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TRX Gold
TRX Gold (TNX) investor relations material
TRX Gold Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary19 Jan, 2026
Executive summary
Achieved record Q1 2026 gold production of 6,597 ounces and sales of 6,492 ounces, a 35% year-over-year increase, with revenue of $25.1 million and adjusted EBITDA of $13.2 million, driven by high gold prices and operational expansion.
Buckreef Gold Project in Tanzania is in production, with a robust PEA outlining a 17.6–18-year mine life, average annual production of 62,000 ounces, and ongoing plant expansion and exploration.
Advanced process plant expansion and upgrades, including a new 3,000+ tpd sulphide circuit and 1,000 tpd oxide/transition circuit, are underway, targeting higher throughput and recovery.
Working capital and cash position improved, with a current ratio rising to 1.7 and cash balance over $9 million.
Maintained a strong health, safety, and environmental record with zero lost time injuries and no reportable environmental incidents.
Financial highlights
Q1 2026 revenue reached $25.1 million, up from $12.5 million in Q1 2025, with gross profit of $14.2 million and adjusted EBITDA of $13.2 million.
Gross profit margin exceeded 50%, with EBITDA margin improving to 52.5% from 35.2% year-over-year.
Realized gold price in Q1 2026 was $3,860/oz, up from $2,653/oz in Q1 2025, with spot prices rising above $4,600/oz post-quarter.
Cash cost per ounce in Q1 2026 was $1,508, within the annual guidance range of $1,400–$1,600/oz.
Operating cash flow was $4.0 million, up from $2.4 million year-over-year, and adjusted net income was $7.7 million.
Outlook and guidance
Fiscal 2026 production guidance is 25,000–30,000 ounces at a cash cost of $1,400–$1,600/oz.
Capital expenditures for fiscal 2026 are projected at $15–$20 million, with exploration spend of $3–$5 million.
Plant expansion and upgrades are expected to be funded from internal cash flow over the next 18–24 months, with benefits from new equipment likely realized in FY2027.
Exploration drilling planned for 40,000–60,000 meters in 2026, targeting new and existing zones, with results from ground magnetic survey and metallurgical testwork expected in Q2 2026.
Expanded plant's total throughput capacity
Processing cost increase drivers
Next steps after Q2 2026 exploration interpretation
What is the revised throughput target post-expansion?
Quantify reserve increase from pit re-optimization?
How do new agreements reduce investment risk?
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Next TRX Gold earnings date
Q2 202614 Apr, 2026
TRX Gold
Next TRX Gold earnings date
Q2 202614 Apr, 2026
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Frequently asked questions
TRX Gold Corporation engages in the exploration, development, and production of mineral property interests in the United Republic of Tanzania. The company primarily explores for gold deposits. It holds interest through its subsidiaries - TRX Gold Limited and TRX Tanzania Limited. TRX Gold Corporation was incorporated in 1990 and is based in Oakville, Canada.
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