Core Insights - Tron (TRX) is showing potential for a breakout, currently trading at $0.25 with a modest 12% increase for the year, outperforming Bitcoin which is down 3% [1][8] Group 1: Market Position and Performance - Among the top 20 cryptocurrencies, Tron is one of the few in the green this year, indicating resilience in a challenging market [1] - Tron's market cap stands at $26 billion, with a trading range between $0.21 and $0.37 over the past year [8] Group 2: Technology and User Growth - Tron is a Layer-1 blockchain, often compared to Ethereum, and has experienced strong user growth, positioning it as a potential competitor to Ethereum [2] - The platform has a significant presence in the stablecoin market, which has gained traction among crypto investors this year [2] Group 3: Market Recognition and Future Potential - Tron's primary focus on emerging and developing markets has resulted in low name recognition in the U.S., which could present an opportunity for growth if it gains traction in that market [3] - The potential for Tron's price to increase significantly exists if it makes inroads into the U.S. market, suggesting it could be undervalued [3] Group 4: Leadership and Business Developments - Justin Sun, Tron's founder, has connections with the Trump administration, which may have facilitated business opportunities, including the establishment of Tron Inc. as a publicly traded company on Nasdaq [6]

Financial Data and Key Metrics Changes - 2025 was a transformative year for the company, with record production and sales in Q4, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [10][11] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, contributing to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [11][12] - For the full year, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [16][17] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, leading to record results in Q4 and positive working capital, with accounts payable back within 60 days on average [10][12] - The stockpile position improved, with about 15,000 ounces at year-end, growing to over 20,000 ounces, allowing for continuous mill feed and supporting blending strategies [12][13] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices, which are crucial for financial performance [11][19] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability [36][38] Company Strategy and Development Direction - The company plans to expand operations in 2026, with a focus on increasing production capacity from 2,000 tons per day to 3,000 tons per day, along with additional processing facilities [18][41] - There is a strong emphasis on exploration, with plans to drill in areas like Stanford Bridge and Eastern Porphyry, supported by a completed geophysics study to identify additional targets [19][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [20][29] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][57] Other Important Information - The company has not issued equity in the market recently, focusing instead on generating cash flow from operations to fund growth initiatives [28][57] - The management team is committed to maintaining low general and administrative costs while focusing on capital allocation for plant expansions and drilling [28][84] Q&A Session Summary Question: Can you provide details on the drilling focus and costs? - The company plans to start drilling at the Eastern Porphyry Pit at a cost of about $25 per meter, significantly lower than the typical contracting rate of $50 [66] Question: What are the key catalysts for the company in the next 12 months? - Management identified potential upside in financial results, a new government agreement, and exploration opportunities as key catalysts [71][73] Question: Is there a plan for a stock buyback? - While no promises were made, management indicated that stock buybacks are being considered, especially if gold prices remain strong [83]

Financial Data and Key Metrics Changes - Q4 2025 was the strongest quarter for the company, with record production and sales, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [11][12] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, leading to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [12][18] - For the full year 2025, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [17][18] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, allowing access to high-grade ore blocks, which contributed to record production levels [11][12] - The stockpile position improved, with about 15,000 ounces at the end of the year, growing to over 20,000 ounces, enabling continuous mill feed and supporting blending strategies [13][14] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices due to market conditions and potential interest rate changes [12][60] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability and investment attractiveness [36][39] Company Strategy and Development Direction - The company plans to expand operations in 2026, with expectations of gold production between 25,000 and 30,000 ounces at a cash cost of $1,400 to $1,600 per ounce, focusing on plant upgrades and life of mine tailings facilities [20][21] - The company is committed to exploration, with plans to drill in the main zone and other identified targets, aiming to increase gold resources [20][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [29][60] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][59] Other Important Information - The company has not issued equity in the market recently, focusing on generating cash flow from operations to fund growth initiatives [28] - The management team emphasized the importance of maintaining low G&A expenditures while scaling operations [28][60] Q&A Session Summary Question: What is the company's hedging strategy in the event of declining gold prices next year? - The company is currently unhedged on gold prices and plans to remain so, focusing on conservative budgeting to manage potential declines [84][86] Question: Is there any plan on TRX doing a stock buyback? - While no promises can be made, the idea of a stock buyback has entered the company's mindset, particularly if gold prices remain strong [87][88] Question: Can we count on a leadership team to remain focused on bigger picture and less on being acquired? - The leadership team is focused on increasing asset value and has not indicated any interest in being acquired [89] Question: What do you attribute to sustained increase in daily trading volume? - The increase in trading volume is attributed to better financial results and a strong shareholder base, rather than significant influence from institutional investors [90]

Financial Performance & Production - TRX Gold achieved record quarterly gold production of 6,404 oz and sales of 6,977 oz in Q4 2025, a 37% increase over Q3 2025[15] - Fiscal Year 2025 gold production was 18,935 oz[14,16,18] - Fiscal Year 2025 revenue reached $57.6 million[14,18,19] - Adjusted EBITDA for Fiscal Year 2025 was $22.0 million, with a 38.2% margin[14,18,19] Growth & Expansion - The company is expanding the Buckreef Gold Project, targeting an average of 62,000 oz Au per year over 17.6 years through underground expansion[13,30] - A Preliminary Economic Assessment (PEA) projects a pre-tax NPV 5% of $1.9 billion and a post-tax NPV 5% of $1.2 billion at $4,000/oz Au[13,30] - Growth capital of $89 million is planned over the next 4 years for expansion[13,30] - The company is commencing build-out of a larger processing facility than contemplated in the PEA, funded from internal cash flow over the next 18–24 months[16] Resources & Exploration - The Buckreef Gold Project has Measured & Indicated Resources of 893,000 oz Au at 2.57 g/t Au and Inferred Resources of 726,000 oz Au at 2.47 g/t Au[13,35,67] - Exploration upside includes the Stamford Bridge Zone, with drill results including 37 m @ 6.86 g/t Au from 130 m[30,55,56]

Group 1 - H.C. Wainwright raised the price target on TRX Gold (TRX) to $1.40 from $1.20 while maintaining a Buy rating on the shares [1] - The company's revenue experienced growth in fiscal 2025, indicating positive financial performance [1] - Free cash flow generated by the company is being utilized to fund its growth initiatives [1]

Core Insights - TRX Gold Corporation reported record production and financial results for Q4 2025, achieving 6,404 ounces of gold poured and 6,977 ounces sold at an average realized price of $3,363 per ounce, leading to revenue of $23.5 million and gross profit of $12.6 million [2][3] Financial Performance - In Q4 2025, the company recognized revenue of $23.5 million, gross profit of $12.6 million (54% margin), and Adjusted EBITDA of $12.7 million (54% margin), all reflecting significant increases compared to Q4 2024 [2][3] - For the fiscal year ended August 31, 2025, TRX Gold poured 18,935 ounces of gold and sold 19,213 ounces at an average realized price of $3,033 per ounce, resulting in record revenue of $57.6 million and net income of $6.6 million [3][21] Working Capital and Financial Health - The company's working capital position improved significantly, with the current ratio rising to approximately 1.3 at August 31, 2025, from 0.8 at May 31, 2025 [3] - TRX Gold fully repaid its short-term borrowings of approximately $3.0 million in Q4 2025 and has full access to its liquidity lines [3] Growth Potential and Expansion Plans - The Preliminary Economic Assessment (PEA) for the Buckreef Gold expansion outlined a long-life, scalable asset with a pre-tax NPV5% of $1.9 billion at a gold price of $4,000 per ounce [2][3] - The company is executing plans for a larger processing facility than initially contemplated in the PEA, which is expected to produce average annual gold production exceeding 62,000 ounces [4][6] Exploration and New Discoveries - TRX Gold announced the discovery of a new high-grade zone, the Stamford Bridge Zone, with significant drill results, including 37 meters at 6.86 g/t Au [7] - The company plans to substantially increase exploration drilling in fiscal 2026, focusing on high-priority gold zones [7][10] Capital Expenditures and Future Outlook - Total capital expenditures for fiscal 2026 are expected to be in the range of $15 - $20 million, focusing on plant upgrades and expansion [10] - Exploration expenditures are projected to be between $3 - $5 million, including a geophysics survey and drilling on various zones [10]

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]

GM to all the #TRON bulls out there! 🚀🔥Stay sharp, stay bullish. Big things are always brewing on $TRX ! 🌊 https://t.co/evh1kOQ1K2 ...