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Production / Operations

TRX Gold Announces Preliminary Q4 2025 Results

By The Northwire Desk — AI Analysis Oct 08, 2025 · 06:15 TRX · 0.87 TRX Gold Corporation
TRX · Price

Executive Summary

  • TRX Gold reported record Q4 2025 gold production of 6,404 oz and sales of 6,977 oz, a 37% increase versus Q3.
  • Average realized gold price reached ≈ $3,350/oz in Q4 2025 (up from $2,973/oz for the full year).
  • Working capital turned positive; cash rose to ~$7.8 M, short‑term borrowings of ~$3.0 M were fully repaid.

Key Details

  • Production & Sales
  • Q4 2025 production: 6,404 oz gold.
  • Q4 2025 sales: 6,977 oz gold.

  • Production up 37% vs. Q3 2025.

  • Gold Price Realization

  • Average market price in Q4 2025: ≈ $3,350/oz.

  • Full‑year (F2025) average price: $2,973/oz.

  • Record Gold Pours

  • August 2025 pour: 806 oz.
  • September 2025 pour: 1,018 oz.

  • September 2025 monthly production: 2,510 oz.

  • Working Capital & Liquidity

  • Adjusted working‑capital ratio improved from 0.8 (May 31) to 1.2 (Aug 31).
  • Cash balance as of Aug 31 2025: ≈ $7.8 M (up ~ $1.2 M QoQ).

  • Fully repaid short‑term borrowings of ~$3.0 M.

  • Run‑of‑Mine (ROM) Stockpile

  • ROM stockpile grew from ≈ 9,275 oz (May 31) to ≈ 15,162 oz (Aug 31).

  • Plant Expansion & Optimization

  • Initiated procurement for near‑term plant upgrades: thickener addition, elution plant/gold‑room upgrades, slurry oxidation capacity (air blowers/oxygen dispersion).
  • Ongoing metallurgical testing for flotation circuit, Semi‑Autogenous Grinding (SAG) mill, new crushing circuit (jaw crusher, conveyor, CIL tanks).

  • Long‑term plan to expand processing capacity to 3,000+ t/d per PEA.

  • Forward Outlook

  • Management will release audited Q4 2025 and FY 2025 results with MD&A in late November 2025.
  • All figures are preliminary, unaudited, and subject to change.

Notable Quotes

“We’re very pleased with the positive trajectory and record gold production achieved at Buckreef Gold this quarter… our short‑to‑medium term priorities remain the same – continue to expand and upgrade processing capacity in line with our PEA, continue advancing exploration in key areas, and strengthen our liquidity.” – Stephen Mullowney, President & CEO

Materiality Assessment: Material – Positive (record production, improved cash position, and ongoing expansion initiatives indicate a materially positive impact on the company’s outlook).

Read the original news release →

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