TRX Gold (TNX) Q4 2025 earnings summary

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.