Rusty Delroy Nero top 5 gold, stock head

Maybe the biggest outlier in the ASX gold space along with its cousin Rand Mining (ASX:RND), Tribune holds 75% of the shares in the non-controlling stake of the East Kundana Joint Venture.

Now part of Evolution Mining's (ASX:EVN) Mungari operations, production has come off in recent years.

Led by enigmatic Perth businessman Anton Billis, Tribune and Rand's share of gold production from EKJV milled by Evolution at its Mungari plant amounted to 8916oz in the June quarter.

But the cash generation is perhaps of less interest to some investors than the latent value of the gold bullion stored by the company at the Perth Mint over the years.

Its last half year report showed Tribune and Rand had credited 11,804oz to its gold bullion account at the Mint, 8853oz of that attributable to TBR.

As of June 30, Tribune reported cash of just $12.4m. But at a $250m market cap, Delroy speculates the bullion in the Mint account could underwrite the company on its own. It also owns shares in some other tenements around the Goldfields, 100% of a project in Ghana and a major share in a project in the Philippines.

"These things should be trading a lot higher but you do have to deal with some (eccentric) management," he said.