Quarterly Activities/Appendix 5B Cash Flow Report

• Ore processed: 135,191 tonnes at 3.34 g/t
• Gold produced: 13,568 ounces
• Tribune's share: 10,176 ounces
• Cash inflows: $57.5 million
• Net operating cash flows: Outflow of $0.6 million

Tribune Resources Ltd. reported processing 135,191 tonnes of ore at 3.34 g/t, resulting in 13,568 ounces of gold production. Tribune's share of the gold produced was 10,176 ounces. The company recorded customer receipts of $57.5 million, an increase from the previous quarter. Production-related cash outflows rose to $33.2 million, and quarterly development expenditure increased to $8.3 million. Income tax payments were $14.4 million. Net operating cash flows showed an outflow of $0.6 million. Exploration activities included 1,302 meters of diamond drilling at Star Trek, and no drilling at Golden Hind. The company spent $301k on exploration, with the majority at Japa and Diwalwal. Investing activities included $1.4 million in capital expenditure on mining plant and equipment. The company closed the quarter with cash and cash equivalents of $8.1 million.

Customer receipts: $57.5 million, Production-related cash outflows: $33.2 million

Tribune Resources Ltd. is optimistic about its exploration activities and future resource estimations. The company plans to continue drilling and exploration to support ongoing resource definition activities.