TRX Gold (TRX) Status update summary

Operating performance and expansion

• FY2026 production nearly 30,000 oz; four consecutive quarterly production records, with record revenue and EBITDA.

• Recovery improved from the mid-70s to the mid-80s; mine-plan optimization, grade and maintenance supported gains. Q3 throughput was 1,833 tpd, up 25% YoY.

• The 2,000 tpd plant is being expanded with a 3,500 tpd parallel circuit, for 5,500 tpd theoretical capacity; the mine plan will determine actual throughput.

• Expansion is planned to operate in FY2028, mostly by end-2027; construction is scheduled over 12–18 months.

• Run-rate EBITDA is ~$80m; management expects >$200m within 3–4 years after expansion, based on the current gold price.

Funding and project economics

• Around $45m–$50m is planned for expansion and exploration over the next year, funded primarily from operating cash flow.

• Cash was approximately $30m, with no debt apart from equipment leases; management said expansion funding is based on internally generated cash flow.

• The 2025 study at 3,000 tpd outlined an 18-year mine life and 62,000 oz, with pre-tax NAV of ~$1.9bn and after-tax NAV of $1.2bn at $4,000 gold.

• An updated study is expected by end-2026 or early 2027, with a longer open-pit phase, deferred underground development and higher throughput under consideration.

• Throughput and mine-plan optimization are key economic variables; lower gold prices could prompt slower capital spending while the operating plant continues generating cash flow.

Resource and exploration

• Buckreef has 1.5m oz in measured and indicated categories at ~2.5 g/t.

• Geophysics identified 10 high-prospectivity targets; drilling will include Stamford Bridge, Anfield and other targets, with 4–5 rigs expected over the next six months and initial assays in the coming months.

• Stamford Bridge returned a 37 m intercept grading 6.86 g/t, described as Buckreef’s best intercept; higher-grade discoveries could improve production, cash flow and EBITDA.

• The main zone has drill results to 750 m and remains open along strike and at depth; management expects exploration and mine-plan updates to support resource growth.