TRX Gold Posts Record 29,650 Ounces in Fiscal 2026 & Advances Plant Expansion

• TRX Gold produced a record 29,650 ounces of gold in fiscal 2026, up 57% and at the top end of its 25,000 to 30,000 ounce guidance.
• Fourth quarter production reached a record 8,173 ounces, up 28%, as the average market gold price rose 26% to about US$4,233 per ounce.
• Upgrades to the existing 2,000-tonne-per-day plant increased throughput, recovery, and gold production in the fourth quarter.
• A new 3,500 tonnes-per-day semi-autogenous grind (SAG)/ball mill is targeted for completion within 12 to 18 months, taking capacity beyond the Preliminary Economic Assessment (PEA).
• TRX Gold drilled about 14,500 meters in fiscal 2026 and has bought 3 more drill rigs to expand greenfield exploration.

Company Overview

TRX Gold (TSX: TRX | NYSE American: TRX) is a gold producer advancing the Buckreef Gold Project in the Geita Region of Tanzania. Buckreef Gold has an established open-pit operation and a 2,000-tonne-per-day processing plant. The May 2025 Preliminary Economic Assessment (PEA) outlines an average gold production of 62,000 ounces per year over 17.6 years, at a throughput of 3,000 tonnes per day. It yields a pre-tax net present value (NPV5%) of US$1.9 billion to US$2.6 billion based on average life-of-mine (LOM) gold prices of US$4,000 to US$5,000 per ounce. The base case, which uses consensus gold price forecasts, gives US$701.0 million pre-tax and US$442.2 million after tax.

The project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 grams per tonne gold, containing 893,000 ounces. It also hosts an Inferred Mineral Resource of 9.1 million tonnes at 2.47 grams per tonne gold, containing 726,000 ounces.

Record Production at the Top End of Guidance

TRX Gold reported preliminary fourth quarter fiscal 2026 results on September 14, 2026. Quarterly gold production reached a record 8,173 ounces, up 28% from 6,404 ounces in the fourth quarter of fiscal 2025. Full-year production was a record 29,650 ounces, up 57% from 18,935 ounces in fiscal 2025. That result is at the top end of the company's full-year guidance range of 25,000 to 30,000 ounces.

The average market gold price was about US$4,233 per ounce in the fourth quarter, up 26% from US$3,369 per ounce a year earlier. For the full year, the average market price of gold was about US$4,386 per ounce, up 46% from US$2,999 per ounce in fiscal 2025. TRX Gold states that revenue for both the quarter and the full year will be significantly higher than in the prior-year periods. All financial figures are preliminary, unaudited, and subject to change.

Chief Executive Officer of TRX Gold, Stephen Mullowney, commented on the results: 

"We are very pleased to have delivered record quarterly and annual gold production in fiscal 2026, achieving the top end of our production guidance while continuing to improve the performance and reliability of our processing plant."

Plant Upgrades Lift Throughput & Recovery

TRX Gold continued upgrading its existing 2,000-tonne-per-day processing plant during the fourth quarter. The work covers a pre-leach thickener, upgraded agitators and interstage screens, an Aachen reactor, an oxygen plant, and an adsorption, desorption and recovery plant. It also includes a new gold room, an apron feeder, a belt magnet and a new tertiary crusher.

The upgrades are at various stages of completion. TRX Gold has already improved plant reliability and performance. Plant throughput, gold recovery and gold production were all higher in the fourth quarter than in the same quarter of fiscal 2025.

New 3,500 tonnes-per-day Mill Takes Capacity Beyond the PEA

Recent metallurgical test work led TRX Gold to specify a 3,500 tonnes-per-day semi-autogenous grind (SAG)/ball mill combination for its next processing plant expansion. The specification is based on the optimal grind size for the mine feed that the mine plan can deliver. Final contract execution was completed early in the fourth quarter of fiscal 2026, and initial down payments have been made. TRX Gold is targeting completion within 12 to 18 months.

The existing 2,000-ton-per-day upgraded plant will continue to operate alongside the new SAG/ball mill. Together, they will provide more capacity than the 3,000 tpd assumed in the May 2025 PEA. TRX Gold is targeting average annual gold production above the 62,000 ounces set out in the PEA.

Mullowney commented on the expansion: 

"Our accelerated plant expansion is laying the foundation for the next stage of growth at Buckreef Gold. The addition of a 3,500 tpd SAG/Ball mill circuit, together with significant upgrades to our existing 2,000 tpd plant, will provide combined processing capacity well beyond the 3,000 tpd capacity contemplated in our PEA last year, unlocking significant value."

Drilling Capacity Expands for Greenfield Exploration

Buckreef Gold drilled about 175 holes for about 14,500 meters in fiscal 2026. The drilling covered resource definition, geotechnical, sterilization, and greenfield exploration, with most of it taking place in the second half of the fiscal year. It used a company-owned reverse circulation (RC) rig, commissioned in March 2026, and a contractor diamond drill (DD) rig, commissioned in April 2026. The RC rig was also used for grade-control drilling during normal operations.

Buckreef Gold has bought 3 more rigs: a DD rig that is now on site and being commissioned, a new RC rig, and a new RC/DD combination rig. These rigs will join the existing fleet for grade control, resource definition, geotechnical, sterilization, and greenfield exploration drilling. Targets include 10 anomalies identified in a geophysics study, as well as Stamford Bridge and the Anfield Zone.

Next Steps

TRX Gold expects the new RC rig on site within 2 to 4 weeks and the RC/DD combination rig within 4 to 6 months. The company will report its fourth-quarter production, sales, and financial results, along with its Management's Discussion and Analysis, in November 2026. Completion of the 3,500 tonnes-per-day SAG/ball mill is targeted within 12 to 18 months.

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