TRX Gold Delivers Record Q4 2026; Achieves Top End of Production Guidance

TRX Gold Corporation reported preliminary production figures for the fourth quarter of fiscal 2026, revealing output of 8,173 ounces of gold. This represents a 28% increase from the 6,404 ounces produced in the same period of fiscal 2025. For the full fiscal year 2026, total production reached 29,650 ounces, a 57% rise from the 18,935 ounces recorded in fiscal 2025. This result sits at the top end of the company’s previously stated guidance range of 25,000 to 30,000 ounces.

Gold pricing also saw significant gains during the period. The average London PM gold price in Q4 2026 was approximately $4,233 per ounce, up 26% year-over-year. The full-year average price was approximately $4,386 per ounce, marking a 46% increase from the $2,999 per ounce average in fiscal 2025.

To support production growth, TRX Gold cited process plant upgrades to its existing 2,000 tons per day (tpd) facility as a driver for improved throughput, recovery, and overall production. While specific Q4 throughput or recovery percentages were not provided, the company completed the final contract execution for a new 3,500 tpd SAG/Ball mill in early Q4 2026. Initial downpayments have been made, with completion expected within 12 to 18 months. The combined capacity of the upgraded 2,000 tpd plant and the new 3,500 tpd mill is expected to exceed the 3,000 tpd capacity assumed in the May 2025 Preliminary Economic Assessment (PEA).

Exploration efforts totaled approximately 175 drill holes for 14,500 meters in fiscal 2026. The company is adding additional diamond drill (DD), reverse circulation (RC), and RC/DD rigs to its operations. Final financial statements and Management’s Discussion and Analysis (MD&A) are not included in this preliminary report and will be released in November 2026. These figures are preliminary and unaudited.

TRX Gold Corporation reported final full-year production of 29,650 ounces, a figure that lands exactly at the top end of its guidance. This outcome was consistent with management’s earlier statements that full-year guidance would be achieved at the low end by mid-July, with a signal that the fourth quarter would be a record period. The release provided no full financial results, no updated Preliminary Economic Assessment, no new mineral resource or reserve update, and no fourth-quarter cost data.

Sequential gold price realization was lower, with the Q4 London PM average at $4,233 per ounce compared to the Q3 2026 average realized price of approximately $4,703 per ounce. The stock had already risen from $1.03 on July 15, 2026, the date of the prior earnings release, to $1.57 by September 11, 2026, representing a gain of about 52% leading into this print.

TRX Gold Corporation is a gold producer advancing the Buckreef Gold Project in the Geita District of Tanzania. The project operates as an open-pit mine featuring a 2,000 tpd CIL processing plant. Ownership of the project is split between TRX Gold, holding 55%, and STAMICO, the Tanzanian government mining agency, which holds the remaining 45%.

The company is currently expanding its processing capabilities with a new 3,500 tpd SAG/Ball mill circuit. When combined with the upgraded 2,000 tpd plant, the target capacity exceeds the 3,000 tpd assumption made in the Preliminary Economic Assessment (PEA) and is expected to support annual production of more than 62,000 ounces.

Mineral resources at the site include 10.8Mt of Measured and Indicated material grading 2.57 g/t Au for 893,000 ounces, and 9.1Mt of Inferred material grading 2.47 g/t Au for 726,000 ounces. The PEA outlines a mine life of 17.6 years with average annual production of around 61,700 ounces at a gold price of $4,000/oz.

Management includes CEO Stephen Mullowney, COO Richard Boffey, CFO Michael Leonard, and SVP Tanzania Khalaf Rashid.