Tribune Resources : Quarterly Activities & Cashflow Report - June 2022

ASX ANNOUNCEMENT

29 July 2022

For personal use only

ASX:TBR

Board of Directors

Mr Otakar Demis

Chairman & Joint Company

Secretary

Mr Anton Billis

MranagingGordonDirSklenkactor

Non-Executive Director

Mr Stephen Buckley

Company Secretary

Quarterly Report for June 2022

Highlights
•	During the quarter Rand and Tribune processed 46,415 tonnes
	of ore at 4.09 g/t from the EKJV operations at the joint venture
	partner Evolution Mining Limited Mungari processing plant,
•	with Tribune's share equating to 34,811 tonnes.
	5,779 ounces of gold were produced by Rand and Tribune
	during the quarter with Tribune's 75% share equating to 4,334
	oz

T:Suite+61G1,8 947449 Melville2113 |ParadeF: +61South8 9367Perth9386WA 6151

E: [e-mail] | W: www.tribune.com.au

For personal use only

Ore Stockpiles

At the end of the quarter Tribune was entitled to a share of the following stockpiles -

STOCKPILES

ROM Pad	Ore Source	Ore	Grade	Ounces	Tribune
Tonnes	g/t	Au	Entitlement
Rubicon ROM	EKJV RHP Ore	EKJV Stockpiles	4.27	3,626	36.75%
26,401
Tribune Share of EKJV Stockpiles	11,591	4.12	1,534	100%
Mungari ROM	EKJV RPH Ore	5,138	3.32	548	36.75%

Geology and Mining

EAST KUNDANA JOINT VENTURE

RaleighaleighremainedUndergroundon careMineandProductionmaintenance throughout the quarter.

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline remains at 5602 m RL, 743 m from the surface, the top of the Sadler Incline remains at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline remains at 5944 m RL, 401 m from the surface.

There was no development during the quarter.

Rubicon-Hornet-Pegasus Underground Mine Production

Contained gold in stope and development ore mined during the quarter is tabulated below:

ORE BODY			Rubicon, Hornet & Pegasus
Month		Tonnes	Grade	Ounces
April		33,793	3.92	4,255
May	Q	36,316	2.99	3,492
June	321	98	4 622
June		44,213	4.84	6,876
March2022 Q	118,764	3.47	13,252

Tribune's Mine Production Entitlement (36.75%)

		Rubicon, Hornet & Pegasus
Quarter	Ore	Grade	Ounces
		Tonnes	g/t	troy oz
June 2022 Q		42,013		3.98		5,374
March 2022 Q		43,646		3.47		4,870

TRIBUNE RESOURCES LTD (ASX:TBR) | ASX ANNOUNCEMENT	Page 2 of 15
Quarterly Report for June 2022

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Rubicon-Hornet-Pegasus Underground Mine Development

Development performance for the quarter is summarised in the following table.

ORE BODY		Rubicon, Hornet & Pegasus
Month	Capital		Operating Lateral development
	Decline	Other	Ore	Waste	Paste
	(m)	(m)	(m)	(m)	(m)
April		20.9	82.6	85.1	52.0
May		0	203.8	19.7	41.6
June 2022 Q	3.00	20.9	384.4	168.1	196.6
June	3.00	0	98.00	63.3	103.00

Toll Processing

During the quarter a total of 46,415 tonnes of Rand and Tribune ore at 4.09 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 5,779 oz of gold at 94.75% gold recovery.

Rand and Tribune gold production for the June 2022 quarter, along with Tribune's share is tabulated below.

Rand and Tribune Ore Processed

	Campaign Location		Tonnes	Head			Fine Au
		Grade	Au	Recovery (%)	Produced
		Milled
	EVN Mungari		(g/t)			(Oz)
		46,415	4.09		94.75%	5,779
		Tribune Share of Ore Processed
	Campaign Location		Tonnes	Head			Fine Au
		Grade	Au	Recovery (%)	Produced
		Milled
			(g/t)			(Oz)
	EVN Mungari		34,811	4.09		94.75%	4,334

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Quarterly Report for June 2022

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EKJV Underground Exploration

Underground exploration drilling at EKJV targeted the Sadler RMV from the Sadler decline to infill areas and increase geological confidence in the Raleigh Main Vein down dip where historic drilling was never followed up on.

Other drilling targeted Nugget, Rubicon K2B and Pode structures. The Rubicon K2B drilling was design to infill a potential southerly grade plunge on the K2B structure from 80x80 to a 40x40 spacing to convert classified inferred ounces to indicated.

Similarly, Nugget drilling was designed to infill and extend down dip the structure on 60x60 spacing below the 5900RL

Full details of all EKJV exploration activities including significant intersections from results received are contained in the 2022 Quarter 4 EKJV Exploration Report, released to the ASX on 27 July 2022.

Other Exploration Projects

Tribune Resources (Ghana) Limited (Tribune's Interest 100%)

There were no drilling activities during the 2nd quarter of 2022, however the Company, in consultation with MaxGeo and Mining Plus, completed its database clean-up which paved the way for an external database consultant to commence and complete a comprehensive database auditing. The company's current database including its historical data has been merged and audited and it is ready for any required activity.

An infill diamond core and reverse circulation drilling program of about 8,322m has been planned for execution from August 2022. The focus of this program is to upgrade the indicated resource to a measured category for future reserve estimation.

In addition to this, Metallurgical, Sterilization and Hydrological drill holes for plant, infrastructural, water and tailings dam management, planning is currently under way.

Further, an UAV Aerial Topographic detailing and ground truth of surface topographic details of the Japa project area has been earmarked for execution in August 2022.

No mineral production was undertaken by company during the quarter

Diwalwal Gold Project

(Philippines) (Tribune's Legal Interest 40% and a further 20% earnt Economic Interest)

During the quarter in the Upper Ulip tenement, surface exploration work was conducted in the Paraiso (Lantawan and Rockstar prospects). Underground face mapping of small-scale mines (SSM) in Lantawan reveal an uneroded epithermal system evidenced by pinching out veins and gold-base metals geochemistry. Most veins trend NW, perpendicular to the NE-trending Lantawan ridge topographic anomaly, more than 1km in length.

With over a decade of local mining operations and increasing local investments despite high operational cost, gold appears to increase with depth.

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Quarterly Report for June 2022

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Rock samples from several SSM returned encouraging gold results with copper and zinc anomalies. Silver is present even in samples with <0.5 ppm gold. Molybdenum is detected in Loloy tunnel, several hundred metres from the high value James tunnel to the north, extending anomaly coverage.

Together with previous results, geochemistry and geology strongly indicate a potential sizeable epithermal gold vein open at depth

Victory tunnel operations include regular inspection and maintenance activities for tunnel stability and safety inspections.

Tree nursery and materials recovery operations carried on throughout the quarter, ensuring efforts to protect the environment are in place.

No drilling was conducted during the quarter.

Seven Mile Hill Joint Venture (Tribune's Interest 50%)

During the quarter, geological logging of drill core from the previous diamond drilling campaign was conducted for the Seven Mile Hill joint venture.

Competent Persons Statement

Information in this report relating to exploration results has been compiled by Mr Ariel P. Panol in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Ariel P. Panol is a member of AUSIMM and a consultant to Tribune Resources Ltd 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 Ariel P. Panol consents to the inclusion in this report of the information compiled by him in the form and context in which it appears.

Quarterly Report for June 2022

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