Rand Mining Limited
Rand holds a 12.25% interest in the East Kundana Joint Venture (EKJV) near Kalgoorlie/Coolgardie, WA, alongside Tribune Resources (36.75%) and Evolution Mining Limited (51%, operator since August 2021). Evolution Mining operates three underground mines within EKJV (Raleigh, Rubicon, Hornet), with ore treated at Evolution Mining's Mungari plant -- Rand has no operational control. Rand also holds a 50% interest in the Seven Mile Hill project -- confirmed pure-exploration stage: no JORC Mineral Resource or Ore Reserve has ever been declared for it (checked against the complete RND ASX announcement title history, 2010-2026; every resource/reserve announcement in that span is EKJV-only). Its revenue/earnings and dividend behavior (FY2025 revenue A$43.28M, +24.5% YoY; earnings A$13.13M, +97.1% YoY) look more like a royalty/passive-interest vehicle than an operating junior -- it distributes most JV cash flow as dividends rather than retaining it.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia is a Tier-1 mining jurisdiction with stable, established mining law.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at East Kundana Joint Venture.
Nearby producing mine (20%)10/10
Mungari (incl. Kundana) (Evolution Mining Limited) is 7 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
Northern Star Resources Limited holds 5.14% (reported 10 Sep 2026) See holders
Not counted: this company's other inputs already average 8.1/10, above this stake's 8.0, and a producer on the register is never counted against a company.
Weight 25% - Distance to a producing mineSub-score:9.3/10
Nearest producing mine: Mungari (incl. Kundana) (Evolution Mining Limited), 7 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director, CEO, and Executive Director of Rand Mining Limited; also Managing Director & Chief Executive Officer of Tribune Resources Limited.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Rand Mining's share register is dominated by its long-standing parent, gold miner Tribune Resources Limited, with 46.73% (Annual Report 2026, register at 10 September 2026). Trans Global Capital Ltd holds a further 13.89% (substantial-holder notice of January 2010), and major Australian gold producer Northern Star Resources Limited holds 5.14% (notice of October 2022); the 13.89% had earlier been attributed here to Northern Star in error. A director, Lyndall Vaughan, made a small on-market purchase (1,400 shares, $2,800) on 25 March 2026. No resource-specialist funds or other insider trading were found in the register.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Rand Mining is a non-operating partner holding 12.25% of the East Kundana Joint Venture near Kalgoorlie in Western Australia, alongside Tribune Resources (36.75%) and operator Evolution Mining (51%), and it has no operational control. Evolution mines the joint venture's underground deposits, including Raleigh, Rubicon and Hornet, and treats the ore at its Mungari plant. Measured and indicated resources on a 100% joint-venture basis contain 1,110,000 oz of gold (280,000 oz measured and 830,000 oz indicated), plus 500,000 oz inferred, as at 31 December 2025, in a statement prepared by Evolution. In the June 2026 quarter Rand's share of production was 3,392 oz of gold.