TBR tribune resources limited

Gold Held - Up by 18k+ozs in Half Yr!!

  1. 1,371 Posts.
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    Went back thru accounts so see how the gold pile has been growing over the past few years. This is the best way to determine the companies performance as they only sell the gold required to cover the company outgoings. ie the P&L is irrelevant for determining performance as all the profit is accumulated in the gold stash held at the Perth Mint.

    This is just the gold held by TBR directly at the end of the reporting periods. It excludes the gold held by Rand that TBR owns 44% of.

    June 2011 Gold Held....43,240 ozs
    June 2012 Gold Held....64,016 ozs------->Increase of 20,777 ozs full year
    June 2013 Gold Held....85,295 ozs------->Increase of 21,278 ozs full year
    June 2014 Gold Held....96,184 ozs------->Increase of 10,889 ozs full year

    December 2014 Gold Held...113,882 ozs------>Increase of 17,698 ozs HALF YEAR!

    Points to note:
    - TBR earned 70% more in the last 6 months than the whole of the prior year
    - More gold would have been sold to fund the capital costs at Pegasus
    - Raleigh still hasn't recovered from last years earthquake. Rehabilitation(extra costs) continue
    - Significant capital development(more cost) was carried out at Rubicon - 1km
    - Pegasus gold is only being extracted from development ore - proper production starts mid year.

    All of the extra costs will have required more gold to be sold to fund them. So despite the best half ever the performance is set to improve.

    .....And just to finish, factor in a massively negative Enterprise Value and the fact the TBR price is lagging the RND price by about 50%.

    W
 
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Last
$4.73
Change
0.080(1.72%)
Mkt cap ! $248.1M
Open High Low Value Volume
$4.73 $4.73 $4.73 $10.75K 2.273K

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Price($) Vol. No.
$4.91 4000 1
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