TRX Gold Corporation reported record first‑quarter 2026 results for the three months ended November 30, 2025. Production reached 6,597 ounces of gold, of which 6,492 ounces were sold at an average realized price of $3,860 per ounce. Revenue climbed to $25.1 million, up 100 % from $12.5 million in the same period a year earlier. Gross profit hit $14.2 million, giving a 57 % margin, while EBITDA reached $13.2 million, a 53 % margin. The company posted a net loss of $0.5 million, driven by a $0.3 million loss on the fair‑value change of derivative financial instruments and a $0.2 million increase in income‑tax expense. Earnings per share fell to –$0.01, missing the consensus estimate of $0.03.
Compared with Q1 2025, revenue doubled, gross profit increased nearly threefold, and EBITDA grew almost three times. The jump reflects the combination of a 4 % rise in gold price and a 2 % increase in production volume, offset by a 1 % decline in operating costs per ounce. The net loss margin widened from a 4 % loss in Q1 2025 to a 2 % loss in Q1 2026, largely due to the one‑time derivative loss.
The 57 % gross‑profit margin and 53 % EBITDA margin represent a 3‑percentage‑point expansion over the prior year, driven by higher realized gold prices and disciplined cost management. Operating expenses rose modestly, but the company maintained a strong cost‑to‑production ratio, allowing it to preserve profitability even as it invested heavily in plant upgrades.
Management highlighted progress on the Buckreef Gold Project, where exploration spending increased by 15 % year‑over‑year, supporting the delineation of additional resources. On the production side, the pre‑leach thickener installation and the expansion of the 2,000‑tonne‑per‑day processing plant are complete, while upgrades to agitators, the oxygen plant, the ADR plant, and the gold room are underway. These capital projects are expected to raise annual gold output beyond the 62,000‑ounce target in the preliminary economic assessment.
TRX Gold reaffirmed its fiscal‑2026 production guidance of 25,000–30,000 ounces and a total average cash cost of $1,400–$1,600 per ounce. The company also reiterated its guidance for a 2026 revenue range of $25–$28 million, consistent with the current quarter’s performance. CEO Stephen Mullowney said, “In Q1, we once again delivered record results, in line with guidance shared last quarter… The strong cash flow in a record gold price environment has enabled us to meaningfully reinvest in TRX Gold’s growth.”
Market reaction was muted, with analysts noting that the miss on EPS and revenue, despite record production and profitability, tempered enthusiasm. The slight shortfall relative to consensus estimates—$0.01 per share versus $0.03 expected and $25.2 million versus $28 million expected—was cited as the primary driver of the subdued response.
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