading 4.7g/t for 129,000 ounces of gold. Future work will focus on infill and extensional
drilling of this Resource.
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Plan view of Falcon Lodes
Falcon long section looking east showing modelled lodes and drill hole pierce points
Full details of all EKJV exploration activities including significant intersections from results received are contained the Quarterly EKJV
Exploration Reports available on the ASX.
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Directors’ Report
West Kundana Joint Venture (Tribune’s Interest 24.5%)
There has been minimal activity as the bulk of the Exploration Budget is committed to approved and proposed EKJV exploration
programmes.
Seven Mile Hill (Tribune’s Interest 50%)
An aircore drilling campaign comprising 84 holes for 4,036 metres was completed during the year. This program tested extensions
of the Binduli mine sequence beneath lacustrine sediments withing the eastern part of the Seven Mile Hill Project area.
Anomalous mineralisation was encountered withing strongly weathered felsic volcaniclastics as presented in the table and plan
below. These intersections confirmed the tenor of mineralisation defined from previous drilling campaigns and demonstrated that
the lateral extents of the mineralisation had been clearly defined by those earlier campaigns. Future work will focus on evaluating
the economic potential of mineralisation defined to date with an RC drilling program to commence next financial year.
TABLE OF SIGNIFICANT AIRCORE ASSAY RESULTS
Hole ID
MGA
North
MGA East
RL
Dip
Azimuth
TBAC349
6582949
348969
TBAC355
6582652
348399
TBAC362
6582649
348749
TBAC363
6582652
349021
TBAC364
6582646
349061
TBAC380
6582648
350235
343
340
338
348
338
344
-60
-60
-60
-60
-60
-60
90
90
90
90
90
90
Total
Depth
(m)
45
45
77
51
61
50
Depth
From
Depth
To
Length
(m)
Au
ppm
32
40
68
48
48
0
36
44
72
50
52
4
4
4
4
2
4
4
0.91
0.51
0.86
1.32
0.66
0.51
Significant results for Aircore drilling are ≥0.5ppm gold with no internal dilution. All intersections are of two or four metre
composite samples.
Plan of recent aircore drill holes showing significant intersections
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Drilling at the Seven Mile Hill project August 2021
Tribune Resources Ghana Limited (Tribune’s Interest 100%)
The Japa Project is located in the Western Region of Ghana, approximately 110 km South West of Kumasi and 50 km North of
Tarkwa, centred about the village of Gyapa in the Wassa Amenfi East District. Mining Lease PL2/310 covers a 26.2 square kilometre
area over part of the Akropong Belt, an offshoot of the highly endowed Ashanti Belt, within the Birimian Supergroup that hosts
many of the most significant, multi-million-ounce Ashanti type orogenic lode-gold deposits of West Africa.
Tribune Resources (Ghana) Limited acquired its interest in the Japa Project in 2005. Initial work by Tribune expanded on surface
geochemical sampling conducted by previous explorers which was followed by drill testing of identified gold anomalies. Successive
phases of drilling, amounting to over 143,000 metres completed to date, has defined extensive gold mineralisation within numerous
prospects across the Mining Lease.
During the reporting period Tribune completed a major Reverse Circulation and Diamond Core drilling program at Japa totalling
45,376 metres in 287 holes. This drilling campaign was focussed on the Adiembra deposit with a smaller program also conducted
along the Japa-Dadieso Trend.
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Directors’ Report
The purpose of the Phase 2 drilling program was to infill the existing resource definition drilling coverage and test for extensions
at Adiembra and Japa-Dadieso Trend, to confirm high priority targets of the mineralisation both laterally and to depth and confirm
the structural controls, orientation, and tenor of the gold mineralisation to expand the Mineral Resource estimation completed
in July 2020. Going forward the intention is to elevate the classification of inferred and unclassified mineralisation to a minimum
indicated category for future reserve estimation. In addition to drilling at Adiembra, reconnaissance traverses across proposed
infrastructure areas within the Mining Lease have commenced, with other conceptual targets and extensions to the Japa-Dadieso
trend also scheduled in this phase of work.
Results received to date are consistent with expectations in terms of mineralisation orientation, thickness and grade and have also
yielded robust intersections for both the infill and extensional components of the campaign, especially at the eastern end of the
deposit and at depth both on the Central and Western lodes.
Drilling will continue through the September Quarter to complete the diamond drilling component of the Adiembra Resource
definition program and continue the reconnaissance program testing conceptual targets within the Mining Lease.
Adiembra is a very broad mineralised system currently defined over 1400 metres long, up to 700 metres wide and to a maximum
depth of 270 metres below surface. Within this large system, mineralisation is concentrated in two distinct lodes, Adiembra West
and Adiembra Central. Adiembra West has a strike length of over 1250 metres and ranges from 40 to 80 metres in width whilst
Adiembra Central has a strike length of over 1400 metres and ranges from 60 to 180 metres in width. Both lodes are open along
strike and at depth.
Drilling operation at Adiembra
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Plan of Adiembra infill and sterilisation drilling conducted during June 2021 Quarter showing Resource model pit shell
limit with Indicated and Inferred Resource blocks and unclassified mineralisation blocks colured by block grade
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Directors’ Report
Geology team on site logging core
Full details of all drilling from this campaign have been reported in Tribune Resources ASX Announcements of 24 November 2020,
29 January 2021, 29 April 2021, and 30 July 2021.
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
The Adiembra Mineral Resource estimation was completed and reported in the Tribune Resources ASX Announcement of
10 August 2020. The following table summarises the Resource Estimate.
Mineral Resource Estimate for the Adiembra Deposit - July 2020
Resource
Classification
Cut-Off Grade
g/t
Tonnes
Gold Grade
g/t
Gold Ounces
Indicated
Inferred
0.5
0.5
0.5
4,640,000
16,350,000
20,990,000
2.6
2.7
2.7
390,000
1,420,000
1,810,000
Type
Open Pit
Total Adiembra
Dry metric tonnes rounded to nearest 10,000. Ounces rounded to nearest 10,000. Discrepancies may occur due to rounding.
Plan of Japa Mining Lease showing major gold deposits Adiembra
and Japa-Dadieso Trend and priority exploration areas
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Directors’ Report
Diwalwal Gold Project (Philippines)
The Diwalwal Gold Project is located approximately 120 km northeast of Davao City on Mindanao Island in the Philippines. Tribune
has relevant interest in the 729 Area and Upper Ulip subdivisions of the Diwalwal Mineral Reservation.
The region is located east of the Philippine fault system in the Southern Pacific Cordillera, which hosts a north striking band of
epithermal gold deposits. The Diwalwal Project area geology is dominated by Cretaceous to Paleogene volcanics consisting of
andesitic to basaltic lavas, pyroclastics and volcaniclastics. The volcanic units have been intruded by Miocene diorite. These units
are unconformably overlain by a series of younger sediments.
The gold mineralisation at Diwalwal is classified as low-sulphidation epithermal type with gold-bearing quartz veins hosted in
extensional fractures developed predominantly within the lava sequences. The 729 Area and Upper Ulip contain mineralised veins
with the most significant located to date being Balite and Buenas Tinago, located within 729 Area. Both of these veins have been
exploited by small-scale mine operations via numerous access tunnels and adits for several decades.
Topographic map of Diwalwal Mineral Reservation. Tribune has relevant interest in the
729 Area and Upper Ulip subdivisions
Tribune has the rights to the Balite mineralisation within 729 Area below an elevation of 600 metres above sea level. Access to Balite
is by the Victory Tunnel and refurbishment of the tunnel to establish diamond drill positions and explore the vein system further
has been the principal focus of activities since acquiring the project. Refurbishment of Victory Tunnel was complete in August 2020
and commencement of a diamond drilling campaign commenced in September 2020.
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Construction of core shed and accommodation facilities for the exploration team
During the reporting period, resource definition drilling of the Balite Vien included a total of 9,891 metres of diamond core drilling
for a total of 36 holes. Drilling was conducted from the easternmost cuddy within the Victory Tunnel and all holes intersected Balite
main and spur or split veins at or close to the modelled positions and anticipated down hole depths. To date the campaign has
tested a strike length of 800 metres and totals 9,890.75m in 36 holes.
Plan View of Victory Tunnel infrastructure showing Balite Vein model, completed holes
UBADH-025 to UBADH-036 and mineralised intersections
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Directors’ Report
Long projection view of Victory Tunnel looking north showing all holes completed to date
and highlighting holes UBADH-025 to UBADH-036 completed during the June Quarter.
Drill hole traces are coloured by geology and mineralised intersections
Image of coarse gold observed in hole UBADH-018 intersection of 2m @ 8.62ppm Au from 311m to 313m
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
In addition to the diamond drilling campaign, limited surface exploration was conducted within the 729 and Upper Ulip
areas of the Diwalwal Mineral Reservation. This work included mapping and rock chip sampling along recently constructed road
cuttings, with two quartz veins returning assays of 3.88ppm gold/53ppm silver and 1.23ppm gold/21ppm silver from fire assay of
one-metre channel cut samples. The significance of these results will be determined through additional mapping and sampling as
access permits.
The Upper Ulip Area contains several low sulphidation style epithermal veins hosted by porphyritic andesite volcanics in similar
structural setting and orientation to the Buenas Tinago and Balite veins within the 729 Area immediately to the south.
Work during the year involved geological and structural mapping with a focus on orientation and characterisation of quartz vein
exposures, grid soil sampling and rock chip sampling of outcrop and artisanal mine workings. The soil geochemistry grid extended
the coverage of an historical but incomplete soil sampling program by previous operators with analyses of soil and rock samples
focused on gold and an accompanying 36 element suite for pathfinder element correlation. This campaign has identified a strong,
coherent gold and pathfinder element anomaly at Lantawan and a more subtle gold anomaly at Rockstar which are likely to be
further evaluated by diamond core drilling.
Geologic map of Paraiso showing soil and rock chip sampling locations and grade ranges
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Directors’ Report
Significant intersections received to date are summarised in the following table.
Hole
Number
Depth
From
Depth
To
UBADH-003
173.80
177.50
UBADH-006
143.90
147.70
UBADH-006
157.40
160.10
Interval
Length
(m)
Estimated
True Width
3.70
3.80
2.70
2.50
2.70
1.90
Grade
ppm
Au Remarks
Vein
6.58 Inc 1.4m @ 15.6ppm from 176m
Balite Main
2.86
35
Balite Main
Balite Main
Inc 1.75m @ 13.7ppm from 159m,
UBADH-007
153.15
173.50
20.35
16.30
3.27
1.2m @ 10.5ppm from 164m,
Balite Main
UBADH-009
133.90
134.90
UBADH-011
131.40
133.50
UBADH-012
127.80
128.80
UBADH-012
150.00
159.70
UBADH-014
193.45
195.50
UBADH-015
278.70
280.70
UBADH-018
311.00
313.00
UBADH-023
121.70
126.70
UBADH-028
UBADH-028
UBADH-028
52.30
54.55
79.05
52.75
54.85
95.25
1.00
2.05
1.00
9.70
2.00
2.00
2.00
5.00
0.45
0.30
0.90
1.70
0.80
7.90
1.10
1.10
1.80
2.60
0.40
0.30
0.5m @ 24.3ppm from 173m
5.02
Balite Main
46.20 Inc 0.85m @ 110.8ppm from 132.6m Balite Main
5.41
2.66 Inc 1.75m @ 6.81ppm from 150m
3.28
16.20
8.62
Balite Main
Balite North
Split
Balite Main
HW Spur Vein
FW Spur Vein
2.12 Inc 1m @ 5.39ppm from 123.7m
Balite Main
28 1.8m void margin
20.30 1.8m void margin
SE Split
SE Split
16.20
15.60
1.76 Inc 4.8m @2.48ppm from 84.8m
SE Split "Zone"
UBADH-028
170.00
200.80
31.25
6.60
6.04
Inc 2.35m @ 11.23ppm from 173.9m,
9m @ 14.35ppm from 181.4m
Balite Main
UBADH-030
UBADH-030
UBADH-030
47.60
69.05
80.10
53.75
75.30
83.45
UBADH-030
94.30
103.10
UBADH-030
136.80
138.75
UBADH-031
149.50
155.85
UBADH-031
205.50
207.30
UBADH-033
UBADH-033
UBADH-033
UBADH-033
UBADH-033
51.75
57.25
64.60
83.75
89.35
54.60
59.40
65.85
84.75
94.85
6.15
6.25
3.35
8.80
1.95
6.35
1.80
2.85
2.15
1.25
1.00
5.50
5.20
5.30
2.80
2.60
0.60
1.90
0.50
2.60
2.00
1.10
0.50
2.75
3.27 Inc 2.35m @6.73ppm from 50.4m
SE Split
1.90 Inc 1.35m @7.42ppm from 71.75m
SE Split "Zone"
4.47 Inc 0.95m @11.6ppm from 82.5m
SE Split "Zone"
2.38
3.46
SE Split "Zone"
Balite Main
2.56 Inc 3m @4.06ppm from 152.85m
Balite Main
2.79 Inc 1m @3.73ppm from 206.3m
FW Spur Vein
61.00 Inc 0.35m @422ppm from 53.65m
SE Split
3.22
2.13
4.59
SE Split
SE Split "Zone"
SE Split "Zone"
6.70 Inc 2.4m @12.1ppm from 89.35m
SE Split "Zone"
UBADH-033
181.00
215.10
33.85
8.90
5.55
Inc 1m @ 6.15ppm from 183.05m,
3.25m @ 39.3ppm from 193.4m
1m @ 5.28ppm from 199.6m
0.8m @ 4.79ppm from 212.6m
Balite Main
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TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Drill core photo for hole UBADH-033 including 3.25m @ 39.3ppm Au from 193.4m
Environmental, social and community development program at Diwalwal
With the onset of COVID-19 in 2020, at the request of the Philippines government, funds from the community development
program were reallocated to supply foods and medical items to combat the spread of the virus and support community members
affected by the quarantine restrictions. Food relief provisions were provided to households, mutli-vitamins, hygiene kits including
face masks, hand sanitizer, disinfectant and thermal scanners, and hand washing stations were donated to the community and
front-line medical personnel. A donation of 500 Rapid Antigen Test kits was donated to the local government as part of the Covid-19
response and all employees and contractors were tested with a small number of personnel requiring quarantine and treatment
after testing positive to the Covid-19 virus.
Social and livelihood development programs in the affected communities within the project area are supported through various
projects determined in consultation with the community and local government units. During the year a tree nursery was established
to collect and propagate local endemic wildlings, selected hardwood varieties and fruit-bearing trees including falcata, lanzones,
durian and rambutan seedlings. The installation of several material treatment facilities throughout the communities provides a
clearly designated area where refuse can be separated into recyclable and reusable section. Other community supported activities
for the year included repairs to local buildings, roads, walkways, bridges, and construction of hand washing facilities at local schools.
Repairs and construction of church buildings, childcare centres, health care facilities, senior citizen centres and local gathering halls
was provisioned by supplying materials and local labour.
Education and training activities in the community that were supported by Tribune included gender equality and violence against
women. A temporary shelter for woman affected by violence in the community was furnished to accommodate eight beds, hygiene
kits, cabinet, tables, office supplies, air conditioning and accessories.
23
Directors’ Report
Tree nursery with falcata, lanzones, durian and rambutan seedlings
Additional 890 Baguio pine seedlings for Pacominco mining forest area in Diwalwal
Ongoing consultation with the local government units and barangay councils continue to identify projects that will benefit the
community and provide ongoing opportunities for community members to develop skills that will benefit them into the future.
These projects are included into a Community Development Plan that is supported by the company.
24
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors' Report
Corporate
Share Buy-Back
The Company operated a share buy-back during the year, however no shares were bought back during the period.
A fully franked dividend of 20 cents per share was paid to the shareholders of Tribune Resources Ltd on 24 November 2020.
A fully franked dividend of 10 cents per ordinary share was paid to the shareholders of Rand Mining Limited on 20 November 2020.
The EKJV litigation, as previously announced by the Company, remains ongoing. The matter was heard in the Supreme Court in
mid-October 2020. The Company is still awaiting the Court’s decision.
Resources and Reserves
At 30 June 2021, Tribune’s Mineral Resources amounted to 25.3 million tonnes grading 3.1g/t gold for 2.5 million ounces of gold.
Comparison with the Mineral Resources as of 30 June 2020, a decrease in of 482,000 tonnes and a decrease of 58,000 ounces
reflected by the following variations.
• Mining depletion at Rubicon, Hornet, Pegasus and Raleigh.
• Sterilisation of areas of Pegasus due to geotechnical instability.
• Reflects drilling at Pegasus, Pode, Hera, Falcon.
• Reduction in stockpile contained ounces from 40Koz to 10Koz due to scheduled processing campaigns.
Mineral Resources Comparison
Deposit
EKJV and Stockpiles
Adiembra
Total
30 June 2020
30 June 2021
4.81Mt
20.99Mt
25.80Mt
5.1g/t
2.7g/t
3.1g/t
785Koz
4.32Mt
1.81Moz
20.99Mt
2.595Moz
25.31Mt
5.1g/t
2.7g/t
3.1g/t
715Koz
1.81Moz
2.537Moz
At 30 June 2021, Tribune’s Ore Reserves amounted to 1.3 million tonnes grading 5.0g/t gold for 212,000 ounces of gold.
Comparison with the Ore Reserves as at 30 June 2020 shows a decrease of approximately 97,000 ounces in Ore Reserves reflected
by the following variations:
•
Increase in EKJV Reserve grade from 4.8g/t to 5.0g/t.
• Revised cut-off grades to reflect current operational parameters.
• Mining depletion at Rubicon, Hornet, Pegasus and Raleigh.
• Sterilisation of areas of Pegasus due to geotechnical instability.
•
Increase in stockpile contained ounces from 40Koz to 10Koz.
Ore Reserves Comparison
Deposit
30 June 2020
30 June 2021
EKJV and Stockpiles
2.00Mt
4.8g/t
309Koz
1.32Mt
5.0g/t
212Koz
25
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26
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Directors' Report
Mineral Resource and Ore Reserve Governance and Internal Controls
The Manager of the EKJV prepares the EKJV Mineral Resources and Ore Reserves on an annual basis in accordance with the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).
Competent Persons named by the EKJV Manager are Members or Fellows of the Australasian Institute of Mining and Metallurgy
and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC Code.
The Company is represented on the EKJV Technical Committee which reviews the Mineral Resource and Ore Reserve estimates
and procedures undertaken. The Company’s Competent Persons and consultants audit internal reviews by the EKJV Manager and
external reviews by independent consultants of Mineral Resource and Ore Reserve estimates and procedures. These audits have
not identified any material issues.
Tribune Resources engaged independent mining consultancy Mining Plus Pty Ltd to conduct the Mineral Resource estimation for
the Adiembra Gold Deposit. This estimate has been reviewed by the Company’s Competent Persons.
Competent Person Statements
The information in the Company’s 2021 Annual Report that relates to Mineral Resources and Ore Reserves is based on information
and supporting documentation prepared by the Competent Persons referred to in the ASX announcements detailed in the footnotes
to the Minerals Resources and Ore Reserves Tables (Tables) and fairly and accurately represents that information.
The Mineral Resources and Ore Reserves statement included in this Annual Report, as well as the information provided by the
Competent Persons referred to in the relevant ASX announcements detailed in the footnotes to the Tables, have been reviewed
and approved by Mr Gregory Barnes. Exploration results presented in this report have been prepared in accordance with the
2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) by
Mr Gregory Barnes. Mr Barnes is a Member of the Australasian Institute of Mining and Metallurgy, is a self-employed consulting
geologist to Tribune Resources and has sufficient relevant experience in the activities undertaken and styles of mineralisation
being reported to qualify as a Competent Person under the JORC Code. Mr Barnes consents to the inclusion in this report of the
information compiled by him in the form and context in which it appears.
Significant changes in the state of affairs
The Group announced an extension to the on market buy-back on 15 February 2021. The buy-back up to a maximum of 5,246,807
shares was extended to 21 February 2022.
There were no other significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the Group up to date, it
is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing
and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing
requirements, quarantine, travel restrictions and any economic stimulus that may be provided
The legal proceeding against the Northern Star Resources Group of Companies previously announced by the Company was heard
in the Supreme Court of Western Australia in October 2020. The Company is awaiting the Court’s decision.
On 18 August 2021, Evolution Mining Ltd (ASX:EVN) acquired Northern Star Resources Ltd (ASX:NST) 51% interest in the East
Kundana Joint Venture. As a result of this transaction, the 51% joint venture ownership and joint venture management is now
owned by Evolution Mining Ltd.
No other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect the Group’s
operations, the results of those operations, or the Group’s state of affairs in future financial years.
Likely developments and expected results of operations
The Group intends to continue its exploration, development and production activities on its existing projects and to acquire further
suitable projects for exploration as opportunities arise.
Environmental regulation
The Group is subject to and compliant with all aspects of environmental regulation of its exploration and mining activities. The
directors are not aware of any environmental law that is not being complied with.
27
Directors’ Report
Greenhouse gas and energy data reporting requirements
The Group is subject to the reporting requirements of both the Energy Efficiency Opportunities Act 2006 and the National
Greenhouse and Energy Reporting Act 2007.
The Energy Efficiency Opportunities Act 2006 requires the Group to assess its energy usages, including the identification,
investigation and evaluation of energy saving opportunities, and to report publicly on the assessments undertaken, including what
action the Group intends to take as a result. Due to this Act, the Group, via its participation in the EKJV has registered with the
Department of Resources, Energy and Tourism as a participant entity and reports the results from its assessments.
The National Greenhouse and Energy Reporting Act 2007 require the Group, via its participation in the EKJV, to report its annual
greenhouse gas emissions and energy use. The Group has previously implemented systems and processes for the collection and
calculation of data.
Information on directors
Name:
Title:
Otakar Demis
Non-Executive Chairman and Joint Company Secretary
Experience and expertise:
Otakar is a private investor and businessman with several years’ experience as a director of
the Company.
Other current directorships:
Non-Executive Chairman and Joint Company Secretary of Rand Mining Limited (ASX: RND)
Former directorships
(last 3 years):
None
Interests in shares:
12,000 ordinary shares held directly
Interests in options:
None
Name:
Title:
Anthony Billis
Executive Director and Managing Director
Experience and expertise:
Anthony has over 30 years’ experience in gold exploration within the mining industry in
Western Australia. He has been involved in the exploration and development of the Kundana
project for over 25 years.
Other current directorships:
Executive Director of Rand Mining Limited (ASX: RND)
Former directorships
(last 3 years):
None
Interests in shares:
17,151,136 ordinary shares (17,351 held directly and 17,133,785 held indirectly)
Interests in options:
None
Name:
Title:
Gordon Sklenka
Non-Executive Director
Qualifications:
B.Comm
Experience and expertise:
Gordon has worked in Chartered Accounting, Stockbroking and Corporate Advisory in Perth,
Sydney and Toronto and has in excess of 25 years’ experience in corporate finance in the
resources and technology industries predominantly focusing on capital raisings, initial public
offerings ('IPOs'), acquisitions and project finance.
Other current directorships:
Non-Executive Director of Rand Mining Limited (ASX: RND)
Former directorships
(last 3 years):
Interests in shares:
Interests in options:
None
None
None
‘Other current directorships’ quoted above are current directorships for listed entities only and excludes directorships in all other
types of entities, unless otherwise stated.
‘Former directorships (in the last 3 years)’ quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships in all other types of entities, unless otherwise stated.
28
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors’ Report
Company secretaries
Details of Mr Otakar Demis as company secretary can be found in the ‘Information of directors’ section above.
Stephen Buckley (GAICD) is joint company secretary. Stephen has 37 years’ experience in financial markets having worked in
both Australia and New Zealand. He is the Managing Director of Company Secretary Solutions Pty Ltd, a company specialising in
providing company secretarial, corporate governance and corporate advisory services.
Meetings of directors
The number of meetings of the Company’s Board of Directors (‘the Board’) held during the year ended 30 June 2021, and the
number of meetings attended by each director were:
O Demis
A Billis
G Sklenka
Full Board
Attended
Held
5
5
5
5
5
5
Held: represents the number of meetings held during the time the director held office.
The function of the Nomination and Remuneration Committee was undertaken by the Full Board.
Remuneration report (audited)
The remuneration report, which has been audited, outlines the director and key management personnel remuneration arrangements
for the Group and the Company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
• Principles used to determine the nature and amount of remuneration
• Details of remuneration
• Service agreements
• Share-based compensation
• Additional information
• Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Group and Company’s executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the
creation of value for shareholders, and conforms with the market best practice for delivery of reward. The Board of Directors (‘the
Board’) ensures that executive reward satisfies the following key criteria for good reward governance practices:
•
competitiveness and reasonableness;
• acceptability to shareholders;
• performance linkage / alignment of executive compensation; and
•
transparency.
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the Group and Company depends on the quality of its directors and executives. The remuneration philosophy is to
attract, motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the reward
strategy of the Group and Company.
The reward framework is designed to align executive reward to shareholders’ interests. The Board has considered that it should
seek to enhance shareholders’ interests by:
• having economic profit as a core component of plan design; and
• attracting and retaining high calibre executives.
29
Directors’ Report
Additionally, the reward framework should seek to enhance executives’ interests by:
•
•
rewarding capability and experience;
reflecting competitive reward for contribution to growth in shareholder wealth; and
• providing a clear structure for earning rewards.
In accordance with best practice corporate governance, the structure of non-executive directors and executive directors
remuneration are separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors.
Non-executive directors’ fees and payments are reviewed annually by the Board. The Board may seek the advice of independent
remuneration consultants to ensure non-executive directors’ fees and payments are appropriate and in line with the market (refer
‘use of remuneration consultants’ below). There are no termination or retirement benefits for non-executive directors other than
statutory superannuation.
ASX listing rules requires that the aggregate non-executive directors remuneration shall be determined periodically by a general
meeting. The most recent determination was at the Annual General Meeting held on 30 November 2005, where the shareholders
approved an aggregate remuneration of $320,000 for Tribune Resources Limited and Rand Mining Limited.
Executive remuneration
The Group and Company aims to reward executives with a level and mix of remuneration based on their position and responsibility,
which is both fixed and variable.
The executive remuneration and reward framework has four components:
• base pay and non-monetary benefits;
•
•
short-term performance incentives;
share-based payments; and
• other remuneration such as superannuation and long service leave.
The combination of these comprises the executive’s total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board,
based on individual and business unit performance, the overall performance of the Group and comparable market remunerations.
Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits)
where it does not create any additional costs to the Group and adds additional value for the executive.
The short-term incentives (‘STI’) program is designed to align the targets of the business units with the targets of those executives
in charge of meeting those targets. STI payments are granted to executives based on specific annual targets and key performance
indicators (‘KPI’) being achieved. KPI’s include profit contribution, customer satisfaction, leadership contribution and product
management.
The long-term incentives (‘LTI’) currently consists of long service leave.
Group performance and link to remuneration
The directors’ remuneration levels are not directly dependent upon the Group and Company’s performance or any other
performance conditions. However, practically, whether shareholders vote for or against an increase in the aggregate director
remuneration will depend upon, amongst other things, how the Group and Company have performed.
Use of remuneration consultants
During the financial year ended 30 June 2021, the Company did not engage remuneration consultants, to review its existing
remuneration policies and provide recommendations on how to improve both the STI and LTI program.
Voting and comments made at the Company’s 2020 Annual General Meeting (‘AGM’)
At the last AGM 99.97% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2020. The Company
did not receive any specific feedback at the AGM regarding its remuneration practices.
30
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors’ Report
Details of remuneration
The key management personnel of the Group consisted of the following directors of Tribune Resources Limited:
• Otakar Demis - Non-Executive Chairman
• Anthony Billis - Executive Director, Managing Director and Chief Executive Officer
• Gordon Sklenka - Non-Executive Director
And the following person:
• Rodney Johns - Chief Operating Officer (ceased 25 May 2021)
Amounts of remuneration
Details of the remuneration of the directors and other key management personnel (defined as those who have the authority and
responsibility for planning, directing and controlling the major activities of the Group) of Tribune Resources Limited are set out in
the following tables.
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Cash salary
and fees
$
Bonus
$
30 Jun 2021
Non-Executive Directors:
O Demis
G Sklenka
80,000
60,000
Executive Directors:
A Billis*
183,375
Other Key Management
Personnel:
R Johns**
354,249
677,624
-
-
-
-
-
Non-
monetary*
Super-
annuation
Leave
benefits
$
-
-
$
7,600
-
78,610
17,421
-
-
78,610
25,021
$
-
-
-
-
-
Share-
based
payments
Equity-
settled
$
-
-
-
-
-
Total
$
87,600
60,000
279,406
354,249
781,255
* Includes car and housing plus applicable fringe benefits tax payable on benefits
** Remuneration is from 1 July 2020 to 25 May 2021, being the date of cessation as a member of key management personnel
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Cash salary
and fees
$
Bonus
$
30 Jun 2020
Non-Executive Directors:
O Demis
G Sklenka
80,000
60,000
Executive Directors:
A Billis*
183,375
Other Key Management
Personnel:
R Johns
400,556
723,931
-
-
-
-
-
Non-
monetary*
Super-
annuation
Leave
benefits
$
-
-
$
7,600
-
281,295
17,421
-
-
281,295
25,021
$
-
-
-
-
-
* Includes car and housing plus applicable fringe benefits tax payable on benefits
Share-
based
payments
Equity-
settled
$
-
-
-
-
-
Total
$
87,600
60,000
482,091
400,556
1,030,247
31
Directors’ Report
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
30 Jun 2021
30 Jun 2020
30 Jun 2021
30 Jun 2020
30 Jun 2021
30 Jun 2020
Fixed remuneration
At risk - STI
At risk - LTI
Non-Executive Directors:
O Demis
G Sklenka
Executive Directors:
100%
100%
100%
100%
A Billis
100%
100%
Other Key Management
Personnel:
R Johns
100%
100%
Service agreements
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of
these agreements are as follows:
Name:
Title:
Anthony Billis
Executive Director, Managing Director and Chief Executive Officer
Term of agreement:
Ongoing
Details:
Base salary, inclusive of superannuation, for the year ended 30 June 2021 of $200,796 to be
reviewed annually by the Board. During the year Mr Billis received an additional $78,610 in
fringe benefits which was approved by the Board.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct. There is no
provision for any other termination payments.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during the year ended
30 June 2021.
Options
There were no options over ordinary shares issued to directors and other key management personnel as part of compensation
that were outstanding as at 30 June 2021.
There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of
compensation during the year ended 30 June 2021.
Additional information
The earnings of the Group for the five years to 30 June 2021 are summarised below:
2021
$
2020
$
2019
$
2018
$
2017
$
Sales revenue
177,568,700
179,367,328
364,248,049
179,690,800
136,238,700
EBITDA
EBIT
Profit after income tax
110,865,948
94,031,327
155,490,176
93,002,792
58,843,526
75,107,334
135,000,505
47,353,849
72,264,057
95,640,396
79,691,440
54,424,492
79,775,760
63,824,925
43,688,873
32
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Directors’ Report
The factors that are considered to affect total shareholders return (‘TSR’) are summarised below:
Share price at financial year end ($)
Total dividends declared (cents per share)
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
2021
$
4.60
30.00
96.72
96.72
2020
$
7.29
30.00
87.19
87.19
2019
$
5.45
505.00
65.23
65.23
2018
$
6.35
-
84.17
84.17
2017
$
7.28
20.00
68.93
68.93
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key management
personnel of the Group, including their personally related parties, is set out below:
Balance at
the start of
the year
Received
as part of
remuneration
Additions
Disposals/
other
12,000
17,091,136
-
17,103,136
-
-
-
-
-
60,000
-
60,000
-
-
-
-
Balance at
the end of
the year
12,000
17,151,136
-
17,163,136
Ordinary shares
O Demis
A Billis
G Sklenka
Option holding
There were no options over ordinary shares in the Company held during the financial year by any director and other members of
key management personnel of the Group, including their personally related parties.
Loans to key management personnel and their related parties
There were no loans to or from key management personnel and their related parties at the current reporting date.
Other transactions with key management personnel and their related parties
The following transactions occurred with related parties:
Payment for other expenses:
Payment of rent, rates and levies to Melville Parade Pty Ltd *
Reimbursement of operating expenses to Iron Resources Liberia Ltd* **
* An entity in which Anthony Billis is a director
** From this total, $14,208 is still to be paid to Iron Resources Liberia Ltd.
Group
30 Jun 2021
$
40,897
394,233
All transactions were made on normal commercial terms and conditions and at market rates.
This concludes the remuneration report, which has been audited.
Shares under option
There were no unissued ordinary shares of Tribune Resources Limited under option outstanding at the date of this report.
Shares issued on the exercise of options
There were no ordinary shares of Tribune Resources Limited issued on the exercise of options during the year ended
30 June 2021 and up to the date of this report.
33
Directors’ Report
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or
executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the
Company against liabilities that may arise from an officers’ position with the exception of insolvency, conduct involving a wilful
breach in relation to the Company, or a contravention of section 182 or 183 of the Corporations Act 2001, an entity that is involved
in any joint venture or, partnership or enterprise carried on in common with the Company, outside directorships, any outside
entity or non-profit outside entity or any vehicle or entity established to conduct such joint venture partnership or enterprise. The
contract of insurance prohibits disclosure of the nature of liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company
or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or
any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the
Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of
the Company for all or part of those proceedings.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are
outlined in note 28 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or
firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the Corporations
Act 2001.
The directors are of the opinion that the services as disclosed in note 28 to the financial statements do not compromise the
external auditor’s independence requirements of the Corporations Act 2001 for the following reasons:
• all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of
the auditor; and
• none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of
Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional and Ethical
Standards Board, including reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity
for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards.
Officers of the Company who are former partners of RSM Australia Partners
There are no officers of the Company who are former partners of RSM Australia Partners.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately
after this directors’ report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
Anthony Billis
Director
30 September 2021
Perth
34
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Tribune Resources Limited for the year ended 30 June 2021,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 30 September 2021
ALASDAIR WHYTE
Partner
35 Consolidated statement of profit or loss and other comprehensive income
Note
2021
$
Group
2020
$
Revenue from continuing operations
5
177,707,786
180,414,449
Interest revenue calculated using the effective interest method
56,999
198,483
Expenses
Changes in inventories
Employee benefits expense
Management fees
Depreciation and amortisation expense
Gain on/(impairment of) assets
Net loss on disposal of property, plant and equipment
Administration expenses
Exploration and evaluation expense
Mining expenses
Processing expenses
Royalty expenses
Foreign currency losses
Finance costs
Profit before income tax expense from continuing operations
Income tax expense
Profit after income tax expense from continuing operations
Loss after income tax expense from discontinued operations
Profit after income tax expense for the year
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Gain/(loss) on revaluation of land and buildings, net of tax
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Profit for the year is attributable to:
Non-controlling interest
Owners of Tribune Resources Limited
6
6
6
7
8
63,192,100
(2,328,282)
(1,388,853)
(17,863,156)
(4,628,861)
(543,309)
(5,056,736)
(16,286,496)
(57,283,993)
(37,178,775)
(5,122,340)
(216,293)
(169,315)
29,549,039
(2,454,111)
(1,670,016)
(18,739,015)
408,288
(877,702)
(6,470,960)
(14,394,247)
(66,499,684)
(19,409,128)
(3,536,128)
(275,264)
(262,842)
92,890,476
75,981,162
(34,046,950)
(27,689,545)
58,843,526
48,291,617
-
(937,768)
58,843,526
47,353,849
455,467
877,942
(10,390)
(122,598)
445,077
755,344
59,288,603
48,109,193
22
8,098,212
50,745,314
(857,588)
48,211,437
58,843,526
47,353,849
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
36
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Consolidated statement of profit or loss and other comprehensive income
Note
2021
$
Group
2020
$
Total comprehensive income for the year is attributable to:
Continuing operations
Discontinued operations
Non-controlling interest
Continuing operations
Discontinued operations
Owners of Tribune Resources Limited
Earnings per share for profit from continuing operations attributable to the owners of
Tribune Resources Limited
Basic earnings per share
Diluted earnings per share
Earnings per share for loss from discontinued operations attributable to the owners of
Tribune Resources Limited
Basic earnings per share
Diluted earnings per share
Earnings per share for profit attributable to the owners of Tribune Resources Limited
Basic earnings per share
Diluted earnings per share
37
37
37
37
37
37
8,098,212
-
8,098,212
(857,588)
-
(857,588)
51,190,391
-
51,190,391
49,904,549
(937,768)
48,966,781
59,288,603
48,109,193
Cents
Cents
96.72
96.72
88.89
88.89
-
-
96.72
96.72
(1.70)
(1.70)
87.19
87.19
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
37
Consolidated statement of financial position
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Total current assets
Non-current assets
Financial assets at fair value through profit or loss
Property, plant and equipment
Right-of-use assets
Exploration and evaluation
Mine development
Deferred tax asset
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Lease liabilities
Income tax
Provisions
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liability
Provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Reserves
Retained profits
Equity attributable to the owners of Tribune Resources Limited
Non-controlling interest
Total equity
Note
2021
$
Group
2020
$
9
10
11
12
13
14
15
16
7
17
18
7
19
18
7
19
20
21
22
23
4,162,752
2,057,391
233,051,352
239,271,495
14,022,938
2,216,722
169,859,252
186,098,912
790,250
49,537,345
5,954,818
7,476,542
40,550,645
10,143,100
114,452,700
670,958
48,162,060
9,748,226
4,159,222
47,824,345
8,049,995
118,614,806
353,724,195
304,713,718
14,426,014
2,452,104
11,465,891
263,681
28,607,690
12,620,071
4,464,748
5,799,889
181,710
23,066,418
863,219
16,817,145
1,833,405
19,513,769
3,095,369
12,227,858
1,172,003
16,495,230
48,121,459
39,561,648
305,602,736
265,152,070
58,200,026
(653,291)
200,011,323
257,558,058
48,044,678
58,200,026
(954,065)
159,912,541
217,158,502
47,993,568
305,602,736
265,152,070
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
38
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Consolidated statement of changes in equity
Contributed
equity
$
Group
Treasury
shares
$
Reserves
$
Retained Non-controlling
interest
$
profits
$
Total equity
$
Balance at 1 July 2019
73,080,910
(2,270,000)
(742,321)
121,607,621
52,208,327
243,884,537
Profit/(loss) after income tax expense
for the year
Other comprehensive income for the
year, net of tax
Total comprehensive income for the
year
Transactions with owners in their
capacity as owners:
Proceeds of sale of Tribune shares by
Rand
Share buy-back (note 20)
Sale of Tribune shares by Rand
Transfers on sale of subsidiary
Dividends received
Dividends paid (note 24)
-
-
-
-
-
-
-
48,211,437
(857,588)
47,353,849
755,344
-
-
755,344
755,344
48,211,437
(857,588)
48,109,193
6,004,731
(18,615,615)
(2,270,000)
-
-
-
-
-
2,270,000
-
-
-
-
-
-
(967,088)
-
-
-
-
-
967,088
2,884,676
(13,758,281)
-
-
-
-
-
(3,357,171)
6,004,731
(18,615,615)
-
-
2,884,676
(17,115,452)
Balance at 30 June 2020
58,200,026
-
(954,065)
159,912,541
47,993,568
265,152,070
Group
Contributed
equity
$
Treasury
shares
$
Reserves
$
Retained Non-controlling
interest
$
profits
$
Total equity
$
Balance at 1 July 2020
58,200,026
Profit after income tax expense for
the year
Other comprehensive income for the
year, net of tax
Total comprehensive income for the
year
Transactions with owners in their
capacity as owners:
Share buy-back (note 20)
Change in ownership interest
Dividends received
Dividends paid (note 24)
-
-
-
-
-
-
-
Balance at 30 June 2021
58,200,026
-
-
-
-
-
-
-
-
-
(954,065)
159,912,541
47,993,568
265,152,070
-
50,745,314
8,098,212
58,843,526
445,077
-
-
445,077
445,077
50,745,314
8,098,212
59,288,603
-
(144,303)
-
-
-
-
2,657,676
(13,304,208)
(3,081,194)
(1,761,653)
-
(3,204,255)
(3,081,194)
(1,905,956)
2,657,676
(16,508,463)
(653,291)
200,011,323
48,044,678
305,602,736
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
39
Consolidated statement of cash flows
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Interest received
Interest and other finance costs paid
Income taxes paid
Net cash from operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Payments for mine development
Proceeds from disposal of subsidiary, net of cash received
Proceeds from disposal of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Net dividends paid
Repayment of lease liabilities
Proceeds from share sale
Payments for share buy-backs
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
Note
2021
$
Group
2020
$
177,693,381
(108,738,116)
180,003,426
(106,537,407)
68,955,265
31,326
(163,690)
(24,445,869)
73,466,019
167,698
(257,384)
(58,637,636)
36
44,377,032
14,738,697
(5,195,806)
(17,519,657)
(8,845,644)
-
614,821
(6,883,901)
(13,618,683)
(14,752,357)
3,872,870
55,317
(30,946,286)
(31,326,754)
(13,850,787)
(4,453,439)
-
(4,987,152)
(14,230,777)
(4,937,970)
9,230,498
(18,615,613)
(23,291,378)
(28,553,862)
(9,860,632)
14,022,938
446
(45,141,919)
59,159,401
5,456
Cash and cash equivalents at the end of the financial year
9
4,162,752
14,022,938
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
40
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Notes to the consolidated financial statements
Note 1. General information
The financial statements cover Tribune Resources Limited as a Group consisting of Tribune Resources Limited ('Company', 'parent entity' or
'Tribune') and the entities it controlled at the end of, or during, the year (referred to in these financial statements as the 'Group'). The financial
statements are presented in Australian dollars, which is Tribune Resources Limited's functional and presentation currency.
Tribune Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal
place of business is:
Suite G1, 49 Melville Parade
South Perth WA 6151
A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the
financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September 2021. The directors have the
power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently
applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards
Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have
any significant impact on the financial performance or position of the Group during the financial year ended 30 June 2021.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These
financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board
('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets
at fair value through profit or loss, investment properties, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about
the parent entity is disclosed in note 32.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Tribune as at 30 June 2021 and the results of all
subsidiaries for the year then ended.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that
control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are
also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the Group.
41
Note 2. Significant accounting policies (continued)
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of
control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of
the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive
income, statement of financial position and statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-
controlling interest in full, even if that results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the
subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration
received and the fair value of any investment retained together with any gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal
reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments
and assessing their performance.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Tribune Resources Limited's functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into the Group's functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues
and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the
dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the
foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring
goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance
obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of
money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each
distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the
transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds,
any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected
value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only
be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The
measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received
that are subject to the constraining principle are recognised as a refund liability.
Sale of gold
Sale of gold revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are
transferred to the customer and there is a valid sales contract.
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
42
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 2. Significant accounting policies (continued)
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for
each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the
adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered
or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is
not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the
reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
●
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts
will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are
reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously
unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the
asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities
and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different
taxable entities which intend to settle simultaneously.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating
cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other
assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose
of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the
liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any
allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure
the expected credit losses, trade receivables have been grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Inventories
Gold bullion, gold in transit and ore stockpiles are physically measured or estimated and valued at the lower of cost and net realisable value. Net
realisable value is the estimated future sales price of the product the Group expects to realise when the product is processed and sold, less costs
to complete production. The costs of producing silver are not separately identifiable and are allocated between the products on a rational and
consistent basis based on the relative sales value at the completion of production.
Cost is determined using the average method and comprises direct purchase costs and an appropriate portion of fixed and variable costs
including depreciation and amortisation, incurred in converting materials into finished goods.
43
Note 2. Significant accounting policies (continued)
Consumables are valued at the lower of cost or net realisable value. Any provision for obsolescence is determined by reference to specific items of
stock. A regular review is undertaken to determine the extent of any provision or obsolescence.
Associates
Associates are entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for
using the equity method. Under the equity method, the share of the profits or losses of the associate is recognised in profit or loss and the share
of the movements in equity is recognised in other comprehensive income. Investments in associates are carried in the statement of financial
position at cost plus post-acquisition changes in the Group's share of net assets of the associate. Goodwill relating to the associate is included in
the carrying amount of the investment and is neither amortised nor individually tested for impairment. Dividends received or receivable from
associates reduce the carrying amount of the investment.
When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any unsecured long-term receivables,
the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method upon the loss of significant influence over the associate and recognises any retained
investment at its fair value. Any difference between the associate's carrying amount, fair value of the retained investment and proceeds from
disposal is recognised in profit or loss.
Other entities
Interest in entities that do not meet the classification as a joint venture or joint operations but has similar characteristics to a joint operation are
recognised by the Group by bringing to account its share of the entity’s assets, liabilities, revenues and expenses under the relevant accounting
standards for those assets, liabilities, revenues and expenses.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement,
except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value
depending on their classification. Classification is determined based on both the business model within which such assets are held and the
contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred
substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its
carrying value is written off.
Financial assets at fair value through profit or loss ('FVTPL')
Listed shares held by the Group that are traded in an active market are measured at FVTPL.
The fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined
with reference to quoted market prices. Gains and losses arising from changes in fair value are recognised in profit or loss. Dividends are
recognised in profit or loss when the Group’s right to receive the dividends is established.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the Group intends to hold for the
foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
Financial assets at amortised cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose
objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash
flows that are solely payments of principal and interest.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value
through other comprehensive income. The measurement of the loss allowance depends upon the Group's assessment at the end of each
reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and
supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is
estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the
next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the
probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.
44
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 2. Significant accounting policies (continued)
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other
comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset's carrying
value with a corresponding expense through profit or loss.
Property, plant and equipment
Land and buildings are shown at fair value, based on periodic valuations conducted by external independent valuers at least every three years,
less subsequent depreciation and impairment for buildings. The valuations are undertaken more frequently if there is a material change in the fair
value relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of
the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and
buildings are credited to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken to the revaluation surplus
reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their
expected useful lives as follows:
Buildings
Plant and equipment
Motor vehicles
Mining plant and equipment
11 years
3 -5 years
8 years
3 - 10 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and
losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item
disposed of is transferred directly to retained profits.
Mining plant and equipment and construction work in progress
Mining plant and equipment and construction work in progress is carried at cost which includes acquisition, transportation, installation, and
commissioning costs. Costs also include present value of decommissioning costs and finance charges capitalised during the construction period
where such expenditure is financed by borrowings. Costs are not depreciated until such time as the asset has been completed ready for use.
Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will
flow to the Group, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the
financial period in which they are incurred.
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial
amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease
incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be
incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset,
whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over
its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less
and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.
Intangible assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried forward as an
asset in the statement of financial position where it is expected that the expenditure will be recovered through the successful development and
exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a stage which
permits a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where a project or an area of interest has been
abandoned, the expenditure incurred thereon is written off in the year in which the decision is made.
45
Note 2. Significant accounting policies (continued)
Exploration and evaluation
Exploration and evaluation expenditures are typically expensed, unless it can be demonstrated that the related expenditures will generate a
future economic benefit, in which case these costs are capitalised.
Examples of common exploration and evaluation activities include, but are not limited to:
Exploration activities which primarily consist of expenditures relating to drilling programs and include, but are not limited to:
●
●
●
Researching and analysing existing exploration data;
Conducting geological mapping studies; and
Exploratory drilling and sampling including:
• Taking core samples for analysis (assay work);
• Sinking exploratory shafts;
• Opening shallow pits; and
• Drilling to determine volume and grade of deposits in an area known to contain mineral resources, or for the purpose of converting
mineral resources into proven and probable reserves.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of the asset
exceeds its recoverable amount. Where the carrying amount is assessed as exceeding recoverable amount, the excess is recognised as an
impairment expense in the profit or loss.
Mine development assets
Capitalised mine development costs include expenditures incurred to develop new ore bodies to define further mineralisation in existing ore
bodies, to expand the capacity of a mine and to maintain production. Mining development also includes costs transferred from the exploration
and evaluation phase once production commences in the area of interest.
Amortisation of mine development is computed by the units of production basis over the estimated proved and probable reserves and a
predetermined percentage of the recoverable measured, indicated and inferred resource. The percentage is reviewed annually. Proved and
probable mineral reserves reflect estimated quantities of economically recoverable reserves which can be recovered in the future from known
mineral deposits. These reserves are amortised from the date on which production commences. The amortisation is calculated from recoverable
proven and probable reserves and a predetermined percentage of the recoverable measured, indicated and inferred resource. This percentage is
reviewed annually.
Restoration costs expected to be incurred are provided for as part of the development phase that give rise to the need for restoration.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the
estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset
belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.
Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are
unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually
paid within 30 days of recognition.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease
payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable
lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase
option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that
do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in
the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase
option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit
or loss if the carrying amount of the right-of-use asset is fully written down.
46
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 2. Significant accounting policies (continued)
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will
be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is
the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and
uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to
the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.
Site rehabilitation
Rehabilitation costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of
the site in accordance with the requirements of the mining permits. Such costs are determined using estimates of future costs, current legal
requirements and technology.
Rehabilitation costs are recognised at present value as a non-current liability. An equivalent amount is capitalised as part of the cost of the asset
when an obligation arises to decommission or restore a site to certain condition after abandonment as a result of bringing the assets to its
present location. The capitalised cost is amortised over the life of the project and the provision is accreted periodically as the discounting of the
liability unwinds. The unwinding of the discount is recorded as a finance cost.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of
the reporting date are recognised in respect of employees' services up to the reporting date and are measured at the amounts expected to be
paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date is measured as the present
value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to
expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted
using market yields at the reporting date on high-quality corporate bonds with terms to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the
most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their
economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques used to
measure fair value are those that are appropriate in the circumstances and which maximise the use of relevant observable inputs and minimise
the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs
used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a
reassessment of the lowest level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when
the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant
change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs
applied in the latest valuation and a comparison, where applicable, with external sources of data.
Contributed capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
Dividends are recognised when declared during the financial year and no longer at the discretion of the Company.
47
Note 2. Significant accounting policies (continued)
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Tribune Resources Limited, excluding any costs of
servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted
for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax
effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional
ordinary shares that would have been outstanding assuming conversion of all dilutive potential ordinary shares.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to,
the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable
from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early
adopted by the Group for the annual reporting period ended 30 June 2021.
The directors have reviewed all new Standards and Interpretations that have been issued but are not yet effective and have determined that there
is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group and, therefore, no change is necessary to
Group accounting policies. These accounting policies are consistent with Australian Accounting Standards and with International Reporting
Standards.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported
amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent
liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting
judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the Group based
on known information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing and
geographic regions in which the Group operates. Other than as addressed in specific notes, there does not currently appear to be either any
significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the Group
unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
Inventories
Ore stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces
based on assay data, and the estimated processing plant metal recovery percentage. Stockpile tonnages are verified by periodic surveys.
Fair value measurement hierarchy
The Group is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest level of input
that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
that the entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to
determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective.
48
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 3. Critical accounting judgements, estimates and assumptions (continued)
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These include discounted cash flow
analysis or the use of observable inputs that require significant adjustments based on unobservable inputs.
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in
determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an
option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term,
all facts and circumstances that create an economical incentive to exercise an extension option, or not to exercise a termination option, are
considered at the lease commencement date. Factors considered may include the importance of the asset to the Group's operations; comparison
of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the
costs and disruption to replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension option, or not exercise a
termination option, if there is a significant event or significant change in circumstances.
Carrying value of mine development assets
Mine development assets are amortised using the unit of production ('UOP') method where the mine operating plan calls for production from
well-defined mineral reserves.
The calculation of the UOP rate of amortisation could be impacted to the extent that actual production in the future is different from the current
forecast production based on proved and probable mineral reserves. This would generally result to the extent that there are significant changes in
any of the factors or assumptions used in estimating mineral reserves. These factors could include:
●
●
●
●
●
●
Change in proved and probable reserves;
The grade of mineral reserves may vary significantly from time to time;
Differences between actual commodity prices and commodity prices assumption;
Unforeseen operational issues at mine site;
Changes in capital, operating, mining, processing and reclamation costs, discount rates; and
Changes in mineral reserves could similarly impact the useful lives of the assets depreciated on a straight line basis, where those lives are
limited to the life of the mine.
The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may not be
recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and
liabilities. If there are indications that impairment may have occurred, estimates are prepared for future cash flows the mining assets. Expected
future cash flows used to determine the value-in-use of tangible assets are inherently uncertain and could materially change over time. They are
significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot gold prices,
discount rates, estimates of costs to produce reserves and future capital expenditure. In the opinion of the directors, there are no indicators of
impairment at the reporting date.
Note 4. Operating segments
Identification of reportable operating segments
The Group is organised into one operating segment, being mining and exploration operations. This operating segment is based on the internal
reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing
performance and in determining the allocation of resources.
Types of products and services
The principal products and services of this operating segment are the mining and exploration operations in Australia, including the East Kundana
and West Kundana Joint Ventures with Northern Star Resources Ltd, West Africa and Philippines.
Major customers
During the year ended 30 June 2021 approximately 100% (30 June 2020: 100%) of the Group's external revenue was derived from sales to one
customer.
Operating segment information
As noted above, the Board only considers one segment to be a reportable segment for its reporting purposes. As such, the reportable information
the CODM reviews is detailed throughout the financial statements.
49
Note 5. Revenue
From continuing operations
Revenue from contracts with customers
Sales of gold
Other revenue
Other revenue
Revenue from continuing operations
Disaggregation of revenue
All sales of gold were made in Australia and recognised as point in time revenue.
Note 6. Expenses
Profit before income tax from continuing operations includes the following specific expenses:
Depreciation
Buildings
Plant and equipment
Motor vehicles
Mining plant and equipment
Plant and equipment - right-of-use assets
Total depreciation
Amortisation
Mine development
Total depreciation and amortisation
Impairment of/(gain on) assets
Trade and other receivables
Gain on financial assets measured at fair value through profit or loss
Mine development
Total impairment of/(gain on) assets
Finance costs
Interest and finance charges paid/payable on borrowings
Interest and finance charges paid/payable on lease liabilities
Finance costs expensed
Leases
Short-term lease payments
Superannuation expense
Defined contribution superannuation expense
2021
$
Group
2020
$
177,568,700
179,367,328
139,086
1,047,121
177,707,786
180,414,449
2021
$
Group
2020
$
201,936
49,328
45,963
3,515,183
3,152,094
208,428
37,976
32,451
3,751,758
3,652,326
6,964,504
7,682,939
10,898,652
11,056,076
17,863,156
18,739,015
(462,344)
(119,291)
5,210,496
31,416
(439,704)
-
4,628,861
(408,288)
163,690
5,625
257,383
5,459
169,315
262,842
-
191,646
100,477
118,758
50
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 7. Income tax
Income tax expense
Current tax
Deferred tax - origination and reversal of temporary differences
Current tax relating to prior periods
Deferred tax relating to prior periods
Aggregate income tax expense
Deferred tax included in income tax expense comprises:
Increase in deferred tax assets
Increase in deferred tax liabilities
Deferred tax - origination and reversal of temporary differences
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense from continuing operations
Loss before income tax expense from discontinued operations
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible items
Tax effect of other non-assessable amounts in calculating taxable income
Tax offset - franking credit
Sundry items
Adjustment recognised for prior periods
Tax benefit not brought to account
Difference in foreign tax rate
Income tax expense
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit at statutory tax rates
2021
$
Group
2020
$
31,647,815
2,496,182
(65,135)
(31,912)
26,931,663
704,489
53,393
-
34,046,950
27,689,545
(2,093,105)
4,589,287
(687,734)
1,392,223
2,496,182
704,489
92,890,476
-
75,981,162
(937,768)
92,890,476
75,043,394
27,867,143
22,513,018
1,618,606
(1,234,480)
(1,139,004)
3,558
27,115,823
(20,890)
6,854,740
97,277
7,534,289
(5,169,313)
(1,139,004)
(46,366)
23,692,624
(9,882)
3,728,016
278,787
34,046,950
27,689,545
2021
$
Group
2020
$
12,801,628
10,373,195
4,480,570
3,630,618
At 30 June 2021, the Group had a potential deferred tax asset of Ghanaian Cedi ('₵') ₵56,594,289 (AUD $12,801,628) (30 June 2020: ₵41,409,962
(AUD $10,373,195)). The above potential tax benefit for tax losses have not been recognised in the statement of financial position.
51
Note 7. Income tax (continued)
Deferred tax asset
Deferred tax asset comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Property, plant and equipment
Leases
Rehabilitation provisions
Capitalised mine development costs
Blackhole expenditure
Capital losses
Provisions for non-current other
Sundry accruals and provisions
Deferred tax asset
Movements:
Opening balance
Credited to profit or loss
Closing balance
Deferred tax liability
Deferred tax liability comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Right-of-use assets
Capitalised exploration
Consumables
Provisions
Trading stock
Other
Deferred tax liability
Movements:
Opening balance
Charged to profit or loss
Closing balance
Provision for income tax
Provision for income tax
2021
$
Group
2020
$
317
65,986
137,505
9,370,329
38,163
-
411,425
119,375
1,384
15,210
87,900
6,971,937
37,501
584,097
-
351,966
10,143,100
8,049,995
8,049,995
2,093,105
7,362,261
687,734
10,143,100
8,049,995
2021
$
Group
2020
$
164,147
13,728,975
482,516
-
1,841,533
599,974
14,863
11,648,396
592,146
25,201
-
(52,748)
16,817,145
12,227,858
12,227,858
4,589,287
10,835,635
1,392,223
16,817,145
12,227,858
2021
$
Group
2020
$
11,465,891
5,799,889
52
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 8. Discontinued operations
Sale of Melville Parade Pty Ltd
On 29 June 2020, the Company disposed of Melville Parade Pty Ltd, its wholly-owned subsidiary, for $4,000,000 to Lake Grace Exploration Pty Ltd,
an entity controlled by Anthony Billis. Melville Parade Pty Ltd had been determined to be non-core to the Company and held no mining tenements
or other mining assets. The transaction was conducted on arm's length terms and considered to be in the best interests of the Company.
Financial performance information
Other income
Interest revenue calculated using the effective interest method
Total revenue
Depreciation and amortisation expense
Administration expenses
Total expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense
Loss on sale before income tax
Income tax expense
Loss on disposal after income tax expense
Loss after income tax expense from discontinued operations
Cash flow information
Net cash from operating activities
Net cash used in investing activities
Net cash from financing activities
Net increase in cash and cash equivalents from discontinued operations
Carrying amounts of assets and liabilities disposed
Cash and cash equivalents
Trade and other receivables
Financial assets at fair value through profit or loss
Property, plant and equipment
Deferred tax assets
Total assets
Trade and other payables
Total liabilities
Net assets
2021
$
-
-
-
-
-
-
-
-
-
-
-
-
-
2021
$
-
-
-
-
2021
$
-
-
-
-
-
-
-
-
-
Group
2020
$
269,001
419
269,420
(184,978)
(141,578)
(326,556)
(57,136)
-
(57,136)
(880,632)
-
(880,632)
(937,768)
Group
2020
$
240,635
(142,212)
98,423
196,846
Group
2020
$
127,130
467
2,443
4,555,030
196,562
4,881,632
1,000
1,000
4,880,632
53
Note 8. Discontinued operations (continued)
Details of the disposal
Total sale consideration
Carrying amount of net assets disposed
Loss on disposal before income tax
Income tax expense
Loss on disposal after income tax
Note 9. Cash and cash equivalents
Current assets
Cash on hand
Cash at bank
Cash on deposit
2021
$
-
-
-
-
-
2021
$
Group
2020
$
4,000,000
(4,880,632)
(880,632)
-
(880,632)
Group
2020
$
10,448
4,102,304
50,000
25,460
13,947,478
50,000
4,162,752
14,022,938
Cash at bank bears fixed interest at 0.39% (30 June 2020: 0.32%) and cash on hand is non-interest bearing.
Cash on deposit bears floating interest rates of 0.12% (30 June 2020: 0.26%). These deposits have an average maturity of 180 days.
Note 10. Trade and other receivables
Current assets
Trade receivables
Less: Allowance for expected credit losses
Other receivables
Prepayments
2021
$
1,583
-
1,583
Group
2020
$
554,273
(462,344)
91,929
1,967,626
88,182
2,054,756
70,037
2,057,391
2,216,722
Allowance for expected credit losses
The ageing of the receivables and allowance for expected credit losses provided for above are as follows:
Group
Not overdue
Over 12 months overdue
Expected credit loss rate
2020
%
2021
%
Carrying amount
2020
$
2021
$
Allowance for expected credit
losses
2020
$
2021
$
-
-
-
100%
1,583
-
91,929
462,344
1,583
554,273
-
-
-
-
462,344
462,344
54
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 10. Trade and other receivables (continued)
Movements in the allowance for expected credit losses are as follows:
Opening balance
Additional provisions recognised
Receivables paid during the year
Closing balance
Note 11. Inventories
Current assets
Ore stockpiles - at cost
Gold in transit - at cost
Gold on hand - at cost
Silver on hand - at net realisable value
Consumables - at cost
Note 12. Financial assets at fair value through profit or loss
Non-current assets
Listed securities - at fair value through profit or loss
Reconciliation
Reconciliation of the carrying amounts at the beginning and end of the current and previous financial year are
set out below:
Opening carrying amount
Disposals
Gain/(loss) on revaluation through profit or loss
Closing carrying amount
2021
$
462,344
-
(462,344)
Group
2020
$
430,928
31,416
-
-
462,344
2021
$
Group
2020
$
25,651,730
4,401,921
195,058,531
6,138,440
1,800,730
60,167,686
260,849
103,290,045
4,307,464
1,833,208
233,051,352
169,859,252
2021
$
Group
2020
$
790,250
670,958
670,958
-
119,292
395,486
(11,129)
286,601
790,250
670,958
55
Note 13. Property, plant and equipment
Non-current assets
Land and buildings - at independent valuation
Less: Accumulated depreciation
Plant and equipment - at cost
Less: Accumulated depreciation
Motor vehicles - at cost
Less: Accumulated depreciation
Mining plant and equipment - at cost
Less: Accumulated depreciation
Construction work in progress - at cost
2021
$
Group
2020
$
2,668,934
(19,942)
2,648,992
2,799,625
(151,022)
2,648,603
475,537
(395,400)
80,137
416,752
(288,495)
128,257
361,276
(284,230)
77,046
236,865
(171,649)
65,216
85,296,843
(38,717,539)
46,579,304
77,492,457
(32,473,450)
45,019,007
100,655
352,188
49,537,345
48,162,060
56
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 13. Property, plant and equipment (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Additions
Disposals
Revaluations
Exchange differences
Transfers from exploration and
evaluation (note 15)
Transfers in/(out)
Depreciation expense
Reclassified to plant and equipment -
right-of-use - prior year written down
value (note 14)
Reclassified to plant and equipment -
right-of-use - current year (note 14)
Balance at 30 June 2020
Additions
Disposals
Revaluations
Exchange differences
Transfers from exploration and
evaluation (note 15)
Transfers in/(out)
Depreciation expense
Reclassified to plant and equipment -
right-of-use - current year (note 14)
Land and
buildings
$
5,672,045
-
(3,623,894)
877,940
(69,060)
-
-
(208,428)
-
-
2,648,603
-
-
455,467
(253,142)
-
-
(201,936)
Plant and
equipment
$
1,032,455
65,610
(982,904)
-
(138)
-
-
(37,977)
-
-
77,046
59,689
(5,878)
-
(1,392)
-
-
(49,328)
Motor
vehicles
$
Mining plant and
equipment*
$
104,399
42,137
(49,083)
-
215
-
-
(32,452)
-
-
65,216
117,898
(3,495)
-
(5,399)
-
-
(45,963)
48,852,920
2,678,234
(186,385)
-
427
2,614,377
8,765,213
(3,751,758)
(6,531,158)
(7,422,863)
45,019,007
3,562,049
(1,022,459)
-
(317)
60,700
2,505,702
(3,515,183)
Construction
work in
progress**
$
290,911
8,826,490
-
-
-
-
(8,765,213)
-
-
-
352,188
2,254,169
-
-
-
-
(2,505,702)
-
Total
$
55,952,730
11,612,471
(4,842,266)
877,940
(68,556)
2,614,377
-
(4,030,615)
(6,531,158)
(7,422,863)
48,162,060
5,993,805
(1,031,832)
455,467
(260,250)
60,700
-
(3,812,410)
-
-
-
(30,195)
-
(30,195)
Balance at 30 June 2021
2,648,992
80,137
128,257
46,579,304
100,655
49,537,345
*
**
Included in mining plant and equipment is $38,286,704 (30 June 2020: $34,668,76) of resource extension relating to drilling expenditure on
Raleigh, Rubicon/Hornet and Pegasus.
Construction work in progress related to Rubicon/Hornet and Pegasus mines.
Valuations of land and buildings
On 31 May 2021, the Company revalued its office building in East Legon. The fair value used represents the amount for which the asset could be
exchanged between knowledgeable parties in an arm's length transaction, based on current prices in an active market for similar properties in the
same location and condition. The valuation was performed by an independent valuation company which is also a member of the Ghana Institute
of Surveyors. The directors do not believe that there has been a material movement in fair value since the revaluation date.
Refer to note 26 for further information on fair value measurement.
Note 14. Right-of-use assets
Non-current assets
Plant and equipment - right-of-use
Less: Accumulated depreciation
2021
$
Group
2020
$
12,719,836
(6,765,018)
17,443,467
(7,695,241)
5,954,818
9,748,226
57
Note 14. Right-of-use assets (continued)
The Group leases plant and equipment under agreements of between one to three years.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Recognised as assets on adoption of AASB 16
Disposals
Depreciation expense
Reclassified from mining plant and equipment - prior year written down value (note 13)
Reclassified from mining plant and equipment - current year (note 13)
Balance at 30 June 2020
Additions
Disposals
Depreciation expense
Reclassified from mining plant and equipment - current year (note 13)
Balance at 30 June 2021
For other AASB 16 and lease related disclosures, refer to the following:
●
●
●
●
note 6 for details of interest on lease liabilities and other lease payments;
note 18 for lease liabilities at 30 June 2021;
note 25 for maturity analysis at 30 June 2021; and
consolidated statement of cash flows for repayment of lease liabilities.
Note 15. Exploration and evaluation
Non-current assets
Exploration and evaluation - at cost
Plant and
equipment -
right-of-use
$
-
198,168
(751,637)
(3,652,326)
6,531,158
7,422,863
9,748,226
261,164
(932,673)
(3,152,094)
30,195
5,954,818
2021
$
Group
2020
$
7,476,542
4,159,222
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Additions
Transferred to exploration and evaluation expenses
Transferred to mining plant and equipment (note 13)
Balance at 30 June 2020
Additions
Transferred to exploration and evaluation expenses
Transferred to mining plant and equipment (note 13)
Balance at 30 June 2021
Exploration
and evaluation
$
4,836,259
16,331,587
(14,394,247)
(2,614,377)
4,159,222
19,664,516
(16,286,496)
(60,700)
7,476,542
58
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 15. Exploration and evaluation (continued)
Current year exploration focused on underground drilling from Hornet-Rubicon-Pegasus (‘RHP’) and Raleigh which continued to expand the
resources associated with these mines which is feeding current mining.
Impairment
At each reporting date the Group undertakes an assessment of the carrying amount of its exploration and evaluation assets. During the year the
Group identified indicators of impairment on certain exploration and evaluation assets under AASB 6 'Exploration for and Evaluation of Mineral
Resources'. As a result of this review, an impairment loss of $16,286,496 (30 June 2020: $14,394,247) has been recognised in profit or loss in
relation to areas of interest where no future exploration and evaluation activities are expected. The impairment loss included $140,369 (30 June
2020: $902,309) (Group's share) in relation to a 2020 program that was targeting HW lode in the Drake resource. Resource was estimated however
grades were not as high as originally expected. No further work is planned in this area.
Note 16. Mine development
Non-current assets
Mine development - at cost
Less: Accumulated amortisation
2021
$
Group
2020
$
217,700,895
(177,150,250)
214,075,942
(166,251,597)
40,550,645
47,824,345
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Additions
Rehabilitation adjustment
Amortisation expense
Balance at 30 June 2020
Additions
Rehabilitation adjustment
Impairment of assets
Amortisation expense
Balance at 30 June 2021
Mine
development
$
44,128,064
14,686,383
65,974
(11,056,076)
47,824,345
8,184,241
651,207
(5,210,496)
(10,898,652)
40,550,645
Mine development relates to Raleigh underground development, Rubicon development and Pegasus developments and includes $230,512 in
mine under construction costs relating to Hornet and Golden Hind open pit permitting compliance and modelling to allow mining to commence.
Operations are expected to commence in the 2022 financial year.
59
Note 17. Trade and other payables
Current liabilities
Trade payables
Accrued expenses
Other payables
Refer to note 25 for further information on financial instruments.
Note 18. Lease liabilities
Current liabilities
Lease liability
Non-current liabilities
Lease liability
Refer to note 25 for further information on financial instruments.
Note 19. Provisions
Current liabilities
Employee benefits
Non-current liabilities
Rehabilitation
2021
$
Group
2020
$
12,894,256
1,529,358
2,400
12,233,991
349,363
36,717
14,426,014
12,620,071
2021
$
Group
2020
$
2,452,104
4,464,748
863,219
3,095,369
2021
$
Group
2020
$
263,681
181,710
1,833,405
1,172,003
Rehabilitation
The provision for rehabilitation covers the following East Kundana joint venture ('EKJV') tenements - M15/993, M16/308, M16/309, M16/428 and
M24/924.
The provision for rehabilitation also covers the following key long-lived assets:
●
●
●
●
●
●
●
Pope John - pit abandonment bund;
Raleigh - part of pit, waste rock dump, access roads, laydown areas, paste backfill plant and dam, paste sand/tailings stockpile;
Rubicon - pit and abandonment bund, waste rock dump, ROM pad, infrastructure (e.g. offices, workshop, fuel facilities), roads;
White Foil - evaporation ponds;
Kundana water discharge pipeline corridor;
Section 4 of Kundana haul road; and
Kundana/Moonbeam access road.
During the financial year, EKJV management reassessed the rehabilitation cost estimate, noting an adjustment of $651,206 to the discounted cash
flows estimate applied at 30 June 2021.
60
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 19. Provisions (continued)
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set out below:
Group - 2021
Carrying amount at the start of the year
Additional provisions recognised
Impact of revision to expected cash flows (net of accretion)
Carrying amount at the end of the year
Note 20. Contributed equity
Rehabilitation
$
1,172,003
651,206
10,196
1,833,405
Group
2020
$
2021
Shares
2020
Shares
2021
$
Ordinary shares - fully paid
52,468,077
52,468,077
58,200,026
58,200,026
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
Share buy-back
Share buy-back
Share buy-back
Proceeds from sale of Tribune shares by Rand Mining Limited
Sale of 1,135,000 Tribune shares by Rand Mining Limited
1 July 2019
26 March 2020
16 April 2020
9 June 2020
55,503,023
(100,000)
(50,000)
(2,884,946)
-
-
$4.54
$5.50
$6.20
$0.00
$0.00
Balance
Balance
30 June 2020
52,468,077
30 June 2021
52,468,077
73,080,910
(454,000)
(274,950)
(17,886,665)
6,004,731
(2,270,000)
58,200,026
58,200,026
Ordinary shares
Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the company be
wound up in proportions that consider both the number of shares held and the extent to which those shares are paid up. The fully paid ordinary
shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Options
The Company has no options on issue.
Share buy-back
On 15 February 2021, the Company announced it would undertake an on-market buy-back of ordinary shares up to a maximum of 5,246,807
ordinary fully paid shares. The issued capital at the end of the year was 52,468,077 ordinary fully paid shares.
Capital risk management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for
shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings
less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt.
61
Note 20. Contributed equity (continued)
The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current
parent entity's share price at the time of the investment. The Group is not actively pursuing additional investments in the short term as it
continues to integrate and grow its existing businesses in order to maximise synergies.
The capital risk management policy remains unchanged from the 30 June 2020 Annual Report.
Note 21. Reserves
Revaluation surplus reserve
Foreign currency reserve
Change in ownership interest reserve
2021
$
Group
2020
$
4,548,151
(1,888,758)
(3,312,684)
4,092,684
(1,878,368)
(3,168,381)
(653,291)
(954,065)
Revaluation surplus reserve
The reserve is used to recognise increments and decrements in the fair value of land and buildings, excluding investment properties.
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian
dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
Changes in ownership interest reserve
This reserve is used to recognise the change in the share of the non-controlling interest.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Revaluation - gross
Foreign currency translation
Transfer to retained earnings on sale of subsidiary
Balance at 30 June 2020
Revaluation - gross
Foreign currency translation
Change in ownership interest
Balance at 30 June 2021
Revaluation
surplus
$
4,181,830
877,942
-
(967,088)
4,092,684
455,467
-
-
Foreign
currency
$
(1,755,770)
-
(122,598)
-
(1,878,368)
-
(10,390)
-
Change in
ownership
interest
$
(3,168,381)
-
-
-
(3,168,381)
-
-
(144,303)
Total
$
(742,321)
877,942
(122,598)
(967,088)
(954,065)
455,467
(10,390)
(144,303)
4,548,151
(1,888,758)
(3,312,684)
(653,291)
62
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 22. Retained profits
Retained profits at the beginning of the financial year
Profit after income tax expense for the year
Dividends paid (note 24)
Transfer from revaluation surplus reserve
Dividends received
Retained profits at the end of the financial year
Note 23. Non-controlling interest
Contributed equity
Retained profits
Note 24. Dividends
Dividends
Dividends paid during the financial year were as follows:
2021
$
Group
2020
$
159,912,541
50,745,314
(13,304,208)
-
2,657,676
121,607,621
48,211,437
(13,758,281)
967,088
2,884,676
200,011,323
159,912,541
2021
$
Group
2020
$
6,236,621
41,808,057
9,317,815
38,675,753
48,044,678
47,993,568
2021
$
Group
2020
$
Dividend of 20 cents per ordinary share paid to shareholders on 24 November 2020.
Dividend of 10 cents per ordinary share by controlled entity Rand Mining Limited and paid to shareholders on
20 November 2020.
Dividend of 20 cents per ordinary share paid to shareholders on 25 October 2019.
Dividend of 10 cents per ordinary share by controlled entity Rand Mining Limited and paid to shareholders on
22 October 2019.
10,493,615
-
6,014,848
-
-
11,100,604
-
6,014,848
Other than the above, there were no dividends recommended or declared during the current financial year.
Franking credits
16,508,463
17,115,452
2021
$
Group
2020
$
Franking credits available for subsequent financial years based on a tax rate of 30%
147,060,105
127,246,141
The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:
●
●
●
franking credits that will arise from the payment of the amount of the provision for income tax at the reporting date
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date
63
Note 25. Financial instruments
Financial risk management objectives
The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit
risk and liquidity risk. The Group uses different methods to measure different types of risk to which it is exposed. These methods include
sensitivity analysis in the case of interest rate, foreign exchange and other price risks, and ageing analysis for credit risk.
Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These
policies include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance
identifies, evaluates and hedges financial risks within the Group's operating units. Finance reports to the Board on a monthly basis.
Market risk
Foreign currency risk
The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange
rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a
currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting.
The average exchange rates and reporting date exchange rates applied were as follows:
Average exchange rates Reporting date exchange rates
2020
2020
2021
2021
Australian dollars
Ghanaian New Cedi
0.2305
0.2667
0.2262
0.2505
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:
Group
Ghanaian New Cedi
2021
$
Assets
2020
$
2021
$
Liabilities
2020
$
3,123,028
3,463,338
166,271
144,185
The Group had net assets denominated in foreign currencies of $2,956,757 (assets $3,123,028 less liabilities $166,271) as at 30 June 2021 (30 June
2020: $3,319,153 (assets $3,463,338 less liabilities $144,185)).
Had the Australian dollar weakened by 60%/strengthened by 60% (30 June 2020: weakened by 60%/strengthened by 60%) against this foreign
currency with all other variables held constant, the Group's profit before tax for the year would have been as follows:
Group - 2021
% change
Effect on profit
before tax
Effect on equity
% change
Effect on profit
before tax
Effect on equity
AUD strengthened
AUD weakened
Ghanaian New Cedi
60%
1,774,054
1,774,054
60%
(1,774,054)
(1,774,054)
Group - 2020
% change
Effect on profit
before tax
Effect on equity
% change
Effect on profit
before tax
Effect on equity
AUD strengthened
AUD weakened
Ghanaian New Cedi
60%
1,991,492
1,991,492
60%
(1,991,492)
(1,991,492)
The percentage change is the expected overall volatility of the significant currencies, which is based on management’s assessment of reasonable
possible fluctuations taking into consideration movements over the last year and the spot rate at each reporting date. The actual foreign exchange
loss for the year ended 30 June 2021 was $34,704 (30 June 2020: $45,066).
Price risk
The Group is exposed to equity securities price risks and bullion price risk. This arises from investments held by the Group and classified in the
statement of financial position as financial assets at fair value through profit or loss and bullion held as inventory.
64
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 25. Financial instruments (continued)
The policy of the Group is to sell gold at the spot price and has not entered into any hedging contracts. The Group's revenues were exposed to
fluctuation in the price of gold. If the average selling price of gold of $2,558.62 (30 June 2020: $2,414.73) for the financial year had
increased/decreased by 10% the change in the profit before income tax for the Group would have been an increase /decrease of $625,582 (30
June 2020: $18,593,434).
Interest rate risk
The Group is not exposed to any significant interest rate risk.
The Group's main interest rate risk arises from cash equivalents and loans with variable interest rates.
As at the reporting date, the Group had the following amounts outstanding:
Group
Cash at bank
Deposits at call
Net exposure to cash flow interest rate risk
Weighted
average
interest rate
%
0.39%
0.12%
2021
Balance
$
4,102,304
50,000
4,152,304
Weighted
average
interest rate
%
2020
Balance
$
0.32%
0.26%
13,947,478
50,000
13,997,478
An official increase/decrease in interest rates of one hundred (30 June 2020: one hundred) basis point would have a favourable/adverse effect on
profit before tax of $415,230 (30 June 2020: favourable/adverse effect $139,975) per annum. The basis point change is based on the expected
volatility of interest rates using market data and analysts forecasts.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a
strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The Group obtains
guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is
the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the
financial statements. The Group does not hold any collateral.
The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a
provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the Group
based on recent sales experience, historical collection rates and forward-looking information that is available.
The Group has a credit risk exposure with the carrying amount of trade receivables. For some receivables the Group obtains agreements which
can be called upon if the counterparty is in default under the terms of the agreement. The credit rating of cash required to obtain credit is AA.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor
to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available
borrowing facilities to be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and
forecast cash flows and matching the maturity profiles of financial assets and liabilities.
65
Note 25. Financial instruments (continued)
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based
on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables
include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their
carrying amount in the statement of financial position.
Group - 2021
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Interest-bearing - fixed rate
Lease liability
Total non-derivatives
Group - 2020
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Interest-bearing - fixed rate
Lease liability
Total non-derivatives
Weighted average
interest rate
%
1 year or less
$
Between 1 and 2
years
$
Between 2 and 5
years
$
Over 5 years
$
-
-
12,894,256
2,400
-
-
-
-
2.79%
2,510,974
15,407,630
825,415
825,415
46,458
46,458
-
-
-
-
Weighted average
interest rate
%
1 year or less
$
Between 1 and 2
years
$
Between 2 and 5
years
$
Over 5 years
$
Remaining
contractual
maturities
$
12,894,256
2,400
3,382,847
16,279,503
Remaining
contractual
maturities
$
-
-
12,233,991
36,717
-
-
-
-
3.73%
4,615,962
16,886,670
2,418,554
2,418,554
732,993
732,993
-
-
-
-
12,233,991
36,717
7,767,509
20,038,217
Note 26. Fair value measurement
Fair value hierarchy
The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest
level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Unobservable inputs for the asset or liability
Group - 2021
Assets
Listed securities - equity
Land and buildings
Total assets
Group - 2020
Assets
Listed securities - equity
Land and buildings
Total assets
There were no transfers between levels during the financial year.
Level 1
$
Level 2
$
Level 3
$
Total
$
790,250
-
790,250
Level 1
$
670,958
-
670,958
-
-
-
-
2,648,992
2,648,992
790,250
2,648,992
3,439,242
Level 2
$
Level 3
$
Total
$
-
-
-
-
2,648,603
2,648,603
670,958
2,648,603
3,319,561
66
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 26. Fair value measurement (continued)
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade
payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by
discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments.
Valuation techniques for fair value measurements categorised within level 2 and level 3
On 18 October 2019, the Company revalued its office building in East Legon. The fair value used represents the amount for which the asset could
be exchanged between knowledgeable parties in an arm's length transaction, based on current prices in an active market for similar properties in
the same location and condition. The valuation was performed by an independent valuation company which is also a member of the Ghana
Institute of Surveyors. The directors do not believe that there has been a material movement in fair value since the revaluation date.
Level 3 assets and liabilities
Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
Group
Balance at 1 July 2019
Gains recognised in other comprehensive income
Sales
Exchange differences
Depreciation
Balance at 30 June 2020
Gains recognised in other comprehensive income
Exchange differences
Depreciation
Balance at 30 June 2021
Note 27. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is set out below:
Land and
buildings
$
5,672,045
877,940
(3,623,894)
(69,060)
(208,428)
2,648,603
455,467
(253,142)
(201,936)
2,648,992
Short-term employee benefits
Post-employment benefits
2021
$
Group
2020
$
756,234
25,021
1,005,226
25,021
781,255
1,030,247
67
Note 28. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the Company, and
unrelated firms:
Audit services - RSM Australia Partners
Audit or review of the financial statements
Other services - RSM Australia Partners
Tax compliance services
Other compliance services
Other services - unrelated firms
IFRS accounting services
Audit or review of the financial statements - PKF
Audit or review of the financial statements - SCG Audits
Audit or review of the financial statements (EKJV) - Deloitte
Tax compliance services - Grant Thornton
Tax compliance services - SGC Ghana
Tax compliance services - PricewaterhouseCoopers Ghana
ASIC information - Grant Thornton
Note 29. Contingent liabilities
2021
$
Group
2020
$
143,500
160,000
126,921
23,000
79,450
10,000
149,921
89,450
293,421
249,450
80,512
80,000
26,477
18,865
-
33,075
240,717
-
77,262
74,000
30,172
22,197
725
67,430
-
4,710
479,646
276,496
Native title claims have been made with respect to areas which include tenements in which the Group has interests. The Group is unable to
determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly
affect the Group or its projects.
Note 30. Commitments
Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
Property, plant and equipment
Payments under the Pacominco Investment Agreement
Lease commitments - tenements rent and rates
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
One to five years
Capital commitments relate to mining capital expenditure commitments relating to the East Kundana joint venture.
Note 31. Related party transactions
Parent entity
Tribune Resources Limited is the parent entity.
2021
$
Group
2020
$
9,213
12,636,339
3,491,875
13,766,640
1,048,853
3,146,656
983,384
3,266,396
4,195,509
4,249,780
68
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 31. Related party transactions (continued)
Subsidiaries
Interests in subsidiaries are set out in note 33.
Associates
Interests in associates are set out in note 34.
Joint operations
Interests in joint operations are set out in note 35.
Key management personnel
Disclosures relating to key management personnel are set out in note 27 and the remuneration report included in the directors' report.
Transactions with related parties
The following transactions occurred with related parties:
2021
$
-
-
40,897
394,233
Group
2020
$
62,451
54,000
-
413,973
-
4,000,000
Payment for other expenses:
Payment of royalties to Lake Grace Exploration Pty Ltd* via the East Kundana Joint Venture*
Payment for executive accommodation fees to Lake Grace Exploration Pty Ltd*
Payment of rent, rates and levies to Melville Parade Pty Ltd*
Reimbursement of operating expenses to Iron Resources Liberia Ltd* **
Sale of wholly-owned subsidiary:
Sale of Melville Parade Pty Ltd to Lake Grace Exploration Pty Ltd*
*
**
An entity in which Anthony Billis is a director
From this total, $14,208 is still to be paid to Iron Resources Liberia Ltd.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Amounts to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 32. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Profit after income tax
Total comprehensive income
2021
$
Parent
2020
$
47,535,551
45,083,082
47,535,551
45,083,082
69
Note 32. Parent entity information (continued)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Contributed equity
Retained profits
Total equity
2021
$
Parent
2020
$
165,408,301
119,525,341
283,788,753
241,245,347
21,980,643
18,539,898
36,610,404
31,108,934
17,469,165
229,709,184
17,469,165
192,667,248
247,178,349
210,136,413
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2021 and 30 June 2020.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2021 and 30 June 2020. other than what is disclosed in note 29.
Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
Property, plant and equipment, as budgeted by the EKJV and payable in the next 5 years
2021
$
Parent
2020
$
6,910
2,618,906
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for the following:
●
●
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an
impairment of the investment.
Note 33. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting
policy described in note 2:
Name
Rand Mining Limited
Rand Exploration N.L. (ii)
Mount Manning Resources Pty Ltd (iii)
Tribune Resources (Ghana) Limited
Fort Accra Ltd (iv)
West African Drilling Ghana Ltd (iv)
Prometheus Management Corporation (i)
Prometheus Developments Pte Ltd
Principal place of business /
Country of incorporation
Australia
Australia
Australia
Ghana
Ghana
Ghana
Philippines
Singapore
Ownership interest
2020
%
2021
%
46.73%
46.73%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
44.19%
44.19%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
70
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 33. Interests in subsidiaries (continued)
100% owned subsidiary of Prometheus Developments Pte Ltd
100% owned subsidiary of Rand Mining Limited
(i)
(ii)
(iii) 50% owned subsidiary of Rand Mining Limited
(iv) 100% owned subsidiary of Tribune Resources (Ghana) Limited
Summarised financial information
Summarised financial information of the subsidiary with non-controlling interests that are material to the Group are set out below:
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Summarised statement of profit or loss and other comprehensive income
Revenue
Expenses
Profit/(loss) before income tax (expense)/benefit
Income tax (expense)/benefit
Profit/(loss) after income tax (expense)/benefit
Other comprehensive income
Total comprehensive income
Statement of cash flows
Net cash from/(used in) operating activities
Net cash from/(used in) investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Other financial information
Profit/(loss) attributable to non-controlling interests
Note 34. Interests in associates
Rand Mining Limited
2020
2021
$
$
73,489,828
27,965,573
65,426,490
28,859,748
101,455,401
94,286,238
6,384,588
4,884,009
4,372,754
3,926,194
11,268,597
8,298,948
90,186,804
85,987,290
43,320,962
(21,170,504)
3,229,014
(5,767,140)
22,150,458
(6,948,946)
(2,538,126)
1,001,636
15,201,512
(1,536,490)
-
-
15,201,512
(1,536,490)
12,639,094
(4,801,566)
(12,115,381)
(41,081,779)
3,210,375
(7,249,340)
(4,277,853)
(45,120,744)
8,098,212
(857,588)
Interests in associates are accounted for using the equity method of accounting. Information relating to associates that are material to the Group
are set out below:
Name
Principal place of business /
Country of incorporation
Ownership interest
2020
%
2021
%
Paraiso Consolidated Mining Corporation
Philippines
40.00%
40.00%
71
Note 34. Interests in associates (continued)
Summarised financial information
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net liabilities
Summarised statement of profit or loss and other comprehensive income
Revenue
Expenses
Loss before income tax
Income tax benefit
Loss after income tax
Other comprehensive income
Total comprehensive income
Paraiso Consolidated Mining
Corporation
2020
$
2021
$
183,045
142,801
175,501
244,507
325,846
420,008
163,011
19,611,395
(62,676)
14,567,818
19,774,406
14,505,142
(19,448,560)
(14,085,134)
8,141
(4,734,903)
7,311
(8,037,409)
(4,726,762)
-
(8,030,098)
200,947
(4,726,762)
(7,829,151)
(1,213,724)
275,713
(5,940,486)
(7,553,438)
The Group has losses of $7,614,163 (30 June 2020: $5,237,968) to offset against future profits.
Note 35. Interests in joint operations
The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in
the financial statements under the appropriate classifications. Information relating to joint operations that are material to the Group are set out
below:
Name
Principal place of business /
Country of incorporation
Ownership interest
2020
%
2021
%
East Kundana Joint Venture
Australia
49.00%
49.00%
72
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021 Note 36. Cash flow information
Reconciliation of profit after income tax to net cash from operating activities
Profit after income tax expense for the year
58,843,526
47,353,849
2021
$
Group
2020
$
Adjustments for:
Depreciation and amortisation
Net loss on disposal of property, plant and equipment
Foreign exchange differences
Non-operating right-of-use
Non-operating payables
Unwind of discount
Loss on disposal of subsidiary
Gain on financial assets
Impairment of mine development
Impairment of exploration and evaluation
Other
Change in operating assets and liabilities:
Decrease in trade and other receivables
Increase in inventories
Increase in deferred tax assets
Decrease in trade and other payables
Increase/(decrease) in provision for income tax
Increase in deferred tax liabilities
Increase in employee benefits
Increase in other provisions
17,863,156
543,309
10,390
(108,716)
(459,656)
10,196
-
(119,291)
5,210,496
16,286,496
699,866
159,329
(63,192,099)
(2,093,105)
(275,528)
5,666,002
4,589,287
81,971
661,403
18,739,016
877,702
122,596
-
-
-
880,632
(323,011)
-
14,394,247
(168,414)
84,819
(29,549,038)
(884,296)
(7,333,927)
(29,848,776)
244,742
69,736
78,820
Net cash from operating activities
44,377,032
14,738,697
Non-cash investing and financing activities
Additions to the right-of-use assets
Changes in liabilities arising from financing activities
Group
Balance at 1 July 2019
Net cash used in financing activities
Recognised as assets on adoption of AASB 16
Acquisition of leases
Balance at 30 June 2020
Net cash used in financing activities
Acquisition of leases
Other changes
Balance at 30 June 2021
2021
$
Group
2020
$
261,164
7,422,863
Lease
liability
$
5,683,278
(5,744,190)
198,166
7,422,863
7,560,117
(4,562,155)
261,164
56,197
3,315,323
73
Note 37. Earnings per share
Earnings per share for profit from continuing operations
Profit after income tax
Non-controlling interest
2021
$
Group
2020
$
58,843,526
(8,098,212)
48,291,617
857,588
Profit after income tax attributable to the owners of Tribune Resources Limited
50,745,314
49,149,205
Weighted average number of ordinary shares used in calculating basic earnings per share
52,468,077
55,292,725
Weighted average number of ordinary shares used in calculating diluted earnings per share
52,468,077
55,292,725
Number
Number
Basic earnings per share
Diluted earnings per share
Earnings per share for loss from discontinued operations
Loss after income tax attributable to the owners of Tribune Resources Limited
Cents
Cents
96.72
96.72
2021
$
88.89
88.89
Group
2020
$
-
(937,768)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
52,468,077
55,292,725
Weighted average number of ordinary shares used in calculating diluted earnings per share
52,468,077
55,292,725
Basic earnings per share
Diluted earnings per share
Earnings per share for profit
Profit after income tax
Non-controlling interest
Cents
Cents
-
-
2021
$
(1.70)
(1.70)
Group
2020
$
58,843,526
(8,098,212)
47,353,849
857,588
Profit after income tax attributable to the owners of Tribune Resources Limited
50,745,314
48,211,437
Weighted average number of ordinary shares used in calculating basic earnings per share
52,468,077
55,292,725
Weighted average number of ordinary shares used in calculating diluted earnings per share
52,468,077
55,292,725
Number
Number
Basic earnings per share
Diluted earnings per share
Cents
Cents
96.72
96.72
87.19
87.19
74
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Note 38. Events after the reporting period
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the Group up to date, it is not
practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on
measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel
restrictions and any economic stimulus that may be provided.
The legal proceedings against the Northern Star Resources Group of Companies previously announced by the Company was heard in the
Supreme Court of Western Australia in October 2020. The Company is awaiting the Court’s decision.
On 18 August 2021, Evolution Mining Ltd (ASX:EVN) acquired Northern Star Resources Ltd (ASX:NST) 51% interest in the East Kundana Joint
Venture. As a result of this transaction, the 51% joint venture ownership and joint venture management is now owned by Evolution Mining Ltd.
No other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect the Group's operations,
the results of those operations, or the Group's state of affairs in future financial years.
75
Directors' declaration
In the directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations
Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International
Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2021 and of its
performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Anthony Billis
Director
30 September 2021
Perth
76
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
TRIBUNE RESOURCES LIMITED
Opinion
We have audited the financial report of Tribune Resources Limited (the Company) and its subsidiaries (the Group),
which comprises the statement of financial position as at 30 June 2021, the statement of profit or loss and other
comprehensive income, the statement of changes in equity and the statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies, and the
directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2021 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
77 Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
Mine Development Assets
Refer to Note 16 in the financial statements
How our audit addressed this matter
The Group has mine development assets with a
carrying value of $40,550,645 as at 30 June 2021.
Our audit procedures included:
This is considered a key audit matter due to significant
judgments made by management to determine the
appropriate carrying value at the reporting date. The
significant judgements include:
• Application of the units of production method in
determining the amortisation charge for the year.
This included determining the appropriate ore
reserve estimate and
the cost allocation
attributable to each mine development asset; and
• Assessing whether any impairment indicators
existed at the reporting date in relation to the mine
development assets.
Inventory – Valuation and Existence
Refer to Note 11 in the financial statements
The Group’s inventories are mainly comprised of gold
bullion and ore stockpiles with carrying values of
$195,058,531 and $25,651,730 respectively as at 30
June 2021.
The valuation and existence of
inventories are
considered a key audit matter as it is the most
significant item on statement of financial position and
the judgments made by management to determine the
appropriate carrying value at the reporting date. The
significant judgements include:
• Valuation of inventories is based on an inventory
costing model developed by management, which
considers the direct costs (cash and non-cash)
incurred at each stage of the production process;
• Estimation of the quantity of ore stockpiles based
on survey reports produced by a management
expert;
• Estimation of the processing costs of the ore
stockpiles; and
• Estimation of the gold quantity contained in the ore
stockpiles.
to
key
inputs
• Reviewing management’s amortisation models
and agreeing
supporting
documentation. This included an assessment of
the work performed by the management’s expert
in respect of the ore reserve estimate, including
the competency and objectivity of the expert;
• Critically assessing and evaluating management’s
indicators and
impairment
assessment of
conclusion reached;
• Testing the mathematical accuracy of the rates
applied for amortisation;
the
• Assessing
that
expense
recognised in profit or loss was appropriately
calculated; and
impairment
• Reviewing component auditors’ audit working
papers.
Our audit procedures included:
• Reviewing and assessing the methodology and
key assumptions in the Group’s inventory costing
model and agreeing key inputs to supporting
documentation. This included an assessment of
the work performed by management’s expert in
respect of the ore stockpiles quantity, including the
competency and objectivity of the expert;
• Obtaining third party confirmation on existence of
gold bullion on hand;
• Reviewing component auditors’ audit working
papers;
• Critically assessing and evaluating management’s
assessment of net realisable value;
• Performing analytical review on cost per ton and
obtaining an explanation from management for
any significant variance; and
• Reviewing the appropriateness of disclosure in the
financial statements.
78 Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2021, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This
description forms part of our auditor's report.
79
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2021.
In our opinion, the Remuneration Report of Tribune Resources Limited, for the year ended 30 June 2021, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 30 September 2021
ALASDAIR WHYTE
Partner
80 Shareholder information
The shareholder information set out below was applicable as at 23 September 2021.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
EVOLUTION MINING LIMITED
TRANS GLOBAL CAPITAL LTD
SIERRA GOLD LTD
MARFORD GROUP PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
BNP PARIBAS NOMS PTY LTD (DRP)
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
HAVANNAH INVESTMENTS PTY LTD
RAYPOINT PTY LTD
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD (IB AU NOMS RETAILCLIENT DRP)
CARSTOWE HOLDING PTE LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
BOND STREET CUSTODIANS LIMITED (GARYHA - D81497)
BELLVIEW INVESTMENTS PTE LTD
NERO RESOURCE FUND PTY LTD (NERO RESOURCE FUND)
MR MARK DAVID DELROY
DALY SF PTY LTD (DALY SUPER A/C)
MR SHANE COLIN MARDON
MRS JASMINE FRANCES GREEN
Unquoted equity securities
There are no unquoted equity securities.
Ordinary shares
% of total
shares
issued
Number
of holders
389
422
107
168
42
0.31
2.08
1.63
9.24
86.74
1,128
100.00
85
0.02
Ordinary shares
% of total
shares
issued
Number held
11,045,101
8,454,000
8,020,000
2,267,781
1,876,536
1,612,672
1,551,924
942,261
850,000
815,223
808,208
790,057
661,592
500,000
416,166
350,875
314,942
300,000
300,000
300,000
42,177,338
21.05
16.11
15.29
4.32
3.58
3.07
2.96
1.80
1.62
1.55
1.54
1.51
1.26
0.95
0.79
0.67
0.60
0.57
0.57
0.57
80.38
81
Substantial holders
The names of the substantial shareholders disclosed to the Company as substantial shareholders at 23 September 2021 are:
ANTON BILLIS AND RELATED PARTIES
SIERRA GOLD LTD
EVOLUTION MINING LIMITED
TRANS GLOBAL CAPITAL LIMITED
Ordinary shares
% of total
shares
issued
Number held
17,091,136
17,091,136
11,045,101
8,454,000
32.57
32.57
21.05
16.11
On-market buy-back
On 15 February 2021, the Company announced it would undertake an on-market buy-back of ordinary shares up to a maximum of 5,246,807
ordinary fully paid shares. During the year, no shares were bought-back.
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
There are no other classes of equity securities.
82
TRIBUNE RESOURCES LTD. ANNUAL REPORT 2021
Tenements
Description
Western Australia, Australia
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
Kundana
West Kundana
West Kundana
West Kundana
West Kundana
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Seven Mile Hill
Yikari
Yikari
West Kimberly**
Ghana, West Africa
Japa Concession.
Mindanao, Philippines
Diwalwal Gold Project
Diwalwal Gold Project
Diwalwal Gold Project
Tenement number
Interest
owned* %
M15/1413
M15/993
M16/181
M16/182
M16/308
M16/309
M16/325
M16/326
M16/421
M16/428
M24/924
M16/213
M16/214
M16/218
M16/310
E15/1664
M15/1233
M15/1234
M15/1291
M15/1388
M15/1394
M15/1409
M15/1743
M26/563
P15/6370
P15/6398
P15/6399
P15/6400
P15/6401
P15/6433
P15/6434
P26/4173
P26/4476
P26/4477
E04/2548
729 Area***
452 Area***
Upper Ulip Area***
49.00
49.00
49.00
49.00
49.00
49.00
49.00
49.00
49.00
49.00
49.00
24.50
24.50
24.50
24.50
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
40.00
40.00
40.00
Includes Rand Mining Ltd’s, Rand Exploration NL’s and Prometheus Developments Pte Ltd where applicable.
Under application.
*
**
*** Prometheus has entered an Investment Agreement with Paraiso Consolidated Mining Corporation ('Pacominco') and a Joint Venture
agreement with JB Management Mining Corporation ('JB Management' or 'JBMMC'). These agreements allow Prometheus to acquire an 80%
economic interest and 40% legal interest in three mining tenements covering the Diwalwal Gold Project. Through the JB Management Joint
Venture Agreement, Tribune Resources Ltd (via its 100% owned subsidiary Prometheus Developments Pte Ltd) is earning a 40% legal
interest and 80% economic interest in the 452 Area. To date Prometheus Developments is yet to earn any legal or economic interest in this
JV as the JV company is yet to be incorporated.
83