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TRX Gold (TNX) investor relations material
TRX Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 delivered strong financial results with increased gold production, revenue, and profitability, driven by higher-grade ore, lower costs, and record gold prices.
The Buckreef Gold Project in Tanzania is expanding, with a robust resource base, a 17.6-year mine life, and a PEA outlining a $1.2B NPV at $3,000 gold and 62,000 oz/year production.
Operational improvements, plant expansions, and cost reductions are underway, with a proven management team and disciplined capital management.
Working capital normalization, prudent capital management, and improved liquidity position the company for future growth.
Favorable agreement with the Bank of Tanzania reduces royalty rates and supports local currency needs.
Financial highlights
Q3 2025 revenue was $12.5M, gross profit $4.4M (35% margin), net income $1.1M, operating cash flow $3.4M, and adjusted EBITDA $4.0M, all up year-over-year.
Sold 3,995 ounces of gold at a record average realized price of $3,114/oz in Q3 2025; some sales at $3,300/oz.
Mining cost per tonne reduced to $3.63 in Q3; processing cost per tonne $14.60 in Q3.
Adjusted working capital improved from a deficit of $3.3M at May 31, 2025 to positive $3.9M post-Q3.
Cash position at May 31, 2025 was $6.5M, with borrowings of $3.0M.
Outlook and guidance
Revenue and EBITDA are expected to increase as higher-grade ore is accessed and plant optimizations take effect.
Plant recovery rates targeted to improve to low 80% by year-end and high 80s/low 90s within 18 months as upgrades are completed.
PEA projects average annual production of 62,000 oz gold over 17.6 years, with $89M growth capital over four years expected to be self-funded.
Average daily gold production increased to 75 oz/day post-Q3, expected to continue through Q4 2025.
Exploration spending will increase in fiscal 2026 to support resource expansion.
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