TRX Gold Reports Second Quarter 2026 Results

• TRX Gold reported Second Quarter 2026 financial results on April 15, 2026, marking a record quarter for revenue ($34.1 million) and Adjusted EBITDA ($20.2 million).
• Production reached 7,453 ounces of gold poured with an average realized price of $4,655 per ounce, significantly higher than previous quarters.
• The company confirmed a strategic initiative to expand processing capacity to over 3,500 tonnes per day (tpd), exceeding the 3,000 tpd assumption in the May 2025 Preliminary Economic Assessment (PEA).
• Cash balance stands at $26.0 million with undrawn revolving credit lines of over $12.0 million.
• Capital expenditure for plant expansion and upgrades is now estimated at $45-$50 million, an increase from the previous $30 million estimate disclosed in November 2025.
• Metallurgical recovery rates were reported at 89-92%, supporting the larger plant design.

• The news confirms operational execution and financial outperformance relative to Q1 2026, validating the growth trajectory established since late 2025.
• The realized gold price of $4,655/oz is exceptionally high compared to historical averages in the provided data ($3,000-$3,800 range), suggesting potential volatility risk if spot prices normalize.
• The increase in expansion capital from $30 million (Nov 2025) to $45-$50 million (April 2026) represents a material cost overrun that must be funded internally or via credit lines, impacting free cash flow projections.
• Despite the capex increase, the company maintains a strong liquidity position ($26M cash + $12M undrawn), mitigating immediate dilution risk.
• The confirmation of 3,500+ tpd capacity versus the PEA's 3,000 tpd is a positive operational surprise that could lift long-term production forecasts beyond the current 62,000 oz/year guidance.

• TRX Gold Corporation focuses on the Buckreef Gold Project in Tanzania, which is currently in production.
• The company also holds interests in the Lake Victoria Gold projects (Imwelo and Tembo), as indicated by related news releases in the feed regarding financing and drilling results for those assets.
• Flagship Asset: Buckreef Gold Mine (Open pit transitioning to underground).
• Current Status: Producing gold with active plant expansion to increase throughput from ~2,000 tpd to 3,500+ tpd.