TRX · TRX Gold Corporation

TRX Gold Corporation delivered record Q2 2026 results driven by higher processing plant throughput to 1,560 tpd, increased head grade, and improved recoveries to 84%, resulting in 7,453 ounces poured and 7,314 ounces sold at a record net realized price of $4,655 per ounce. This generated $34.1 million in revenue, $21.1 million gross profit at a 62% margin, $11.7 million adjusted net income, $20.2 million adjusted EBITDA, and $8.9 million operating cash flow, all quarterly records surpassing prior year Q2 figures amid elevated gold prices. Year-to-date, revenue reached $59.2 million with $35.3 million gross profit and $33.5 million adjusted EBITDA from 13,806 ounces sold at $4,281 per ounce. Balance sheet strengthened significantly with cash rising to $26.0 million from $7.8 million at August 31, 2025, fueled by $21.0 million in warrant exercise proceeds eliminating all outstanding warrants for a clean capital structure. Working capital improved to a 2.4 current ratio, supported by ROM and crushed ore stockpiles containing 20,593 ounces valued at $107.5 million. Management highlights ongoing plant upgrades including pre-leach thickener and oxygen plant, with metallurgical testwork achieving 89-92% recoveries above the 88% PEA assumption. This supports expansion to a 3,500+ tpd SAG/ball mill plant exceeding the PEA's 3,000 tpd, potentially boosting annual production beyond 62,000 ounces, alongside life-of-mine plan revisions for expanded open pit and accelerated underground mining to enhance project economics.