TRX Gold Corporation (TSX: TRX) released its quarterly results for the three months ended November 30, 2025, at its Buckreef Gold Mine in Tanzania, showing significant increases in production, revenue, and profitability.
During the quarter, the mine poured 6,597 ounces of gold and sold 6,492 ounces at an average realized price of USD 3,860 per ounce.
This generated revenue of USD 25.1 million, gross profit of USD 14.2 million (57% margin), EBITDA of USD 13.2 million (53% margin) and adjusted net income of USD 7.7 million.
Operating cash flow reached USD 4.0 million. These results reflect strong leverage to record gold prices during the quarter.
The company also advanced major operational developments. Work on expanding the processing plant is ongoing, with a new facility capable of handling 3,000+ tonnes per day of sulphide material and 1,000 tonnes per day of oxide and transition material, including tailings retreatment.
Upgrades to the existing 2,000 tpd plant are progressing, with installation of key components such as the pre-leach thickener, upgraded agitators, interstage screens, Aachen reactor, oxygen plant, ADR plant, gold room, apron feeder, and belt magnet.
The expansion is expected to increase reliability and performance and is scheduled for completion in fiscal 2026.
Working capital strengthened during the quarter, and run-of-mine (ROM) stockpile inventory increased from 15,162 ounces at August 31, 2025, to 19,698 ounces at November 30, 2025, and further to an estimated 22,891 ounces post-quarter.
Exploration activities also progressed with the completion of an 810 line-kilometer ground magnetic survey in October 2025 to identify new drilling targets.
Metallurgical testwork on flotation, fine-grinding, and intensive leaching delivered positive gold recoveries of 88%–91.5%, with final analysis expected in fiscal Q2 2026.
Buckreef Gold Mine maintained a strong health, safety, and environmental record during Q1 2026, achieving zero lost time injuries and no reportable environmental incidents. The mine remains on track to meet fiscal 2026 production guidance of 25,000–30,000 ounces of gold at a total average cash cost of USD 1,400–1,600 per ounce.
Stephen Mullowney, CEO of TRX Gold, commented: “The strong cash flow in a record gold price environment has enabled us to reinvest in growth. We strengthened our working capital, advanced plans to upgrade and expand our processing plant, and increased investment in exploration to further delineate resources at Buckreef Gold. We are entering a new phase of growth with improved production scale, stronger margins, and a growing resource base.”
