Tanzanian Gold Corporation Earnings Recaps
Q3 2026
Jul 18, 2026
TRX Gold’s shares declined 2.9% despite meeting production guidance, reflecting investor caution around modest margin pressures and slower capital deployment. While the company confirmed ongoing expansion and exploration plans, the market appears unimpressed by incremental progress against the backdrop of persistently subdued multiples.
Key takeaways
- Produced approximately 28,000 ounces over the last 12 months, in line with guidance of 25,000 to 30,000 ounces for the year.
- Generated $115 million in revenue and $66.8 million in adjusted EBITDA for the last twelve months, supporting internal funding for expansion.
- Invested nearly $47-$48 million over the past year in working capital and CapEx, with future focus transitioning primarily to CapEx and exploration.
- Mill expansion to increase throughput above prior 3,000 tpd capacity is underway, with an updated PEA expected in Q4 2026 potentially enhancing NAV.
- Management highlighted healthy margins and low-cost operation, but acknowledged recent market-driven compression of EBITDA multiples amid lower gold prices.
Q2 2026
Apr 16, 2026
TRX Gold delivered a record-breaking Q2, with significant operational growth and robust financial performance driven by higher gold prices and expanded milling capacity.
Key takeaways
- Q2 gold production reached nearly 7,500 ounces, setting a new quarterly record.
- Record quarterly revenue of over $34 million, with adjusted EBITDA exceeding $20 million—annualized EBITDA over $80 million.
- Realized gold price hit a record average of $4,655 per ounce, amplifying profitability.
- Strong working capital position at $26 million and access to $12 million credit lines, supporting ongoing expansion.
- Company maintains full-year production guidance, with expansion plans underway leveraging higher gold prices and operational efficiencies.
Q1 2026
Jan 20, 2026
TRX Gold Corporation achieved record production and financial results in Q1 2026, driven by increased throughput, higher-grade ore access, and favorable gold prices.
Key takeaways
- Production reached nearly 6,600 ounces, marking a substantial increase compared to prior periods.
- Record quarterly revenue exceeded $25 million, alongside adjusted EBITDA of over $13 million.
- Cash cost remained stable at approximately $1,500 per ounce, positioning the company favorably within the cash cost curve.
- Working capital improved to $15 million, enhancing the balance sheet as free cash flow enabled ongoing investments in plant expansions and upgrades.
- Gold realized prices increased to over $4,600 an ounce shortly after the quarter end, further enhancing profit margins.