TRX Gold (TRX) Q3 2026 earnings summary

Executive summary

• Achieved record operational and financial results in Q3 2026, with gold production of 7,426 oz, up 58% year-over-year, and throughput reaching 1,833 tpd, a 25% increase.

• Buckreef Gold Project continues rapid expansion, with mill and TSF upgrades underway and exploration ramping up, including Stamford Bridge discovery.

• LTM annual production reached 25,141 oz, with revenue of $95.2M and adjusted EBITDA of $50.1M.

• Guidance for FY2026 already met, with expectations to finish at the top end of the 25,000–30,000 oz range.

• Updated PEA and mine plan expected in Q4 2026, targeting higher throughput and resource growth.

Financial highlights

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

• LTM revenue of $115 million and adjusted EBITDA of $66.8 million.

• Gross profit margin for Q3 2026 was 59–60%, with cash costs between $1,400–$1,648/oz.

• Working capital over $36 million and cash position of $26.8 million at May 31, 2026.

• Q2 2026 revenue was $34.1M, gross profit $21.1M, and adjusted EBITDA $20.2M (margin 59.4%).

Outlook and guidance

• FY2026 gold production guidance of 25,000–30,000 oz already achieved, with 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 in Q4 2026 to reflect higher throughput, resource additions, and improved economics.

• Long-term EBITDA potential projected at $200+ million within 24–36 months.

• Average cash cost guidance for 2026: $1,400–$1,600/oz; capital expenditures $15–$20M; exploration $3–$5M.