TRX Gold (TRX) Q3 2026 earnings summary

Executive summary

• Achieved record gold production and throughput in Q3 2026, with 7,426 ounces poured (up 58% year-over-year) and 6,983 ounces sold (up 75% year-over-year), supported by plant expansions and operational improvements.

• Buckreef Gold Project expansion is progressing, including a new 3,500 tpd SAG/Ball mill and upgrades to the 2,000 tpd plant, with completion expected in Q4 2026.

• Full-year 2026 gold production guidance of 25,000–30,000 oz has already been met, with expectations to reach the upper end of the range.

• Exploration programs are ramping up, with multiple drill rigs targeting new and existing anomalies, including significant success at Stamford Bridge and Eastern Porphyry.

• Year-to-date, poured 21,476 ounces of gold, recognized $92.0 million in revenue, and achieved record gross profit and adjusted net income.

Financial highlights

• Q3 2026 revenue reached $32.9 million, up significantly year-over-year, with gross profit of $19.5 million and adjusted EBITDA of $20.7 million.

• Last twelve months (LTM) revenue totaled $115 million, with $66.8 million in adjusted EBITDA; LTM annual production reached 25,141 oz with $95.2M revenue and $50.1M adjusted EBITDA.

• Gross profit margin for Q3 was approximately 59–60%.

• Cash position at quarter-end was nearly $27 million, with working capital over $36 million and a current ratio of approximately 2.2.

• Average realized gold price in Q3 2026 was $4,703/oz; cash cost per ounce for the year is between $1,400–$1,600.

Outlook and guidance

• Full-year gold production guidance of 25,000–30,000 oz already achieved; Q4 expected to be a record quarter.

• Plant expansion with a new 3,500 tpd SAG/Ball mill and upgrades to the 2,000 tpd plant expected to significantly increase processing capacity and annual gold production beyond 62,000 ounces.

• Updated PEA and mine plan expected in Q4 2026, with higher throughput and resource estimates.

• Annualized EBITDA run rate exceeds $80 million, with potential to surpass $200 million in the next 24–36 months.

• Exploration assays anticipated in Q4 2026, with expanded drilling programs ongoing.