Preliminary Economic Assessment

TRX Gold reported Q4 2025 and FY 2025 results with record revenue ($57.6 M) and cash generation. Q4 poured 6,404 oz and sold 6,977 oz at $3,363/oz, delivering $23.5 M revenue, $12.6 M gross profit and $12.7 M adjusted EBITDA (54% margin). FY 2025 adjusted EBITDA reached $22.0 M and net income $6.6 M; working capital improved to a 1.3 current ratio and short‑term debt was repaid. The Buckreef PEA projects 62,000 oz/yr and a $1.9 B pre‑tax NPV5%. FY 2026 guidance calls for 25‑30 k oz production, $15‑20 M capex, funded internally, with plant expansion and intensified exploration as key risks.

Viva Gold Corp’s Tonopah Gold Project in Nevada exhibits strong economic potential, according to a recent PEA. The project boasts a $112 million NPV, a 17.6% IRR, and a 3.6-year payback, based on a $2,400 gold price. An innovative dual processing approach, utilizing both milling and heap leach, aims to maximize gold recovery. Viva Gold’s CEO suggests the current stock valuation presents a discounted investment opportunity. The project details and evaluation were discussed on CEO.CA’s ‘Inside the Boardroom’ series.