Tribune Resources Limited (TBR) AI Stock Analysis

• Market Cap: AU$367.28M
• Dividend Yield: 3.3%
• Average Volume (3M): 36.18K
• Price to Earnings (P/E): 11.1
• Beta (1Y): 0.46
• Revenue Growth: 48.57%
• EPS Growth: 666.83%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.27
• Shares Outstanding: 52,468,080
• 10 Day Avg. Volume: 46,435
• 30 Day Avg. Volume: 36,179
• PEG Ratio: 0.01
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 1.55
• P/FCF Ratio: 14.72
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: AU$7.50 ▲(25.84% Upside)

The score is primarily supported by strong financial resilience (near-zero leverage) and an improved 2025 profitability backdrop, plus attractive valuation (low P/E and solid dividend yield). These positives are tempered by weaker near-term technical signals and historically volatile earnings/free cash flow typical of a commodity-exposed business.

Positive Factors

Balance sheet strength

Near-zero leverage gives Tribune durable financial flexibility: it can fund exploration, sustain operations through gold price troughs, pursue opportunistic M&A or return capital without relying on markets. Low debt materially reduces solvency risk over the medium term.

Improved profitability and margins

Higher margins and a strong 2025 net margin improve internal capital generation and the firm’s ability to finance sustaining/growth capex. Durable margin improvement increases return on invested capital and strengthens the company’s ability to absorb cyclical revenue swings.

Strong operating cash conversion

Operating cash flow materially exceeding reported earnings indicates high cash quality and better liquidity to support operations and investments. This durable cash generation reduces reliance on external funding during down cycles and supports steady capital allocation.

Negative Factors

Earnings & FCF volatility

Historic swings in earnings and free cash flow reflect commodity exposure and production variability. This persistent volatility complicates multi-period planning, dividend predictability and capital allocation, increasing execution risk across 2–6 month horizons and beyond.

Modest free cash flow share

FCF equal to roughly a quarter of net income limits the company’s net capacity to reinvest, pay sustained dividends, or pursue large acquisitions without drawing on reserves. This structural constraint makes growth or higher shareholder returns contingent on improved cash conversion.

High revenue exposure to gold price and volumes

Business model dependence on produced gold and prevailing bullion prices creates structural cyclicality. Revenue and margins remain sensitive to commodity moves and output changes, so long-term stability depends on sustained production, commodity hedging or diversification strategies.

Tribune Resources Limited Business Overview & Revenue Model

Company Description

Tribune Resources Limited, together with its subsidiaries, engages in the development, exploration, and production of mineral properties in Australia. The company explores for gold and silver deposits. It holds 36.75% interest in the East Kundana joint venture and 24.5% interest in the West Kundana joint venture located in Western Australia; and 100% interest in the Seven Mile Hill project situated in Western Australia and the Japa concession located in Ghana, West Africa. The company also holds an interest in Diwalwal Gold Project situated in Mindanao, Philippines. The company was incorporated in 1988 and is based in South Perth, Australia.

How the Company Makes Money

Tribune Resources Limited generates revenue primarily through the extraction and sale of gold from its mining operations. The company is involved in the entire lifecycle of mining activities, including exploration to identify and assess potential mining sites, development of mining infrastructure, and production where gold is extracted and processed. The company sells its gold output to refineries and commodity traders, which constitutes the main revenue stream. Tribune Resources may also engage in joint ventures or strategic partnerships with other mining entities to optimize resource extraction and share operational risks and costs. Additionally, the company may generate ancillary revenue from the sale of by-products or through leasing or selling mining rights for certain tenements.

Tribune Resources Limited Financial Statement Overview

Summary

Strong balance sheet with essentially no debt and improved returns in 2025 supports financial flexibility. Profitability rebounded sharply in 2025 with high margins, but earnings and free cash flow have been volatile across years, lowering consistency.

Income Statement

Profitability rebounded sharply in the latest annual period (2025) with strong revenue growth (up ~18%) and very high gross and EBITDA margins, lifting net margin to ~21% versus ~4% in 2024. However, earnings have been volatile across the cycle (near-breakeven in 2022–2023, very strong in 2020–2021), which is typical for gold but still reduces consistency/quality of the run-rate.

Balance Sheet

Balance sheet is exceptionally conservative with essentially no debt in 2024–2025 (and de minimis leverage in prior years), supporting strong financial flexibility. Equity base is sizeable and stable, and returns improved materially in 2025 versus very low levels in 2022–2024. The main weakness is that shareholder returns have been inconsistent year-to-year, reflecting commodity-driven earnings variability rather than balance-sheet strain.

Cash Flow

Cash generation is solid in the latest year with operating cash flow well above net income (coverage ~2.9x in 2025), indicating good cash conversion in the current period. Free cash flow is positive but comparatively modest versus earnings (about 24% of net income in 2025) and slightly down year over year, and the history shows variability including a negative free-cash-flow year (2020), pointing to capex/working-capital swings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	160.34M	160.84M	107.90M	92.05M	124.06M	177.57M
Gross Profit	105.35M	105.85M	61.46M	25.78M	20.07M	104.70M
EBITDA	91.82M	107.76M	28.16M	20.82M	26.89M	110.92M
Net Income	33.24M	33.24M	4.33M	522.82K	1.80M	50.75M
Balance Sheet
Total Assets	350.22M	350.22M	313.23M	306.35M	330.09M	353.72M
Cash, Cash Equivalents and Short-Term Investments	12.45M	12.45M	8.91M	7.10M	6.84M	4.16M
Total Debt	0.00	0.00	0.00	45.93K	865.57K	3.32M
Total Liabilities	35.32M	35.32M	26.80M	16.36M	31.18M	48.12M
Stockholders Equity	258.37M	258.37M	233.87M	237.95M	248.22M	257.56M
Cash Flow
Free Cash Flow	16.92M	16.92M	15.39M	14.35M	18.44M	12.82M
Operating Cash Flow	71.75M	71.75M	46.76M	28.30M	37.82M	44.38M
Investing Cash Flow	-54.70M	-54.70M	-31.36M	-13.79M	-19.24M	-30.95M
Financing Cash Flow	-13.52M	-13.52M	-13.57M	-14.25M	-15.89M	-23.29M

Tribune Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TBR, the sentiment is Positive. The current price of 5.96 is below the 20-day moving average (MA) of 6.69, below the 50-day MA of 6.30, and above the 200-day MA of 5.55, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 64.94 is Neutral, neither overbought nor oversold. The STOCH value of 61.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TBR.

Tribune Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TBR	73 Outperform	AU$367.28M	11.05	13.71%	3.30%	48.57%	666.83%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AUC	57 Neutral	€627.30M	-34.42	-11.99%	―	―	1.60%
AAR	52 Neutral	AU$495.29M	-119.57	-4.34%	―	―	28.13%
DTR	50 Neutral	AU$1.27B	-63.83	-183.07%	―	―	70.81%
WIA	45 Neutral	AU$649.25M	-106.41	-9.13%	―	―	-5.41%
BTR	45 Neutral	AU$391.43M	-4.10	-42.80%	―	3078.36%	-93.66%

Tribune Resources Limited Corporate Events

Tribune Resources Lifts EKJV Gold Output and Completes Ghana Drilling Campaign

Tribune Resources reported a strong December 2025 quarter, with its share of ore mined from the East Kundana Joint Venture rising to 116,768 tonnes at 2.6 g/t for 9,757 ounces of gold, contributing to a 96% increase in gold mined for the Rand-Tribune group versus the prior quarter. Processing at Evolution Mining’s Mungari plant delivered 6,720 ounces of gold for Rand and Tribune, of which Tribune’s 75% share was 5,040 ounces, while the company simultaneously advanced its growth pipeline by completing 8,412 metres of exploration drilling at the Japa and Adiembra projects in Ghana and reporting no safety or environmental incidents, underscoring both operational momentum and a continued push to expand its resource base.

The most recent analyst rating on (AU:TBR) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on Tribune Resources Limited stock, see the AU:TBR Stock Forecast page.

Tribune Releases Q2 FY2026 Exploration Update for East Kundana Joint Venture

Tribune Resources has released the exploration report for the East Kundana Joint Venture for the second quarter of FY2026, covering activities up to 31 December 2025 at the gold project located near Kalgoorlie and Coolgardie in Western Australia. The update confirms ongoing exploration under the EKJV structure, in which Tribune holds a 36.75% stake alongside Evolution Mining’s 51% and Rand Mining’s 12.25%, underscoring Tribune’s continued participation in a significant regional gold venture and the alignment of its exploration strategy with its joint venture partners.

The most recent analyst rating on (AU:TBR) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on Tribune Resources Limited stock, see the AU:TBR Stock Forecast page.

Tribune Resources Updates EKJV Exploration Report for FY2026 Q1

Tribune Resources Limited has replaced its previous EKJV Exploration Report for FY2026 Quarter 1 with a new version that includes additional disclosures for clarity, following discussions with the ASX. The updated report now features detailed information on cut-off grades and a revised plan view map showing all drillhole collars. The company has also removed any visual estimates from the report to comply with ASX listing rules, advising investors not to base decisions on the removed information.

Tribune Resources Appoints New Joint Company Secretary

Tribune Resources Limited has appointed Maddison Cramer as Joint Company Secretary, following Stephen Buckley’s resignation. Ms. Cramer’s extensive experience as a corporate lawyer and company secretary is expected to enhance the company’s communication with the ASX and strengthen its corporate governance.

Tribune Resources Announces Resignation of Company Secretary

Tribune Resources Limited announced the resignation of Stephen Buckley from his role as Company Secretary, effective at the end of November 30, 2025. The board expressed gratitude for his seven years of service and wished him success in future endeavors, indicating a transition in the company’s administrative team.

Tribune Resources AGM: Key Resolutions and Outcomes

Tribune Resources Limited held its Annual General Meeting where several resolutions were voted upon, including the adoption of the remuneration report and the re-election of a director. Notably, the renewal of proportional takeover provisions was passed as a special resolution, while the election of a non-board endorsed director was defeated. These outcomes may influence the company’s governance and strategic direction, impacting stakeholders’ interests.