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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.Q3 2025 earnings summary16 Jul, 2025
Executive summary
Achieved strong Q3 2025 results with increased gold production, revenue, and profitability, supported by access to higher-grade ore, lower costs per tonne, and record gold prices.
Buckreef Gold Project in Tanzania is expanding, with a robust resource base, a 17.6-year mine life, and average annual production of 62,000 oz targeted in the PEA.
Plant throughput reached 2,000 tpd, with ongoing optimizations and plans for further expansion to 3,000–4,000 tpd.
Working capital position improved from a deficit of $3.3M at May 31, 2025, to positive $3.9M, with significant reduction in payables and full access to liquidity lines.
Signed agreement with Bank of Tanzania for domestic gold sales at reduced royalty rates, supporting local beneficiation and currency liquidity.
Financial highlights
Q3 2025 revenue reached $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 oz of gold at a record average realized price of $3,114/oz in Q3 2025; year-to-date sales of 12,236 oz at $2,829/oz.
Mining cost per tonne reduced to $3.63 in Q3; processing cost per tonne $14.60 in Q3.
Year-to-date (nine months) revenue $34.1M, gross profit $11.4M, net income $1.3M, operating cash flow $7.8M, adjusted EBITDA $9.3M.
Fiscal 2024 revenue was over $40M with $15M EBITDA; both expected to rise in 2025.
Outlook and guidance
Short- to medium-term priorities include expanding and upgrading processing capacity, advancing greenfield exploration, and further strengthening liquidity.
Average daily gold production increased to 75 oz/day post-Q3, expected to continue through Q4 2025.
PEA outlines average annual production of 62,000 oz over 17.6 years, with expansion funded by internal cash flows.
Targeting further plant optimizations, including pre-leach thickener and new absorption/desorption circuit to be installed within 6 months, aiming for higher recovery rates.
Growth capital of $89M over the next four years is expected to be funded by internally generated cash flow.
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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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