TRX Gold Reports Q3 2026 Production on Record Throughput, Reaffirms Guidance, and Accelerates Plant Expansion

Executive Summary

• TRX Gold reported preliminary Q3 2026 results featuring record plant throughput of 1,833 tpd and a 58% year-over-year increase in gold production to 7,426 ounces, positioning the company on track to meet its full-year guidance of 25,000–30,000 ounces.
• Gold recovery rates improved significantly to 84.6% (up from 67% in Q3 2025), while gold-in-circuit (GIC) inventory reached a record 1,706 ounces, providing strong production momentum into Q4 2026.
• The company is advancing a major processing plant expansion, including a new 3,500 tpd SAG mill expected to be ordered in early Q4 2026, alongside comprehensive upgrades to the existing 2,000 tpd plant slated for completion by calendar Q4 2026.

Key Details

• Q3 2026 Production & Throughput: Record quarterly processing plant throughput of 1,833 tpd (up 25% from 1,461 tpd in Q3 2025); Q3 gold production of 7,426 oz (up 58% from 4,687 oz in Q3 2025); Year-to-date production of 21,476 oz.
• Full-Year Guidance: Company remains on track to meet full-year production guidance of 25,000 to 30,000 ounces.
• GIC Inventory & Recovery: Record GIC inventory of 1,706 oz (up >1,000 oz from Q2 2026); Gold recovery improved to 84.6% in Q3 2026 (up 18% from 67% in Q3 2025), driven by optimized feed size/quality, consistent tertiary crushing, tighter grinding/classification control, and streamlined elution/electrowinning.
• Gold Price Realization: Record average market price of ~$4,731/oz (London PM fix) in Q3 2026, a 52% increase over Q3 2025 ($3,114/oz), expected to significantly boost revenue.
• Plant Expansion (New SAG Mill): Metallurgical test work specified a SAG/Ball mill combination at 3,500 tpd; tendering has commenced with award and orders expected in early Q4 2026.
• Existing Plant Upgrades: 2,000 tpd plant undergoing major upgrades to operate concurrently with the new mill; upgrades include a pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant, new gold room, apron feeder, belt magnet, and new tertiary crusher; completion expected by calendar Q4 2026.
• Financial Reporting: Preliminary, unaudited figures; full Q3 2026 production, sales, and financial results with MD&A to be reported in mid-July 2026.
• PEA Context: Preliminary Economic Assessment outlines average production of 62,000 oz/annum over 17.6 years at 3,000 tpd throughput, with a US$1.9–US$2.6 billion pre-tax NPV5% at $4,000–$5,000/oz gold prices.

Notable Quotes

• Stephen Mullowney, CEO: “Q3 2026 was a defining quarter for the Company as we delivered record plant throughput and improved recoveries, which drove strong production and a record buildup of gold-in-circuit inventory, demonstrating the operational strength and scalability of our asset. With production increasing 58% year-over-year and recoveries improving to 84.6%, our team continues to execute on initiatives that are driving higher efficiency, stronger margins, and greater cash flow generation... Looking ahead, we remain focused on unlocking the next phase of growth through our processing plant expansion program. The combination of a new 3,500 tpd SAG mill circuit and significant upgrades to our existing 2,000 tpd plant is expected to deliver processing capacity well beyond the assumptions outlined in our PEA.”