ANNUAL
R E P O R T
2 0 2 2
Tribune Resources Limited
Contents
30 June 2022
Corporate directory
Directors' report
Auditor's independence declaration
Consolidated statement of profit or loss and other comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
Directors' declaration
Independent auditor's report to the members of Tribune Resources Limited
Shareholder information
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1
Tribune Resources Limited
Corporate directory
30 June 2022
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
on 25 November 2022 at 9.00am
Registered office
Principal place of business
Share register
Auditor
Bankers
Suite G1, 49 Melville Parade
South Perth WA 6151
Tel: +61 (8) 9474 2113
Fax: +61 (8) 9367 9386
Suite G1, 49 Melville Parade
South Perth WA 6151
Correspondence address:
PO Box 307
West Perth WA 6872
Advanced Share Registry Services Limited
110 Stirling Highway
Nedlands WA 6009
Tel: +61 (8) 9389 8033
Fax: +61 (8) 9262 3723
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
Perth WA 6000
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
Corporate Governance Statement
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 (Fourth 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
2
Tribune Resources Limited
Directors' report
30 June 2022
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 2022.
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
Anthony Billis
Gordon Sklenka
Non-Executive Chairman
Executive Director, Managing Director and Chief Executive Officer
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:
2022
$
2021
$
A dividend of 20 cents per ordinary share was paid to shareholders on 5 November 2021 (30 June 2021:
dividend of 20 cents per ordinary share paid on 24 November 2020).
10,493,615
10,493,615
Other than the above, there were no further dividends recommended or declared during the current financial year.
Review of operations
The profit for the Group after providing for income tax and non-controlling interest amounted to $1,797,673 (30 June 2021: $50,745,314).
East Kundana Joint Venture
The East Kundana Joint Venture ('EKJV') is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie.
The EKJV is between Rand Mining Limited ('Rand') (12.25%), Tribune Resources Limited ('Tribune') (36.75%) and Gilt-Edged Mining Pty. Limited
('GEM') (51%). On 18 August 2021, Gilt-Edged Mining became a wholly owned subsidiary of Evolution Mining Limited.
3
Tribune Resources Limited
Directors' report
30 June 2022
KUNDANA PROJECT
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.
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.
4
Tribune Resources Limited
Directors' report
30 June 2022
Rubicon/Hornet/Pegasus
During the year ended 30 June 2022, a total of 455,288 tonnes of ore at 3.93 g/t containing 57,540 oz of gold were mined from the Rubicon, Hornet
and Pegasus ('RHP') ore bodies.
Tribune’s entitlement to the ore extracted was 168,715 tonnes and 20,922 ounces of gold, compared to 326,526 tonnes and 39,059 ounces of gold
the previous year.
Year on year RHP Mine production is summarised in the following table:
Mine Claimed Production
Year
11/12
12/13
13/14
14/15
15/16
16/17
17/18
18/19
19/20
20/21
21/22
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
455,288
167,318
Rubicon/Hornet/Pegasus
Gold
(oz)
Grade
(g/t)
9.6
10.3
11.3
9.5
7.3
7.1
6.2
6.0
5.1
3.7
3.9
3.9
24,103
88,666
114,454
184,302
178,931
192,487
198,276
208,264
156,158
106,283
57,540
21,146
Ore Stockpiles
As of 30 June 2022, Tribune had 12,598 tonnes of ore stockpiled at a grade of 4.18 g/t which contained 1,614 oz of gold.
The breakdown of Tribune's high and low grade ore stockpiles is tabulated below:
Tribune Ore Stockpiles
ROM Pad
Ore Source
Rubicon ROM
Rubicon ROM
Mungari ROM
Mungari ROM
EKJV RHP Ore
EKJV RPH Low grade
EKJV RPH Ore
EKJV RPH Crushed Ore
EKJV Stockpiles
Ore
Tonnes
26,401
1,104
5,138
1,636
12,598
Grade
g/t
Ounces
Au
Tribune
Entitlement
4.27
0.46
3.32
3.85
4.18
3,626
16
548
202
1,614
36.75
36.75
36.75
36.75
100.00
Processing
Tribune share of ore processed in FY2022 was 239,216 tonnes at 3.88 g/t with 93.90% gold recovery for production of 28,029 fine oz.
During the 2022 financial year, Evolution Mining Limited joined Rand and Tribune as manager and joint venture partners in the EKJV. Most ore
mined from the EKJV mines was processed at Evolution Mining Limited’s Mungari processing plant. Early in the year, ore processing included, 1
campaign at Kanowna Belle processing plant and 2 campaigns at GMM’s Lakewood Mill.
Tribune share of ore processed is outlined in the table below:
Tribune Share of Ore Processed
Campaign Location
GMM Lakewood
EVN Mungari
NST Kanowna Belle
Total
Tonnes
Milled
Head Grade Au
(g/t)
Recovery
(%)
104,071
120,482
14,662
239,215
3.82
3.88
4.34
3.88
94.18
94.01
91.32
93.90
Fine Au
Produced
(Oz)
12,044
14,118
1,867
28,029
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Tribune Resources Limited
Directors' report
30 June 2022
Historical gold production from the EKJV is summarised below:
Rand and Tribune Gold Bullion
To
FY2022
FY2021
FY2020
FY2019
FY2018
FY2017
FY2016
FY2015
FY2014
FY2013
FY2012
FY2011
FY2010
FY2009
FY2008
FY2007
FY2006
Total
Exploration
Gold
(oz)
37,372
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
1,249,272
Silver
(oz)
Tribune Share
Gold
(oz)
6,286
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
211,208
28,029
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
936,954
EKJV
Drilling focused on confirming grade continuity on the main mineralised K2 structure below current development at Rubicon and between the
declines in the area connecting Rubicon and Pegasus. Drilling continued to define ore body continuity and delineate extensions of mineralisation at
Pode and Hera which are each situated in the hanging wall of the K2 structure. Several holes intercepted mineralisation outside the Pode and Hera
wireframes keeping open the possibility of modest resource expansion downdip on both structures.
Mineralisation intersected by drilling in the Mary Fault at the Rubicon/Hornet/Pegasus (RHP) underground is hosted by a 0.5 to 4.0m wide quartz-
breccia.
Other drilling targeted Nugget, with results received for holes targeting Nugget down-dip and potential repeat structures at depth, intercepting
mineralisation proximal to K2A lithological contact.
Raleigh
Underground exploration drilling at EKJV targeted the Sadler RMV from the Sadler decline to infill areas and increase geological confidence in the
Raleigh Main Vein down dip where historic drilling was never followed up on.
Startrek Exploration
The Startrek mineralisation occurs in the footwall of the K2 structure and consists of several stacked mineralised lodes delineated in wide-spaced
drilling. Drilling has intersected mineralisation at various locations in the footwall of Rubicon-Hornet-Pegasus over a strike length of approximately
1 kilometre.
Holes targeting Startrek mineralisation returned results showing significant gold mineralisation including a well laminated quartz vein and the Mary
Fault zone, which returned significant results, including 1.40 m @ 37.9 g/t. Geological work on the Startrek and Mary Fault Zone will continue to
assist with understanding the continuity of the mineralised horizon, as drilling assay results are returned.
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Tribune Resources Limited
Directors' report
30 June 2022
Overview of EKJV Projects showing main mineralisation corridors
Full details of all EKJV exploration activities including significant intersections from results received are contained the Quarterly EKJV Exploration
Reports available on the ASX.
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%)
A drilling program was conducted at Seven Mile Hill during the period including RC and diamond drill holes. A total of 60 RC holes for 6,426 m were
completed. Many of these were pre-collars for the diamond holes. A diamond drilling program was conducted with a single hold drilled at White
Lake, and 7 holes completed at Kopai Ridge. The total diamond drill meters drilled during the period was 828.5 m. Geological logging of drill core
from the diamond drilling campaign is in partially completed identifying variety of rock-types, with sulphide alteration and quartz veining relatively
common.
4m composite assays were received for the RC drilling program. Three holes intersected significant (+0.5g/t Au) values. These are shown in the table
below.
Anomalous (+0.5g/t Au) values from RC and RC precollar holes at 7MH – 4m composites
Hole
N
E
RL
RC M DD M
Total
Depth
Dip
Az From
To
m
TBRC086
TBRD089
TBRD090
348854
349151
349085
6582858
6582961
6582963
340
340
340
143.0
89.5
97.6
-
91.9
111.5
143.0
181.5
209.1
(60)
(60)
(60)
90
90
90
56
28
56
60
32
60
4
4
4
AU
(g/t)
1.06
3.66
0.55
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Tribune Resources Limited
Directors' report
30 June 2022
Individual 1m samples for the RC holes with anomalous values have been submitted to the lab and results for approximately half have been received
with the results in the table below.
Anomalous (+1g/t Au) values from RC holes at 7MH – 1m splits.
Hole
MGA N
MGA E
RL
Depth
TBRC081
TBRC082
and
and
and
TBRC084
and
6583146
6583053
348602
348799
6582959
348769
341
341
-
-
-
341
-
198
173
-
-
-
184
-
Dip
(60)
(60)
-
-
-
(60)
-
Az
From
To
m
90
90
-
-
-
90
-
63
66
144
160
170
124
135
64
68
145
161
172
125
136
1
2
1
1
2
1
1
AU
(g/t)
1.29
1.11
1.54
1.36
2.12
1.42
1.41
Further geological logging of the drill core is to be continued and the potential for additional drill hole targets is being considered. A number of the
planned holes in the previous drilling campaign were not completed and are being reviewed for continuation of future drilling.
Tribune Resources Ghana Limited (Tribune’s Interest 100%)
The Japa Mining Lease is in the Western Region of Ghana, approximately 110 km South West of Kumasi and 50 km North of Tarkwa, centred in the
village of Japa in the Wassa Amenfi East District. The lease covers a 26.20 square kilometre area within the Akropong Belt, an offshoot of the Ashanti
Belt, developed within the Birimian Supergroup that hosts the most important multi-million-ounce Ashanti type lode-gold deposits of West Africa.
The gold potential of the Japa Mining Lease has been demonstrated by the success of Tribune’s exploration work over a 14-year period whereby
Tribune has defined significant gold mineralisation at several prospects within the mining Lease area.
Activities undertaken by Tribune during the year included infill resource drilling to bring the indicated resources to measured resource and the
inferred to indicated resource for the advancement of the project, database clean up and auditing, by Tribune Resources Limited and MaxGeo
(Database Consultant), and further resources drillhole planning by Mining Plus (Resource Estimation Consultant) for the upgrading of the Mineral
Resources.
No mining activities nor mineral production were undertaken by the Company during the fiscal year ending June 2022.
Resource Estimation
Mining Plus Pty Ltd of Australia was contracted by Tribune Resources to undertake the resource estimation of all the drilling activities undertaken
by Tribune on its Mining Lease. A highlight of the report prepared by Mining Plus is presented in the table below:
Mineral Resource Estimate for the Adiembra Deposit - July 2020
Type
Open Pit
Total Adiembra
Classification
Indicated
Inferred
Cut Off Grade
g/t
Tonnes*
Gold Grade
g/t
Gold
Ounces*
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
*
Dry metric tonnes rounded to nearest 10,000. Ounces rounded to nearest 10,000. Discrepancies may occur due to rounding.
The principal focus during the year was to continue with the infill resource drilling definition to bring the indicated resources to measured resource
and the inferred to indicated resource for the advancement of the project. During the year, drill holes which could not get to the required depth,
were completed with diamond tails, drilling of two diamond cores from surface and reverse circulation drilling for extension of zones of
mineralisation.
This work included drilling of reverse circulation (RC) and diamond core drilling (DD) by Africa Mining Services (AMS), geological work by GeoXpert,
survey by CBM, and sample analysis with Intertek Laboratory.
Other activities undertaken by Tribune during this period included database clean up by Tribune Resources Limited, and MaxGeo (Database
Consultant) who also brought in external database auditors for a comprehensive database auditing of historical and all other data for the Japa
project.
Drilling of planned resource holes and further infill drillhole planning by Mining Plus (Resource Estimation Consultant) for the upgrading of the
Mineral Resources.
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Tribune Resources Limited
Directors' report
30 June 2022
Infill Resource Drilling Activities
The Adiembra Infill Resource Definition Drilling Program began on the 16th of November 2020 and has continued to date. For the year in review, a
total of 4,871.76m of diamond core (DD) were drilled, which includes diamond core tails from 49 pre-collared RC drill holes and 2 diamond core
holes drilled from the collar of the hole. For the Reverse Circulation Percussion (RC), 10 drill holes at a total depth of 1,206m were drilled as part of
extensions of zones of mineralisation during the period. These were done with two DD drill rigs and one RC drill rig. The DD cores were cut after
geological, structural, and geotechnical logging were done and sampled. The RCs were riffle split and all the samples were taken to the Intertek
laboratory in Tarkwa for analysis. A total of 5,634 samples including certified quality control standards, duplicates and blanks were submitted to the
Intertek Laboratory for analysis during the year. Details of drillhole co-ordinates positions and results received can be found below:
Adiembra infill drilling conducted showing Plan view of Drillhole Sections
Plan of Adiembra infill and sterilisation drilling. Showing Resource model pit shell limit with Indicated and Inferred Resource blocks and
unclassified mineralisation blocks coloured by block grade.
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Tribune Resources Limited
Directors' report
30 June 2022
Upcoming work in the coming year is to include the following;
●
●
Undertake an UAV Aerial Topographic detailing and ground truth of surface topographic details of the Japa Project Area.
Plan and execute infill DD and RC drilling program of around 8,322m for further infill and extension of areas of mineralisation to upgrade its
resource to bring it to measured status.
Plan and drill Metallurgical, Sterilization and Hydrological holes for plant, infrastructural, water, and tailings dam management.
Plan and commenced mine development around Adiembra portion of the concession.
●
●
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 completion of a 36 hole diamond drilling
campaign in July 2021.
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Tribune Resources Limited
Directors' report
30 June 2022
Long projection view of Victory Tunnel looking north showing all holes completed to date and highlighting holes UBADH-032, UBADH-034 to
UBADH-036 assay results. Drill hole traces are coloured by geology and mineralised intersections.
Underground mapping and sampling returned appreciable results in West Drift and L-585 areas. Continuous 1m average channel cut rock chip
sampling returned 5.07, 9.53, 4.12, 6.89, 5.83 ppm Au in West Drift and 5.26 and 3.77 ppm Au in L-585. Gold-silver ratios are indicative of mineralised
horizon together with the other tracer elements.
Plan view of Victory Tunnel showing coverage of recent underground mapping and sampling.
Surface exploration in Simulao prospect completed a regional campaign over an area of 1,300 hectares composed of stream sediment sampling of
first to second order streams, ridge-and-spur soil sampling (B-Horizon) at 100m interval, and 15 line-kilometre geologic mapping and rock.
Underground face mapping of small-scale mines (SSM) in Lantawan reveal an uneroded epithermal system evidenced by pinching out veins and
gold-base metals geochemistry. Most veins trend NW, perpendicular to the NE-trending Lantawan ridge topographic anomaly, more than 1km in
length.
With over a decade of local mining operations and increasing local investments despite high operational cost, gold appears to increase with depth.
Rock samples from several SSM returned encouraging gold results with copper and zinc anomalies. Silver is present even in samples with <0.5 ppm
gold.
Together with previous results, geochemistry and geology strongly indicate a potential sizeable epithermal gold vein open at depth sampling. Initial
geochemical results define a few faint to moderate gold-silver ridge-and-spur soil anomalies and weak gold rock geochemistry to the north.
11
Tribune Resources Limited
Directors' report
30 June 2022
Geology and ridge-and-spur soil gold geochemistry of eastern areas
Geochemical Sampling Results
Encouraging results of underground mapping and sampling underground indicate additional gold mineralisation below West Drift subject to drilling
confirmation, extending nearest grade shells to more than 50m.
Section looking North showing potential additional mineralisation
Environment
Tree nursery operations carried on with the collection and propagation of endemic wildlings and rearing of selected hardwood and fruit-bearing
trees. A Materials Recovery Facility is also maintained in Mabatas Camp where waste is segregated for proper disposal.
To date, a total of 9,599 seedlings have been released from the nursery with 2,379 seedlings (Narra, Molave and Mahogany) remaining, including
151 wildings collected during the quarter.
12
Tribune Resources Limited
Directors' report
30 June 2022
Corporate
Seedlings at the Mabatas Nursery
Share Buy-Back
During the year, the Company extended the current on market share buy-back to 21 February 2023. No shares were bought back during the period.
Dividends
A fully franked dividend of 20 cents per share was paid to the shareholders of Tribune Resources Ltd on 5 November 2021.
A fully franked dividend of 10 cents per ordinary share was paid to the shareholders of Rand Mining Limited on 5 November 2021.
Proceedings against Northern Star Resources Ltd
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 2022, Tribune’s Mineral Resources amounted to 24.3 million tonnes grading 3.1g/t gold for 2.4 million ounces of gold.
Comparison with the Mineral Resources as of 30 June 2021, a decrease in of 1.16m tonnes and a decrease of 149,000 ounces reflected by the
following variations:
●
Design changes due to revised costs and design parameters during the transition of joint venture partners to Evolution Mining Limited from
Northern Star Resources
Revised gold price assumptions
Mining depletion at Rubicon, Hornet and Pegasus.
Stockpile adjustments reclassifying mineralised waste as potentially economic
The omission of Falcon and Falcon North from the resource calculation
●
●
●
●
The previously reported Mineral Resource for the Falcon and Falcon North deposits by Northern Star Resources has been removed from the 31
December 2021 Mineral Resource reported by Evolution. Evolution has commenced a technical review of the Falcon and Falcon North deposits and
will look to report Mineral Resources for these deposits once additional drilling and an updated geological interpretation is completed.
Mineral Resources Comparison
Deposit
EKJV and Stockpiles
Adiembra
Total
30 June 2022
(Mt)
30 June 2022
Au (g/t)
30 June 2022
Au (Moz)
30 June 2021
(Mt)
30 June 2021
Au (g/t)
30 June 2021
Au (Moz)
3.27
20.99
24.26
5.5
2.7
3.1
0.58
1.81
2.39
4.32
20.99
25.31
5.1
2.7
3.1
0.72
1.81
2.54
At 30 June 2022, Tribune’s Ore Reserves amounted to 1.3 million tonnes grading 4.8g/t gold for 204,000 ounces of gold.
13
Tribune Resources Limited
Directors' report
30 June 2022
Comparison with the Ore Reserves as at 30 June 2021 shows a decrease of approximately 8,000 ounces in Ore Reserves reflected by the following
variations:
●
Ore reserves were evaluated using a AU$1,450/oz gold price assumption in line with Evolution Mining planning standards whereas Northern
Star used a AU$1,750/oz gold price for the March 2021 Ore Reserve calculation
Reduced haulage and processing costs due to ore being treated at Mungari Mill
A review of mining methodology, ground support and other mining costs
Sustaining capital and haulage costs excluded
●
●
●
Ore Reserves Comparison
Deposit
EKJV and Stockpiles
30 June 2022
(Mt)
30 June 2022
Au (g/t)
30 June 2022
Au (Moz)
30 June 2021
(Mt)
30 June 2021
Au (g/t)
30 June 2021
Au (Moz)
1.31
4.8
0.20
1.32
5.0
0.21
14
Mineral Resources
30 June 2022
MEASURED
INDICATED
INFERRED
TOTAL RESOURCES
Tonnes
(000's)
Grade
(g/t)
Ounces
(000's)
Tonnes
(000's)
Grade
(g/t)
Ounces
(000's)
Tonnes
(000's)
Grade
(g/t)
Ounces
(000's)
Tonnes
(000's)
Grade
(g/t)
Ounces
(000's)
Surface
Underground
Stockpiles RHP
Sub-Total East Kundana JV
Adiembra, Japa Project, Ghana
-
623
-
623
-
6.6
6.6
-
133
-
133
TOTAL
623
6.6
133
92
1,685
13
1,789
4,640
6,429
5.8
5.6
4.0
5.6
2.6
3.4
17
302
2
321
390
711
15
838
-
853
16,350
17,203
3.9
4.5
-
4.5
2.7
2.8
2
123
-
124
1,420
1,544
107
3,146
13
3,266
20,990
24,256
5.6
5.5
4.0
5.5
2.7
3.1
19
558
2
578
1,810
2,388
3
0
J
u
n
e
2
0
2
2
D
i
r
e
c
t
o
r
s
'
r
e
p
o
r
t
T
r
i
b
u
n
e
R
e
s
o
u
r
c
e
s
L
i
m
i
t
e
d
Ore Reserves
30 June 2022
1
5
Surface
Underground
Stockpile RHP
Sub-Total East Kundana JV
TOTAL
Notes to tables:
Tonnes
(000's)
-
449
-
449
449
PROVED
Grade
(g/t)
-
4.9
-
4.9
4.9
Ounces
(000's)
Tonnes
(000's)
-
71
-
71
71
39
809
13
861
861
PROBABLE
Grade
(g/t)
5.0
4.8
4.0
4.8
4.8
TOTAL RESERVES
Ounces
(000's)
Tonnes
(000's)
Grade
(g/t)
Ounces
(000's)
6
125
2
132
132
39
1,259
13
1,310
1,310
5.0
4.8
4.0
4.8
4.8
6
196
2
204
204
EKJV Resources and Reserves are estimated by Evolution Mining Limited for
period ending 31 December 2022 and were reported on 16 February 2022 in
Evolution Mining Limited ASX Announcement “Annual Mineral Resources and
Ore Reserves Statement” included in the Mungari results.
Stockpiles are reported as at 30 June 2022
Resources and Reserves as reported are 100% Tribune Resources Limited
Resources are inclusive of Reserves.
Gold price used for the EKJV Resource Estimation is AUD$2,000/oz.
Gold price used for the EKJV Reserve Estimation is AUD$1,450/oz.
Data is reported to significant figures to reflect appropriate precision and may not sum
precisely due to rounding
Tribune Resources Ltd holds a 36.75% interest in the EKJV Mineral Resource, with the
exception of Raleigh which is 37.50%.
Tribune Resources Limited
Directors' report
30 June 2022
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 Person.
Competent Person Statements
The information in the Company’s 2022 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 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's (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.
The Group announced an extension to the on market buy-back on 1 February 2022. The buy-back up to a maximum of 5,246,807 shares was
extended to 21 February 2023.
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.
No other matter or circumstance has arisen since 30 June 2022 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.
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.
16
Tribune Resources Limited
Directors' report
30 June 2022
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:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Otakar Demis
Non-Executive Chairman and Joint Company Secretary
Otakar is a private investor and businessman with several years’ experience as a director of the
Company.
Non-Executive Chairman and Joint Company Secretary of Rand Mining Limited (ASX: RND)
None
12,000 ordinary shares held directly
None
Anthony Billis
Executive Director and Managing Director
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.
Executive Director of Rand Mining Limited (ASX: RND)
None
17,151,136 ordinary shares (17,351 held directly and 17,133,785 held indirectly)
None
Gordon Sklenka
Non-Executive Director
B.Comm
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.
Non-Executive Director of Rand Mining Limited (ASX: RND)
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.
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 2022, and the number of meetings
attended by each director were:
Attended
Full Board
Held
2
2
2
2
2
2
O Demis
A Billis
G Sklenka
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.
17
Tribune Resources Limited
Directors' report
30 June 2022
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.
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.
18
Tribune Resources Limited
Directors' report
30 June 2022
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 2022, 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 2021 Annual General Meeting ('AGM')
At the last AGM 96.86% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2021. The Company did not receive
any specific feedback at the AGM regarding its remuneration practices.
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
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
Share-based
payments
Cash salary
and fees
$
Non-
Bonus monetary*
$
$
Super-
annuation
$
Leave
benefits
$
Equity-
settled
$
80,000
60,000
183,375
323,375
-
-
-
-
-
-
8,000
-
4,878
4,878
18,337
26,337
-
-
-
-
-
-
-
-
Total
$
88,000
60,000
206,590
354,590
2022
Non-Executive Directors:
O Demis
G Sklenka
Executive Directors:
A Billis*
*
Includes car and housing plus applicable fringe benefits tax payable on benefits
19
Tribune Resources Limited
Directors' report
30 June 2022
2021
Non-Executive Directors:
O Demis
G Sklenka
Executive Directors:
A Billis*
Other Key Management
Personnel:
R Johns**
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
and fees
$
Non-
Bonus monetary*
$
$
Super-
annuation
$
Leave
benefits
$
Equity-
settled
$
80,000
60,000
183,375
354,249
677,624
-
-
-
-
-
-
-
7,600
-
78,610
17,421
-
78,610
-
25,021
-
-
-
-
-
-
-
-
-
-
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
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Non-Executive Directors:
O Demis
G Sklenka
Executive Directors:
A Billis
Fixed remuneration
2021
2022
2022
At risk - STI
2021
2022
At risk - LTI
2021
100%
100%
100%
100%
100%
100%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Key Management Personnel:
R Johns
-
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:
Term of agreement:
Details:
Anthony Billis
Executive Director, Managing Director and Chief Executive Officer
Ongoing
Base salary, inclusive of superannuation, for the year ended 30 June 2022 of $201,712 to be reviewed
annually by the Board. During the year Mr Billis received an additional $4,878 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 2022.
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 2022.
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 2022.
20
Tribune Resources Limited
Directors' report
30 June 2022
Additional information
The earnings of the Group for the five years to 30 June 2022 are summarised below:
Sales revenue
EBITDA
EBIT
Profit after income tax
2022
$
2021
$
2020
$
2019
$
2018
$
124,064,015
26,873,283
13,745,691
7,475,592
177,568,700
110,865,948
93,002,792
58,843,526
179,367,328
94,031,327
75,107,334
47,353,849
364,248,049
155,490,176
135,000,505
72,264,057
179,690,800
95,640,396
79,691,440
54,424,492
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)
Additional disclosures relating to key management personnel
2022
3.85
30.00
3.43
3.36
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
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:
Ordinary shares
O Demis
A Billis
G Sklenka
Balance at
the start of
the year
Received
as part of
remuneration
Additions
Disposals/
other
12,000
17,151,136
-
17,163,136
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
the end of
the year
12,000
17,151,136
-
17,163,136
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:
2022
$
6,275
186,851
446,326
Payment for other expenses:
Payment of exploration related expenses for 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 *
*
An entity in which Anthony Billis is a director
All transactions were made on normal commercial terms and conditions and at market rates.
This concludes the remuneration report, which has been audited.
21
Tribune Resources Limited
Directors' report
30 June 2022
Shares under option
Unissued ordinary shares of Tribune Resources Limited under option at the date of this report are as follows:
Grant date
31 May 2022
Expiry date
31 May 2025
Exercise
price
Number
under option
$6.00
1,000,000
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any
other body corporate.
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 2022 and up to the
date of this 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.
22
Tribune Resources Limited
Directors' report
30 June 2022
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
29 September 2022
Perth
23
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Tribune Resources Limited for the year ended 30 June 2022,
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: 29 September 2022
AIK KONG TING
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
24 Tribune Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2022
Revenue
Other income
Interest revenue calculated using the effective interest method
Expenses
Changes in inventories
Employee benefits expense
Management fees
Depreciation and amortisation expense
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
Income tax expense
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
Total comprehensive income for the year is attributable to:
Non-controlling interest
Owners of Tribune Resources Limited
Basic earnings per share
Diluted earnings per share
Note
2022
$
2021
$
5
6
7
7
7
8
124,064,629
177,707,786
80,544
17,942
-
56,999
(30,596,314)
(2,073,111)
(1,735,891)
(13,127,592)
(70,376)
-
(4,413,239)
(7,136,553)
(34,295,281)
(14,496,394)
(2,267,383)
(187,348)
(142,634)
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)
13,620,999
92,890,476
(6,145,407)
(34,046,950)
7,475,592
58,843,526
-
455,467
(655,654)
(10,390)
(655,654)
445,077
6,819,938
59,288,603
5,677,919
1,797,673
8,098,212
50,745,314
22
7,475,592
58,843,526
5,677,919
1,142,019
8,098,212
51,190,391
6,819,938
59,288,603
Cents
3.43
3.36
Cents
96.72
96.72
37
37
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
25
Tribune Resources Limited
Consolidated statement of financial position
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Income tax refund due
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
2022
$
2021
$
9
10
11
8
12
13
14
15
16
8
17
18
8
19
18
8
19
20
21
22
23
6,840,897
1,050,390
202,317,174
8,804,914
219,013,375
4,162,752
2,057,391
233,051,352
-
239,271,495
751,559
7,354,169
3,559,611
8,791,986
80,168,923
10,453,060
111,079,308
790,250
49,537,345
5,954,818
7,476,542
40,550,645
10,143,100
114,452,700
330,092,683
353,724,195
9,718,686
819,640
-
356,973
10,895,299
14,426,014
2,452,104
11,465,891
263,681
28,607,690
45,928
18,403,763
1,834,582
20,284,273
863,219
16,817,145
1,833,405
19,513,769
31,179,572
48,121,459
298,913,111
305,602,736
58,200,026
(1,294,973)
191,315,381
248,220,434
50,692,677
58,200,026
(653,291)
200,011,323
257,558,058
48,044,678
298,913,111
305,602,736
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
26
Tribune Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2022
Contributed
equity
$
Reserves
$
Retained Non-controlling
interest
$
profits
$
Total equity
$
Balance at 1 July 2020
58,200,026
(954,065)
159,912,541
47,993,568
265,152,070
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
-
-
-
-
-
-
-
445,077
50,745,314
-
8,098,212
-
58,843,526
445,077
445,077
50,745,314
8,098,212
59,288,603
-
(144,303)
-
-
-
(10,646,532)
(3,081,194)
(1,761,653)
(3,204,255)
(3,081,194)
(1,905,956)
(13,850,787)
Balance at 30 June 2021
58,200,026
(653,291)
200,011,323
48,044,678
305,602,736
Contributed
equity
$
Reserves
$
Retained Non-controlling
interest
$
profits
$
Total equity
$
Balance at 1 July 2021
58,200,026
(653,291)
200,011,323
48,044,678
305,602,736
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-based payments (note 38)
Dividends
-
-
-
-
-
-
(655,654)
1,797,673
-
5,677,919
-
7,475,592
(655,654)
(655,654)
1,797,673
5,677,919
6,819,938
13,972
-
-
(10,493,615)
-
(3,029,920)
13,972
(13,523,535)
Balance at 30 June 2022
58,200,026
(1,294,973)
191,315,381
50,692,677
298,913,111
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
27
Tribune Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2022
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
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 property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Net dividends paid
Repayment of lease liabilities
Payments for share buy-backs
Net cash used in financing activities
Net increase/(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
2022
$
2021
$
124,064,015
(59,556,303)
16,266
(135,522)
(26,573,034)
177,693,381
(108,738,116)
31,326
(163,690)
(24,445,869)
36
37,815,422
44,377,032
(1,812,954)
(10,606,817)
(6,955,061)
136,041
(5,195,806)
(17,519,657)
(8,845,644)
614,821
(19,238,791)
(30,946,286)
(13,523,535)
(2,364,448)
-
(13,850,787)
(4,453,439)
(4,987,152)
(15,887,983)
(23,291,378)
2,688,648
4,162,752
(10,503)
(9,860,632)
14,022,938
446
Cash and cash equivalents at the end of the financial year
9
6,840,897
4,162,752
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
28
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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 29 September 2022. 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 2022.
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 and certain classes of property, plant and equipment.
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 2022 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.
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.
29
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
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.
30
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
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.
31
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
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.
32
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
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.
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.
33
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
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.
34
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 2. Significant accounting policies (continued)
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.
Share-based payments
Equity-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Black-Scholes
option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and
expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with
non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account
is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative
charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to
vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at
each reporting date less amounts already recognised in previous periods.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is
recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as
at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the
condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is
recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised
immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a
modification.
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.
35
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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 year ended 30 June 2022.
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 Financial 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.
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.
36
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Income tax
The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for
income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax
determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the Group's current understanding of the tax
law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax
provisions in the period in which such determination is made.
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.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the Group will commence commercial production in the future, from which
time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be
capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed
and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the
relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future
technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised
costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made.
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 2022 approximately 100% (30 June 2021: 100%) of the Group's external revenue was derived from sales to one
customer.
37
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 4. Operating segments (continued)
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.
Note 5. Revenue
Revenue from contracts with customers
Sales of gold
Sales of ore
Other revenue
Other revenue
Revenue
Disaggregation of revenue
All sales of gold were made in Australia and recognised as point in time revenue.
Note 6. Other income
Net gain on disposal of property, plant and equipment
2022
$
2021
$
121,685,775
2,378,240
124,064,015
177,568,700
-
177,568,700
614
139,086
124,064,629
177,707,786
2022
$
80,544
2021
$
-
38
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 7. Expenses
Profit before income tax 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 assets
Trade and other receivables
Loss/(gain) on financial assets measured at fair value through profit or loss
Mine development
Total impairment of assets
Finance costs
Interest and finance charges paid/payable on borrowings
Interest and finance charges paid/payable on lease liabilities
Finance costs expensed
Superannuation expense
Defined contribution superannuation expense
2022
$
2021
$
224,504
43,241
49,972
3,115,884
2,395,207
201,936
49,328
45,963
3,515,183
3,152,094
5,828,808
6,964,504
7,298,784
10,898,652
13,127,592
17,863,156
-
38,691
31,685
70,376
135,521
7,113
142,634
(462,344)
(119,291)
5,210,496
4,628,861
163,690
5,625
169,315
124,319
100,477
39
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 8. 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
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Entertainment expenses
Tax offset for franked dividends
Non-taxable dividends
Consulting fees
Net foreign exchange losses
Impairment
Other - non-deductible
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
2022
$
2021
$
4,822,738
1,276,658
46,011
-
31,647,815
2,496,182
(65,135)
(31,912)
6,145,407
34,046,950
(309,960)
1,586,618
(2,093,105)
4,589,287
1,276,658
2,496,182
13,620,999
92,890,476
4,086,300
27,867,143
1,241
(1,139,004)
1,139,004
20,490
(2,900,171)
-
137,208
5,920
1,350,988
46,011
5,219,362
(470,954)
212
(1,139,004)
1,139,004
55,786
(794,585)
(138,608)
122,317
3,558
27,115,823
(20,890)
6,854,740
97,277
6,145,407
34,046,950
2022
$
2021
$
11,555,528
12,801,628
4,044,435
4,480,570
At 30 June 2022, the Group had a potential deferred tax asset of Ghanaian Cedi ('₵') ₵63,596,744 (AUD $11,555,528) (30 June 2021: ₵56,594,289
(AUD $12,801,628)). The above potential tax benefit for tax losses have not been recognised in the statement of financial position.
40
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 8. 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
Sundry accruals and provisions for leave
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 and mine development
Consumables
Trading stock
Other
Deferred tax liability
Movements:
Opening balance
Charged to profit or loss
Closing balance
Income tax refund due
Income tax refund due
Provision for income tax
Provision for income tax
41
2022
$
2021
$
636,154
40,395
544,929
9,055,830
26,159
149,593
317
65,986
548,930
9,370,329
38,163
119,375
10,453,060
10,143,100
10,143,100
309,960
8,049,995
2,093,105
10,453,060
10,143,100
2022
$
2021
$
142,141
14,806,871
686,584
1,639,829
1,128,338
164,147
13,728,975
482,516
1,841,533
599,974
18,403,763
16,817,145
16,817,145
1,586,618
12,227,858
4,589,287
18,403,763
16,817,145
2022
$
8,804,914
2022
$
2021
$
-
2021
$
-
11,465,891
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 9. Cash and cash equivalents
Current assets
Cash on hand
Cash at bank
Cash on deposit
2022
$
2021
$
6,936
6,783,961
50,000
10,448
4,102,304
50,000
6,840,897
4,162,752
Cash at bank bears fixed interest at 1.60% (30 June 2021: 0.39%) and cash on hand is non-interest bearing.
Cash on deposit bears floating interest rates of 0.49% (30 June 2021: 0.12%). These deposits have an average maturity of 180 days.
Note 10. Trade and other receivables
Current assets
Trade receivables
Other receivables
Prepayments
2022
$
2021
$
-
908,234
142,156
1,583
1,967,626
88,182
1,050,390
2,057,391
Allowance for expected credit losses
The ageing of the receivables and allowance for expected credit losses provided for above are as follows:
Expected credit loss rate
2021
%
2022
%
Carrying amount
2021
$
2022
$
Allowance for expected credit
losses
2021
$
2022
$
Not overdue
-
-
-
1,583
-
-
Movements in the allowance for expected credit losses are as follows:
Opening balance
Receivables paid during the year
Closing balance
2022
$
-
-
-
2021
$
462,344
(462,344)
-
42
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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
Gain/(loss) on revaluation through profit or loss
Closing carrying amount
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
43
2022
$
2021
$
6,609,377
-
187,760,299
5,466,096
2,481,402
25,651,730
4,401,921
195,058,531
6,138,440
1,800,730
202,317,174
233,051,352
2022
$
2021
$
751,559
790,250
790,250
(38,691)
751,559
670,958
119,292
790,250
2022
$
2021
$
2,143,879
(210,897)
1,932,982
510,047
(407,929)
102,118
364,238
(303,214)
61,024
2,668,934
(19,942)
2,648,992
475,537
(395,400)
80,137
416,752
(288,495)
128,257
45,670,134
(40,462,388)
5,207,746
85,296,843
(38,717,539)
46,579,304
50,299
100,655
7,354,169
49,537,345
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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:
Land and
buildings
$
2,648,603
-
-
455,467
(253,142)
-
-
(201,936)
Plant and
equipment
$
77,046
59,689
(5,878)
-
(1,392)
-
-
(49,328)
Mining plant
and
equipment*
$
Motor
vehicles
$
Construction
work in
progress**
$
65,216
117,898
(3,495)
-
(5,399)
-
-
(45,963)
45,019,007
3,562,049
(1,022,459)
-
(317)
60,700
2,505,702
(3,515,183)
352,188
2,254,169
-
-
-
-
(2,505,702)
-
Total
$
48,162,060
5,993,805
(1,031,832)
455,467
(260,250)
60,700
-
(3,812,410)
-
-
-
(30,195)
-
(30,195)
2,648,992
-
-
(491,506)
-
(224,504)
80,137
70,912
(3,211)
(2,479)
-
(43,241)
128,257
-
-
(17,261)
-
(49,972)
46,579,304
2,277,851
(52,288)
(921)
83,933
(3,115,884)
100,655
33,577
-
-
(83,933)
-
49,537,345
2,382,340
(55,499)
(512,167)
-
(3,433,601)
-
-
-
(40,564,249)
-
(40,564,249)
Balance at 1 July 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)
Balance at 30 June 2021
Additions
Disposals
Exchange differences
Transfers in/(out)
Depreciation expense
Reclassified capitalised drilling to
mine development (note 16)
Balance at 30 June 2022
1,932,982
102,118
61,024
5,207,746
50,299
7,354,169
*
**
In 2022, a reclassification of $40,564,249 (30 June 2021: $38,286,704) of resource extension relating to drilling expenditure on Raleigh,
Rubicon/Hornet and Pegasus from mining property, plant and equipment to mine development.
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
The Group leases plant and equipment under agreements of between one to three years.
2022
$
2021
$
12,719,836
(9,160,225)
12,719,836
(6,765,018)
3,559,611
5,954,818
44
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 14. Right-of-use assets (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Balance at 1 July 2020
Additions
Disposals
Depreciation expense
Reclassified from mining plant and equipment - current year (note 13)
Balance at 30 June 2021
Depreciation expense
Balance at 30 June 2022
For other AASB 16 and lease related disclosures, refer to the following:
●
●
●
●
note 7 for details of interest on lease liabilities and other lease payments;
note 18 for lease liabilities at 30 June 2022;
note 25 for maturity analysis at 30 June 2022; 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
$
9,748,226
261,164
(932,673)
(3,152,094)
30,195
5,954,818
(2,395,207)
3,559,611
2022
$
2021
$
8,791,986
7,476,542
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Balance at 1 July 2020
Additions
Transferred to exploration and evaluation expenses
Transferred to mining plant and equipment (note 13)
Balance at 30 June 2021
Additions
Transferred to exploration and evaluation expenses
Balance at 30 June 2022
Exploration
and evaluation
$
4,159,222
19,664,516
(16,286,496)
(60,700)
7,476,542
8,451,997
(7,136,553)
8,791,986
For the EKJV, full year 2022 drilling focused on resource infill and resource targeting work at Rubicon-Hornet-Pegasus ('RHP') main vein structure,
Pode, Hera, as well as resource targeting work for Startrek and Mary Fault (adjacent to RHP). The drilling is to continue converting and replacing
Mineral Resource. Underground drilling was also completed at Raleigh UG (Saddler orebody) for resource conversion of the Mineral Resource in
line with the LOM schedule.
Other exploration and evaluation costs related to infill resource definition drilling at Japa, a diamond hole drilling campaign at Diwalwal and a drilling
program at Seven Mile Hill.
45
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 15. Exploration and evaluation (continued)
Impairment
At each reporting date the Group and the EKJV Manager (where appropriate) 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 $7,136,553 (30 June 2021: $16,286,496) has
been recognised in profit or loss in relation to areas of interest where no future exploration and evaluation activities are expected. At 30 June 2022,
the EKJV Manager determined that no exploration impairment be recognised and that the capitalised exploration and evaluation balance was
considered appropriate.
Note 16. Mine development
Non-current assets
Mine development - at cost
Less: Accumulated amortisation
2022
$
2021
$
269,860,137
(189,691,214)
217,700,895
(177,150,250)
80,168,923
40,550,645
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Balance at 1 July 2020
Additions
Rehabilitation adjustment
Impairment of assets
Amortisation expense
Balance at 30 June 2021
Additions
Impairment of assets
Amortisation expense
Reclassified capitalised drilling from plant and equipment (note 13)
Balance at 30 June 2022
Mine
development
$
47,824,345
8,184,241
651,207
(5,210,496)
(10,898,652)
40,550,645
6,384,498
(31,685)
(7,298,784)
40,564,249
80,168,923
Mine development relates to Raleigh underground development, Rubicon development and Pegasus developments and includes $262,343 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 but now have been pushed back to beyond 30 June 2022.
Note 17. Trade and other payables
Current liabilities
Trade payables
Accrued expenses
Other payables
Refer to note 25 for further information on financial instruments.
46
2022
$
2021
$
8,879,914
769,051
69,721
12,894,256
1,529,358
2,400
9,718,686
14,426,014
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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
2022
$
2021
$
819,640
2,452,104
45,928
863,219
2022
$
2021
$
356,973
263,681
1,834,582
1,833,405
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. No significant adjustments to the underlying cost estimate
at 30 June 2022. At 30 June 2022 an adjustment of $651,206 was recognised.
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set out below:
2022
Carrying amount at the start of the year
Impact of revision to expected cash flows (net of accretion)
Carrying amount at the end of the year
Note 20. Contributed equity
Rehabilitation
$
1,833,405
1,177
1,834,582
Ordinary shares - fully paid
52,468,077
52,468,077
58,200,026
58,200,026
2022
Shares
2021
Shares
2022
$
2021
$
47
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 20. Contributed equity (continued)
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 1,000,000 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.
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 2021 Annual Report.
Note 21. Reserves
Revaluation surplus reserve
Foreign currency reserve
Share-based payments reserve
Change in ownership interest reserve
2022
$
4,548,151
(2,544,412)
13,972
(3,312,684)
2021
$
4,548,151
(1,888,758)
-
(3,312,684)
(1,294,973)
(653,291)
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.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties
as part of their compensation for services.
Changes in ownership interest reserve
This reserve is used to recognise the change in the share of the non-controlling interest.
48
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 21. Reserves (continued)
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Balance at 1 July 2020
Revaluation - gross
Foreign currency translation
Change in ownership interest
Balance at 30 June 2021
Foreign currency translation
Share-based payments
Balance at 30 June 2022
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)
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:
Revaluation
surplus
$
Foreign
currency
$
Share-based
payments
$
4,092,684
455,467
-
-
4,548,151
-
-
(1,878,368)
-
(10,390)
-
(1,888,758)
(655,654)
-
-
-
-
-
-
-
13,972
Change in
ownership
interest
$
(3,168,381)
-
-
(144,303)
(3,312,684)
-
-
Total
$
(954,065)
455,467
(10,390)
(144,303)
(653,291)
(655,654)
13,972
4,548,151
(2,544,412)
13,972
(3,312,684)
(1,294,973)
2022
$
2021
$
200,011,323
1,797,673
(10,493,615)
159,912,541
50,745,314
(10,646,532)
191,315,381
200,011,323
2022
$
2021
$
6,236,621
44,456,056
6,236,621
41,808,057
50,692,677
48,044,678
2022
$
2021
$
A dividend of 20 cents per ordinary share was paid to shareholders on 5 November 2021 (30 June 2021:
dividend of 20 cents per ordinary share paid on 24 November 2020).
10,493,615
10,493,615
Other than the above, there were no further dividends recommended or declared during the current financial year.
49
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 24. Dividends (continued)
Franking credits
Franking credits available for subsequent financial years based on a tax rate of 30%
2022
$
2021
$
166,481,971
147,060,105
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
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
2022
2021
2022
2021
Australian dollars
Ghanaian New Cedi
0.2093
0.2305
0.1817
0.2262
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:
2022
$
Assets
2021
$
2022
$
Liabilities
2021
$
Ghanaian New Cedi
2,180,226
3,123,028
153,504
166,271
The Group had net assets denominated in foreign currencies of $2,026,722 (assets $2,180,226 less liabilities $153,504) as at 30 June 2022 (30 June
2021: $2,956,757 (assets $3,123,028 less liabilities $166,271)).
Had the Australian dollar weakened by 60%/strengthened by 60% (30 June 2021: 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:
2022
Effect on profit
before tax
AUD strengthened
Effect on
equity
% change
Effect on profit
before tax
% change
AUD weakened
Effect on
equity
Ghanaian New Cedi
60%
1,216,033
1,216,033
60%
(1,216,033)
(1,216,033)
50
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 25. Financial instruments (continued)
2021
Effect on profit
before tax
AUD strengthened
Effect on
equity
% change
Effect on profit
before tax
% change
AUD weakened
Effect on
equity
Ghanaian New Cedi
60%
1,774,054
1,774,054
60%
(1,774,054)
(1,774,054)
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 2022 was $23,060 (30 June 2021: $34,704).
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.
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 $2,528.13 (30 June 2021: $2,558.62) 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 $1,226,141 (30
June 2021: $625,582).
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:
Cash at bank
Deposits at call
Net exposure to cash flow interest rate risk
Weighted
average
interest rate
%
1.60%
0.49%
2022
Balance
$
6,769,388
50,000
6,819,388
Weighted
average
interest rate
%
0.39%
0.12%
2021
Balance
$
4,102,304
50,000
4,152,304
An official increase/decrease in interest rates of one hundred (30 June 2021: one hundred) basis point would have a favourable/adverse effect on
profit before tax of $681,939 (30 June 2021: favourable/adverse effect $415,230) 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.
51
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 25. Financial instruments (continued)
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.
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.
Weighted
average
interest rate
%
1 year or less
$
Between 1 and
2 years
$
Between 2 and
5 years
$
Over 5 years
$
-
-
8,879,914
69,721
-
-
2.79%
827,760
9,777,395
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
$
8,879,914
69,721
874,218
9,823,853
Remaining
contractual
maturities
$
-
-
12,894,256
2,400
-
-
-
-
2.79%
2,510,974
15,407,630
825,415
825,415
46,458
46,458
-
-
-
-
12,894,256
2,400
3,382,847
16,279,503
2022
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Interest-bearing - fixed rate
Lease liability
Total non-derivatives
2021
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Interest-bearing - fixed rate
Lease liability
Total non-derivatives
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
2022
Assets
Listed securities - equity
Land and buildings
Total assets
Level 1
$
Level 2
$
Level 3
$
Total
$
751,559
-
751,559
-
-
-
-
1,932,982
1,932,982
751,559
1,932,982
2,684,541
52
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 26. Fair value measurement (continued)
2021
Assets
Listed securities - equity
Land and buildings
Total assets
Level 1
$
Level 2
$
Level 3
$
Total
$
790,250
-
790,250
-
-
-
-
2,648,992
2,648,992
790,250
2,648,992
3,439,242
There were no transfers between levels during the financial year.
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 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.
Level 3 assets and liabilities
Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
Balance at 1 July 2020
Gains recognised in other comprehensive income
Exchange differences
Depreciation
Balance at 30 June 2021
Exchange differences
Depreciation
Balance at 30 June 2022
Note 27. Key management personnel disclosures
Land and
buildings
$
2,648,603
455,467
(253,142)
(201,936)
2,648,992
(491,506)
(224,504)
1,932,982
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is set out below:
Short-term employee benefits
Post-employment benefits
2022
$
328,253
26,337
354,590
2021
$
756,234
25,021
781,255
53
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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
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
Audit or review of the financial statements (EKJV) - PricewaterhouseCoopers
Tax compliance services - SGC Ghana
Tax compliance services - PricewaterhouseCoopers Ghana
2022
$
2021
$
149,500
143,500
110,723
-
110,723
260,223
75,500
22,689
-
24,255
-
120,697
243,141
126,921
23,000
149,921
293,421
80,000
26,477
18,865
-
33,075
240,717
399,134
Note 29. Contingent liabilities
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
2022
$
2021
$
166,983
-
9,213
12,636,339
1,086,857
4,096,218
1,048,853
3,146,656
5,183,075
4,195,509
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.
Subsidiaries
Interests in subsidiaries are set out in note 33.
54
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 31. Related party transactions (continued)
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:
Payment for other expenses:
Payment for exploration expenses for 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*
*
An entity in which Anthony Billis is a director
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/(loss) after income tax
Total comprehensive income
2022
$
2021
$
6,275
186,851
446,326
-
40,897
394,233
2022
$
Parent
2021
$
(325,250)
47,535,551
(325,250)
47,535,551
55
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 32. Parent entity information (continued)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Contributed equity
Share-based payments reserve
Retained profits
Total equity
2022
$
Parent
2021
$
143,210,911
165,408,301
259,572,685
283,788,753
7,981,682
21,980,643
23,199,229
36,610,404
17,469,165
13,972
218,890,319
17,469,165
-
229,709,184
236,373,456
247,178,349
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 2022 and 30 June 2021.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2022 and 30 June 2021. 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
2022
$
Parent
2021
$
125,237
6,910
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.
56
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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) (v)
Prometheus Management Corporation (i)
Prometheus Developments Pte Ltd
Tribune Resources Ghana Gold Ltd (iv) (vi)
Principal place of business /
Country of incorporation
Australia
Australia
Australia
Ghana
Ghana
Ghana
Philippines
Singapore
British Virgin Isiands
Ownership interest
2021
%
2022
%
46.73%
46.73%
100.00%
100.00%
100.00%
-
100.00%
100.00%
100.00%
46.73%
46.73%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-
100% owned subsidiary of Prometheus Developments Pte Ltd
(i)
100% owned subsidiary of Rand Mining Limited
(ii)
(iii) 50% owned subsidiary of Rand Mining Limited
(iv) 100% owned subsidiary of Tribune Resources (Ghana) Limited
(v)
(vi) Entity incorporated on 14 April 2022
Entity de-registered on 12 January 2022
57
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 33. Interests in subsidiaries (continued)
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 before income tax expense
Income tax expense
Profit after income tax expense
Other comprehensive income
Total comprehensive income
Statement of cash flows
Net cash from operating activities
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Other financial information
Profit attributable to non-controlling interests
Note 34. Interests in associates
Rand Mining Limited
2022
2021
$
$
77,301,774
27,365,926
73,489,828
27,965,573
104,667,700
101,455,401
4,443,495
5,066,725
6,384,588
4,884,009
9,510,220
11,268,597
95,157,480
90,186,804
32,088,399
(16,661,442)
43,320,962
(21,170,504)
15,426,957
(4,768,685)
22,150,458
(6,948,946)
10,658,272
15,201,512
-
-
10,658,272
15,201,512
11,105,176
(4,018,131)
(6,278,708)
12,639,094
(4,801,566)
(12,115,381)
808,337
(4,277,853)
5,677,919
8,098,212
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
Paraiso Consolidated Mining Corporation
Philippines
Ownership interest
2021
%
2022
%
40.00%
40.00%
58
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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
Other comprehensive income
Total comprehensive income
Note 35. Interests in joint operations
Paraiso Consolidated Mining
Corporation
2021
$
2022
$
76,465
74,317
183,045
142,801
150,782
325,846
149,861
20,636,079
163,011
19,611,395
20,785,940
19,774,406
(20,635,158)
(19,448,560)
8
(1,325,764)
8,141
(4,734,903)
(1,325,756)
(4,726,762)
(539,596)
(1,213,724)
(1,865,352)
(5,940,486)
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
East Kundana Joint Venture
Australia
Ownership interest
2021
%
2022
%
49.00%
49.00%
59
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
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
Adjustments for:
Depreciation and amortisation
Net loss/(gain) on disposal of property, plant and equipment
Share-based payments
Foreign exchange differences
Non-operating right-of-use
Non-operating payables
Unwind of discount
Gain on financial assets
Impairment of mine development
Impairment of financial assets
Impairment of exploration and evaluation
Other
Change in operating assets and liabilities:
Decrease in trade and other receivables
Decrease/(increase) in inventories
Decrease/(increase) in deferred tax assets
Decrease in trade and other payables
Increase/(decrease) in provision for income tax
Increase/(decrease) in deferred tax liabilities
Increase in employee benefits
Increase in other provisions
Net cash from operating activities
Non-cash investing and financing activities
Additions to the right-of-use assets
Changes in liabilities arising from financing activities
Balance at 1 July 2020
Net cash used in financing activities
Acquisition of leases
Other changes
Balance at 30 June 2021
Net cash used in financing activities
Balance at 30 June 2022
60
2022
$
2021
$
7,475,592
58,843,526
13,127,596
(80,544)
13,972
-
(85,307)
-
1,176
-
31,683
38,691
7,136,553
(132,980)
1,061,102
30,734,178
2,239,958
(2,606,611)
(20,270,805)
(963,300)
93,292
1,176
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
37,815,422
44,377,032
2022
$
-
2021
$
261,164
Lease
liability
$
7,560,117
(4,562,155)
261,164
56,197
3,315,323
(2,449,755)
865,568
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 37. Earnings per share
Profit after income tax
Non-controlling interest
Profit after income tax attributable to the owners of Tribune Resources Limited
Weighted average number of ordinary shares used in calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Options
Weighted average number of ordinary shares used in calculating diluted earnings per share
Basic earnings per share
Diluted earnings per share
Note 38. Share-based payments
2022
$
2021
$
7,475,592
(5,677,919)
58,843,526
(8,098,212)
1,797,673
50,745,314
Number
Number
52,468,077
52,468,077
1,000,000
-
53,468,077
52,468,077
Cents
3.43
3.36
Cents
96.72
96.72
Employee Incentive Plan
A share option plan ('Plan') has been established by the Group and approved by shareholders at the 26 November 2021 annual general meeting,
whereby the Group may, at the discretion of the Board, grant options over ordinary shares in the parent entity to certain eligible personnel of the
Group. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Board.
Set out below are summaries of options granted under the plan:
2022
Grant date
Expiry date
31/05/2022
31/05/2025
Exercise
price
$6.00
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
1,000,000
1,000,000
-
-
-
-
1,000,000
1,000,000
Weighted average exercise price
$0.00
$6.00
$0.00
$0.00
$6.00
The weighted average remaining contractual life of options outstanding at the end of the financial year was 2.92 years.
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as
follows:
Grant date
Expiry date
Share price
at grant date
Exercise
price
Expected
volatility
Dividend
yield
Risk-free
interest rate
Fair value
at grant date
31/05/2022
31/05/2025
$4.10
$6.00
40.00%
4.88%
2.78%
$0.478
Share-based payments expense recognised in profit or loss
Share-based payments expense
2022
$
13,972
2021
$
-
61
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2022
Note 39. 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.
No other matter or circumstance has arisen since 30 June 2022 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.
62
Tribune Resources Limited
Directors' declaration
30 June 2022
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 2022 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
29 September 2022
Perth
63
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 2022, 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 2022 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.
64 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
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 $80,168,923 as at 30 June 2022.
Our audit procedures included:
We considered this to be a key audit matter due to
significant
to
determine the appropriate carrying value at the
reporting date. The significant judgements include:
judgments made by management
• 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.
Inventories
Refer to Note 11 in the financial statements
As at 30 June 2022, the Group’s inventories are
mainly comprised of:
-
-
-
gold bullion of $187,760,299;
silver of $5,466,096; and
ore stockpiles of $6,609,377.
We considered this to be a key audit matter as it is the
most significant item on statement of financial position
to
and
determine the appropriate carrying value at the
reporting date. The significant judgements include:
judgments made by management
the
to
key
inputs
testing
• Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
• Assessing management’s amortisation models
supporting
and
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;
• Testing a sample of additions to supporting
documentation and ensuring
the amounts
capitalised during the year are in compliance with
the Group’s accounting policy;
• Critically assessing and evaluating management’s
indicators and
impairment
assessment of
conclusion reached;
• Testing the mathematical accuracy of the rates
applied for amortisation; and
• Assessing the appropriateness of disclosure in the
financial statements.
Our audit procedures included:
• Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
• Assessing the methodology and key assumptions
in the Group’s inventory costing model and
agreeing key inputs to supporting documentation.
This
the work
performed by management’s expert in respect of
the ore stockpiles quantity,
the
competency and objectivity of the expert;
included an assessment of
including
• 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.
• Obtaining third party confirmation on existence of
gold bullion and silver on hand;
• 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
• Assessing the appropriateness of disclosure in the
financial statements.
65 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 2022, 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/admin/file/content102/c3/ar1_2020.pdf. This
description forms part of our auditor's report.
66 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 2022.
In our opinion, the Remuneration Report of Tribune Resources Limited, for the year ended 30 June 2022, 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: 29 September 2022
AIK KONG TING
Partner
67 Tribune Resources Limited
Shareholder information
30 June 2022
The shareholder information set out below was applicable as at 14 September 2022.
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
CARSTOWE HOLDINGS PTE LTD
BNP PARIBAS NOMINEES PTY LTD (IB AU NOMS RETAILCLIENT DRP)
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
BOND STREET CUSTODIANS LIMITED (GARYHA - D81497 A/C)
NERO RESOURCE FUND PTY LTD (NERO RESOURCE FUND A/C)
MR MARK DAVID DELROY
DALY SF PTY LTD (DALY SUPER A/C)
MR SHANE COLIN MARDON
MRS JASMINE FRANCES GREEN
HALKIN PTY LTD (WYNNE SUPER FUND A/C)
Unquoted equity securities
Options over ordinary shares issued
68
Ordinary shares
% of total
shares
issued
Number
of holders
364
402
105
163
44
0.27
1.98
1.55
8.83
87.37
1,078
100.00
118
0.01
Ordinary shares
% of total
shares
issued
Number held
11,045,101
8,454,000
8,020,000
2,267,781
1,886,621
1,686,717
1,551,241
942,261
850,000
840,805
790,057
763,502
763,027
480,000
350,875
324,173
300,000
300,000
300,000
255,290
42,171,451
21.05
16.11
15.29
4.32
3.60
3.21
2.96
1.80
1.62
1.60
1.51
1.46
1.45
0.91
0.67
0.62
0.57
0.57
0.57
0.49
80.38
Number
on issue
Number
of holders
1,000,000
6
Tribune Resources Limited
Shareholder information
30 June 2022
Substantial holders
The names of the substantial shareholders disclosed to the Company as substantial shareholders at 14 September 2022 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. The Group announced an extension to the on market buy-back on 1 February 2022. The buy-back up to a maximum of 5,246,807
shares was extended to 21 February 2023. 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.
69
Tribune Resources Limited
Shareholder information
30 June 2022
Tenements
Description
Western Australia, Australia
Kundana
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
West Kimberly***
Red Lake 1***
Red Lake 2***
Red Lake 3***
Blue Dam***
Yikari***
Yikari***
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
M16/924
M16/428
M24/924
M16/213
M16/214
M16/218
M16/310
M26/563
M15/1233
M15/1234
M15/1291
M15/1388
M15/1394
M15/1409
M15/1743
P26/4173
P15/6370
P15/6433
P15/6434
E15/1664
E04/2548
P15/6398
P15/6399
P15/6400
P15/6401
P26/4476
P26/4477
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
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.
70