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TRX Gold (TNX) investor relations material
TRX Gold Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved record Q4 2025 gold production of 6,404 ounces and sales of 6,977 ounces at an average realized price of $3,363/oz, driving revenue of $23.5M and gross profit of $12.6M (54% margin).
Fiscal 2025 saw 18,935 ounces poured and 19,213 ounces sold, generating $57.6M in revenue, $23.9M gross profit, $22M adjusted EBITDA, and $6.6M net income.
The Buckreef Gold Project in Tanzania is a profitable, cash-generating mine with a robust production profile, significant exploration upside, and ongoing plant optimization and expansion.
Working capital turned positive in Q4 2025, with full recapitalization expected by Q2 2026.
PEA for Buckreef Gold outlines an 18-year production plan and NPV5% of $1.9B pre-tax ($1.2B after-tax) at $4,000/oz gold.
Financial highlights
Q4 2025 revenue reached $23.5M, with gross profit of $12.6M (54% margin), net income of $5.3M, and operating cash flow of $8.5M.
Fiscal 2025 revenue was $57.6M, gross profit $23.9M, net income $6.6M, operating cash flow $16.3M, and adjusted EBITDA $22M.
Average realized gold price in Q4 2025 was $3,363/oz, with current sales above $4,200/oz.
Processing cost per tonne reduced to $14.90 in FY2025 from $20.07 in FY2024.
Cash position increased to $7.8M, with all borrowings repaid in Q4 2025.
Outlook and guidance
Fiscal 2026 gold production is expected at 25,000–30,000 ounces at a cash cost of $1,400–$1,600/oz.
Capital expenditures for 2026 are projected at $15–$20M, focused on plant upgrades, expansion, and tailings facilities.
Exploration budget of $3–$5M for resource and exploration drilling, with a 35,000-meter program and new drill rigs.
Processing plant expansion aims to exceed PEA scope, targeting over 62,000 oz/year production, funded by internal cash flow.
Anticipated continued strong results in 2026, supported by high gold prices and operational improvements.
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Frequently asked questions
TRX Gold Corporation engages in the exploration, development, and production of mineral property interests in the United Republic of Tanzania. The company primarily explores for gold deposits. It holds interest through its subsidiaries - TRX Gold Limited and TRX Tanzania Limited. TRX Gold Corporation was incorporated in 1990 and is based in Oakville, Canada.
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