Strong financial performance in the middle …

Appearance date: July 16, 2025

You can find the complete copy of the earnings call in the complete earnings call.

• Trx Gold Corp (TRX) reported strong financial results for Q3 2025 with increasing sales, gross profit and net profit compared to previous quarters.

• The company has successfully expanded its processing capacity to 2,000 tons per day and is planning further extensions to 3,000 to 4,000 tons per day.

• Trx Gold Corp (TRX) has a robust pea with an NPV of 1.2 billion US dollars at $ 3,000 gold, which indicates a significant potential value.

• The company finances its growth and has an uncomplicated business plan to expand the company and develop underground mining.

• Trx Gold Corp (TRX) has concluded an agreement with the Bank of Tanzania to sell part of its gold production on site, which benefits from a reduced license fee.

• The company is currently facing challenges with a negative operating capital that should correct at short notice.

• There are concerns about the joint venture agreement with Semenko, which is less cheap compared to other jurisdiction.

• The company is dependent on short -term liquidity limits in order to finance long -term assets, which can possibly be financial risks.

• Trx Gold Corp (TRX) has not yet completely optimized its plant operation, whereby the continuous efforts to improve the restoration rates and for processing efficiency are not complete.

• The market has not yet fully recognized the potential of the company, which is reflected in its share price, which does not appreciate as much as some non -producing juniors.

Q: During the quarter we saw a 25% oxide and 75% sulfide mix in throughput. How do you expect this to become trendy in the upcoming quarters? A: Steven Maloney, CEO: We want to reduce the oxide percentage if we install a preparation thickener by the end of this calendar year, which means that we can process more sulfides and improve the head quality by about 0.3 to 0.4 grams.

Q: Can you provide further details about the recovery improvements and the timeline for these improvements? A: Richard Goffy, technical expert: We are working to achieve a stable size size of 75 micrometers, which will improve recovery. The flotation system and the associated fine grinding are expected to be operational in the 2027 financial year, which leads to significant improvements in recovery.

Q: What are the biggest challenges for increasing annual production over 62,000 ounces with the current strong gold price environment? A: Richard Goffy, technical expert: The main property is the mill capacity. We plan to ensure that our SAG -Mühle has an additional capacity to possibly increase the throughput of over 3,000 tons per day. The underground expansion requires additional declines and optimization studies.