TRX Gold Reports Q3 2026 Results: Full Earnings Call Transcript

On Thursday, TRX Gold (TSX: TRX ) discussed third-quarter financial results during its earnings call. The full transcript is provided below. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

8 million in adjusted EBITDA, supporting expansion projects. Significant capital investments of $47-48 million were made over the past 12 months, focusing on CAPEX and exploration at the Buck Reef Gold project. The company achieved its guidance of 25-30,000 ounces of gold production and expects to be at the higher end of this range by the end of Q4 2026. Buck Reef's mill expansion is underway, with a new 3,500-ton per day SAG and ball mill being part of the ongoing capital projects.

TRX Gold plans to update its PEA with expected increases in NPV and resources, anticipating higher throughput and a significant future EBITDA increase. Operational improvements led to record quarterly throughput and gold production, with a 60% increase in gold production compared to the prior year. TRX Gold maintains a strong balance sheet with $27 million in cash, significant working capital, and undrawn credit lines to support future growth. The company is actively engaged in stakeholder relations in Tanzania, focusing on community development and government engagement.

Exploration efforts are ramping up with multiple drill rigs being deployed to explore new targets and expand the resource base. Full Transcript Julia Perron, Virtual Event Moderator Hello and good morning, ladies and gentlemen. Welcome to today's presentation. My name is Julia Perron, Virtual Event Moderator here at Renmark Financial Communications.

On behalf of our team, we'd like to thank everyone for joining us today for TRX Gold Corporation's third quarter 2026 results. TRX Gold is streaming on the Toronto Stock Exchange under the ticker symbol TRX and on the NYSE American under the ticker symbol TRX. Presenting today is Stephen Mullowney, Chief Executive Officer; Michael Leonard, Chief Financial Officer; Khalaf Rashid, Senior Vice President Tanzania; and Richard Boffey, Chief Operating Officer. The presentation will last approximately 20 to 25 minutes and will be followed by a formal Q&A session for which you can participate using the chat box on the top right-hand corner of your screen.

With that being said, I will now hand it over to Stephen. Stephen Mullowney, Chief Executive Officer Thank you and welcome everybody to today's Q3 corporate presentation of results. Richard is not on the line yet. I was just talking to him on top of the TSF, and he's making his way back to the office, so he should join us in about five to ten minutes.

He's at Buck Reef today. Also, as Julia mentioned, Michael and Khalaf are here with me as well. We're coming back in Toronto today. I was staying in Tennessee and Texas last week.

I should have stayed there given I came home to 38, 40 degrees, and now we have yellow skies and apparently the big campfires up north that blanketed us with smoke. So anyways, it was pleasant to be down in the United States last week. So without further ado, Julia, can you... Here's Richard.

Richard is joining us now. How are you doing today, Richard? Richard Boffey, Chief Operating Officer Yeah, afternoon everybody. Apologies for being late.

Just got back from a little bit of an inspection. Stephen Mullowney, Chief Executive Officer Yeah, exactly. I told them that you were talking to me on top of the TSF. So if we can go to slide number four.

Obviously, we're going to have prior slide was forward-looking statements. There will be some forward-looking statements today and in this presentation. So with regards to Buck Reef, we had a great third quarter. We've actually had a good start to the year, nine months.

So our goal here at TRX Gold is to rapidly develop Buck Reef Gold project into a world-class mining operation. It is today a world-class mining operation and is expanding quite rapidly, and we'll get through the details of that now in a few minutes with the mill expansion, TSF expansions, and other enhancements that are going on at Buck Reef as well as the exploration programs. But a little summary on the year to date. We've done almost 28,000 ounces for an LPM period that's starting Q4 of last year to the end of Q3 this year.

8 million of adjusted EBITDA. This is what gives us confidence in funding our expansion projects in that time period. We've made significant capital investments. As for the press release this morning, we've made almost, I believe, $47-48 million of investments over the last 12 months, both in working capital, which we've been normalized now.

That investment will no longer go forward in around $17-18 million, and the rest on capex. The focus now going forward is on capex and exploration. 5 grams a ton. We're online with the PEA that was released last year with first-year production of around 27,000 ounces.

As I mentioned in the press release, we've already achieved our guidance of 25-30,000 ounces as of today and expecting to be within that range as we get through Q4, more than likely towards the top of that range. With regards to the CapEx program that was in that PEA, the first part of that PEA was mill expansion. The mill has been ordered, which we'll get into that in a few minutes, and that capital project is well underway and planning is done, and it's now starting to be executed. I will remind people.

I know I'm going to get a lot of questions around stock price. We're going to address that later, evaluation, and things of that nature. The pre-tax NPV on the study that was releas