TRX Gold Corporation reported its financial results for the third quarter of 2025, covering the three and nine months ended May 31, 2025. The company achieved revenues of $12.5 million, a gross profit of almost $4.5 million (35% margin), and adjusted EBITDA of $4 million.
Gold production reached just under 4,700 ounces in the quarter, benefiting from a realized gold price exceeding $3,100 per ounce. Processing costs per tonne were below $15, and mining costs per tonne were $1.80 to $1.90 using the company's own fleet.
A significant financial improvement was noted as the company's adjusted working capital turned positive, increasing from a negative $3.3 million to approximately $3.9 million since May 31st. The current ratio improved from approximately 0.8 to 1.1, with accounts payable and accrued liabilities reduced by $5.6 million.
The company substantially repaid its short-term borrowings and gained full access to its liquidity lines. Its stockpile grew from 290,000 tonnes at 1.00 g/t (9,275 ounces) to 401,000 tonnes at 1.31 g/t (16,876 ounces) of contained gold.
TRX Gold also entered into an agreement with the Bank of Tanzania to sell a minimum of 20% of its local gold production, benefiting from a reduced royalty rate of 4% for domestic sales compared to 7.3% for exports. This agreement was signed in early June.
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