TRX Gold Reports Second Quarter 2026 Results Another Record Quarter with Continued Production Growth Ahead
TRX Gold Reports Second Quarter 2026 Results
Another Record Quarter with Continued Production Growth Ahead
TORONTO, April 15, 2026 -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) reported
its results for the second quarter of 2026 (“Q2 2026”) for the three and six months ended February 28, 2026. Financial results
are available on the Company’s website at www.TRXgold.com. Unless otherwise noted, all references to currency in this press
release refer to US dollars.
TRX Gold’s CEO, Stephen Mullowney commented: “We yet again delivered a record quarter, with 7,453 ounces of gold poured
and 7,314 ounces sold during Q2 2026. With an average realized price of $4,655 per ounce of gold, we generated outstanding
financial results with revenue of $34.1 million, gross profit of $21.1 million (61% margin) and adjusted EBITDA 1 of $20.2 million
(59% margin). This was a direct result of running a low cost gold mine operation combined with increased production, which
has provided the Company with leverage to the gold price. With a cash balance of $26.0 million, undrawn revolving credit lines
of over $12.0 million, minimal debt and significant run rate adjusted EBITDA (Q2 2026: $20.2 million), we are well positioned to
execute on our next plant expansion, which as detailed last week, will incorporate throughput rates for the new 3,500+ tonne
per day (“tpd”) plant and existing, upgraded process plant, providing a significant upgrade in processing capacity versus the
3,000 tpd assumed in the PEA last year. Finally, given all these positive factors, we’re reviewing the life-of-mine plan at
Buckreef and intend to update the PEA study with an expanded scale. The updated PEA is expected to have vastly improved
economics versus last year’s PEA which had average annual production of 62,000 ounces over an 18+ year mine life. We look
forward to what’s ahead for TRX Gold.”
Key highlights for Q2 2026 and Year to Date in 2026 include:
• Reported Record Quarterly Production, Revenue, and Adjusted EBITDA : During Q2 2026, Buckreef Gold poured
a record 7,453 ounces of gold and sold 7,314 ounces of gold at a record average realized price (net) 1 of $4,655 per
ounce, recognizing record revenue of $34.1 million, record gross profit of $21.1 million, gross profit margin of 62%,
record adjusted net income 1 of $11.7 million, operating cash flow of $8.9 million and record adjusted EBITDA 1 of $20.2
million, all of which reflect increases compared to the prior year comparative period. The record quarterly results
demonstrate the Company’s ability to increase production while maintaining a low cost operation, which has provided
leverage to record gold prices during Q2 2026.
• Continued to Deliver Strong Financial Performance Year to Date in 2026 : Year to date, the Company poured
14,050 ounces of gold and recognized revenue of $59.2 million, gross profit of $35.3 million, adjusted net income 1 of
$19.4 million, operating cash flow of $12.9 million and adjusted EBITDA 1 of $33.5 million. Revenue, gross profit,
adjusted net income, and adjusted EBITDA1 were all half year records for the Company.
• Robust Recovery Rates Achieved: As reported last week, recovery rates between 89% - 92% were achieved from
additional metallurgical test work, which is in line with prior studies and above the 88% recovery rate assumed in the
PEA. The test work provided a more comprehensive understanding of optimal grind size for flotation and achievable
mine feed from the mine plan, which has led the Company to specify a Semi Autogenous Grind (“SAG”) / Ball mill
combination of 3,500+ tpd, which is above the PEA processing plant size assumption of 3,000 tpd. Tendering for the
SAG mill has commenced with orders expected to be placed in Q3 2026 and an initial estimated completion date of
calendar Q2 2027.
• Advancing Existing Processing Plant Upgrades and Increased Expansion: The existing processing plant is
currently undergoing significant upgrades and will be available to continue operating in conjunction with the new 3,500+
tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in
the PEA. Notable upgrades to the existing processing plant include a pre-leach thickener, upgraded agitators &
interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery (“ADR”) plant, new gold room,
apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be
completed by calendar Q4 2026.
• Strategic Mine Planning to Expand Further: During Q2 2026, the Company initiated a revision of the life-of-mine
plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA
reserve estimate assumption of US$1,900/oz. Preliminary analysis indicates the potential for an expanded third
cutback at the Main Pit, which could extend open-pit operations, defer commencement of underground mining and
enhance total recoverable ounces at Buckreef Gold. This is expected to improve the overall economics of the project.
The Company is also evaluating the potential for an earlier start to underground mining at the Stamford Bridge orebody,
alongside accelerating mining of the expanded Eastern Porphyry pit. The increase in throughput from the expanded
processing capacity is expected to increase average annual gold production in excess of the 62,000 ounces of gold
originally anticipated in the May 2025 PEA. The Company has hired P&E Mining Consultants Inc. to update the PEA,
which is expected to be completed in Q4 2026.
• Working Capital Significantly Strengthened : In Q2 2026, the Company continued to increase its working capital
position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile
inventory. The ROM and crushed ore stockpile has grown to an estimated 20,147 ounces of contained gold as at
February 28, 2026 (representing a fair market value of approximately $107.5 million at current market prices), as the
Company continued to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined
material. As a result, the Company’s current ratio has improved to a ratio of approximately 2.4 at February 28, 2026.
• Advancing Exploration Plans with Drilling to Commence : During Q2 2026, the Company processed all of the
detailed ground magnetic data collected from the 810 line-kilometer ground magnetic survey that commenced in Q1
2026. This high-resolution geophysical survey mapped subsurface magnetic variations across the tenement area and
resulted in the identification of ten exploration targets. The Company initiated a Gradient Array Resistivity and Induced
Polarisation survey to identify the areas of highest potential and prioritize drilling campaigns. Concurrently, the
Company commissioned its first drill rig with the goal of upgrading the Mineral Resource at the Eastern Porphyry.
• Strong Health, Safety, and Environmental Track Record : The Company achieved zero lost time injuries and there
were no reportable environmental incidents during Q2 2026.
Selected Operating and Financial Data
Select operating and financial information from the operation for the three and six months ended February 28, 2026, follows
below:
Select Operating and Financial Data
Unit
Three months
ended
February 28, 2026
Three months ended
February 28, 2025
Six months ended
February 28, 2026
Six months ended
February 28, 2025
Operating Data
Ore Mined k tonnes 140 109 368 217
Waste Mined k tonnes 2,028 927 3,157 1,742
Total Mined k tonnes 2,169 1,035 3,525 1,959
Strip Ratio w:o 14.4 8.5 8.6 8.0
Mining Rate tpd 24,096 11,501 19,474 10,822
Mining Cost US$/t $ 4.45 $ 3.90 $ 4.57 $ 3.94
Plant Ore Milled k tonnes 140 113 281 268
Head Grade g/t 1.94 1.12 1.91 1.22
Plant Utilization % 89 83 90 86
Plant Recovery Rate % 84 74 80 73
Processing Cost US$/t $ 25.99 $ 15.90 $ 22.87 $ 14.00
Plant Mill Throughput tpd 1,560 1,259 1,550 1,480
Gold Ounces Poured oz 7,453 3,004 14,050 7,845
Gold Ounces Sold oz 7,314 3,401 13,806 8,241
Financial Data
Revenue1 $ ('000s) 34,072 9,107 59,189 21,635
Gross Profit $ ('000s) 21,052 2,144 35,267 6,978
Net (loss) income $ ('000s) (13,777) (1,941) (14,273) 196
Adjusted net income (loss)
2 $ ('000s) 11,655 (111) 19,387 1,761
Adjusted EBITDA2 $ ('000s) 20,245 941 33,456 5,359
Operating Cash Flow $ ('000s) 8,847 2,022 12,867 4,403
Working capital5 $ ('000s) 32,102 (2,184) 32,102 (2,184)
Average Realized Price
(gross)2 $/oz 4,659 2,678 4,287 2,625
Average Realized Price
(net)2,3,4 $/oz 4,655 2,739 4,281 2,676
Cash Cost2 $/oz 1,506 1,765 1,507 1,541
1 Revenue includes immaterial amounts from the sale of by-product silver and
copper.
2 Refer to the "Non-IFRS Performance Measures" section.
3 Net of revenue and ounces of gold sold related to OCIM gold prepaid purchase
agreement.
4 Net of interest related to Auramet gold prepaid purchase
agreement.
5 Working capital for the three and six months ended February 28, 2025 are adjusted for derivative liabilities which will only
be settled by issuing equity of the Company and for the current portion of deferred revenue (non-cash) related to the Auramet
prepaid gold purchase agreement.
Figure 1: Buckreef Gold Open Pit Main Zone Aerial View
Figure 2: Buckreef Gold Crushing and Conveyor Circuit
Figure 3: Buckreef Gold Ore Moving Through Crushing Circuit
Figure 4: Buckreef Gold’s 1,000 tpd ball mill
Figure 5: Buckreef Gold Stage One Drilling
Figure 6: Stage 2 Expansion at Buckreef Gold
Figure 7: Revised Process Flowsheet for the Upgraded and Expanded Plant
Figure 8: Installation of New Belt Magnet
Figure 9: Pre-Leach Thickener Erection in Progress
Figure 10: Aachen ® Reactor Installed and Commissioned to Improve Processing Efficiency
Q2 2026 Results Conference Call and Webcast Details
When: Wednesday, April 15 th at 9:00 AM EDT
Webcast link:
https://www.renmarkfinancial.com/live-registration/second-quarter-2026-results-virtual-conference-call-tsx-trx-nyse-american-trx
-iyRLSBi2dF
Conference call numbers:
Canada/USA TF: 1-833-752-3900
International Toll: +1-647-849-3080
A replay will be made available for 30 days following the call on the Company’s website.
About TRX Gold Corporation
TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold
includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the
May 2025 Preliminary Economic Assessment (the “PEA”). The PEA outlines average gold production of 62,000 oz per annum
over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9 –US$2.6 billion pre-tax NPV 5% at average life of
mine gold prices of US$4,000-US$5,000/oz2. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of
10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral
Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long
-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the
PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and
corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during
its nearly two decades of presence in the Geita Region, Tanzania.
Qualified Person
Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company’s in-house
Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and has
reviewed and assumes responsibility for the scientific and technical content in this press release.
For investor or shareholder inquiries, please contact:
Investors:
Investor Relations
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com
Non-IFRS Performance Measures
The Company has included certain non-IFRS measures in this news release. The following non-IFRS measures should be read
in conjunction with the Company’s Unaudited Interim Condensed Consolidated Financial Statements for the three and six
months ended February 28, 2026 filed on SEDAR+ and with the Securities and Exchange Commission (“SEC”), as well as the
Company's audited consolidated financial statements included in the Company’s Annual Report on Form 40-F and Annual
Information Form for the year ended August 31, 2025. The financial statements and related notes of TRX Gold have been
prepared in accordance with International Financial Reporting Standards (“IFRS”). Additional information has been filed
electronically on SEDAR+ and with the SEC and is available online under the Company’s profile at www.sedarplus.ca and the
Company’s filings with the SEC at www.sec.gov and on our website at www.TRXgold.com.
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not
have a standardized meaning defined by IFRS. Adjusted EBITDA may not be comparable to information in other gold
producers’ reports and filings. Adjusted EBITDA is presented as a supplemental measure of the Company’s performance and
ability to service its obligations. EBITDA is frequently used by securities analysts, investors and other interested parties in the
evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results. Issuers present
Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers
to meet their obligations. Adjusted EBITDA represents net income before interest, income taxes, and depreciation and also
eliminates the impact of a number of items that are not considered indicative of ongoing operating performance.
The following table provides a reconciliation of net (loss) income and comprehensive (loss) income to Adjusted EBITDA per the
Unaudited Interim Condensed Consolidated Financial Statements for the three and six months ended February 28, 2026.
Three Months
Ended
Three Months
Ended
Six Months
Ended
Three Months
Ended
February 28,
2026
February 28,
2025
February 28,
2026
February 28,
2025
Net (loss) income and comprehensive (loss) income
per financial statements (13,777) (1,941) (14,273) 196
Add:
Depreciation 2,003 580 3,112 1,486
Interest, net and other expense 205 1,320 539 1,641
Non-recurring severance and legal expenses - 406 - 430
Income tax expense 6,342 142 11,370 1,835
Change in fair value of derivative financial instruments 23,521 (839) 30,521 (1,658)
Share-based payment expense 1,951 1,273 2,187 1,429
Adjusted EBITDA 20,245 941 33,456 5,359
Average realized price per ounce gold sold
Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS
and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by
dividing revenue by ounces of gold sold. It may not be comparable to information in other gold producers’ reports and filings.
The following table provides a reconciliation of average realized price per ounce of gold sold to revenue per the Unaudited
Interim Condensed Consolidated Financial Statements for the three and six months ended February 28, 2026.
Three Months
Ended
Three Months
Ended
Six Months
Ended
Three Months
Ended
February 28, February 28, February 28, February 28,