Gold miner TRX Gold reports record annual production

Africa-focused gold miner TRX Gold has announced that the company achieved record annual production and financial metrics for the year ended August 31, 2023.

The company reported record annual gold production (20,759 ounces), revenue ($38.3 million), operating cash flow ($17.3 million), adjusted EBITDA ($13.7 million), net income ($7.0 million) and gross profit margin (47%).

TRX Gold said it delivered on all its objectives for fiscal 2023, demonstrating an “exceptional ability to manage capital, minimize shareholder dilution and mitigate project risk.”

The company added it reinvested $17.8 million during the year to successfully grow its Buckreef gold mine in Tanzania.

TRX Gold noted it expanded the processing plant from 360 tpd to 1,000+ tpd, procured an additional 1,000 tpd ball mill to increase future annual throughput, advanced construction of a significantly expanded tailings storage facility, and invested in further infrastructure, capital assets and studies to support the long term growth of Buckreef.

CEO Stephen Mullowney commented, “2023 was an important year for TRX Gold as it was a year that we transitioned into growth mode. This growth will continue in 2024 with yet another plant expansion, which is expected to come online in the second half of the year. This expansion is expected to provide the financial capital for a robust exploration program aimed at increasing mineral resources over time.

“Importantly, we have been able to enter a growth phase while properly managing capital―and we will continue to do so ― in order to grow the project and its value while minimizing shareholder dilution.”

TRX Gold is advancing the Buckreef gold project in Tanzania. The project currently hosts an NI 43-101 measured and indicated mineral resource of 35.88 Mt at 1.77 g/t gold containing 2,036,280 ounces of gold and an inferred mineral resource of 17.8 Mt at 1.11 g/t gold for 635,540 ounces of gold.

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