Tribune Resources : Quarterly Activities & Cashflow Report - March 2022

ASX ANNOUNCEMENT

29 April 2022

A.B.N. 11 009 341 539

ASX:TBR

Board of Directors

Mr Otakar Demis

Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Stephen Buckley Company Secretary

Quarterly Report for March 2022

Highlights

• • During the quarter Rand and Tribune processed 84,733 tonnes of ore at 3.68 g/t from the EKJV operations at the joint venture partner Evolution Mining Limited Mungari processing plant, with Tribune's share equating to 63,550 tonnes.

• • 9,407 ounces of gold were produced by Rand and Tribune during the quarter with Tribune's 75% share equating to 7,056 oz

• • Significant high grade intercepts from drilling at the EKJV project including results from the Mary fault of 3.3 m @ 7.7 g/t, 4.1m @ 4.4 g/t, and 0.5 m @ 17.1 g/t gold.

• • Assay results from the recent drilling campaign at Seven Mile Hill project show potential for a mineralised sulphide gold system

Suite G1, 49 Melville Parade South Perth WA 6151 T: [phone] | F: [phone]

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

Ore Stockpiles At the end of the quarter Tribune was entitled to a share of the following stockpiles -
STOCKPILES
ROM Pad	Ore Source	Ore Tonnes	Grade g/t	Ounces Au	Tribune Entitlement
EKJV Stockpiles
Rubicon ROM	EKJV RHP Ore	15983	3.74	1923	36.75%
Rubicon ROM	EKJV RHP Low Grade	4,780	1.35	207	36.75%
Mungari ROM	EKJV RPH Ore	2,759	3.68	326	36.75%
Tribune Share of EKJV Stockpiles	8,644	3.25	903	100%
Geology and Mining EAST KUNDANA JOINT VENTURE Raleigh Underground Mine Production

Raleigh remained on care and maintenance 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
January	40,441	2.63	3,417
February	34,686	3.40	3,797
March	43,637	4.30	6,038
March 2022 Q	118,764	3.47	13,252
December 2021 Q	101,292	3.94	12,841
Tribune's Mine Production Entitlement (36.75%)

Rubicon, Hornet & Pegasus

Quarter	Ore	Grade	Ounces
Tonnes	g/t	troy oz
December 2021 Q	37,225	3.94	3,115
March 2022 Q	43,646	3.47	4,870

TRIBUNE RESOURCES LTD (ASX:TBR) | ASX ANNOUNCEMENT Quarterly Report for March 2022

Rubicon-Hornet-Pegasus Underground Mine Development

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

ORE BODY

Rubicon, Hornet & Pegasus

Month	Capital
Decline	Other	Ore	Waste	Paste
(m)	(m)	(m)	(m)	(m)
January	35.0	52.2	76.5	34.5	31.2
February	41.3	79.6	94.9	8.6	53.0
March	48.5	85.0	95.4	0.0	28.5
March 2022 Q	124.8	216.8	266.8	43.1	112.7
Toll Processing

Operating Lateral development

During the quarter a total of 84,733 tonnes of Rand and Tribune ore at 3.68 g/t was processed at the Mungari processing plant under the EKJV joint venture agreement with Evolution Mining Limited to recover 9,407 oz of gold at 93.86% gold recovery.

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

Rand and Tribune Ore Processed
Campaign Location	Tonnes Milled	Head GradeAu (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	84,733	3.68	93.86%	9,407

Tribune Share of Ore Processed
Campaign Location	Tonnes Milled	Head GradeAu (g/t)	Recovery (%)	Fine Au Produced (Oz)
EVN Mungari	63,550	3.68	93.86%	7,056

EKJV Underground Exploration

Mineralisation intersected by drilling in the Mary Fault at the Rubicon/Hornet/Pegasus (RHP) underground is hosted by a 0.5 to 4.0m wide quartz-breccia.

Significant drilling intercepts returned during the March quarter include:

• • 3.30m (2.70m etw) grading 7.70g/t gold from 89.3m (STKD21026)

• • 4.10m (4.10m etw) grading 4.40g/t gold from 149.0m (STKD22002)

• • 0.50m (0.5m etw) grading 17.10g/t gold from 168.9m (STKD21018)

Assays are pending for three holes into the Mary Fault. If results are considered positive, further step-out drilling will continue with the aim of delineating a new potential resource opportunity at RHP.

Plan view of the significant results received for Mary Fault drilling during the March quarter

Full details of all EKJV exploration activities including significant intersections from results received are contained in the 2022 Quarter 3 EKJV Exploration Report, released to the ASX on 28 April 2022.

Other Exploration Projects

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

There were no drilling activities or assays received during the quarter. Working with external consultants, an extensive database review was conducted that identified additional drilling targets within the concession. Planning for additional drilling is underway with the objective of increasing the confidence of the 1.8 million ounce Adiembra mineral resource.

With the relaxation of travel restrictions in place due to the Covid pandemic, Tribune personnel from Australia arrived on site late in the quarter to progress activities on site during the next period.

The proposed work program for the next quarter includes a UAV aerial topographic survey and ground truthing for the concession area, planning and execution of infill drilling and extension of known areas ofmineralisation to upgrade the mineral resource, and planning of test hole drilling for the project to assist with metallurgical, geotechnical, hydrology and future location of site infrastructure.

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

Hole	MGA N	MGA E	RL	Depth	Dip	Az	From	To	m	Au (g/t)
TBRC081	6583146	348602	341	198	-60	90	63	64	1	1.29
TBRC082	6583053	348799	341	173	-60	90	66	68	2	1.11
and	144	145	1	1.54
and	160	161	1	1.36
and	170	172	2	2.12
TBRC084	6582959	348769	341	184	-60	90	124	125	1	1.42
and	135	136	1	1.41

During the quarter in the Upper Ulip tenement, surface exploration work was conducted in the Paraiso (Lantawan and Rockstar prospects). Twelve (12) rock and a panned concentrate samples were collected for chemical analysis.

The samples were taken from several small-scale mines (SSM) that are operating in Lantawan

Surface exploration was conducted west of the 729 ha tenement to identify potential extension of Diwalwal veins. Twenty-four (24) rock samples were collected for chemical analysis.

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 or assay results were conducted during the quarter.

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

During the quarter, all 4m composite assays were received for the most recent RC drilling program. Three holes intersected significant (+0.5g/t Au) values. These are shown in the table below.

Anomalous (+0.5g/t Au) values from RC and RC precollar holes at 7MH - 4m composites.

Hole	N	E	RL	RC M	DD M	Total Depth	Dip	AZ	From	To	m	g/t Au
TBRC086	348854	6582858	340	143.0	0	143.0	-60	90	56	60	4	1.06
TBRD089	349151	6582961	340	89.5	91.9	181.5	-60	90	28	32	4	3.66
TBRD090	349085	6582963	340	97.6	111.5	209.1	-60	90	56	60	4	0.55

Individual 1m samples for the RC holes with anomalous values have been submitted to the lab and results for approximately half have been received with the results in the table below. The remainder of the results are expected in the next quarter.

Anomalous (+1g/t Au) values from RC holes at 7MH - 1m splits.