Core Viewpoint - TRX Gold Corporation is advancing the expansion and upgrade of the processing plant at the Buckreef Gold Project, aiming to increase throughput and gold production over the next 18-24 months [1][4]. Processing Plant Expansion - The company plans to expand the processing plant to include a 3,000+ tonne per day (TPD) circuit for sulphide ore and a 1,000 TPD circuit for oxide and transition material, with a total capital cost of approximately US$30 million [3][4]. - The new processing facility is expected to produce average annual gold production exceeding the previously estimated 62,000 ounces as outlined in the Preliminary Economic Assessment (PEA) [3][4]. Project Timeline and Financials - The expansion is scheduled to be rolled out over the next 18-24 months, with operational improvements anticipated to enhance financial performance [4]. - The project remains on budget, with upgrades financed through internally generated cash flow [4]. Technical Details of Upgrades - The upgrades include the installation of new equipment such as a jaw crusher, flotation and fine grind unit, and additional CIL tanks, aimed at improving recovery rates and throughput [7]. - The project consists of two main tracks: overall plant upgrades scheduled for completion in fiscal 2026 and the completion of the processing circuits by fiscal 2027 [7][8]. Production Capacity and Resource Estimates - The Buckreef Gold Project has a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 grams per tonne gold, containing 893,000 ounces of gold, and an Inferred Mineral Resource of 9.1 million tonnes at 2.47 grams per tonne gold for 726,000 ounces [14]. - The PEA outlines a pre-tax NPV of US$1.2 billion at an average life of mine gold price of US$3,000 per ounce [14].

Core Viewpoint - TRX Gold Corporation reported record gold production and sales in Q4 2025, driven by improved access to higher-grade ore and favorable gold prices, positioning the company for future growth [1][2]. Production and Sales - In Q4 2025, TRX Gold achieved record production of 6,404 ounces and sales of 6,977 ounces of gold, representing a 37% increase in production compared to Q3 2025 [4]. - The average market price for gold was approximately $3,350 per ounce in Q4 2025 and $2,973 for the fiscal year 2025 [4]. Financial Performance - The adjusted working capital ratio improved from approximately 0.8 on May 31, 2025, to approximately 1.2 on August 31, 2025, indicating a positive shift in the company's financial health [4]. - As of August 31, 2025, the cash balance was approximately $7.8 million, an increase of about $1.2 million from Q3 2025, and the company fully repaid short-term borrowings of approximately $3.0 million [4]. Operational Developments - The run of mine (ROM) stockpile increased from approximately 9,275 ounces of contained gold on May 31, 2025, to an estimated 15,162 ounces as of August 31, 2025, reflecting ongoing investments in mine infrastructure and development [4]. - The company is optimizing and expanding the processing plant in line with the Preliminary Economic Assessment (PEA) filed in Q3 2025, with plans for enhancements to improve gold recoveries [4]. Future Outlook - The PEA outlines an average gold production of 62,000 ounces per annum over 17.6 years, with a pre-tax NPV of $701 million at an average life of mine gold price of $2,296 per ounce [5]. - The leadership team is focused on increasing gold production to generate positive cash flow for funding expansion and growing mineral resources through exploration [5].

Core Insights - Cameo Resources Inc. has announced positive results from a recent site visit to the Katoro Gold Properties in Tanzania, highlighting the area's potential for gold mining [1][2] Company Overview - Cameo Resources Inc. is a mineral exploration company focused on discovering and developing valuable mineral deposits [8] Property Details - The Katoro Gold Properties cover an area of 12.52 square kilometers within the Sukumaland Greenstone Belt, which is part of the Lake Victoria Goldfield, known for its multi-million-ounce gold deposits [2] - The properties have been previously explored by artisanal miners, with evidence of shallow pits and trenches indicating the presence of gold [2] Sampling Results - Samples taken from active artisanal mining pits on the property showed gold grades ranging from 1.63 g/t Au to 34.2 g/t Au, with an average of 12.26 g/t Au [3] - Nearby hard rock operations returned assays from 12.58 g/t Au to 238.74 g/t Au, averaging 108.83 g/t Au, indicating high gold values in the vicinity [4] Ongoing Exploration - The company is conducting a High-Resolution Drone Magnetic Survey over the Katoro Gold Properties to delineate mineralization potential, covering approximately 230 line-kilometers [5] - The survey aims to generate maps for structural interpretation and lithological mapping, which will help identify major shear zones and faults that may control gold mineralization [5] Expert Commentary - Brian Thurston, the company's technical advisor, emphasized the strategic location of the Katoro property amidst active gold operations, suggesting a promising outlook for mineralization [5]

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Financial Data and Key Metrics Changes - In fiscal 2024, the company reported over $40 million in revenue and $15 million in EBITDA, with expectations for higher numbers in the current year as operations transition to higher-grade ore [6][7] - For Q3, the company produced just under 4,700 ounces, with revenues of $12.5 million, gross profit of approximately $4.5 million (35% margin), and adjusted EBITDA of $4 million, all showing improvement compared to previous periods [23][24] - The cash cost per ounce in the study was reported at $1,000, with an all-in sustaining cost (AISC) of around $1,200, although Q3 cash costs were higher due to the grade profile processed [8][24] Business Line Data and Key Metrics Changes - The company is currently processing at a capacity of 2,000 tonnes per day, with plans to expand to 3,000 tonnes per day as part of the PEA roadmap [8][12] - The production mix for the quarter was 25% oxide and 75% sulfide, with expectations to transition to 100% sulfide in the future [80] Market Data and Key Metrics Changes - The company realized gold prices of over $3,100 per ounce, with sales reaching over $3,300 in recent transactions, benefiting from high gold prices [23][24] - The company entered negotiations with the Bank of Tanzania to sell a minimum of 20% of local gold production, which will reduce the royalty rate from 7.3% to 4% for domestic sales [26][29] Company Strategy and Development Direction - The company aims to self-fund growth through cash flow generated from operations, with a focus on expanding the plant and developing underground mining [17][49] - The PEA outlines a straightforward business plan that includes expanding the plant, developing the underground mine, and continuing exploration [14][66] - The management team emphasizes the importance of optimizing working capital ratios to align with market comparables and improve financial metrics [32][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting the potential for increased production and profitability as higher-grade ore becomes accessible [16][21] - The company is focused on addressing working capital issues and improving liquidity to support ongoing operations and expansion plans [31][34] Other Important Information - The company has successfully expanded its processing capacity three times in three years, currently operating at 2,000 tonnes per day [37] - The management team is actively working on optimizing the plant to improve recovery rates and reduce costs [41][47] Q&A Session Summary Question: What is the expected trend for throughput in the coming quarters? - Management indicated that the installation of a pre-leach thickener is expected to transition the plant to 100% sulfide, improving head grades [80][82] Question: What is the timeline for recovery improvements? - Recovery improvements are expected to be seen in the next few quarters, with significant enhancements anticipated within 12 to 15 months [85][86] Question: How does the company plan to handle surface material and oxide versus sulfide mining? - Management noted that while there is potential to process oxide material, the focus will remain on higher-grade sulfide material once plant optimizations are complete [102][104] Question: What are the main bottlenecks for increasing production beyond the projected 62,000 ounces per year? - The main bottlenecks include mill capacity and the need for additional underground infrastructure, which will require careful engineering and planning [112][116]

Financial Data and Key Metrics Changes - In fiscal 2024, the company reported over $40 million in revenue and $15 million in EBITDA, with expectations for higher numbers in the current year as operations transition to higher-grade ore [5][6]. - Q3 financial results showed revenue of $12.5 million, gross profit of approximately $4.5 million (35% margin), and adjusted EBITDA of $4 million, all improved relative to the prior period [20][21]. - The company produced just under 4,700 ounces in Q3, significantly more than in Q2, benefiting from record gold prices, realizing over $3,100 per ounce [20][21]. Business Line Data and Key Metrics Changes - The company is currently processing at a capacity of 2,000 tonnes per day, with plans to expand to 3,000 tonnes per day as part of the PEA roadmap [6][12]. - The cash cost in the PEA study is projected at $1,000 per ounce, with an all-in sustaining cost (AISC) of around $1,200 per ounce, which is comparable to current operations [6][7]. Market Data and Key Metrics Changes - The company entered negotiations with the Bank of Tanzania to sell a minimum of 20% of local gold production, benefiting from a reduced royalty rate of 4% on domestic sales compared to 7.3% on exports [23][24]. - The agreement with the Bank of Tanzania allows the company to use local currency for operating costs, enhancing cash flow and working capital [24][25]. Company Strategy and Development Direction - The company aims to self-fund growth through cash flow generated from operations, with a straightforward business plan focused on expanding the plant and developing the underground mine [15][42]. - The PEA outlines a scalable business plan, with significant blue-sky potential for increasing plant capacity and discovering higher-grade ounces [10][16]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational ramp-up and the potential for significant value creation, emphasizing the importance of returning to drilling activities in fiscal 2026 [16][62]. - The company is focused on rightsizing its working capital ratio to improve financial metrics and align with market comparables [26][59]. Other Important Information - The company has successfully expanded its processing capacity three times in three years and is currently operating at full capacity [31]. - The management team is experienced and has a proven track record in executing business plans effectively [62]. Q&A Session Summary Question: What is the expected trend for the oxide and sulfide mix in throughput? - Management indicated that the current mix is 25% oxide and 75% sulfide, with plans to transition to 100% sulfide by the end of the calendar year [64][65]. Question: What are the expected recovery improvements and timelines? - Recovery improvements are anticipated with the installation of a pre-leach thickener by the end of the year, aiming for a low 80% recovery rate in the next couple of quarters and high 80s to low 90s over the next eighteen months [70][74]. Question: How does the company plan to handle surface material and oxidized material? - Management is assessing opportunities for oxidized material while prioritizing sulfide processing, indicating potential for additional production from oxidized sources if economically viable [82][85].

Core Viewpoint - TRX Gold Corporation reported strong financial results for Q3 2025, highlighting significant improvements in production, revenue, and working capital, alongside a clear growth strategy for the Buckreef Gold Project [1][2][3]. Financial Performance - In Q3 2025, TRX Gold recognized revenue of $12.5 million, gross profit of $4.4 million, and net income of $1.1 million, all reflecting increases compared to the prior year [3]. - The company sold 3,995 ounces of gold at an average realized price of $3,114 per ounce, benefiting from lower mining costs of $3.63 per tonne and processing costs of $14.60 per tonne [3]. - Year-to-date, the company poured 12,532 ounces of gold, generating revenue of $34.1 million, gross profit of $11.4 million, and net income of $1.3 million, all showing growth from the previous year [3]. Production and Operational Highlights - Average daily production increased from approximately 30 ounces per day in Q2 2025 to about 50 ounces per day in Q3 2025, with further increases to approximately 75 ounces per day post-May 31, 2025 [3]. - The company successfully completed a scheduled stripping campaign, allowing access to higher-grade ore, which is expected to enhance production and cash flow [2][3]. Working Capital and Liquidity - TRX Gold's adjusted working capital improved from a negative $3.3 million at May 31, 2025, to approximately $3.9 million, with the current ratio rising from 0.8 to 1.1 [2][3]. - The company has substantially repaid short-term borrowings and has full access to its liquidity lines, indicating a strengthened financial position [2][3]. Growth Strategy - A Preliminary Economic Assessment (PEA) for Buckreef Gold indicates an average annual production of approximately 62,000 ounces of gold over a 17.6-year mine life, with a pre-tax NPV5% of $1.2 billion at a gold price of $3,000 per ounce [3]. - The company plans to fund growth capital for expansion through internal cash flows generated from existing operations [3]. Domestic Sales Agreement - TRX Gold signed a Gold Sale Service Agreement with the Bank of Tanzania, committing to sell a minimum of 20% of its local gold production domestically, benefiting from a reduced royalty rate of 4% [4]. - During Q3 2025, the company set aside 646 ounces for domestic sale, which positively impacted revenue and working capital [4].

Revenue and Income - Revenue for the three months ended May 31, 2025, was $12,474,000, representing a 23% increase from $10,148,000 in the same period of 2024[5] - Net income for the three months ended May 31, 2025, was $1,105,000, compared to a net loss of $1,656,000 in the same period of 2024[5] - For the nine months ended May 31, 2025, the company reported a net income of $1,301 million, a significant increase from $226 million in the same period of 2024[11] - Comprehensive income for the period increased to $2.940 million for the three months ended May 31, 2025, compared to $2.184 million in 2024, reflecting a 34.7% growth[52] - For the nine months ended May 31, 2025, the net loss attributable to shareholders was $(2.525) million, compared to $(1.758) million for the same period in 2024[43] Assets and Liabilities - Total current assets increased to $21,740,000 as of May 31, 2025, compared to $17,784,000 a year earlier, reflecting a 22% growth[3] - Total assets rose to $112,312,000, up from $98,860,000, marking a 13% increase year-over-year[3] - Current liabilities increased to $28,107,000 from $21,283,000, a rise of 32%[3] - Total liabilities increased to $23.220 million as of May 31, 2025, compared to $15.545 million as of August 31, 2024, reflecting a 49.2% rise[59] - Non-current assets increased to $90.572 million as of May 31, 2025, from $81.076 million as of August 31, 2024, representing an increase of 11.8%[65] Cash Flow and Investments - Cash provided by operating activities decreased to $7,824 million from $9,282 million year-over-year[11] - Cash provided by operating activities for the nine months ended May 31, 2025, was $12.055 million, down from $13.178 million in 2024, indicating a decrease of 8.5%[52] - Cash used in investing activities increased to $10,953 million for the nine months ended May 31, 2025, compared to $8,765 million in the same period of 2024[11] - Cash used in investing activities for the nine months ended May 31, 2025, was $10.917 million, compared to $8.760 million in 2024, indicating an increase of 24.6%[52] - The company’s cash and cash equivalents at the end of the period were $3,555 million, down from $7,666 million at the end of the previous fiscal year[11] Shareholder Equity and Capital - Share capital increased to $167,086,000 as of May 31, 2025, from $165,945,000, reflecting ongoing investment in the company[3] - The total equity attributable to shareholders was $54,770,000, slightly down from $54,903,000 a year earlier[3] - Non-controlling interest increased to $14,195,000 from $11,136,000, indicating growth in minority interests[3] - Share-based compensation expense for the nine months ended May 31, 2025, totaled $2.0 million, up from $1.7 million in 2024[45] - Share-based compensation expense for the nine months ended May 31, 2025, was $2.027 million, compared to $1.705 million in 2024, marking an increase of 18.9%[68] Inventory and Receivables - Total inventories increased to $11,833 million as of May 31, 2025, compared to $6,249 million as of August 31, 2024, reflecting a rise in ore stockpile and precious metals inventories[22] - The company’s total amounts receivable increased to $2,691 million as of May 31, 2025, from $1,958 million as of August 31, 2024[19] Expenses - Total general and administrative expenses for the three months ended May 31, 2025, were $1.737 million, up 25.6% from $1.383 million in 2024[56] - The company reported a depreciation expense of $2.349 million for the nine months ended May 31, 2025, compared to $1.493 million in 2024, an increase of 57.4%[68] - The total depreciation expense for right-of-use assets for the nine months ended May 31, 2025, was $614,000, compared to $43,000 for the same period in 2024[33] Debt and Financing - Buckreef entered into a secured debt facility totaling $9.0 million with Stanbic Bank Tanzania Limited, comprising a $5.0 million overdraft facility and a $4.0 million vehicle and asset financing facility[34] - As of May 31, 2025, $3.0 million was drawn on the overdraft facility, while no amount was drawn on the vehicle and asset financing facility[36] - The company had total undiscounted lease commitments of $3.558 million as of May 31, 2025, with $1.131 million due within one year[33] Derivative and Contracts - Derivative warrant liabilities decreased from $2.273 million as of August 31, 2024, to $812,000 as of May 31, 2025, reflecting a change in fair value of $(1.461) million[38] - The company entered into gold zero-cost collar contracts for 600 gold ounces per month, totaling 3,000 gold ounces, with a maximum price of $2,150 and a minimum price of $1,850 per ounce[41] Stock Options - The balance of stock options as of May 31, 2025, was 10.5 million, with a weighted average exercise price of $0.45[48]

Core Viewpoint - RX Gold Corporation has filed a Technical Report on the Buckreef Gold Project, which supports the previously disclosed Preliminary Economic Assessment (PEA) and shows no material differences from earlier results [1][2]. Group 1: Technical Report and PEA Highlights - The Technical Report was prepared by P&E Mining Consultants Inc. and includes input from D.E.N.M. Engineering Ltd., effective as of April 15, 2025 [3]. - The PEA evaluates an expansion of the existing process plant to 3,000 tonnes per day and a transition from open pit to underground mining over the next 2-3 years [5]. - The base case NPV5% is estimated at US$701 million pre-tax and US$442 million after tax, with an upside scenario reaching US$1,181 million pre-tax at US$3,000/oz gold price [5]. - Over a 17.6-year period, the total process plant throughput is expected to be 18.1 million tonnes, averaging 2.14 g/t Au, with an average recovered gold production of approximately 62,000 oz Au per annum [5]. - The first five years of underground operations are projected to yield over 80,000 oz Au per annum [5]. - Life of Mine cash costs average US$1,024/oz Au, and all-in sustaining costs average US$1,206/oz Au [5]. - Growth capital of US$89 million will be deployed over the next four years, primarily for underground expansion and process improvements [5]. - The PEA is based on Measured and Indicated Mineral Resources of 10.8 million tonnes grading 2.57 g/t gold and Inferred Mineral Resources of 9.1 million tonnes grading 2.47 g/t gold [5]. Group 2: Company Overview - TRX Gold Corporation is focused on advancing the Buckreef Gold Project in Tanzania, which includes an established open pit operation and a 2,000 tonnes per day process plant [7]. - The PEA outlines an average gold production of 62,000 oz per annum over 17.6 years, with a pre-tax NPV5% of US$701 million at an average life of mine gold price of US$2,296/oz [7]. - The company aims to create shareholder value by increasing gold production and funding expansion through positive cash flow, while adhering to high environmental, social, and corporate governance standards [7].

Project Overview - Buckreef Gold Project is expanding in Tanzania, featuring a low-risk, high-margin open-pit gold mining operation[11] - The project has a multi-million ounce gold resource within a 16 km2 license area[11] - A 2025 PEA outlines an underground expansion with average annual production of approximately 62,000 oz Au over 17.6 years[11] - The PEA projects an NPV 5% of US$1,181 million pre-tax and US$766 million after-tax at a gold price of US$3,000/oz[11] Financial Performance and Growth - F2024 annual production reached 19,389 oz Au, with revenue of $41.2 million and adjusted EBITDA of $15.3 million[10] - Q2 2025 revenue was $9.1 million, a 14% year-over-year increase, and operating cash flow was $2.0 million, a 100% year-over-year increase[28] - The company completed a mill expansion to 2,000 tpd, supporting increased future annual production[21] Resource Estimate and Exploration - The 2025 Mineral Resource estimate includes 893,000 oz of gold in Measured & Indicated Resources and 726,000 oz in Inferred Resources[19] - Ongoing drilling of high-priority gold zones aims to increase the mineral resource[16] - The discovery of the new Stamford Bridge Shear Zone shows geology similar to Buckreef Main[55] - Best drill results ever include BMDD315 intersecting 37 m @ 6.86 g/t Au (253.82 gtm) from 130 m and BMDD310 intersecting 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m[59] PEA Key Metrics - The PEA projects average annual gold production of 61,700 ounces[44] - LOM average cash costs are estimated at $1,017 US$/oz, and AISC at $1,199 US$/oz[44] - Growth capital over the first 4 years is projected at $88.7 million[44]