Highlights:

• EKJV Ore Reserves increased 9% to 0.54 million ounces of contained gold as at 31 December 2025.
• Total Mineral Resources stood at 1.61 million ounces, with the estimate reflecting mining depletion and updated cost assumptions.
• Tribune Resources shares jumped 11.844% to AU$5.760, gaining AU$0.609 during the day.

EKJV Update Brings Reserve Growth into Focus

Tribune Resources Limited (ASX: TBR) released an updated East Kundana Joint Venture (EKJV) Mineral Resource and Ore Reserve Statement on 5 August 2026, providing investors with a fresh assessment of the gold inventory across the Western Australian joint venture. The EKJV, located near Kalgoorlie, is managed by Evolution Mining Limited, which holds a 51% interest. Tribune Resources owns 36.75%, while Rand Mining holds 12.25%, subject to different ownership arrangements at certain Raleigh tenements. Investor attention was also drawn to Tribune's strong share price performance, with the stock trading at AU$5.760, up AU$0.609 or 11.844% during the day.

Ore Reserves Rise Despite Lower Grades

The updated statement estimated the EKJV's total Ore Reserve at 5.09 million tonnes grading 3.28 grams per tonne of gold for 0.54 million ounces of contained gold as at 31 December 2025. This represented a 9% increase in contained gold compared with the December 2024 estimate of 0.49 million ounces. The growth was driven by an increase in probable reserves, although the overall reserve grade declined from 3.57g/t to 3.28g/t. Updated cost assumptions and mining factors were incorporated into the assessment, with the economic evaluation based on an Ore Reserve commodity price assumption of AU$3,000 per ounce of gold.

Mineral Resource Estimate Moderates

The total EKJV Mineral Resource was estimated at 14.60 million tonnes at 3.42g/t gold, containing 1.61 million ounces. This marked a modest 3% decline in contained gold from the 1.66 million ounces reported a year earlier. The reduction was attributed primarily to mining depletion, increased underground mining costs and stockpile adjustments. Mining depletion alone accounted for approximately 60,000 ounces.

Key Deposits Support the Gold Inventory

The updated resource incorporates several EKJV deposits, including Hornet, Pegasus-Drake, Pode-Hera, Raleigh, Rubicon-Nugget and Star Trek. The Reserve base is concentrated across the Hornet and Golden Hind open pits, alongside the RHP and Raleigh underground operations.

Outlook

The latest statement highlights a stronger Ore Reserve position for the EKJV despite ongoing mining activity and changing operating costs. With 0.54 million ounces of Ore Reserves and 1.61 million ounces of Mineral Resources, the updated inventory provides an important foundation for Tribune's continuing participation in the joint venture and its longer-term gold production strategy.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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