TRX Gold (TRX) 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, with completion targeted for Q2 2027.

• Updated mine plan and PEA expected, reflecting higher gold prices and increased resource base.

Financial highlights

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

• Adjusted net income for the quarter was $11.7 million.

• Year-to-date revenue reached $60 million, with adjusted EBITDA of $33.5 million.

• Last 12 months: 25,000 ounces produced, $95 million revenue, $50 million adjusted EBITDA.

• Cash cost per ounce sold was $1,506 in Q2 2026, down from $1,765 in Q2 2025.

Outlook and guidance

• On track to meet full-year production guidance of 25,000–30,000 ounces.

• Cash cost guidance maintained at $1,400–$1,600 per ounce; year-to-date cash cost $1,507/oz, expected to improve.

• Full-year CapEx expected at upper end of $15–$20 million, focused on plant upgrades and tailings facility.

• Exploration spend guided at $3–$5 million; increased drilling activity planned for second half.

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