Tribune Resources Limited
ABN 11 009 341 539
Annual Report - 30 June 2024
Tribune Resources Limited
Contents
30 June 2024
1
Corporate directory
2
Directors' report
3
Auditor's independence declaration
26
Consolidated statement of profit or loss and other comprehensive income
27
Consolidated statement of financial position
28
Consolidated statement of changes in equity
29
Consolidated statement of cash flows
30
Notes to the consolidated financial statements
31
Consolidated entity disclosure statement
63
Directors' declaration
64
Independent auditor's report to the members of Tribune Resources Limited
65
Resources and Reserves
69
Shareholder information
72
Tribune Resources Limited
Corporate directory
30 June 2024
2
Directors
Otakar Demis - Non-Executive Chairman
Anthony Billis - Managing Director and Chief Executive Officer
Gordon Sklenka - Non-Executive Director
Alternate Director
Lyndall Vaughan (alternate to Otakar Demis)
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 29 November 2024 at 9.00am
Registered office
Suite G1, 49 Melville Parade
South Perth WA 6151
Tel: +61 (8) 9474 2113
Fax: +61 (8) 9367 9386
Principal place of business
Suite G1, 49 Melville Parade
South Perth WA 6151
Correspondence address:
PO Box 307
West Perth WA 6872
Share register
XCEND
Level 2, 477 Pitt Street
Haymarket NSW 2000
Tel: +61 (2) 7208 8033
Email: support@xcend.co
Auditor
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
Perth WA 6000
Bankers
Australia and New Zealand Banking Group Limited ('ANZ')
77 St George's Terrace
Perth WA 6000
Stock exchange listing
Tribune Resources Limited shares are listed on the Australian Securities Exchange (ASX code: TBR)
Website
www.tribune.com.au
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-and-information/
Tribune Resources Limited
Directors' report
30 June 2024
3
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 2024.
Directors
The following persons were directors of Tribune Resources Limited during the whole of the financial year and up to the date of this report, unless
otherwise stated:
Otakar Demis
Non-Executive Chairman
Anthony Billis
Managing Director and Chief Executive Officer
Gordon Sklenka
Non-Executive Director
Alternate Director:
Lyndall Vaughan*
Appointed 14 August 2023
*
Alternate to Otakar Demis
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:
2024
2023
$
$
A dividend of 20 cents per ordinary share was paid to shareholders on 30 November 2023 (30 June 2023:
dividend of 20 cents per ordinary share paid on 15 November 2022).
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 $4,334,041 (30 June 2023: $522,824).
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%).
Tribune Resources Limited
Directors' report
30 June 2024
4
KUNDANA PROJECT
Location Map
Note: The Joint Venture deposits are located within the red shaded area. Other deposits as indicated on this map do not belong to either Tribune
Resources or the Joint Venture.
Tribune Resources Limited
Directors' report
30 June 2024
5
EAST KUNDANA JOINT VENTURE
Deposit Locations
Note: The Joint Venture deposits are located within the red shaded area. Other deposits as indicated on this map do not belong to either Tribune
Resources or the Joint Venture.
Production
Raleigh
During the year ending 30 June 2024, 1,305.7 metres of jumbo development was completed in Raleigh. This included decline capital development in
the Raleigh and Sadler mining areas of 357.3 metres. Other capital jumbo development was 553.9 metres, and operating development of 394.5 metres
was completed during the year.
19,049 tonnes of ore at a grade of 4.3 g/t gold were mined from Raleigh during the year from development ore sources for 2,059 oz gold.
Raleigh will continue to be developed in FY2025 in the Sadler mining area.
Rubicon/Hornet/Pegasus ('RHP')
Jumbo development advance in RHP underground totalled 3,284.6 metres included 397.8 metres of capital decline development, 1,489.4 metres of
other capital, 968.1 metres of operating ore development, 154.3 metres of operating waste development and 275 metres of paste development.
Tribune Resources Limited
Directors' report
30 June 2024
6
During the year ended 30 June 2024, a total of 406,170 tonnes of ore at 4.3 g/t containing 56,717 oz of gold was mined from the Rubicon, Hornet and
Pegasus ore bodies.
Tribune’s entitlement to the ore extracted from underground production at EKJV was 156,411 tonnes and 21,616 oz of gold.
Year on year EKJV Mine production is summarised in the following table:
Mine Claimed Production
EKJV
Mined
Grade
Gold
Year
(t)
(g/t)
(oz)
11/12
78,229
9.6
24,103
12/13
266,113
10.3
88,666
13/14
314,685
11.3
114,454
14/15
605,988
9.5
184,302
15/16
761,483
7.3
178,931
16/17
843,340
7.1
192,487
17/18
996,445
6.2
198,276
18/19
1,072,429
6.0
208,264
19/20
954,188
5.1
156,158
20/21
888,507
3.7
106,283
21/22
455,288
3.9
57,540
22/23
432,316
5.0
69,254
23/24
425,219
4.3
58,776
The Group's entitlement
208,548
4.3
28,821
Tribune's entitlement
156,411
4.3
21,616
Ore Stockpiles
As of 30 June 2024, the Group had 80,848 tonnes (Tribune 60,636 tonnes) of ore stockpiled at a grade of 1.21 g/t which contained 3,153 oz gold
(Tribune 2,365 oz of gold).
The breakdown of the Group's high and low grade ore stockpiles is tabulated below:
Group Consolidated and Tribune Resources Limited Ore Stockpiles
Ore
Grade
Ounces
Group
Entitlement
Tribune
Entitlement
ROM Pad
Ore Source
Tonnes
g/t
Au
%
%
Rubicon ROM
EKJV RHP Ore
2,779
5.12
458
49.00
36.75
Rubicon ROM
EKJV RHP Low grade
27,848
2.27
2,029
49.00
36.75
Rubicon ROM
EKJV RHP MW
122,460
0.89
3,491
49.00
36.75
Mungari ROM
EKJV RHP LG
3,393
2.02
220
49.00
36.75
Mungari ROM
EKJV RHP MW
2,242
0.89
64
49.00
36.75
Raleigh ROM
EKJV Raleigh Ore
278
2.31
21
50.00
37.50
Raleigh ROM
EKJV Raleigh MW
5,870
0.79
149
50.00
37.50
Group Share of EKJV
Stockpiles
80,848
1.21
3,153
100.00
Tribune Share of EKJV
Stockpiles
60,636
1.21
2,365
-
100.00
The Group’s ore stockpile decreased by 21,493 tonnes and 2,433 ounces of contained gold in the 12 months from 30 June 2023.
Processing
The Group’s share of ore processed in FY 2024 was 230,508 tonnes of ore (Tribune share 172,881 tonnes at 4.21 g/t with 94.5% gold recovery for
production of 29,466 fine oz (Tribune’s share 22,099 fine oz).
All ore was processed at Evolution Mining Limited's Mungari processing plant.
Tribune Resources Limited
Directors' report
30 June 2024
7
The Group's share of ore processed is outlined in the table below:
Tribune Share of Ore Processed
Tonnes Head Grade Au
Recovery
Fine Au
Produced
Campaign Location
Milled
(g/t)
(%)
(Oz)
EVN Mungari
230,508
4.21
94.47
29,466
Total
230,508
4.21
94.47
29,466
Historical gold production from the EKJV is summarised below:
Rand and Tribune Group Bullion
Tribune's Share
Gold
Silver
Gold
To
(oz)
(oz)
(oz)
FY2024
29,466
3,810
22,099
FY2023
31,497
3,657
23,623
FY2022
37,372
6,286
28,029
FY2021
83,630
3,039
62,723
FY2020
56,352
8,335
42,264
FY2019
119,834
20,567
89,876
FY2018
94,751
14,690
71,063
FY2017
109,451
20,728
82,088
FY2016
103,747
20,647
77,810
FY2015
97,420
21,027
73,065
FY2014
79,907
18,854
59,930
FY2013
95,554
17,248
71,666
FY2012
61,864
15,841
46,398
FY2011
64,716
8,639
48,537
FY2010
77,624
12,019
58,218
FY2009
32,478
4,649
24,359
FY2008
59,638
8,048
44,729
FY2007
49,335
6,640
37,001
FY2006
25,599
3,951
19,199
Total
1,310,235
218,675
982,677
Exploration
There were no exploration drilling activities for the year ended 30 June 2024.
3,775 metres of resource definition drilling in the Raleigh deeps commenced during the first half of the year. Program’s primary purpose was to define
the Raleigh Main Vein. The drilling program’s secondary purpose was to generate further data points into the extended Skinners interpretation. The
diagram outlines further areas where the Skinners interpretation will be tested to the north.
Tribune Resources Limited
Directors' report
30 June 2024
8
A resource definition drilling campaign is currently underway at Raleigh. This program’s primary target is the Raleigh Main Vein (RMV). Sampling for
the Skinners is a further priority.
The mine-scale lithological model process for EKJV between the Lucifer and Mary faults has been updated. The new model spans three kilometres
across strike on the K2 and Strzelecki line of lodes.
This model is set to improve the current understanding of the gold mineralisation in the area. Higher resolution modelling of the lithological and
structural systems in place at EKJV provide more insight into potential exploration and targeting opportunities.
Image of the current Mungari lithological model in plan view, sliced at 6200RL. In this update, the area between the Lucifer and Mary faults which
include Raleigh, RHP and Star Trek have been refined.
Potential targeting zones in the southern Star Trek, where the Mary fault intersects the Star Trek dolerite, have been identified. The influence of a
cryptic cross-cutting structure evidenced in the Pode South and Hera domains is also observed in the southern Star Trek lodes. This has been identified
as another possible targeting opportunity.
Tribune Resources Limited
Directors' report
30 June 2024
9
Left: Perspective view of the Star Trek domains looking South. Right: Plan view looking down of grade distribution along this cross-cutting structure
seen in Pode south, Hera and Star Trek domains.
The flattening of dip angle in the K2 stratigraphy, notably the Bent Tree Basalt and Victorius Basalt contact (the K2B horizon), has been linked to
reverse offset of the mineralised veins where Pode and Hera begin the extensional mineralisation.
A target exists in the hanging wall of Hornet, this area is sparsely drilled and poses a large conceptual target for exploration.
A long section view of the K2B showing the dip of the horizon (cooler colours represent a flat dip, warmer colours represent a sub-vertical dip). The
flatter dip areas are considered favourable for gold mineralisation
Similar observations within the Pegasus decline show the same contact flattening in between the Pode and Hera domains. This area includes the Ceto
and Hestia domains.
Tribune Resources Limited
Directors' report
30 June 2024
10
Cross section of the K2 stratigraphy looking north. Pode and Hera in the HW of the K2, with a target zone ‘X’ in between. Circled are the flattening
features of the K2B structure. Inset: long section, north to left, with face dips contoured in colour.
Full details of all EKJV exploration activities including significant intersections from results received are contained the Quarterly EKJV Exploration
Reports available on the ASX.
Other projects
West Kundana Joint Venture (Tribune’s Interest 24.5%)
The West Kundana Joint Venture (WKJV) is between Tribune Resources Ltd. (24.50%) and Gilt-Edged Mining Pty. Ltd. (75.50%), who also act as the
Joint Venture Managers.
The tenements are located in the Norseman-Wiluna Archaean greenstone belt in the Easter Goldfields province of Yilgarn Craton, Western
Australia. Minimal work was undertaken during the year with project work for project ranking conducted during the year. This project identified
targets to the north and south of the Raleigh mine.
Seven Mile Hill (Tribune’s Interest 50%)
The Seven Mile Hill tenements are owned by Rand Mining Ltd and Tribune Resources Ltd at 50% each. During the period the results of previous
targeting studies were reviewed by an independent geology consultant and a proposed exploration drilling program has been developed for the Seven
Mile Hill tenements.
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 Limited
Directors' report
30 June 2024
11
An overview of the mining leases is shown below:
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 15-year period whereby
Tribune has defined significant gold mineralisation at several prospects within the mining Lease area.
No mining activities nor mineral production were undertaken by the Company during the fiscal year ending June 2024.
Resource Estimation
Mining Plus Pty Ltd of Australia was contracted by Tribune Resources to undertake the resource estimation of all the drilling activities undertaking by
Tribune on its Mining Lease. The highlights of the report is presented in the table below:
Mineral Resource Estimate for the Adiembra Deposit - July 2020
Cut Off Grade
Gold Grade
Gold
Type
Classification
g/t
Tonnes*
g/t
Ounces*
Open Pit
Indicated
0.5
4,640,000
2.6
390,000
Inferred
0.5
16,350,000
2.7
1,420,000
Total Adiembra
0.5
20,990,000
2.7
1,810,000
*
Dry metric tonnes rounded to nearest 10,000. Ounces rounded to nearest 10,000. Discrepancies may occur due to rounding.
A drilling program has been proposed for the Japa area to improve the current understanding of the Japa zone. The scope will identify extensions to
the laterite mineralisation, identifying any parallel lodes and defined the mineralisation extensions to the south.
Tribune Resources Limited
Directors' report
30 June 2024
12
Tribune Tenement showing the Japa Resource outlines, Adiembra and untested area
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.
Tribune Resources Limited
Directors' report
30 June 2024
13
Topographic map of Diwalwal Mineral Reservation. Tribune has relevant interest in the 729 Area and Upper Ulip subdivisions.
Tribune’s interest relates 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.
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.
Tribune Resources Limited
Directors' report
30 June 2024
14
Plan view of Victory Tunnel showing coverage of recent underground mapping and sampling.
Surface and underground exploration in small-scale mine (SSM) workings in Lantawan provide more evidence of a high level epithermal
system. Shown in the map below, Lantawan vein is extended to at least 200m of strike length to the north (green outline). The veins are NE-SW
trending, slightly offset to the north of the main Lantawan vein trace. More NW-SE trending veins are mapped at the southern portion (white outline).
These veins appear to be spur veins, some orthogonal to the Lantawan Ridge. The quartz ± calcite veins are 5-30cm wide, usually faulted. Vein texture
varies from massive to fine crystalline, to milky in some portions. Trenching and test-pit activities tested vein extensions, returning appreciable gold
results, the highest so far at 29.3ppm. High-risk SSM operations continue to persist in the area, proving the high-grade nature of the veins.
Lantawan vein system and small scale mining activities
Tribune Resources Limited
Directors' report
30 June 2024
15
More than 1,200m strike length from Kumander Inday tunnel to high gold test pit
Financial Review
The Group achieved a 60.8% increase in statutory net profit after tax of $7,883,313 for the year ended 30 June 2024 (30 June 2023: $4,902,590). As
a result of increased gold prices, gold sales increased to $107,899,825 during the year from $92,046,025 in 2023. Ounces sold remained similar across
both years.
During the year the largest cost increases were seen across depreciation and amortisation which increased by $2,764,362, impairment of assets which
increased by $17,401,906, administration expenses increased by $2,796,337 and mining expenses increased by $7,007,915. The increased mining
expenses mainly relate to Raleigh being $6,846,496 which is on care and maintenance between April 2020 and April 2023 due to seismic activity. The
increase in impairment relates to management’s decision to impair Raleigh mine development and impaired exploration in accordance with the
Company’s accounting policies.
The tax expense for the year was $5,857,000, this was $1,463,507 higher than the previous year and was driven by the increased revenue.
Financial position
During the year total assets increased 2.2% to $313,233,150 with cash and cash equivalents increasing from $7,095,040 to $8,914,882. The largest
increases in assets were in relation to the inventories $7,821,200, the net carrying value of property, plant and equipment of $3,007,330 and an
increase in deferred tax assets of $4,789,503.
The net carrying value of mine development decreased during the year by $4,157,360. This was the result of additions of $24,480,095 being offset by
amortisation of $11,473,238 and management’s decision to impair $17,164,217 of Raleigh mine development.
The total liabilities of the Group increased 63.9% at 30 June 2024. The largest increases were the result of an income tax payable of $5,323,598 at the
end of the period compared to a $6,549,172 refund due at 30 June 2023. Trade and other payables increased 69.4%. This was mostly the result of a
larger than normal creditor balance for the EKJV at 30 June 2024.
Cash flow
The cash inflows for the year amounted to $1,822,218 (30 June 2023: $257,548 inflow).
2024
2023
Change
Change
$
$
$
%
Cash flows from operating activities
46,755,803
28,304,600
18,451,203
65%
Cash flows used in investing activities
(31,364,122)
(13,792,597)
(17,571,525)
127%
Cash flows used in financing activities
(13,569,463)
(14,254,455)
684,992
(5%)
Net increase in cash and cash equivalents
1,822,218
257,548
1,564,670
608%
Cash and cash equivalents at the beginning of the financial year
7,095,040
6,840,897
254,143
4%
Effects of exchange rate changes on cash and cash equivalents
(2,376)
(3,405)
1,029
(30%)
Cash and cash equivalents at the end of the financial year
8,914,882
7,095,040
1,819,842
26%
Net cash from operating activities increased $18,451,203 of which $15,850,342 related to increased gold sales revenue.
Tribune Resources Limited
Directors' report
30 June 2024
16
Net cash used in investing activities increased from an outflow of ($13,792,597) in 2023 to a ($31,364,122) outflow in the 2024 financial year.
($2,299,500) in additional outflows were the result of expenditure primarily on mining plant and equipment and ($15,178,444) was the result of
increased mine development spending due to the Raleigh restart.
Cashflows from financing activities decreased by $684,992 due to a reduction in lease payments. Net dividend payments remained the same as the
2023 financial year at ($13,523,535).
Corporate
Share Buy-Back
On 31 January 2024, 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 proposed buy-back end date is 20 February 2025.
The number of securities on issue at 30 June 2024 is 52,468,077.
Executive appointments
Ms Lyndall Vaughan was appointed as alternate Director to Mr Otakar Demis on 14 August 2023.
Material business risks
The material business risks the Group believes may have an impact on its operating and financial prospects are as follows:
Gold price and foreign exchange currency fluctuations
The Group is exposed to fluctuations in the gold and silver prices which can impact revenue. The Board actively monitors the price of gold and silver
to ensure that the best prices are achieved on each sale.
Through its projects in Ghana and the Philippines the Group is also exposed to foreign exchange rate fluctuations which can impact costs. The Board
monitors exchange rates to ensure they can achieve the best price possible on each currency purchase.
Mineral Resources and Ore Reserves
The Group’s Mineral Resources and Ore Reserves are estimates based largely on interpretations of geological data. No assurances can be given that
Resources and Reserves are accurate and that the indicated levels of gold and silver can be recovered from any project. To reduce the risks the Group
ensures estimates are determined in accordance with the JORC Code and compiled or reviewed by qualified competent persons.
East Kundana Joint Venture risk
The Group does not have a controlling interest in the East Kundana Joint Venture and is therefore reliant on the manager to effectively manage the
operating risks of mining operations and to provide accurate information in relation to those operations.
The Group monitors the operations of the Joint Venture via Operating and Technical Committees. The Group also makes every effort to ensure that
the information received from the Manager is accurate seeking external advice or making its own enquiries where necessary.
Government regulation
The Group’s operations and exploration are subject to extensive laws in Australia, Philippines, and Ghana. The Group cannot give any assurances that
future amendments to current laws or regulations won’t have a material impact on its projects. The Group monitors new laws and regulations to
ensure compliance and address any impacts on projects as early as possible.
Exploration and development risk
Sustaining or increasing current levels of production in the future is in part dependent on successful exploration and development activities. There is
a risk that Ore Reserves may be depleted and not offset by new discoveries or developments. The exploration for, and development of, mineral
deposits involves significant risks that even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery
of an ore body may result in substantial rewards, few properties that are explored subsequently have economic deposits of gold identified, and even
fewer are ultimately developed into producing mines. Major expenses may be required to locate and establish mineral reserves, to establish rights to
mine the ground, to receive all necessary operating permits, to develop metallurgical processes and to construct mining and processing facilities at a
particular site.
Climate change
The Group acknowledges that its business may be impacted by the effects of climate change. The Group is committed to understanding these risks
and developing strategies to manage their impact.
Environmental, health and safety
The Group has environmental liabilities associated with each project which have arisen because of its mining operations and exploration projects.
The Group is subject to extensive laws and regulations governing the protection and management of the health and safety of workers, the
environment, waste disposal, mine development and rehabilitation and local cultural heritage.
The Group seeks to obtain and comply with the required permits and approvals needed for each project. It acknowledged that any delays in obtaining
these approvals may affect the Group’s operations or its ability to continue its operations. Any non-compliance may result in regulatory fines and/or
civil liability.
Tribune Resources Limited
Directors' report
30 June 2024
17
Cyber attack
Our operations are supported by and dependent upon information technology managed internally and by the third party providers who manage our
cloud services. There is a risk that cyber attacks could cause business disruption, financial loss, inappropriate disclosure of information or reputation
damage.
To manage these risks the Group employs a number of technical controls such as firewalls and antivirus software. They monitor all security incidents
and escalates them to our external IT partners as necessary. The Group has also implemented disaster recovery testing and training and is working
with third party providers to understand their disaster recovery processes and address any risks.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2024 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.
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:
Otakar Demis
Title:
Non-Executive Chairman and Joint Company Secretary
Experience and expertise:
Otakar is a private investor and businessman with over 30 years' experience as a director of the
Company.
Other current directorships:
Non-Executive Chairman and Joint Company Secretary of Rand Mining Limited (ASX: RND)
Former directorships (last 3 years):
None
Interests in shares:
12,000 ordinary shares held directly
Interests in options:
None
Name:
Anthony Billis
Title:
Executive Director and Managing Director
Experience and expertise:
Anthony has over 30 years’ experience in gold exploration within the mining industry in Western
Australia. He has been involved in the exploration and development of the Kundana project for over 30
years.
Other current directorships:
Executive Director of Rand Mining Limited (ASX: RND)
Former directorships (last 3 years):
None
Interests in shares:
17,251,136 ordinary shares (17,351 held directly and 17,233,785 held indirectly)
Interests in options:
None
Tribune Resources Limited
Directors' report
30 June 2024
18
Name:
Gordon Sklenka
Title:
Non-Executive Director
Qualifications:
B.Comm
Experience and expertise:
Gordon has worked in Chartered Accounting, Stockbroking and Corporate Advisory in Perth, Sydney and
Toronto and has in excess of 25 years’ experience in corporate finance in the resources and technology
industries predominantly focusing on capital raisings, initial public offerings ('IPOs'), acquisitions and
project finance.
Other current directorships:
Non-Executive Director of Rand Mining Limited (ASX: RND)
Former directorships (last 3 years):
None
Interests in shares:
None
Interests in options:
None
Alternate director
Name:
Lyndall Vaughan
Title:
Non-Executive Director (appointed 14 August 2023)
Experience and expertise:
Lyndall has a Bachelor of Business (Major in Accounting) and is a Certified Practising Accountant. She has
worked for both Rand Mining Limited and Tribune Resources Ltd for over 19 years and is currently
Finance Manager of both.
Other current directorships:
Non-Executive Director of Rand Mining Limited (ASX: RND)
Former directorships (last 3 years):
None
Interests in shares:
None
Interests in options:
400,000 options over ordinary shares
'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 2024, and the number of meetings
attended by each director were:
Full Board
Attended
Held
O Demis
3
3
A Billis
3
3
G Sklenka
3
3
Held: represents the number of meetings held during the time the director held office.
The function of the Nomination and Remuneration Committee was undertaken by the Full Board.
Remuneration report (audited)
The remuneration report, which has been audited, outlines the director and key management personnel remuneration arrangements for the Group
and the Company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity,
directly or indirectly, including all directors.
Tribune Resources Limited
Directors' report
30 June 2024
19
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 three components:
●
base pay and non-monetary benefits;
●
short-term performance incentives; and
●
long-term incentives.
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board, based on individual
and business unit performance, the overall performance of the Group and comparable market remunerations.
Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not
create any additional costs to the Group and adds additional value for the executive.
Tribune Resources Limited
Directors' report
30 June 2024
20
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 and share-based payments.
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 2024, 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 2023 Annual General Meeting ('AGM')
At the last AGM 98.73% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2023. 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 - Managing Director and Chief Executive Officer
●
Gordon Sklenka - Non-Executive Director
●
Lyndall Vaughan - Alternate to Otakar Demis (appointed 14 August 2023)
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.
2024
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
Non-
Super-
Leave
Equity-
Tribune Resources Limited
and fees
Bonus (3) monetary (1)
annuation
benefits
settled (4)
Total
$
$
$
$
$
$
$
Non-Executive Directors:
O Demis
40,000
-
-
4,400
-
-
44,400
G Sklenka
30,000
-
-
-
-
-
30,000
L Vaughan (2) (3) (4)
182,845
18,868
-
21,537
6,319
80,894
310,463
Executive Directors:
A Billis (1)
98,729
-
45,863
10,086
3,276
-
157,954
351,574
18,868
45,863
36,023
9,595
80,894
542,817
(1)
Includes expense benefits plus applicable fringe benefits tax payable on benefits.
(2)
Lyndall Vaughan was appointed as alternate Director to Mr Otakar Demis on 14 August 2023.
(3)
Bonus is discretionary and was paid on 15 December 2023.
(4)
Share-based payment was awarded as part of the employee share scheme before Lyndall Vaughan became an Alternate Director.
Tribune Resources Limited
Directors' report
30 June 2024
21
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Rand Mining Limited
Cash salary
and fees
Bonus
Non-
monetary
Super-
annuation
Leave
benefits
Equity-
settled
Total
$
$
$
$
$
$
$
Non-Executive Directors:
O Demis
40,000
-
-
4,400
-
-
44,400
G Sklenka
30,000
-
-
-
-
-
30,000
L Vaughan
27,571
-
-
2,919
948
-
31,438
Executive Directors:
A Billis
98,729
-
-
10,086
3,276
-
112,091
196,300
-
-
17,405
4,224
-
217,929
Total Tribune and Rand
547,874
18,868
45,863
53,428
13,819
80,894
760,746
2023
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
Non-
Super-
Leave
Equity-
Tribune Resources Limited
and fees
Bonus monetary (1)
annuation
benefits
settled
Total
$
$
$
$
$
$
$
Non-Executive Directors:
O Demis
40,000
-
-
4,200
-
-
44,200
G Sklenka
30,000
-
-
-
-
-
30,000
Executive Directors:
A Billis (1)
95,214
-
57,842
9,998
-
-
163,054
165,214
-
57,842
14,198
-
-
237,254
(1)
Includes expense benefits plus applicable fringe benefits tax payable on benefits.
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Rand Mining Limited
Cash salary
and fees
Bonus
Non-
monetary
Super-
annuation
Leave
benefits
Equity-
settled
Total
$
$
$
$
$
$
$
Non-Executive Directors:
O Demis
40,000
-
-
4,200
-
-
44,200
G Sklenka
30,000
-
-
-
-
-
30,000
Executive Directors:
A Billis
95,214
-
-
9,997
-
-
105,211
165,214
-
-
14,197
-
-
179,411
Total Tribune and Rand
330,428
-
57,842
28,395
-
-
416,665
Tribune Resources Limited
Directors' report
30 June 2024
22
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
O Demis
100.0%
100.0%
-
-
-
-
G Sklenka
100.0%
100.0%
-
-
-
-
L Vaughan
74.2%
-
-
-
25.8%
-
Executive Directors:
A Billis
97.6%
100.0%
-
-
2.4%
-
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:
Anthony Billis
Title:
Executive Director, Managing Director and Chief Executive Officer
Term of agreement:
Ongoing
Details:
Tribune's salary package includes base salary, superannuation and fringe benefits up to $165,000 per
annum. Rand's salary package includes base salary, superannuation and fringe benefits up to $165,000
per annum. The Group total is $330,000 per annum.
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 2024.
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in
this financial year or future reporting years are as follows:
Number of
Fair value
options
Vesting date and
per option
Name
granted Grant date
exercisable date
Expiry date
Exercise price
at grant date
L Vaughan
400,000 31 May 2022
1 June 2024
31 May 2025
$6.00
$0.478
Options granted carry no dividend or voting rights.
The number of options over ordinary shares granted to and vested by directors and other key management personnel as part of compensation during
the year ended 30 June 2024 are set out below:
Number of
Number of
Number of
Number of
options
options
options
options
granted
granted
vested
vested
during the
during the
during the
during the
year
year
year
year
Name
2024
2023
2024
2023
L Vaughan
-
-
400,000
-
Tribune Resources Limited
Directors' report
30 June 2024
23
Details of options over ordinary shares granted, vested and lapsed for directors and other key management personnel as part of compensation during
the year ended 30 June 2024 are set out below:
Number of
Value of
Value of
Number of
Value of
options
options
options
options
options
Name
Grant date
Vesting date
granted
granted
vested
lapsed
lapsed
$
$
$
L Vaughan
31 May 2022
1 June 2024
-
-
191,200
-
-
Additional information
The earnings of the Group for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Sales revenue
107,899,825
92,046,025
124,064,015
177,568,700
179,367,328
EBITDA
27,860,477
20,629,456
26,873,283
110,865,948
94,031,327
EBIT
13,593,481
9,126,822
13,745,691
93,002,792
75,107,334
Profit after income tax
7,883,313
4,902,590
7,475,592
58,843,526
47,353,849
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2024
2023
2022
2021
2020
Share price at financial year end ($)
3.30
3.20
3.85
4.60
7.29
Total dividends declared (cents per share)
30.00
30.00
30.00
30.00
30.00
Basic earnings per share (cents per share)
8.26
1.00
3.43
96.72
87.19
Diluted earnings per share (cents per share)
8.26
1.00
3.43
96.72
87.19
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key management personnel of the Group,
including their personally related parties, is set out below:
Balance at
Received
Balance at
the start of
as part of
Disposals/
the end of
the year
remuneration
Additions
other
the year
Ordinary shares
O Demis
12,000
-
-
-
12,000
A Billis
17,251,136
-
-
-
17,251,136
G Sklenka
-
-
-
-
-
L Vaughan
-
-
-
-
-
17,263,136
-
-
-
17,263,136
Option holding
The number of options over ordinary shares in the Company held during the financial year by each director and other members of key management
personnel of the Group, including their personally related parties, is set out below:
Balance at
Expired/
Balance at
the start of
forfeited/
the end of
the year
Granted
Exercised
other
the year
Options over ordinary shares
O Demis
-
-
-
-
-
A Billis
-
-
-
-
-
G Sklenka
-
-
-
-
-
L Vaughan
400,000
-
-
-
400,000
400,000
-
-
-
400,000
Tribune Resources Limited
Directors' report
30 June 2024
24
Balance at
Vested and
Vested and
the end of
exercisable
unexercisable
the year
Options over ordinary shares
O Demis
-
-
-
A Billis
-
-
-
G Sklenka
-
-
-
L Vaughan
400,000
-
400,000
400,000
-
400,000
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:
2024
$
Payment for other expenses:
Payment of exploration related expenses for Lake Grace Exploration Pty Ltd (1)
10,449
Payment of rent, rates and levies to Melville Parade Pty Ltd (1)
132,858
Reimbursement of operating expenses to Iron Resources Liberia Ltd (1)
451,143
(1)
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.
Shares under option
Unissued ordinary shares of Tribune Resources Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
31 May 2022
31 May 2025
$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 2024 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.
Tribune Resources Limited
Directors' report
30 June 2024
25
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to
intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those
proceedings.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 28
to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm on the
auditor's behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
The directors are of the opinion that the services as disclosed in note 28 to the financial statements do not compromise the external auditor's
independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and
●
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) issued by the Accounting Professional and Ethical Standards Board, including reviewing or
auditing the auditor's own work, acting in a management or decision-making capacity for the Company, acting as advocate for the Company or
jointly sharing economic risks and rewards.
Officers of the Company who are former partners of RSM Australia Partners
There are no officers of the Company who are former partners of RSM Australia Partners.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this
directors' report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Anthony Billis
Director
27 September 2024
Perth
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
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
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 2024,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
AIK KONG TING
Dated: 27 September 2024
Partner
Tribune Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Note
2024
2023
$
$
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
27
Revenue
5
107,941,990
92,108,169
Other income
6
-
183,124
Interest revenue calculated using the effective interest method
299,172
191,628
Expenses
Changes in inventories
7,515,772
(1,393,198)
Employee benefits expense
(2,252,076)
(2,161,606)
Management fees
(1,489,241)
(1,765,385)
Depreciation and amortisation expense
7
(14,266,996)
(11,502,634)
Impairment of assets
7
(19,924,329)
(2,522,423)
Write-off of mine development assets
16
-
(9,812,886)
Administration expenses
(7,696,187)
(4,899,850)
Mining expenses
(44,337,216)
(37,329,301)
Processing expenses
(9,616,661)
(9,300,911)
Royalty expenses
(1,979,251)
(2,059,380)
Foreign currency losses
(62,964)
(106,887)
Other expenses
7
(239,360)
(310,010)
Finance costs
7
(152,340)
(22,367)
Profit before income tax expense
13,740,313
9,296,083
Income tax expense
8
(5,857,000)
(4,393,493)
Profit after income tax expense for the year
7,883,313
4,902,590
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Gain on the revaluation of land and buildings, net of tax
2,295,553
-
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(445,030)
(535,536)
Other comprehensive income for the year, net of tax
1,850,523
(535,536)
Total comprehensive income for the year
9,733,836
4,367,054
Profit for the year is attributable to:
Non-controlling interest
3,549,272
4,379,766
Owners of Tribune Resources Limited
22
4,334,041
522,824
7,883,313
4,902,590
Total comprehensive income for the year is attributable to:
Non-controlling interest
3,549,272
4,379,766
Owners of Tribune Resources Limited
6,184,564
(12,712)
9,733,836
4,367,054
Cents
Cents
Basic earnings per share
37
8.26
1.00
Diluted earnings per share
37
8.26
1.00
Tribune Resources Limited
Consolidated statement of financial position
As at 30 June 2024
Note
2024
2023
$
$
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
28
Assets
Current assets
Cash and cash equivalents
9
8,914,882
7,095,040
Trade and other receivables
10
1,142,280
868,453
Inventories
11
208,712,382
200,891,182
Income tax refund due
8
-
6,549,172
Total current assets
218,769,544
215,403,847
Non-current assets
Financial assets at fair value through profit or loss
12
202,189
441,549
Property, plant and equipment
13
11,459,690
8,452,360
Right-of-use assets
14
-
43,885
Exploration and evaluation
15
9,473,490
9,309,795
Mine development
16
67,478,116
71,635,476
Deferred tax asset
8
5,850,121
1,060,618
Total non-current assets
94,463,606
90,943,683
Total assets
313,233,150
306,347,530
Liabilities
Current liabilities
Trade and other payables
17
12,501,509
7,378,832
Lease liabilities
18
-
45,928
Income tax
8
5,323,598
-
Provisions
19
407,162
380,299
Total current liabilities
18,232,269
7,805,059
Non-current liabilities
Deferred tax liability
8
6,831,390
6,589,959
Provisions
19
1,738,432
1,960,368
Total non-current liabilities
8,569,822
8,550,327
Total liabilities
26,802,091
16,355,386
Net assets
286,431,059
289,992,144
Equity
Contributed equity
20
58,200,026
58,200,026
Reserves
21
484,142
(1,594,995)
Retained profits
22
175,185,016
181,344,590
Equity attributable to the owners of Tribune Resources Limited
233,869,184
237,949,621
Non-controlling interest
23
52,561,875
52,042,523
Total equity
286,431,059
289,992,144
Tribune Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2024
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
29
Contributed
Retained Non-controlling
equity
Reserves
profits
interest
Total equity
$
$
$
$
$
Balance at 1 July 2022
58,200,026
(1,294,973)
191,315,381
50,692,677
298,913,111
Profit after income tax expense for the year
-
-
522,824
4,379,766
4,902,590
Other comprehensive income for the year, net of tax
-
(535,536)
-
-
(535,536)
Total comprehensive income for the year
-
(535,536)
522,824
4,379,766
4,367,054
Transactions with owners in their capacity as
owners:
Share-based payments (note 38)
-
235,514
-
-
235,514
Dividends
-
-
(10,493,615)
(3,029,920)
(13,523,535)
Balance at 30 June 2023
58,200,026
(1,594,995)
181,344,590
52,042,523
289,992,144
Contributed
Retained Non-controlling
equity
Reserves
profits
interest
Total equity
$
$
$
$
$
Balance at 1 July 2023
58,200,026
(1,594,995)
181,344,590
52,042,523
289,992,144
Profit after income tax expense for the year
-
-
4,334,041
3,549,272
7,883,313
Other comprehensive income for the year, net of tax
-
1,850,523
-
-
1,850,523
Total comprehensive income for the year
-
1,850,523
4,334,041
3,549,272
9,733,836
Transactions with owners in their capacity as
owners:
Share-based payments (note 38)
-
228,614
-
-
228,614
Dividends
-
-
(10,493,615)
(3,029,920)
(13,523,535)
Balance at 30 June 2024
58,200,026
484,142
175,185,016
52,561,875
286,431,059
Tribune Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2024
Note
2024
2023
$
$
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
30
Cash flows from operating activities
Receipts from customers
107,900,316
92,079,774
Payments to suppliers and employees
(62,759,580)
(59,386,835)
Interest received
297,358
189,441
Interest and other finance costs paid
(149,989)
(18,667)
Income taxes refunded
1,467,698
-
Income taxes paid
-
(4,559,113)
Net cash from operating activities
36
46,755,803
28,304,600
Cash flows from investing activities
Payments for property, plant and equipment
(3,908,154)
(1,608,654)
Payments for exploration and evaluation
(2,975,872)
(3,045,461)
Payments for mine development
(24,480,096)
(9,301,652)
Proceeds from disposal of property, plant and equipment
-
163,170
Net cash used in investing activities
(31,364,122)
(13,792,597)
Cash flows from financing activities
Net dividends paid
(13,523,535)
(13,523,535)
Repayment of lease liabilities
(45,928)
(730,920)
Net cash used in financing activities
(13,569,463)
(14,254,455)
Net increase in cash and cash equivalents
1,822,218
257,548
Cash and cash equivalents at the beginning of the financial year
7,095,040
6,840,897
Effects of exchange rate changes on cash and cash equivalents
(2,376)
(3,405)
Cash and cash equivalents at the end of the financial year
9
8,914,882
7,095,040
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
31
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 27 September 2024. The directors have the power
to amend and reissue the financial statements.
Note 2. Material accounting policy information
The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous
financial year, 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 2024.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The following Accounting Standards and Interpretations are most relevant to the Group:
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates
Amendments of AASB 7, 101 and 108 provide definition and clarifications on accounting estimates and clarify the concept of materiality in the context
of disclosure of accounting policies. The amendments were applied from 1 July 2023. The amendments did not have a material impact on the Group.
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 2024 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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
32
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control,
is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-
controlling interest acquired is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive
income, statement of financial position and statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-
controlling interest in full, even if that results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary
together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the
fair value of any investment retained together with any gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports
provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and
assessing their performance.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Tribune Resources Limited's functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into the Group's functional currency using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and
expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of
the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency
reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods
or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance
obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of
money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct
good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to
the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any
potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value'
or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be
recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The
measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that
are subject to the constraining principle are recognised as a refund liability.
Sale of gold
Sale of gold revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are
transferred to the customer and there is a valid sales contract.
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
33
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.
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.
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
34
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 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 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 measured at amortised cost. 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.
The loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss.
Property, plant and equipment
Land and buildings are shown at fair value, based on periodic valuations conducted by external independent valuers at least every three years, less
subsequent depreciation and impairment for buildings. The valuations are undertaken more frequently if there is a material change in the fair value
relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset
and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildings
are credited to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken to the revaluation surplus reserve to the
extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their
expected useful lives as follows:
Buildings
11 years
Plant and equipment
3 - 5 years
Motor vehicles
8 years
Mining plant and equipment
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
35
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.
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.
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
36
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be
required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the
best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties
surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The
increase in the provision resulting from the passage of time is recognised as a finance cost.
Site rehabilitation
Rehabilitation costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the
site in accordance with the requirements of the mining permits. Such costs are determined using estimates of future costs, current legal requirements
and technology.
Rehabilitation costs are recognised at present value as a non-current liability. An equivalent amount is capitalised as part of the cost of the asset when
an obligation arises to decommission or restore a site to certain condition after abandonment as a result of bringing the assets to its present location.
The capitalised cost is amortised over the life of the project and the provision is accreted periodically as the discounting of the liability unwinds. The
unwinding of the discount is recorded as a finance cost.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of
the reporting date are recognised in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid
when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date is measured as the present
value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to
expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using
market yields at the reporting date on high-quality corporate bonds with terms to maturity and currency that match, as closely as possible, the
estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
37
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.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Tribune Resources Limited, excluding any costs of servicing
equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect
of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares
that would have been outstanding assuming conversion of all dilutive potential ordinary shares.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority.
In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to,
the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from,
or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early
adopted by the Group for the annual reporting period ended 30 June 2024. The Group's assessment of the impact of these new or amended
Accounting Standards and Interpretations, most relevant to the Group, are set out below.
AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-current
The standard makes amendments to paragraphs 69 to 76 of AASB 101 to specify the requirements for classifying liabilities as current or non-current.
The amendments clarify:
●
What is meant by a right to defer settlement;
●
That a right to defer must exist at the end of the reporting period;
●
That classification is unaffected by the likelihood that an entity will exercise its deferral right; and
●
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
classification.
The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The
amendments are not expected to have a material impact on the Group.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
38
AASB 18 Presentation and Disclosure in Financial Statements
This standard is applicable to annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. The standard replaces
AASB 101 'Presentation of Financial Statements', although many of the requirements have been carried forward unchanged and is accompanied by
limited amendments to the requirements in AASB 107 ‘Statement of Cash Flows’. The standard will affect presentation and disclosure in the financial
statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing,
income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before
financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before
interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information
(aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The Group will
adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other
comprehensive income.
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.
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.
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.
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 4. Operating segments (continued)
39
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 Evolution Mining Ltd, West Africa and Philippines.
Major customers
During the year ended 30 June 2024 approximately 100% (30 June 2023: 100%) of the Group's external revenue was derived from sales to one
customer.
Operating segment information
As noted above, the Board only considers one segment to be a reportable segment for its reporting purposes. As such, the reportable information
the CODM reviews is detailed throughout the financial statements.
Note 5. Revenue
2024
2023
$
$
Revenue from contracts with customers
Sales of gold
107,899,825
92,046,025
Other revenue
Other revenue
42,165
62,144
Revenue
107,941,990
92,108,169
Disaggregation of revenue
All sales of gold were made in Australia and recognised as point in time revenue.
Note 6. Other income
2024
2023
$
$
Net gain on disposal of property, plant and equipment
-
183,124
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
40
Note 7. Expenses
2024
2023
$
$
Profit before income tax includes the following specific expenses:
Depreciation
Buildings (note 13)
157,460
143,854
Plant and equipment (note 13)
28,526
39,471
Motor vehicles (note 13)
16,058
29,104
Mining plant and equipment (note 13)
2,547,829
1,809,596
Plant and equipment - right-of-use assets (note 14)
43,885
1,458,398
Total depreciation
2,793,758
3,480,423
Amortisation
Mine development (note 16)
11,473,238
8,022,211
Total depreciation and amortisation
14,266,996
11,502,634
Impairment of assets
Exploration and evaluation (note 15)
2,760,112
2,522,423
Mine development (note 16)
17,164,217
-
Total impairment of assets
19,924,329
2,522,423
Finance costs
Interest and finance charges paid/payable on borrowings
151,811
18,667
Interest and finance charges paid/payable on lease liabilities
529
3,700
Finance costs expensed
152,340
22,367
Net fair value loss
Net fair value loss on financial assets measured at fair value through profit or loss (note 12)
239,360
310,010
Superannuation expense
Defined contribution superannuation expense
153,019
144,345
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
41
Note 8. Income tax
2024
2023
$
$
Income tax expense
Current tax
10,465,035
6,814,855
Deferred tax - origination and reversal of temporary differences
(4,548,072)
(2,421,362)
Adjustment recognised for prior periods
(59,963)
-
Aggregate income tax expense
5,857,000
4,393,493
Deferred tax included in income tax expense comprises:
Decrease/(increase) in deferred tax assets
(4,789,503)
9,392,442
Increase/(decrease) in deferred tax liabilities
241,431
(11,813,804)
Deferred tax - origination and reversal of temporary differences
(4,548,072)
(2,421,362)
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense
13,740,313
9,296,083
Tax at the statutory tax rate of 30%
4,122,094
2,788,825
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Entertainment expenses
727
1,203
Tax offset for franked dividends
(1,139,004)
(1,139,004)
Non-taxable dividends
1,139,004
1,139,004
Consulting fees
15,000
23,393
Impairment
(4,450,912)
(3,813,567)
Net foreign exchange losses
44,414
-
Other - non-deductible
193,228
202,691
Sundry items
75,735
43,811
286
(753,644)
Adjustment recognised for prior periods
(59,963)
-
Tax benefit not brought to account
6,463,313
5,603,859
Difference in foreign tax rate
(546,636)
(456,722)
Income tax expense
5,857,000
4,393,493
2024
2023
$
$
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
6,623,252
8,974,078
Potential tax benefit at statutory tax rates
2,318,138
3,140,927
At 30 June 2024, the Group had a potential deferred tax asset of Ghanaian Cedi ('GH₵') GH₵67,515,309 (AUD $6,623,252) (30 June 2023:
GH₵68,661,654 (AUD $8,974,078)). The above potential tax benefit for tax losses have not been recognised in the statement of financial position.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 8. Income tax (continued)
42
2024
2023
$
$
Deferred tax asset
Deferred tax asset comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Property, plant and equipment
5,140,457
277,962
Leases
-
13,779
Rehabilitation provisions
391,147
441,083
Blackhole expenditure
4,547
14,219
Sundry accruals and provisions for leave
313,970
313,575
Deferred tax asset
5,850,121
1,060,618
Movements:
Opening balance
1,060,618
10,453,060
Credited/(charged) to profit or loss
4,789,503
(9,392,442)
Closing balance
5,850,121
1,060,618
2024
2023
$
$
Deferred tax liability
Deferred tax liability comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Right-of-use assets
-
149,773
Capitalised exploration and mine development
3,455,673
2,946,811
Consumables
609,124
484,543
Trading stock
2,509,854
1,839,990
Other non-tax depreciable assets
193,413
-
Other
63,326
1,168,842
Deferred tax liability
6,831,390
6,589,959
Movements:
Opening balance
6,589,959
18,403,763
Charged/(credited) to profit or loss
241,431
(11,813,804)
Closing balance
6,831,390
6,589,959
2024
2023
$
$
Income tax refund due
Income tax refund due
-
6,549,172
2024
2023
$
$
Provision for income tax
Provision for income tax
5,323,598
-
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
43
Note 9. Cash and cash equivalents
2024
2023
$
$
Current assets
Cash on hand
10,013
5,546
Cash at bank
8,854,869
7,039,494
Cash on deposit
50,000
50,000
8,914,882
7,095,040
Cash at bank bears fixed interest at 4.10% (30 June 2023: 4.11%) and cash on hand is non-interest bearing.
Cash on deposit bears floating interest rates of 4.21% (30 June 2023: 3.87%). These deposits have an average maturity of 180 days.
Note 10. Trade and other receivables
2024
2023
$
$
Current assets
Other receivables
858,515
496,356
Prepayments
283,765
372,097
1,142,280
868,453
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
Carrying amount
Allowance for expected credit
losses
2024
2023
2024
2023
2024
2023
%
%
$
$
$
$
Not overdue
-
-
858,515
496,356
-
-
Note 11. Inventories
2024
2023
$
$
Current assets
Ore stockpiles - at cost
9,225,420
9,238,386
Gold in transit - at cost
9,034,630
-
Gold on hand - at cost
179,815,405
183,753,736
Silver on hand - at net realisable value
8,366,179
6,355,699
Consumables - at cost
2,270,748
1,543,361
208,712,382
200,891,182
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
44
Note 12. Financial assets at fair value through profit or loss
2024
2023
$
$
Non-current assets
Listed securities - at fair value through profit or loss
202,189
441,549
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
441,549
751,559
Change in fair value
(239,360)
(310,010)
Closing carrying amount
202,189
441,549
Note 13. Property, plant and equipment
2024
2023
$
$
Non-current assets
Land and buildings - at independent valuation
2,982,768
1,542,130
Less: Accumulated depreciation
(33,527)
(291,882)
2,949,241
1,250,248
Plant and equipment - at cost
483,105
487,280
Less: Accumulated depreciation
(435,634)
(421,545)
47,471
65,735
Motor vehicles - at cost
257,244
292,944
Less: Accumulated depreciation
(257,244)
(275,947)
-
16,997
Mining plant and equipment - at cost
55,425,553
54,225,876
Less: Accumulated depreciation
(51,097,666)
(48,583,876)
4,327,887
5,642,000
Construction work in progress - at cost
4,135,091
1,477,380
11,459,690
8,452,360
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 13. Property, plant and equipment (continued)
45
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
Plant and
Motor
Mining plant
and
Construction
work in
buildings
equipment
vehicles
equipment
progress*
Total
$
$
$
$
$
$
Balance at 1 July 2022
1,932,982
102,118
61,024
5,207,746
50,299
7,354,169
Additions
-
17,783
-
15,189
1,575,683
1,608,655
Disposals
-
(3,675)
-
-
-
(3,675)
Exchange differences
(538,880)
(11,020)
(14,923)
(787)
-
(565,610)
Transfers in/(out)
-
-
-
148,602
(148,602)
-
Depreciation expense
(143,854)
(39,471)
(29,104)
(1,809,596)
-
(2,022,025)
Reclassified from plant and equipment
- right-of-use (note 14)
-
-
-
2,080,846
-
2,080,846
Balance at 30 June 2023
1,250,248
65,735
16,997
5,642,000
1,477,380
8,452,360
Additions
-
31,557
-
-
3,876,597
3,908,154
Disposals
-
-
-
-
-
-
Revaluations
2,295,553
-
-
-
-
2,295,553
Exchange differences
(439,100)
(21,295)
(939)
14,830
-
(446,504)
Transfers in/(out)
-
-
-
1,218,886
(1,218,886)
-
Depreciation expense
(157,460)
(28,526)
(16,058)
(2,547,829)
-
(2,749,873)
Balance at 30 June 2024
2,949,241
47,471
-
4,327,887
4,135,091
11,459,690
*
Construction work in progress related to Rubicon/Hornet/Pegasus and Raleigh mines.
Valuations of land and buildings
On 17 May 2024, 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
2024
2023
$
$
Non-current assets
Plant and equipment - right-of-use
261,164
261,164
Less: Accumulated depreciation
(261,164)
(217,279)
-
43,885
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 14. Right-of-use assets (continued)
46
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Plant and
equipment -
right-of-use
$
Balance at 1 July 2022
3,559,611
Additions
23,518
Depreciation expense
(1,458,398)
Reclassified to mining plant and equipment* (note 13)
(2,080,846)
Balance at 30 June 2023
43,885
Depreciation expense
(43,885)
Balance at 30 June 2024
-
*
Reclassified to mining plant and equipment due to the end of lease.
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 2024;
●
note 25 for maturity analysis at 30 June 2024; and
●
consolidated statement of cash flows for repayment of lease liabilities.
Note 15. Exploration and evaluation
2024
2023
$
$
Non-current assets
Exploration and evaluation - at cost
9,473,490
9,309,795
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Exploration
and evaluation
$
Balance at 1 July 2022
8,791,986
Additions
3,040,232
Impairment
(2,522,423)
Balance at 30 June 2023
9,309,795
Additions
2,923,807
Impairment
(2,760,112)
Balance at 30 June 2024
9,473,490
The recoverability of the carrying amount of exploration and evaluation assets is dependent upon the successful development and commercial
exploitation, or alternatively, sale of the respective areas of interest.
Drilling activities for the year included 6,576 metres of underground diamond drilling at EKJV Raleigh main vein down dip position.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 15. Exploration and evaluation (continued)
47
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 $2,760,112 (30 June 2023: $2,522,423) has
been recognised in profit or loss in relation to areas of interest where no future exploration and evaluation activities are expected.
Note 16. Mine development
2024
2023
$
$
Non-current assets
Mine development - at cost
293,828,997
274,591,083
Less: Accumulated amortisation
(203,944,483)
(197,713,426)
Less: Impairment
(22,406,398)
(5,242,181)
67,478,116
71,635,476
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Mine
development
$
Balance at 1 July 2022
80,168,923
Additions
9,301,650
Write off of capitalised drilling*
(9,812,886)
Amortisation expense
(8,022,211)
Balance at 30 June 2023
71,635,476
Additions
24,480,095
Impairment of assets**
(17,164,217)
Amortisation expense
(11,473,238)
Balance at 30 June 2024
67,478,116
*
In June 2023, an assessment of historical capitalised resource extensions was undertaken by the EKJV, with $9,812,886 being written off.
**
In June 2024, an assessment of mine development was undertaken with $17,164,217 for Raleigh being impaired.
Mine development includes $29,475,413 in relation to the Rubicon underground development, $36,041,846 for the Pegasus underground
development, $273,112 in mine under construction costs for Hornet and Golden Hind open pit permitting and compliance and $1,687,755 relating to
resource extension drilling on Rubicon/Hornet and Pegasus.
Note 17. Trade and other payables
2024
2023
$
$
Current liabilities
Trade payables
11,372,435
6,879,565
Accrued expenses
1,115,238
429,836
Other payables
13,836
69,431
12,501,509
7,378,832
Refer to note 25 for further information on financial instruments.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
48
Note 18. Lease liabilities
2024
2023
$
$
Current liabilities
Lease liability
-
45,928
Refer to note 25 for further information on financial instruments.
Note 19. Provisions
2024
2023
$
$
Current liabilities
Employee benefits
407,162
380,299
Non-current liabilities
Rehabilitation
1,738,432
1,960,368
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.
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set out below:
Rehabilitation
2024
$
Carrying amount at the start of the year
1,960,368
Impact of revision to expected cash flows (net of accretion)
(221,936)
Carrying amount at the end of the year
1,738,432
Note 20. Contributed equity
2024
2023
2024
2023
Shares
Shares
$
$
Ordinary shares - fully paid
52,468,077
52,468,077
58,200,026
58,200,026
Ordinary shares
Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the Company be
wound up in proportions that consider both the number of shares held and the extent to which those shares are paid up. The fully paid ordinary
shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Options
The Company has 1,000,000 options on issue.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 20. Contributed equity (continued)
49
Share buy-back
On 31 January 2024, the Company announced it would extend the on-market buy-back of ordinary shares up to a maximum of 5,246,807 ordinary
fully paid shares to 20 February 2025. 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 2023 Annual Report.
Note 21. Reserves
2024
2023
$
$
Revaluation surplus reserve
6,843,704
4,548,151
Foreign currency reserve
(3,524,978)
(3,079,948)
Share-based payments reserve
478,100
249,486
Change in ownership interest reserve
(3,312,684)
(3,312,684)
484,142
(1,594,995)
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 21. Reserves (continued)
50
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Revaluation
Foreign
Share-based
Change in
ownership
surplus
currency
payments
interest
Total
$
$
$
$
$
Balance at 1 July 2022
4,548,151
(2,544,412)
13,972
(3,312,684)
(1,294,973)
Foreign currency translation
-
(535,536)
-
-
(535,536)
Share-based payments
-
-
235,514
-
235,514
Balance at 30 June 2023
4,548,151
(3,079,948)
249,486
(3,312,684)
(1,594,995)
Revaluation - gross
2,295,553
-
-
-
2,295,553
Foreign currency translation
-
(445,030)
-
-
(445,030)
Share-based payments
-
-
228,614
-
228,614
Balance at 30 June 2024
6,843,704
(3,524,978)
478,100
(3,312,684)
484,142
Note 22. Retained profits
2024
2023
$
$
Retained profits at the beginning of the financial year
181,344,590
191,315,381
Profit after income tax expense for the year
4,334,041
522,824
Dividends paid (note 24)
(10,493,615)
(10,493,615)
Retained profits at the end of the financial year
175,185,016
181,344,590
Note 23. Non-controlling interest
2024
2023
$
$
Contributed equity
6,236,621
6,236,621
Retained profits
46,325,254
45,805,902
52,561,875
52,042,523
Note 24. Dividends
Dividends
Dividends paid during the financial year were as follows:
2024
2023
$
$
A dividend of 20 cents per ordinary share was paid to shareholders on 30 November 2023 (30 June 2023:
dividend of 20 cents per ordinary share paid on 15 November 2022).
10,493,615
10,493,615
Other than the above, there were no further dividends recommended or declared during the current financial year.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 24. Dividends (continued)
51
Franking credits
2024
2023
$
$
Franking credits available for subsequent financial years based on a tax rate of 30%
157,981,799
165,245,293
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
2024
2023
2024
2023
Australian dollars
Ghanaian New Cedi
0.1229
0.1341
0.0981
0.1307
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:
Assets
Liabilities
2024
2023
2024
2023
$
$
$
$
Ghanaian New Cedi
3,217,022
1,551,617
141,818
150,147
The Group had net assets denominated in foreign currencies of $3,075,204 (assets $3,217,022 less liabilities $141,818) as at 30 June 2024 (30 June
2023: $1,401,470 (assets $1,551,617 less liabilities $150,147)).
Had the Australian dollar weakened by 60%/strengthened by 60% (30 June 2023: 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:
AUD strengthened
AUD weakened
2024
% change
Effect on profit
before tax Effect on equity
% change
Effect on profit
before tax Effect on equity
Ghanaian New Cedi
60%
1,845,122
1,845,122
60%
(1,845,122)
(1,845,122)
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 25. Financial instruments (continued)
52
AUD strengthened
AUD weakened
2023
% change
Effect on profit
before tax Effect on equity
% change
Effect on profit
before tax Effect on equity
Ghanaian New Cedi
60%
840,882
840,882
60%
(840,882)
(840,882)
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 2024 was $62,964 (30 June 2023: $73,462).
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 $3,171.54 per ounce (30 June 2023: $2,721.16) 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 $1,078,324 (30 June
2023: $917,032).
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:
2024
2023
Weighted
average
interest rate
Balance
Weighted
average
interest rate
Balance
%
$
%
$
Cash at bank
4.10%
8,854,869
4.11%
7,043,001
Deposits at call
4.21%
50,000
3.87%
50,000
Net exposure to cash flow interest rate risk
8,904,869
7,093,001
An official increase/decrease in interest rates of one hundred (30 June 2023: one hundred) basis point would have a favourable/adverse effect on
profit before tax of $890,487 (30 June 2023: favourable/adverse effect $709,300) 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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 25. Financial instruments (continued)
53
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
Remaining
contractual
maturities
2024
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
-
11,372,435
-
-
-
11,372,435
Other payables
-
13,836
-
-
-
13,836
Interest-bearing - fixed rate
Lease liability
-
-
-
-
-
-
Total non-derivatives
11,386,271
-
-
-
11,386,271
Weighted
average
interest rate
1 year or less
Between 1 and
2 years
Between 2 and
5 years
Over 5 years
Remaining
contractual
maturities
2023
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
-
6,879,565
-
-
-
6,879,565
Other payables
-
69,431
-
-
-
69,431
Interest-bearing - fixed rate
Lease liability
3.92%
46,458
-
-
-
46,458
Total non-derivatives
6,995,454
-
-
-
6,995,454
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
Level 1
Level 2
Level 3
Total
2024
$
$
$
$
Assets
Listed securities - equity
202,189
-
-
202,189
Land and buildings
-
-
2,949,241
2,949,241
Total assets
202,189
-
2,949,241
3,151,430
Level 1
Level 2
Level 3
Total
2023
$
$
$
$
Assets
Listed securities - equity
441,549
-
-
441,549
Land and buildings
-
-
1,250,248
1,250,248
Total assets
441,549
-
1,250,248
1,691,797
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 26. Fair value measurement (continued)
54
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 17 May 2024, 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:
Land and
buildings
$
Balance at 1 July 2022
1,932,982
Exchange differences
(538,880)
Depreciation
(143,854)
Balance at 30 June 2023
1,250,248
Gains recognised in other comprehensive income
2,295,553
Exchange differences
(439,100)
Depreciation
(157,460)
Balance at 30 June 2024
2,949,241
Note 27. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is set out below:
2024
2023
$
$
Short-term employee benefits
612,605
388,270
Post-employment benefits
53,428
28,395
Long-term benefits
13,819
-
Share-based payments
80,894
-
760,746
416,665
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
55
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, its
network firms and unrelated firms:
2024
2023
$
$
Audit services - RSM Australia Partners
Audit or review of the financial statements
157,000
153,000
Other services - RSM Australia Partners
Tax compliance services
124,000
147,550
281,000
300,550
Audit services - network firms
Audit or review of the financial statements
13,907
-
Other services - unrelated firms
Audit or review of the financial statements - PKF
106,772
95,730
Financial accounts - PKF Ghana
538
-
Audit of Rand Exploration - PKF
58,500
-
Audit of Rand Exploration - Grant Thornton
50,000
-
Audit fees - non-operative audit (EKJV) - PricewaterhouseCoopers
6,672
-
Audit or review of the financial statements - SCG Audits
-
2,787
Audit or review of the financial statements (EKJV) - PricewaterhouseCoopers
33,320
35,955
Tax compliance services - PricewaterhouseCoopers Ghana
217,439
198,427
473,241
332,899
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
2024
2023
$
$
Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
Property, plant and equipment
8,491,910
11,280
Lease commitments - tenements rent and rates
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
1,063,614
1,103,542
One to five years
4,219,513
4,155,531
More than five years
6,260,559
8,322,055
11,543,686
13,581,128
Capital commitments relate to mining capital expenditure commitments approved by the East Kundana joint venture participants.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
56
Note 31. Related party transactions
Parent entity
Tribune Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 33.
Associates
Interests in associates are set out in note 34.
Joint operations
Interests in joint operations are set out in note 35.
Key management personnel
Disclosures relating to key management personnel are set out in note 27 and the remuneration report included in the directors' report.
Transactions with related parties
The following transactions occurred with related parties:
2024
2023
$
$
Payment for other expenses:
Payment for exploration expenses for Lake Grace Exploration Pty Ltd *
10,449
12,334
Payment of rent, rates and levies to Melville Parade Pty Ltd*
132,858
148,259
Reimbursement of operating expenses to Iron Resources Liberia Ltd*
451,143
397,487
*
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
Parent
2024
2023
$
$
Profit/(loss) after income tax
3,835,118
(464,169)
Total comprehensive income
3,835,118
(464,169)
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 32. Parent entity information (continued)
57
Statement of financial position
Parent
2024
2023
$
$
Total current assets
137,173,500
135,817,718
Total assets
240,333,479
237,646,285
Total current liabilities
14,699,313
5,624,261
Total liabilities
21,112,177
11,995,099
Equity
Contributed equity
17,469,165
17,469,165
Share-based payments reserve
478,100
249,486
Retained profits
201,274,037
207,932,535
Total equity
219,221,302
225,651,186
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 2024 and 30 June 2023.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023, other than what is disclosed in note 29.
Capital commitments
Parent
2024
2023
$
$
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
6,368,932
8,460
Material accounting policy information
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.
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
58
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:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Rand Mining Limited*
Australia
46.73%
46.73%
Rand Exploration N.L.*
Australia
46.73%
46.73%
Mount Manning Resources Pty Ltd
Australia
100.00%
100.00%
Tribune Resources (Ghana) Limited
Ghana
100.00%
100.00%
Fort Accra Ltd
Ghana
100.00%
100.00%
Tribune Resources Ghana Gold Ltd
British Virgin Islands
100.00%
100.00%
Prometheus Developments Pte Ltd
Singapore
100.00%
100.00%
Prometheus Management Corporation
Philippines
100.00%
100.00%
*
These entities are party to a deed of cross guarantee, dated 21 June 2023, under which each company guarantees the debts of the other.
Summarised financial information
Summarised financial information of the subsidiary with non-controlling interests that are material to the Group are set out below:
Rand Mining Limited
2024
2023
$
$
Summarised statement of financial position
Current assets
81,234,168
79,564,722
Non-current assets
23,009,159
22,507,517
Total assets
104,243,327
102,072,239
Current liabilities
3,420,134
2,201,414
Non-current liabilities
2,156,958
2,179,489
Total liabilities
5,577,092
4,380,903
Net assets
98,666,235
97,691,336
Summarised statement of profit or loss and other comprehensive income
Revenue
34,848,840
30,249,011
Expenses
(25,086,371)
(18,265,180)
Profit before income tax expense
9,762,469
11,983,831
Income tax expense
(3,099,974)
(3,762,379)
Profit after income tax expense
6,662,495
8,221,452
Other comprehensive income
-
-
Total comprehensive income
6,662,495
8,221,452
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
Note 33. Interests in subsidiaries (continued)
59
Rand Mining Limited
2024
2023
$
$
Statement of cash flows
Net cash from operating activities
14,454,784
9,250,028
Net cash used in investing activities
(7,745,738)
(3,381,848)
Net cash used in financing activities
(5,699,078)
(5,870,326)
Net increase/(decrease) in cash and cash equivalents
1,009,968
(2,146)
Other financial information
Profit attributable to non-controlling interests
3,549,272
4,379,766
Note 34. Interests in associates
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:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Paraiso Consolidated Mining Corporation
Philippines
40.00%
40.00%
Summarised financial information
Paraiso Consolidated Mining
Corporation
2024
2023
$
$
Summarised statement of financial position
Current assets
142,430
36,482
Non-current assets
28,348
49,960
Total assets
170,778
86,442
Current liabilities
42,777
173,420
Non-current liabilities
21,813,109
21,294,830
Total liabilities
21,855,886
21,468,250
Net liabilities
(21,685,108)
(21,381,808)
Summarised statement of profit or loss and other comprehensive income
Revenue
3
13,184
Expenses
(831,015)
(457,799)
Loss before income tax
(831,012)
(444,615)
Other comprehensive income
(1,083,453)
363,993
Total comprehensive income
(1,914,465)
(80,622)
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
60
Note 35. Interests in joint operations
The Group has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the
financial statements under the appropriate classifications. Information relating to joint operations that are material to the Group are set out below:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
East Kundana Joint Venture
Australia
49.00%
49.00%
Note 36. Cash flow information
Reconciliation of profit after income tax to net cash from operating activities
2024
2023
$
$
Profit after income tax expense for the year
7,883,313
4,902,590
Adjustments for:
Depreciation and amortisation
14,266,996
11,502,634
Net gain on disposal of property, plant and equipment
-
(183,124)
Share-based payments
228,614
235,514
Non-operating right-of-use
(34,446)
(88,720)
Impairment of financial assets
239,360
310,010
Impairment of exploration and evaluation
2,760,112
2,522,423
Impairment of mine development - Raleigh
17,164,217
-
Write off of capitalised drilling
-
9,812,886
Other
39,042
33,588
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables
(272,010)
410,394
(Increase)/decrease in inventories
(7,821,200)
1,425,993
(Increase)/decrease in deferred tax assets
(4,789,503)
9,392,442
Increase/(decrease) in trade and other payables
5,172,180
(2,563,080)
Increase in provision for income tax
11,872,770
2,255,742
Increase/(decrease) in deferred tax liabilities
241,431
(11,813,804)
Increase in employee benefits
26,863
23,325
(Decrease)/increase in other provisions
(221,936)
125,787
Net cash from operating activities
46,755,803
28,304,600
Changes in liabilities arising from financing activities
Lease
liability
$
Balance at 1 July 2022
865,568
Net cash used in financing activities
(730,920)
Other changes
(88,720)
Balance at 30 June 2023
45,928
Net cash used in financing activities
(45,928)
Balance at 30 June 2024
-
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
61
Note 37. Earnings per share
2024
2023
$
$
Profit after income tax
7,883,313
4,902,590
Non-controlling interest
(3,549,272)
(4,379,766)
Profit after income tax attributable to the owners of Tribune Resources Limited
4,334,041
522,824
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
52,468,077
52,468,077
Weighted average number of ordinary shares used in calculating diluted earnings per share
52,468,077
52,468,077
Cents
Cents
Basic earnings per share
8.26
1.00
Diluted earnings per share
8.26
1.00
Note 38. Share-based payments
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:
2024
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
31/05/2022
31/05/2025
$6.00
1,000,000
-
-
-
1,000,000
1,000,000
-
-
-
1,000,000
Weighted average exercise price
$6.00
$0.00
$0.00
$0.00
$6.00
2023
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
31/05/2022
31/05/2025
$6.00
1,000,000
-
-
-
1,000,000
1,000,000
-
-
-
1,000,000
Weighted average exercise price
$6.00
$0.00
$0.00
$0.00
$6.00
The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.92 years.
Share-based payments expense recognised in profit or loss
2024
2023
$
$
Share-based payments expense
228,614
235,514
Tribune Resources Limited
Notes to the consolidated financial statements
30 June 2024
62
Note 39. Events after the reporting period
No matter or circumstance has arisen since 30 June 2024 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.
Tribune Resources Limited
Consolidated entity disclosure statement
As at 30 June 2024
63
Place formed /
Ownership
Country of
interest
Foreign
Entity name
Entity type(1)
incorporation
% Tax residency
jurisdiction
Tribune Resources Limited(2)
Body corporate
Australia
-
Australian
N/A
Rand Mining Limited
Body corporate
Australia
46.73% Australian
N/A
Rand Exploration NL
Body corporate
Australia
46.73% Australian
N/A
Mount Manning Resources Pty Ltd
Body corporate
Australia
100.00% Australian
N/A
Tribune Resources (Ghana) Limited
Body corporate
Ghana
100.00% Foreign
Ghana
Fort Accra Ltd
Body corporate
Ghana
100.00% Foreign
Ghana
Tribune Resources Ghana Gold Ltd
Body corporate
British Virgin Islands
100.00% Foreign
N/A (dormant)
Prometheus Developments Pte Ltd
Body corporate
Singapore
100.00% Foreign
Singapore
Prometheus Management Corporation
Body corporate
Philippines
100.00% Foreign
Philippines
(1)
None of the entities noted above were trustees of trusts within the Group, partners in a partnership within the Group or participants in a joint
venture within the Group.
(2)
Tribune Resources Limited is the head entity of the Group.
Basis of preparation
This consolidated entity disclosure statement ('CEDS') has been prepared in accordance with subsection 295(3A)(a) of the Corporations Act 2001. The
entities listed in the statement are Rand Mining Limited and all the entities it controls as at 30 June 2024 in accordance with AASB 10 'Consolidated
Financial Statements'.
The percentage of share capital disclosed for body corporates included in this statement represents the economic interests consolidated in the
consolidated financial statements. The Directors have relied on advice provided by management and the Company’s tax advisers.
In the context of an entity which was an Australian resident, "Australian resident" has the meaning provided in the Income Tax Assessment Act 1997.
The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several
different interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation's public guidance in Tax
Ruling TR 2018/5.
Tribune Resources Limited
Directors' declaration
30 June 2024
64
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 2024 and of its performance
for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and
●
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
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
27 September 2024
Perth
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
www.rsm.com.au
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
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 consolidated statement of financial position as at 30 June 2024, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, the consolidated entity disclosure statement 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 2024 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 (including independence standards) (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.
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
How our audit addressed this matter
Carrying value of mine development and property, plant and equipment - Refer to Note 13 and 16 in the
financial statements
The Group has mine development and property,
plant and equipment with a carrying value of
$67,478,116 and $11,459,690 respectively as at 30
June 2024.
We considered this to be a key audit matter due to
significant judgments made by management to
determine the appropriate carrying value at the
reporting date. The significant judgements include:
•
Application of the units of production method in
determining the amortisation charge for the year.
This included determining the appropriate ore
reserve estimate and the cost allocation
attributable to mine development; and
•
Assessing whether any impairment indicators
existed at the reporting date in relation to the
mine development and property, plant and
equipment.
Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
•
Assessing management’s amortisation models and
testing key inputs to supporting documentation. This
included an assessment of the work performed by
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
assessment
of
impairment
indicators
and
conclusion reached;
•
Testing the mathematical accuracy of the rates
applied for amortisation;
•
Assessing the impairment expense recognised in
the consolidated statement of profit or loss was
appropriately calculated; and
•
Assessing
the
disclosure
in
the
financial
statements.
Existence and valuation of inventories - Refer to Note 11 in the financial statements
As at 30 June 2024, the Group’s inventories are
mainly comprised of:
-
gold on hand of $188,850,035
-
silver on hand of $8,366,179; and
-
ore stockpiles of $9,225,420.
We considered this to be a key audit matter as it is
the most significant balance on the consolidated
statement of financial position and the judgments
made by management to determine the appropriate
carrying value at the reporting date. The significant
judgements include:
• Valuation of inventories is based on an inventory
costing model developed by management, which
considers the direct and indirect 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; and
•
Assessing
the
net
realisable
value
of
inventories.
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, including
agreeing key inputs to supporting documentation
and performing analytical review procedures to
assess the reasonableness of the cost per ton of ore
mined;
•
Obtaining third party confirmation on existence of
gold on hand and silver on hand at reporting date;
•
Critically assessing and evaluating survey reports
prepared by a management expert in relation to
existence of ore stockpiles at reporting date;
•
Critically assessing and evaluating management’s
assessment of net realisable value; and
•
Assessing
the
disclosures
in
the
financial
statements.
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 2024 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:
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of 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.
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 2024.
In our opinion, the Remuneration Report of Tribune Resources Limited, for the year ended 30 June 2024, 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
Perth, WA
AIK KONG TING
Dated: 27 September 2024
Partner
Tribune Resources Limited
Resources and Reserves
30 June 2024
69
Mineral Resources
Consolidated Group - Tribune Resources Limited and Rand Mining Limited
30 June 2024
Measured
Indicated
Inferred
Total Resources
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Frade Ounces
(000's)
(g/t)
(000's)
(000's)
(g/t)
(000's)
(000's)
(g/t)
(000's)
(000's)
(g/t)
(000's)
Surface
-
-
-
310
2.1
21
200
1.2
8
510
1.8
29
Underground
600
6.4
123
1,900
5.6
342
2,010
4.0
261
4,510
5.0
726
Stockpiles RHP
81
1.2
3
-
-
-
-
-
-
81
1.2
3
Sub-Total East Kundana JV
681
5.8
126
2,210
5.1
363
2,210
3.8
269
5,101
4.6
758
ADIEMBRA, JAPA PROJECT,
GHANA
-
-
-
4,640
2.6
390
16,350
2.7
1,420
20,990
2.7
1,810
Total
681
5.8
126
6,850
3.4
753
18,560
2.8
1,689
26,091
3.1
2,568
Ore Reserves
Consolidated Group - Tribune Resources Limited and Rand Mining Limited
30 June 2024
Proved
Probable
Total Reserves
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
(000's)
(g/t)
(000's)
(000's)
(g/t)
(000's)
(000's)
(g/t)
(000's)
Surface
-
-
-
200
2.6
17
200
2.6
17
Underground
300
4.6
44
1,300
4.0
169
1,600
4.1
213
Stockpiles RHP
81
1.2
3
-
-
-
81
1.2
3
Sub-Total East Kundana JV
381
3.9
47
1,500
3.9
186
1,881
3.9
233
Total
381
3.9
47
1,500
3.9
186
1,881
3.9
233
Notes to tables:
●
EKJV Resources and Reserves are estimated by Evolution Mining Limited for period ending 31 December 2023 and were reported on 14 February
2024 in Evolution Mining Limited ASX Announcement “Annual Mineral Resources and Ore Reserves Statement” included in the Mungari results.
●
Stockpiles are reported at 30 June 2024.
●
Resources and Reserves as reported on a Group basis. The Group holds a 49% interest in the EKJV Mineral Resource with the exception of
Raleigh where the interest is 50%. The Group includes Tribune Resources Limited which holds a 36.75% interest and Rand Mining Limited which
holds a 12.25% interest in the EKJV Mineral Resource with the exception of Raleigh in which Tribune holds a 37.5% interest and Rand Mining a
12.5% interest.
●
The Group hold a 49% interest (Tribune 36.75% interest and Rand Mining Limited 12.25% interest) in the Raleigh-Sadler portion of the tenement
M16/309 and other deposits on the tenement M16/309.
●
Raleigh Ore produced from the Raleigh Underground Operation is allocated as 50% to the Group under the Ore Division Agreement (Tribune
37.5% and Rand 12.5%)
●
Resources are inclusive of Reserves but exclude mined areas and areas sterilised by mining activities.
●
Gold price used for the EKJV Resource Estimation is AUD$2,500/oz.
●
Gold price used for the EKJV Reserve Estimation is AUD$1,800/oz.
●
Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding
Additional Resources and Reserves Information
Mineral Resources comparison
At 30 June 2024, the Consolidated Group's Mineral Resources amounted to 26.1 million tonnes grading 3.1g/t gold for 2.6 million ounces of gold.
(Tribune Resources allocation 24.8 million tonnes grading 3.0 g/t gold for 2.4 million ounces of gold).
The EKJV Mineral Resource was reported within A$2,500/oz optimised mining shapes and is inclusive of Ore Reserves but excludes mined areas and
areas sterilised by mining activities.
Tribune Resources Limited
Resources and Reserves
30 June 2024
70
Comparison with the Mineral Resources at 30 June 2023 shows a decrease of 191,000 tonnes and a decrease of 59,000 ounces due to revised costs
and design parameters, revised gold price assumption, mining depletion and stockpile adjustment.
The design changes are attributable to:
●
Assumed gold price change from A$2,200/oz. to A$2,500/oz.;
●
Reduced processing costs based on development of a 4.2 million tonne per annum plant (Future Growth Project) at Mungari;
●
Underground mining costs increased in line with review of actual costs; and
●
Sustaining capital and haulage costs excluded.
Mineral Resources
Deposit
30 June 2024
30 June 2023
(Mt)
Au (g/t)
Au (Moz)
(Mt)
Au (g/t)
Au (Moz)
EKJV and Stockpiles
5.10
4.6
0.76
529.00
4.8
0.82
Adiembra
20.99
2.7
1.81
20.99
2.7
1.81
Total
26.09
3.1
2.57
26.28
3.1
2.63
Ore Reserves comparison
At 30 June 2024, the Consolidated Group Ore Reserves amounted to 1.88 million tonnes grading 3.9 g/t gold for 233,000 ounces of gold. (Tribune
Resources Limited allocation of ore reserves was 1.41 million tonnes grading 3.9 g/t gold for 175,000 ounces of gold).
Key changes to the 31 December 2023 Ore Reserve estimate included updated block modelling and an increase of the minimum Gold Price that was
used for generating cut-off grades and optimisations from A$1,600 to A$1,800 per ounce. The CY23 Underground Ore Reserve estimate also includes
updated geotechnical guidance for the RHP and Raleigh assets with full extraction of stoping blocks to reduce the incidence of isolated pillars subject
to high stress conditions. Material extracted due to this guidance and where incremental costs exceed revenue but sit below the planned cut-off
grade is included in the Ore Reserve estimate.
The reported Ore Reserve estimate is defined within appropriately designed open pit shapes or underground stope shapes which have considered
relevant modifying factors and include planned dilution and ore loss.
Comparison with the Ore Reserves at 30 June 2023 shows an increase of approximately 349,000 tonnes and a decrease of 20,000 ounces.
Ore Reserves
Deposit
30 June 2024
30 June 2023
(Mt)
Au (g/t)
Au (Koz)
(Mt)
Au (g/t)
Au (Koz)
EKJV and Stockpiles
1.88
3.9
233
1.53
5.1
254
Total
1.88
3.9
233
1.53
5.1
254
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 2024 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.
Tribune Resources Limited
Resources and Reserves
30 June 2024
71
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.
Tribune Resources Limited
Shareholder information
30 June 2024
72
The shareholder information set out below was applicable as at 11 September 2024.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
% of total
Number
shares
of holders
issued
1 to 1,000
339
0.24
1,001 to 5,000
374
1.94
5,001 to 10,000
102
1.55
10,001 to 100,000
152
8.87
100,001 and over
40
87.40
1,007
100.00
Holding less than a marketable parcel
115
0.01
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number held
issued
EVOLUTION MINING LIMITED
11,045,101
21.05
TRANS GLOBAL CAPITAL LTD
8,554,000
16.30
SIERRA GOLD LTD
8,020,000
15.29
MARFORD GROUP PTY LTD
2,267,781
4.32
BNP PARIBAS NOMS PTY LTD
2,176,757
4.15
CITICORP NOMINEES PTY LIMITED
1,728,949
3.30
BNP PARIBAS NOMINEES PTY LTD (CLEARSTREAM)
1,484,997
2.83
BNP PARIBAS NOMINEES PTY LTD (IB AU NOMS RETAILCLIENT)
1,090,573
2.08
HAVANNAH INVESTMENTS PTY LTD
970,892
1.85
CARSTOWE HOLDINGS PTE LTD
790,057
1.51
TREASURY SERVICES GROUP PTY LTD (NERO RESOURCE FUND A/C)
778,128
1.48
MR PHILLIP JOHN DOYLE (P J DOYLE FAMILY A/C)
700,001
1.33
RAYPOINT PTY LTD
637,500
1.22
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
623,299
1.19
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
410,902
0.78
BOND STREET CUSTODIANS LIMITED (GARYHA - D81497 A/C)
338,962
0.65
MR MARK DAVID DELROY
324,173
0.62
MD & HWD SF PTY LTD (MD & HWD SUPER FUND A/C)
300,000
0.57
HALKIN PTY LTD (WYNNE SUPER FUND A/C)
294,269
0.56
MR SHANE COLIN MARDON
278,500
0.53
42,814,841
81.61
Unquoted equity securities
Number
Number
on issue
of holders
Unlisted Options expiring 31 May 2025 @ $6.00
1,000,000
8
Tribune Resources Limited
Shareholder information
30 June 2024
73
Substantial holders
The names of the substantial shareholders disclosed to the Company as substantial shareholders at 11 September 2023 are:
Ordinary shares
% of total
shares
Number held
issued
Anton Billis and Related Parties
17,091,136
32.57
Sierra Gold Ltd
17,091,136
32.57
Evolution Mining Limited
11,045,101
21.05
Trans Global Capital Limited
8,454,000
16.11
On-market buy-back
On 31 January 2024, the Company announced it would extend the on-market buy-back of ordinary shares up to a maximum of 5,246,807 ordinary
fully paid shares to 20 February 2025. The issued capital at the end of the year was 52,468,077 ordinary fully paid shares. During the year, no shares
were bought-back.
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
There are no other classes of equity securities.
Tribune Resources Limited
Shareholder information
30 June 2024
74
Tenements
Description
Tenement number
Interest
owned* %
Western Australia, Australia
Kundana
M15/1413
49.00
Kundana
M15/993
49.00
Kundana
M16/181
49.00
Kundana
M16/182
49.00
Kundana
M16/308
49.00
Kundana
M16/309
49.00
Kundana
M16/325
49.00
Kundana
M16/326
49.00
Kundana
M16/421
49.00
Kundana
M16/924
49.00
Kundana
M16/428
49.00
Kundana
M24/924
49.00
West Kundana
M16/213
24.50
West Kundana
M16/214
24.50
West Kundana
M16/218
24.50
West Kundana
M16/310
24.50
Seven Mile Hill
M26/563
100.00
Seven Mile Hill
M15/1233
100.00
Seven Mile Hill
M15/1234
100.00
Seven Mile Hill
M15/1291
100.00
Seven Mile Hill
M15/1388
100.00
Seven Mile Hill
M15/1394
100.00
Seven Mile Hill
M15/1409
100.00
Seven Mile Hill
M15/1743
100.00
Seven Mile Hill
P26/4173
100.00
Seven Mile Hill
P15/6370
100.00
Seven Mile Hill
P15/6433
100.00
Seven Mile Hill
P15/6434
100.00
Seven Mile Hill
E15/1664
100.00
West Kimberly**
E04/2548
100.00
Red Lake 1
P15/6398
100.00
Red Lake 2
P15/6399
100.00
Red Lake 3
P15/6400
100.00
Blue Dam**
P15/6401
100.00
Yikari
P26/4476
100.00
Yikari
P26/4477
100.00
Ghana, West Africa
Japa Concession.
100.00
Mindanao, Philippines
Diwalwal Gold Project
729 Area**
40.00
Diwalwal Gold Project
Upper Ulip Area**
40.00
*
Includes Rand Mining Limited’s, Rand Exploration NL’s and Prometheus Developments Pte Ltd where applicable.
**
Prometheus Developments Pte Ltd has entered into an investment agreement with Paraiso Consolidated Mining Corporation ('Pacominco').