TRX Gold announced an expansion of its Buckreef processing plant that adds a 3,000+ TPD circuit for sulfide ore and a 1,000 TPD circuit for oxide and transition material, along with tailings retreatment.
The upgrade builds on three prior expansions that increased capacity from 360 TPD to 2,000 TPD, bringing total capacity to over 3,000 TPD for sulfide and 1,000 TPD for oxide/transition and supporting the transition to underground mining.
The expansion will cost approximately $30 million and will be financed from operating cash flow over the next 18 to 24 months. It is on budget and aligns with the Preliminary Economic Assessment, which projects average annual production of 62,000 ounces over 17.6 years, an NPV of $701 million pre‑tax at $2,296/oz and $1.2 billion pre‑tax at $3,000/oz.
Management highlighted that the new circuits will improve recovery rates and metallurgical performance, enabling the company to maintain a low‑cost, self‑funded growth trajectory while minimizing shareholder dilution. The company also reported record gold production of 6,404 ounces in Q4 2025, a 37% increase over the previous quarter, and a 30% revenue growth over the last twelve months.
The Buckreef Gold Project has a measured and indicated resource of 10.8 million tonnes at 2.57 g/t gold (893,000 ounces) and inferred resources of 9.1 million tonnes at 2.47 g/t gold (726,000 ounces). The expansion is part of a broader strategy to extend the mine life and transition to underground operations, positioning TRX Gold as a larger gold producer in Tanzania.
Key components of the expansion are already in manufacturing, with some scheduled for shipment in November and December 2025. The plant upgrades are targeted for fiscal 2026, with complete processing circuits expected in fiscal 2027. Gold prices averaged $3,350 per ounce in Q4 2025, supporting the project’s economics.
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