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TRX Gold (TSX: TRX | NYSE American: TRX) reported its fourth‑quarter and fiscal‑year‑2025 results on December 2, 2025, highlighting record revenue and cash generation.
Key operating figures: Q4 pour 6,404 oz, sold 6,977 oz at an average realized price of $3,363 per oz, generating $23.5 million of revenue, $12.6 million of gross profit and Adjusted EBITDA of $12.7 million. FY‑2025 revenue reached a record $57.6 million with Adjusted EBITDA of $22.0 million and net income of $6.6 million. Working capital improved to a current ratio of roughly 1.3 and short‑term borrowings of about $3.0 million were fully repaid.
Strategic developments: a Preliminary Economic Assessment (PEA) for the Buckreef extension projects an average production of roughly 62,000 oz per year and an NPV5% of $1.9 billion pre‑tax at $4,000 per oz. The company is building a larger processing plant (3,000+ tpd sulfide circuit plus a 1,000 tpd oxide circuit) and will expand exploration, notably in the high‑grade Stamford Bridge zone. FY‑2026 guidance targets production of 25,000‑30,000 oz, capex of $15‑20 million and exploration spend of $3‑5 million.
Positive Highlights
- Fiscal 2025 revenue of $57.6 million (record)
- Q4 Adjusted EBITDA of $12.7 million (54 % margin)
- PEA NPV5% of $1.9 billion pre‑tax at $4,000 per oz
- Working capital improved to a current ratio of ~1.3 at August 31 2025
- Run‑of‑mine stockpile increased to > 20,000 oz of contained gold
Negative Considerations
- Fiscal 2026 production guidance of 25,000‑30,000 oz is well below the PEA average of 62,000 oz per year
- Plant expansion will be financed from internally generated cash flow over the next 18‑24 months, potentially constraining free cash in the near term
Insights
Strong operational cash generation, record Q4 revenue and a robust PEA underpin materially positive near‑term funding and growth prospects.
Operating mechanics. TRX poured 6,404 oz in Q4 and sold 6,977 oz at $3,363 per oz, delivering $23.5 million of revenue, $12.6 million of gross profit (54 % margin) and Adjusted EBITDA of $12.7 million (54 % margin). For the full fiscal year, the realized price averaged $3,033 per oz, revenue topped $57.6 million and Adjusted EBITDA reached $22.0 million, demonstrating the company’s ability to convert higher gold prices into cash.
Key dependencies and risks. The current current‑ratio of ~1.3 and the repayment of $3.0 million of short‑term debt reflect improved liquidity, but the plan to fund the larger processing plant from internal cash flow over the next 18‑24 months makes near‑term cash generation a critical driver. The PEA projects a large economic upside (NPV5% $1.9 billion pre‑tax), yet the company is revising processing capacity above the PEA baseline. Successful completion of metallurgical test work, plant expansion and the delivery of high‑grade drill results (particularly from Stamford Bridge) will be decisive for unlocking that value.
What to watch in the next 3‑12 months. (1) Completion and results of metallurgical test work and flowsheet optimization expected by Q2 2026; (2) Capital spend and progress on the plant expansion, confirming that internal cash flow funds the build; (3) Drill results and any reserve/resource updates from Stamford Bridge and other targets that could shift mine‑plan assumptions; (4) Trends in working capital and conversion of the > 20,000‑oz ROM stockpile into payable production.
FAQ
What did TRX Gold report for Q4 2025 ounces poured and average realized price?
Q4 2025 poured 6,404 ounces and sold 6,977 ounces at an average realized price of $3,363 per ounce.
What were TRX Gold’s fiscal 2025 revenue and Adjusted EBITDA?
Fiscal 2025 revenue was a record $57.6 million with Adjusted EBITDA of $22.0 million.
What did the Buckreef PEA show for TRX Gold?
The PEA outlined roughly 62,000 oz per year of average production over a 17.6‑year mine life and an NPV5% of $1.9 billion pre‑tax at $4,000 per oz.
What is TRX Gold’s fiscal 2026 production guidance and planned capital spending?
Fiscal 2026 production is guided at 25,000‑30,000 oz; capital expenditures are expected to be $15‑20 million (excluding waste stripping).
How is TRX Gold funding the Buckreef processing plant expansion?
The company expects the larger processing facility to be financed from internally generated cash flow over 18‑24 months.
What exploration priorities did TRX Gold announce for fiscal 2026?
The firm plans expanded drilling on Stamford Bridge, Buckreef Main, Anfield and Eastern Porphyry, together with an approximately 810‑km ground magnetic survey.
Record 2025 Sets the Stage for Next Phase of Growth
TORONTO, Dec. 2, 2025 – TRX Gold Corporation (TSX: TRX | NYSE American: TRX) disclosed its Q4 2025 and fiscal 2025 results. Financial details are available on the company’s website.
CEO Stephen Mullowney said, “In Q4 we achieved a record 6,404 ounces of gold poured and 6,977 ounces sold at an average realized price of $3,363 per ounce, recognizing revenue of $23.5 million, gross profit of $12.6 million (54 % margin) and Adjusted EBITDA of $12.7 million (54 % margin). This performance continued into Q1 2026 with another production record of roughly 6,550 ounces sold at even higher prices. The business is being recapitalized with internally generated cash flow, as evidenced by the improvement in working capital to a current ratio of about 1.3 in Q4 2025. We anticipate full recapitalization from a working‑capital perspective in Q2 2026. Meanwhile, the processing plant expansion has commenced and exploration is being funded by operating cash flow. We are well positioned for fiscal 2026.”
He added, “The Buckreef PEA was a defining milestone, outlining a long‑life, scalable asset with an NPV5% of $1.9 billion pre‑tax ($1.2 billion after‑tax) at $4,000 per oz. We have also announced that the processing facility will be significantly larger than the 3,000 tpd plant described in the PEA. Exploration will be accelerated in fiscal 2026, focusing on high‑grade zones such as Stamford Bridge, which yielded our two best drill results to date.”
Key Q4 2025 and full‑year highlights
- Record revenue, profitability and cash generation: Q4 2025 poured 6,404 oz (up from 5,767 oz in Q4 2024) and sold 6,977 oz at a record $3,363 net price per ounce (Q4 2023: $2,412). Revenue was $23.5 million, gross profit $12.6 million, net income $5.3 million, operating cash flow $8.5 million and Adjusted EBITDA $12.7 million, all up year‑over‑year. FY 2025 revenue reached $57.6 million, gross profit $23.9 million, net income $6.6 million, operating cash flow $16.3 million and Adjusted EBITDA $22.0 million.
- Strengthened working‑capital position: Current ratio improved to ~1.3 at August 31 2025 from 0.8 in May 2025, short‑term borrowings of ~$3.0 million were fully repaid, and the ROM stockpile grew from ~9,275 oz to over 20,000 oz contained gold.
- Positive PEA delivering significant growth potential: The Buckreef PEA projects average gold production of ~62,000 oz per year over a 17.6‑year mine life, with a pre‑tax NPV5% of $1.9 billion at $4,000 per oz.
- Higher‑grade ore drives production: Completion of the first‑half stripping campaign unlocked higher‑grade blocks, resulting in record pours of 806 oz (end of August 2025), 1,018 oz (September 2025) and 1,105 oz (November 2025).
- New high‑grade discovery: The ‘Stamford Bridge’ zone produced two best‑ever drill results – 37 m @ 6.86 g/t Au (253.8 gtm) and 35.5 m @ 5.48 g/t Au (194.5 gtm). Exploration drilling will intensify in fiscal 2026 across Stamford Bridge, Buckreef Main, Anfield and Eastern Porphyry.
- Domestic gold sales agreement: Buckreef Gold signed a deal with the Bank of Tanzania to allocate at least 20 % of site doré production for domestic sale, qualifying for a reduced royalty rate of 4.35 % versus 7.35 % for exported gold.
- Management and board strengthening: Richard Boffey joined as COO, bringing 35 years of mining experience; John McVey was added to the board, providing deep expertise in underground mine development.
Post‑year‑end developments
- Expansion beyond the PEA: Construction of a larger processing facility (3,000+ tpd sulfide circuit + 1,000 tpd oxide circuit and tailings retreatment) is underway and will be financed from internal cash flow over the next 18‑24 months.
- Sustained exploration effort: An 810 km ground‑magnetic survey began in October 2025 to map subsurface structures and generate new drilling targets; completion is expected in Q2 2026.
- Metallurgical test work: Ongoing test programs include gold deportment testing, flotation and concentrate leach optimisation, and SAG/ball‑mill circuit design, with results anticipated by Q2 2026.
Fiscal 2026 outlook
- Gold production is forecast at 25,000‑30,000 oz, an increase from FY 2025’s 18,935 oz, reflecting continued access to higher‑grade ore blocks.
- Capital expenditures (excluding waste stripping) are expected to be $15‑20 million, compared with $15.6 million in FY 2025, focused on plant upgrades, expanded tailings storage, new heavy equipment and camp facilities.
- Exploration spend is projected at $3‑5 million, covering the 810 km magnetic survey, underground resource drilling at Buckreef Main, and targeted drilling in Stamford Bridge, Anfield and Eastern Porphyry.
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