TBR - Tribune Resources

[DonAqua]

Someone following this one?

In an interview published by the raw materials stock letter rohstoffSPIEGEL (www.rohstoff-spiegel.de), Martin Siegel, a fund manager, says this stock is way neglected, and even in Australia almost unknown. Top class in production and profits and future exploration chances. For 2008 fat dividends are planned.

Anyone knows a bit more about this company?
:1zhelp:

 

[DonAqua]

Wow, big jump today - 34 % !


Code Last % Chg Bid Offer Open High Low Vol
TBR 1.220 34.07% 0.960 1.220 0.960 1.220 0.960 55,970

What's the news? Or did someone think the same as Martin Siegel that this company is way undervalued?

 

[DonAqua]

Wow, big jump today - 34 % !


Code Last % Chg Bid Offer Open High Low Vol
TBR 1.220 34.07% 0.960 1.220 0.960 1.220 0.960 55,970

What's the news? Or did someone think the same as Martin Siegel that this company is way undervalued?

Nice run since July. I wonder no one talks about that stock. There's also not much in the news about what's going on. A good stealth Investment?

Here's a nice small picture in Euro. ..

 

[mr. jeff]

hello?
Don't know of anyone has been looking at TBR after a post on another gold stock, and a recommendation I thought I could just leave a note here that the stock is still trading, is at about 1.75 as of Friday and seems to be getting some decent volume, although decent for TBR is about 60,000 shares traded as I believe the register is very tightly held.
Also, in the latest report from TBR, they have earnt decent money on gold sales (their share) but I note they have also spent all these earnings on development and production costs.

profile blurb

Name: Tribune Resources NL
ASX Code: TBR

Tribune Resources is a Perth based ASX listed Gold producer with several joint ventures including the East Kundana Joint Venture (EKJV). The Raleigh Underground Mine (JV with Placer Dome Asia Pacific Ltd) is anticipated to produce 487,000 ounces of gold from the defined reserve of 1.4 million tonnes grading 10.7g/t gold.

I haven't got time to list the producing assets or the current production figures (their shares in 2 cases) sorry, anyone else have the info on hand?
It appears the Raleigh operation is their main asset, with approx. 12-13k oz per quarter with some silver thrown in.
this equates to 50k oz per year, so at 1500 aud would be $75M right?
there are 50m shares at 1.75 at the moment, 11m in cash and 4 options at $1.00 for 2012.

Anyone with knowledge here would be appreciated. short on time, happy hunting!

 

[suhm]

The real kicker for this stock is the amount of gold they have on hand, they've been stockpiling it for years and with the increase in the POG and before the recent spike in the SP the market cap was < the value of the gold they had in inventory.

The Raleigh gold mine was free and cash costs for that were 400-500 an ounce. You might also want to look at rand mining RND, of which TBR is the majority shareholder and RND is I think TBR's largest shareholder.

The thing is run like a private compnay with the risks inherent but has worked out well thus far.

 

[mr. jeff]

The real kicker for this stock is the amount of gold they have on hand, they've been stockpiling it for years and with the increase in the POG and before the recent spike in the SP the market cap was < the value of the gold they had in inventory.

The Raleigh gold mine was free and cash costs for that were 400-500 an ounce. You might also want to look at rand mining RND, of which TBR is the majority shareholder and RND is I think TBR's largest shareholder.

The thing is run like a private compnay with the risks inherent but has worked out well thus far.

hey suhm this is a real rabbit warren of 3 directors and their interests, I have no idea how long it would take to unravel the part ownerships in the companies.
But I see that RAND has 24% stake in TBR, TBR has a 43% stake in RAND.
TBR has 12M in bullion I think and they only sell enough to cover the expenses for the year. Someone will eventually rob them I guess.
Are these directors extremely.....rich and controlling?

Demis - 12M TBR shares
Billis - 28M TBR shares
Shlenka - 12M TBR shares.

Then have a look at RAND and its the same story.
Why these companies are public I have no idea, but it seems strange.
There are 54.7M TBR shares on issue (hard to confirm) and if you tally the balance, there are only 2.7M tradeable shares, is this a good method of making any demand in the shares boost the price ? I would think this could be done, but then the volumes traded are minute and the company is making heaps of gold, just not raising cash. I guess they have no reason to and the 3 directors can do what they like.
They sure are a gold hoarder. Do you view the risk as much higher or much lower with 3 directors holding all the shares?

 

[mr. jeff]

I note tribune haven't moved with price of gold lately and seem to be reliably producing. May have something to do with the dwindling stockpiles for processing rather than their mined ore whi by my estimates sees 90kOZ per year, quite decent for MC $115M.
Anyone find different with these figures ? ?

 

[suhm]

Good points about TBR, they and RND have a heap of gold on hand, profits are low as they book gold not sold at cost and they are producing lots of gold at attractive cost prices. They are expanding production and they have gold in Ghana upstrike from a known gold lode

Bad points, RND is supposed to get diluted significantly away from gold to pick up an iron ore project with TBR stock as part of the consideration.

I sold out as gold on hand was more or nearly more than market cap so you got the gold mine for free whereas now it is not but would have to do the figures again to account for the increase in POG.

That and the RND deal caused me to sell TBR, but TBR does appear to be the head stock for the directors or close to the top for control of their companies but management doesn't really inspire me here.

 

[piggybank]

Latest Annual report - http://stocknessmonster.com/news-item?S=TBR&E=ASX&N=650751

 

[piggybank]

Closed at $2.40 today on increasing volume.

 

[piggybank]

I hope someone benefited from the rapid recent increase - because I didn't

 

[frugal.rock]

TBR update and dust off.
Closed $7.03
Wednesday goes ex divvy.
Thursday record.
Payday Friday next week.
$0.20 divvy, fully frankd.
Interesting.

 

[Dona Ferentes]

are TBR the same company all these years? How many WA goldies are there?

Tribune Resources Limited (TBR) is a mineral exploration, development and production company, with projects in Western Australia and Africa. TBR's current focus is on the exploration and development of the East Kundana JV Project in Western Australia.

The EKJV is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie. The EKJV is between Rand (12.25%), TBR (36.75%) and Northern Star Resources (51%).

 

[tinhat]

I hold. You must do your research into how this company is structured and run before investing. They are currently in litigation with NST over the EKJV - just the hard end of doing business.

 

[Dona Ferentes]

The EKJV litigation, as previously announced by the Company, remains ongoing. The matter was heard in the Supreme Court in mid October 2020. The Company is awaiting the Court's decision...

from TBR's March Half Yearly.

 

[Sean K]

From Stockhead, Guy LePage.

The path of the righteous mining company, according to Ezekiel 25:17, is beset on all sides by the selfish and the inequities of the financial markets. However, Ezekiel goes on to suggest that if we get behind the stock with “great vengeance and furious anger” things could turn around fairly quickly.

So, I am hoping for some divine intervention with Tribune Resources (ASX: TBR) which has fallen victim to declining sentiment towards gold stocks as well as a slowdown in gold production at its 50:50 Joint Venture with Evolution Mining (ASX: EVN) at East Kundana (EKJV). I’ll declare an interest here in TBR Shares.

The EKJV was contributing around 40-70Koz of gold per annum attributable to TBR, however this has fallen to around 20Koz as EVN are undertaking a mining study to optimise production from the JV. While some of the underground areas (e.g. Raleigh) are somewhat “seismic” and need additional ground support, there remains significant potential both along strike and down plunge at Rubicon, Pegasus, and Hornet.

The company also has a gold exploration project in the Philippines (Diwalwal-1Moz gold, Non-JORC) that has slowed down, however the Japa Project (Adiembra Deposit) in Ghana (Inferred and Indicated Resources of 21Mt @ 2.7g/t for 1.81Moz of gold) may be looking to move forward into the development phase late next year (figure 7, 8). As figure 8 demonstrates, there is plenty of resource upside at Adiembra.

An infill diamond core and reverse circulation drilling program has been planned to upgrade the indicated resource to a measured category for future reserve estimation. Metallurgical, sterilisation and hydrological drill holes for plant, infrastructure, water, and tailings dam
are likely to follow this drill out.

From a value perspective, the company is holding around 110,000 ounces of gold bullion (based on the 2022 Annual Report) worth around $5.00 per share (before tax) based assuming a $2,450/oz gold price. So, you can buy stock today at $3.13 which is less than the value of the gold holdings and pick up the EKJV, Adiembra (1.8Moz) and Diwalwal (1Moz Non JORC gold resources) for nothing.

If Adiembra comes online (100Koz gold per annum?) and production ramps back up at the EKJV (+40Koz of gold per annum?) then I believe a significant re-rating is in order. That might turn out to be an understatement!

If someone can show me a better value equation in a listed gold stock I will walk to China (subject of course to fitness, appropriate footwear, visas, the political situation, and availability) …

 

[Country Lad]

@Sean K said elsewhere,
"So, over the next couple of days I'm going to review some of the microcaps in the PM space and see what might be an opportunity to cash in on the insanity that occurs when a particular sector gets frothy."

TBR is really a small cap at $262 million but where it differs from the other small caps is that there are only 52.4 million shares on issue which markedly less than the usual 1 to 1.5 billion of the small or micro caps. So if it was similar to the other spekkies with about 1 billion on issue, its share price would be about 50cents.
The issue of course is the low turnover at about an average of around only 15,000 per day. Good for when the market is rising but a risk when falling.
Treating it as a spekkie the chart indicates it could very well continue its uptrend. One I will watch carefully to see if an opportunity arises. I have it as a possible buy if it breaks 522.

 

[divs4ever]

@Sean K said elsewhere,
"So, over the next couple of days I'm going to review some of the microcaps in the PM space and see what might be an opportunity to cash in on the insanity that occurs when a particular sector gets frothy."

TBR is really a small cap at $262 million but where it differs from the other small caps is that there are only 52.4 million shares on issue which markedly less than the usual 1 to 1.5 billion of the small or micro caps. So if it was similar to the other spekkies with about 1 billion on issue, its share price would be about 50cents.
The issue of course is the low turnover at about an average of around only 15,000 per day. Good for when the market is rising but a risk when falling.
Treating it as a spekkie the chart indicates it could very well continue its uptrend. One I will watch carefully to see if an opportunity arises. I have it as a possible buy if it breaks 522.

View attachment 186227

i hold 'stable-mate ' RND

has much the same issues , but for a gold player that doesn't do much except receive payments for it's share on an existing mine