TRX Gold Corporation reports a significant year-over-year increase in gold production for 2023 at the Buckreef Gold Project in north-central Tanzania.
In its Year-End 2023 Results report recently released, the company announces a record gold production of 20,759 ounces, a substantial rise from the 8,874 ounces produced in 2022.
Revenue also saw a notable increase, with the company earning USD 38.3 million in 2023, up from USD 15.1 million in the previous year.
This surge in revenue reflects the company’s robust market presence and operational efficiency.
Operational expansions were key in 2023, with the successful completion of mill expansions that increased the plant’s throughput capacity significantly.
In exploration, TRX Gold extended the Main Zone’s known strike length mineralization by 500 meters and intersected high-grade gold mineralization in the Anfield Zone.
These achievements underscore the company’s commitment to growth and exploration excellence.
Looking forward, TRX Gold is planning further expansions, including the procurement of an additional mill to increase throughput capacity.
Stephen Mullowney, CEO of TRX Gold, stated, “2023 was an important year for TRX Gold as we transitioned into growth mode.”
He emphasized the company’s focus on “managing capital effectively and minimizing shareholder dilution while growing the project’s value.”
TRX Gold Corporation, focusing on the Buckreef Gold Project, has solidified its position in the gold mining industry.
The project, fully licensed for gold mining and extraction, is managed by Buckreef Gold Company, a joint venture between TRX Gold Corporation (TSX:TNX) (NYSE:TRX) which holds 55%, and the Tanzania State Mining Corporation (STAMICO) which holds 45%.