TRX Gold (TNX) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly gold production of 7,453 ounces and sales of 7,314 ounces in Q2 2026, with all key financial and operational metrics up year-over-year and sequentially.

• Revenue exceeded $34 million for the quarter, with gross profit over $21 million and a 62% gross margin.

• Strong cash position of $26 million and robust working capital ratio of 2.4x, supporting ongoing expansion plans.

• Expansion of the Buckreef Gold Project underway, targeting a combined plant throughput of 3,500+ tons per day by Q2 2027.

• Year-to-date, poured 14,050 ounces of gold, generating $59.2 million in revenue and $33.5 million in adjusted EBITDA.

Financial highlights

• Adjusted EBITDA for the quarter was $20.2 million, with annualized EBITDA over $80 million.

• Adjusted net income for Q2 2026 was $11.7 million.

• Year-to-date revenue reached $60 million, with adjusted EBITDA of $33 million.

• Cash cost per ounce sold was $1,506 in Q2 2026, expected to improve in the second half.

• ROM pad stockpile valued at $107.5 million as of February 28, 2026.

Outlook and guidance

• Full-year production guidance reaffirmed at 25,000–30,000 ounces, with cash cost guidance of $1,400–$1,600/oz.

• Plant expansion underway to increase throughput to 3,500+ tpd, with completion targeted for Q2 2027.

• Updated PEA expected in Q4 2026, reflecting higher gold prices and expanded processing capacity.

• Strategic mine plan revision may extend open-pit operations and defer underground mining by at least five years.

• CapEx for the year expected at the upper end of $15–$20 million, with exploration spend of $3–$5 million.