Tribune’s EKJV Gold Reserve Grows 9% as Total Reserve Reaches 0.54Moz
Tribune’s East Kundana gold reserve climbs 9% as reserves grow to 0.54Moz
Evolution Mining, manager of the East Kundana Joint Venture (EKJV), has released an updated Mineral Resource and Ore Reserve statement as at 31 December 2025 for the joint venture’s gold assets, which Tribune Resources holds a 36.75% interest in. The statement, prepared by Evolution Mining and received by Tribune, reports total EKJV Ore Reserve has increased 9% to 0.54Moz of contained gold.
The EKJV ownership structure comprises Evolution Mining 51% (manager), Tribune Resources 36.75%, and Rand Mining 12.25%. The Raleigh deposit tenements M15/993 and M16/309 reflect a slightly different split: Evolution Mining 50%, Tribune Resources 37.5%, and Rand Mining 12.5%. Tribune makes no comment on the accuracy or completeness of the information contained within the statement.
The updated reserve estimate sits within an active producing operation at Mungari Gold Operations, which has milled ore since 2002 and recently expanded processing capacity from 2.0Mtpa to 4.2Mtpa in March 2025. Tribune’s 36.75% interest in the EKJV represents exposure to the project’s expanded processing circuit and the longevity signalled by the reserve growth.
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Breaking down the numbers — reserves up, resource holds firm
The EKJV total Ore Reserve estimate has increased to 5.1Mt @ 3.3g/t for 0.54Moz of contained gold, up 0.05Moz (+9%) from the December 2024 estimate of 4.3Mt @ 3.6g/t for 0.49Moz. Total Mineral Resource, reported inclusive of Ore Reserves, stands at 14.6Mt @ 3.42g/t for 1.61Moz, a net decrease of 0.05Moz (-3%) compared to the December 2024 figure of 1.66Moz.
The resource reduction reflects mining depletion of 60,000oz during 2025, increased underground mining costs aligned with actual operating data, and a stockpile adjustment that added 14,000oz. The reserve increase, despite the resource dip, reflects updated cost assumptions and modifying factors applied to the latest budget, which confirmed economic viability at the A$3,000/oz Ore Reserve gold price used for the estimate.
| Metric | Dec 2024 | Dec 2025 | Change |
|---|---|---|---|
| Ore Reserve (Moz) | 0.49 | 0.54 | +9% |
| Resource (Moz) | 1.66 | 1.61 | -3% |
| Reserve grade (g/t) | 3.57 | 3.3 | -8% |
| Resource tonnes (Mt) | 13.77 | 14.60 | +6% |
All Ore Reserves are classified as Probable. The previous year’s estimate included a small Proved component, which has been reclassified to Probable following an auditor recommendation to reflect cost uncertainty in the underground operations. This is a classification change, not a downgrade in contained ounces.
The December 2025 statement incorporates updated geological models for Hornet Open Pit (March 2026), Golden Hind Open Pit (July 2025), Hornet Underground (October 2025), Pegasus & Drake (August 2025), Pode & Hera (October 2025), Raleigh & Sadler (September 2025), Golden Hind Underground (July 2025), and Rubicon (August 2025). Star Trek, Falcon, and Pegasus Open Pit models remain unchanged from the December 2024 statement.
What Tribune actually owns — the 36.75% attributable share
Tribune’s exposure to the EKJV is through its 36.75% interest (37.5% on the Raleigh tenements M15/993 and M16/309). The statement provides combined “Rand and Tribune” attributable Mineral Resource and Ore Reserve figures, reflecting the minority partners’ aggregate share rather than Tribune’s standalone interest.
The combined Rand and Tribune attributable Mineral Resource is reported at 7.17Mt @ 3.42g/t for 0.79Moz of contained gold. The combined Rand and Tribune attributable Ore Reserve is 2.51Mt @ 3.28g/t for 0.26Moz of contained gold. Tribune’s 36.75% interest represents a proportional share of this combined figure.
The source announcement does not disaggregate the combined Rand and Tribune figure into Tribune’s standalone 36.75% exposure. The attributable tables report the minority partners as a group rather than individually, reflecting the joint venture reporting structure managed by Evolution Mining.
The gold price tailwind
The Ore Reserve estimate was calculated using a gold price assumption of A$3,000/oz. The spot price averaged A$6,998/oz over the period 1 January 2026 – 31 March 2026, providing a substantial economic buffer above the reserve price assumption.
Economic analysis showed the project is robust and only sensitive to a simultaneous 20% increase in both open pit and underground mining costs. The current price margin comfortably absorbs this sensitivity threshold, de-risking the reserve estimate against cost variability.
Understanding Ore Reserves vs Mineral Resources
Mineral Resources and Ore Reserves are distinct classifications under the JORC Code 2012. Mineral Resources reflect geological confidence in the presence and continuity of mineralisation, classified as Measured, Indicated, or Inferred based on data quality and drill spacing. Ore Reserves represent the economically mineable portion of Measured and Indicated Resources after applying modifying factors including mining method, metallurgical recovery, processing costs, approvals, and commodity price assumptions.
Mineral Resources are reported inclusive of Ore Reserves, meaning the two figures should not be added together. A 1.61Moz Resource that includes a 0.54Moz Reserve means approximately 1.07Moz of Resource tonnage has not yet met the modifying factor thresholds required for Ore Reserve classification. Converting Resource to Reserve is a value-accretive process that extends mine life and supports production scheduling.
Grade and tonnage must be considered together when evaluating updates. A lower grade with higher tonnes can lift total contained ounces. The December 2025 EKJV reserve estimate shows 5.1Mt @ 3.3g/t (up +6% in tonnage but down -8% in grade) delivering a net +9% increase in contained ounces to 0.54Moz. This reflects the balance between mining selectivity and economic extraction at the applied modifying factors.
A producing asset backed by an expanded mill
The EKJV is part of Evolution Mining’s Mungari Gold Operations, an operating mine in production since 2002. The Mungari process plant expansion from 2.0Mtpa to 4.2Mtpa, commissioned in H2 FY25 (March 2025), supports the throughput requirements for the Ore Reserve estimate. All EKJV Ore Reserves are assumed to be processed through the Mungari plant.
Key operational facts:
- Mill capacity: 4.2Mtpa (commissioned March 2025)
- Metallurgical recovery: 91%–95%
- Active mining: Hornet open pit, RHP and Raleigh underground
- Reserve gold price assumption: A$3,000/oz
- Spot gold price (Q1 2026 average): A$6,998/oz
Metallurgical testwork and reconciliation data confirm ore types are highly amenable to the conventional carbon-in-leach (CIL) processing flowsheet. The expanded plant operates a SAG mill with pebble crushing and ball mill configuration, with a gravity recoverable gold circuit incorporated in the ball mill closed circuit.
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What it means for Tribune investors
The December 2025 statement signals reserve growth and mine-life extension at Tribune’s flagship EKJV interest. The 9% increase in total EKJV Ore Reserve to 0.54Moz, combined with the wide margin between the A$3,000/oz reserve price and the A$6,998/oz spot price (Q1 2026 average), supports strong economics and de-risks the reserve estimate against cost variability.
Tribune retains a 36.75% interest in a well-established, professionally managed operation with active underground mining at RHP and Raleigh, and open pit mining at Hornet. The Mungari process plant expansion to 4.2Mtpa capacity provides the infrastructure to support the reserve conversion schedule.
The statement notes further drilling is planned to improve resource confidence and test extensions to known mineralisation. Development of the Golden Hind open pit, included in the Ore Reserve estimate, will require pre-production capital including haul roads, water supply, and dewatering infrastructure. All figures were prepared by Evolution Mining as EKJV manager and released with the approval of Tribune’s Managing Director.
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