TRX Gold (NYSE:TRX) delivered a landmark second quarter for fiscal 2026, reporting record production and a transformed capital structure that positions the company for aggressive growth at its Buckreef Gold Project.
The company produced 7,453 ounces of gold in the quarter—a 13% increase over Q1—and sold approximately 7,400 ounces at a record average realized price of $4,682 per ounce.
The financial performance was bolstered by a significant cleanup of the company’s balance sheet.
TRX Gold received $21 million in gross proceeds from the exercise of warrants during the quarter, effectively eliminating its warrant overhang.
As of February 28, 2026, the company’s cash balance surged to approximately $25 million, while its current ratio improved to 2.5x, up from 1.7x at the end of the previous quarter.
The influx of capital and record organic cash flow is being immediately reinvested into the Buckreef expansion.
Management confirmed that the project remains on track to reach a processing capacity of 3,000+ tonnes per day (tpd).
Key long-lead equipment for the sulphide mill has begun arriving on site, and construction of the third Tailings Storage Facility (TSF 3) is progressing as planned for a Q3–Q4 2026 completion.
In addition to the plant expansion, TRX Gold has ramped up its exploration efforts.
The company’s first exploration drill rig has arrived at the Eastern Porphyry pit to begin resource upgrade drilling, while a diamond drill is being mobilized to test deep targets identified by a recent induced polarization (IP) geophysical survey.
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