TRX Gold (TNX) Q2 2025 earnings summary

Executive summary

• Q2 2025 results showed strong operational progress, higher revenue, and the release of a robust PEA for Buckreef Gold, highlighting a shift to higher-grade ore and a focus on long-term, high-margin expansion.

• The PEA projects a 17.6–18 year mine life, significant underground expansion, and high-margin operations, with ongoing plant upgrades and exploration upside.

• Management expressed increased confidence for H2 2025 due to higher grades, improved production rates, and favorable gold prices.

• Exploration success at Stamford Bridge Zone yielded best-ever drill results and new mineralization.

• Board strengthened with the addition of John McVey, bringing mine development expertise.

Financial highlights

• Q2 2025 revenue: $9.1M (+14% YoY); H1 2025 revenue: $21.6M; F2024 revenue: $41.2M; adjusted EBITDA: $5.4M (H1 2025), $15.3M (F2024).

• Record average realized gold price in Q2 2025: $2,739/oz; mining and processing costs reduced to $3.90/t and $15.90/t.

• Lifetime cash cost just over $1,000/oz; AISC: $1,200–$1,206/oz.

• PEA estimates pre-tax NPV of $1.2B and post-tax NPV of $766–$770M at $3,000/oz gold.

• Average annual production projected at 61,000–62,000 oz over 17.6–18 years, peaking above 90,000 oz.

Outlook and guidance

• H2 2025 expected to see higher production and profitability as higher-grade ore becomes accessible and plant throughput improves.

• Ongoing plant upgrades and exploration at Anfield and Stamford Bridge to drive further growth.

• New study on a larger Buckreef Project with improved economics to be released in H2 2025.

• Growth capital of $89–$90M planned over four years, with phased capital spending and potential for external financing.