TRX Gold Reports Q3 2026 Production on Record Throughput, Reaffirms Guidance, and Accelerates Plant Expansion

Rhea-AI Summary

TRX Gold (TSX/NYSE American: TRX) reported preliminary Q3 2026 results with record plant throughput and reaffirmed 2026 production guidance.

Throughput reached 1,833 tpd, gold production was 7,426 oz, recoveries improved to 84.6%, gold prices averaged about $4,731/oz, and major plant expansion and upgrade projects advanced toward Q4 2026 milestones.

Positive

• Record Q3 2026 throughput of 1,833 tpd, up 25% year over year
• Q3 2026 gold production of 7,426 oz, up 58% from Q3 2025
• Year-to-date 2026 production of 21,476 oz; full-year 25,000–30,000 oz guidance reaffirmed
• Gold recovery improved to 84.6% from 67% in Q3 2025
• Record Q3 2026 average gold price realization of about $4,731/oz, up 52%
• Record 1,706 oz gold-in-circuit inventory expected to support Q4 2026 production
• Processing expansion to new 3,500 tpd SAG mill plus existing 2,000 tpd plant upgrades
• Plant upgrades targeted for completion by calendar Q4 2026, lifting capacity above 3,000 tpd PEA assumption

Negative

• None.

News Market Reaction – TRX

-8.57%

1 alert

-8.57% Session close to close

$342.23M Market Cap

0.0x Rel. Volume

In the Jun 5 session, TRX declined 8.57%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -8.6% in the session following this news. A negative reaction despite operational st...

Analysis

The stock moved -8.6% in the session following this news. A negative reaction despite operational strength would fit the pattern seen after the April 15 earnings, where strong Q2 metrics coincided with a -7.01% move. This Q3 update again highlights record throughput of 1,833 tpd, production of 7,426 oz, and recovery of 84.6% alongside a record $4,731/oz gold price. Weakness could reflect concerns around execution risk on the 3,500 tpd expansion, higher capital intensity, or expectations already embedded after prior record quarters.

Key Figures

Q3 2026 throughput: 1,833 tpd Gold production Q3 2026: 7,426 ounces YTD 2026 production: 21,476 ounces +5 more

8 metrics

Q3 2026 throughput 1,833 tpd Record quarterly processing plant throughput vs Q3 2025

Gold production Q3 2026 7,426 ounces Quarterly gold output vs 4,687 oz in Q3 2025

YTD 2026 production 21,476 ounces Year-to-date gold production toward 2026 guidance

Production guidance 2026 25,000–30,000 ounces Full-year production guidance reaffirmed

Gold-in-circuit inventory 1,706 ounces Record GIC in Q3 2026, up over 1,000 oz from Q2 2026

Gold recovery Q3 2026 84.6% Recovery vs 67% in Q3 2025

Average market gold price $4,731 per ounce Q3 2026 London PM fix vs $3,114/oz in Q3 2025

Planned SAG/Ball capacity 3,500 tpd Next processing plant expansion design throughput

Historical Context

5 past events · Latest: Apr 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 15	Q2 2026 earnings	Positive	-7.0%	Record Q2 revenue, high margins, and strong EBITDA from Buckreef.
Apr 08	Met testwork & expansion	Positive	+3.3%	Higher recoveries and larger 3,500+ tpd plant scope with higher capex.
Mar 09	AGM results	Positive	+8.5%	Shareholder approval of all items and reiteration of Buckreef project metrics.
Mar 02	Record Q2 production	Positive	+8.8%	Record Q2 production, higher realized gold price, and stronger capital structure.
Jan 15	Q1 2026 earnings	Positive	+8.6%	Record Q1 revenue, strong margins, and reaffirmed 25–30k oz guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Operational and expansion updates have generally coincided with positive price reactions, while one strong earnings release in mid-April saw a negative move, indicating occasional profit-taking on good news.

Recent Company History

This announcement continues a 2026 pattern of record production and plant expansion at Buckreef. Earlier, Q1 and Q2 2026 results showed record ounces, strong margins, and reaffirmed guidance of 25,000–30,000 oz, with balance sheet strengthening via warrant exercises. Multiple 6-Ks detailed larger-scale expansion to a 3,500+ tpd SAG/ball mill and upgrades to the existing 2,000 tpd plant. Most prior positive updates in 2026 produced upward share-price reactions, except the April 15 earnings report, which saw a selloff despite strong metrics.

Key Terms

gold-in-circuit, carbon-in-leach, semi autogenous grind, sag, +3 more

7 terms

gold-in-circuit technical

"In Q3 2026, gold-in-circuit (“GIC”) inventory increased to a record 1,706 ounces"

Gold-in-circuit is the quantity of gold currently held within a mine’s processing system—such as tanks, pipes, activated carbon, and solution—rather than in finished doré bars or refined metal. Think of it as money sitting in different stages of a factory assembly line; changes in that inventory affect short-term production figures, cash flow timing and recovery efficiency, so investors watch it to assess whether reported output matches actual metal leaving the plant.

carbon-in-leach technical

"drawdown of metal inventory held in carbon-in-leach tanks"

Carbon-in-leach is a gold-processing method where crushed ore is mixed with a chemical solution that dissolves the gold while porous activated carbon is added to the same tank to capture the dissolved gold, combining extraction and recovery in one step. It matters to investors because it influences how much gold a mine actually recovers, how fast it can produce, and the plant’s operating and environmental costs—small differences in this “filtering” step can change a project’s profitability and regulatory risk.

semi autogenous grind technical

"specify a Semi Autogenous Grind (“SAG”) / Ball mill combination of 3,500 tpd"

A semi autogenous grind (SAG) is a type of ore-crushing stage in mineral processing where large tumbling drums use the ore itself, assisted by a small proportion of added steel balls, to break rock into finer particles. Imagine a giant rock tumbler that relies mostly on the stones inside but adds a few metal marbles to help the job. Investors care because SAG performance affects how quickly and cheaply a mine can process ore, influencing production volumes, operating costs and project economics.

sag technical

"specify a Semi Autogenous Grind (“SAG”) / Ball mill combination of 3,500 tpd"

A sag is a noticeable but often temporary drop or weakening in a measurable business or market indicator—such as a stock price, sales, earnings, or economic activity. It matters to investors because it can signal short-term trouble, changing momentum, or a buying opportunity depending on whether the cause is a passing setback or a deeper problem; think of it as a pothole in an otherwise steady road that may or may not require a detour.

elution technical

"ongoing gold elution and smelting activity, as well as the drawdown"

Elution is the process by which a drug, chemical or other active substance is released from a solid material into a surrounding fluid over time, for example a medicine eluting from a coated implant or a compound washed out of a test sample. Investors care because elution determines how well a product works, its safety profile, regulatory approval prospects and commercial appeal—think of it like a slow‑release fertilizer that controls how and when the active ingredient becomes available.

electrowinning technical

"streamlined elution and electrowinning activities"

Electrowinning is an industrial process that uses an electric current to pull dissolved metal from a liquid and plate it as solid metal onto an electrode, similar to drawing metal out of a soup and letting it form a clean chunk on a spoon. For investors, it matters because it determines how efficiently and cheaply metals like copper, nickel or lithium can be produced, affecting a mine or plant’s margins, output speed, environmental footprint and the reliability of metal supply.

adsorption, desorption and recovery technical

"Adsorption, Desorption and Recovery (“ADR”) plant, new gold room"

Adsorption is the process where molecules from a gas or liquid stick to the surface of a solid material, desorption is when those stuck molecules are released back into the fluid, and recovery is the step of collecting the released material and restoring the solid for reuse. Investors care because these steps determine how efficiently and cheaply a separation, filtration, or recycling system works—like how well a sponge soaks up, wrings out, and can be used again—which affects operating cost, product yield and environmental impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, June 05, 2026 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce preliminary results for Q3 2026¹.

• Record throughput drives strong production momentum and supports full-year guidance: In Q3 2026, the Company achieved record quarterly processing plant throughput of 1,833 tonnes per day (“tpd”), a 25% increase from the prior-year comparative period (Q3 2025: 1,461 tpd). This drove Q3 2026 gold production of 7,426 ounces, up 58% from 4,687 ounces in Q3 2025. Year to date, the Company has produced 21,476 ounces of gold and remains on track to meet its full-year production guidance of 25,000 to 30,000 ounces.
• Record GIC inventory and higher gold recovery provide momentum into Q4: In Q3 2026, gold-in-circuit (“GIC”) inventory increased to a record 1,706 ounces, up more than 1,000 ounces from Q2 2026, as the Company prioritized maximizing recovery and capturing additional value from processed ore. This higher GIC inventory is expected to provide additional support for Q4 2026 production through ongoing gold elution and smelting activity, as well as the drawdown of metal inventory held in carbon-in-leach tanks. Gold recovery improved significantly to 84.6% in Q3 2026, up 18% from 67% in Q3 2025, reflecting stronger operating performance and the benefits of continued process optimization. Improved recoveries during the quarter were driven by better feed size and quality to the mills, consistent tertiary crushing, tighter control over grinding, classification and throughput, and streamlined elution and electrowinning activities. These improvements underscore the Company's ability to enhance production efficiency and improve operating margins.
• Record gold price realization: During Q3 2026, the Company benefited from a record average market price for gold of approximately $4,731 per ounce (London PM fix), a 52% increase over the prior year comparative period (Q3 2025: $3,114 per ounce). Combined with higher year over year production, revenue is expected to be significantly higher in Q3 2026 than in the prior year comparative period.
• Advancing processing plant expansion and existing plant upgrades to significantly increase future production capacity: The Company continues to advance its processing plant expansion, a key catalyst for future growth. As previously reported, recent metallurgical test work has led the Company to specify a Semi Autogenous Grind (“SAG”) / Ball mill combination of 3,500 tpd as part of its next processing plant expansion based on optimal grind size for achievable mine feed from the mine plan. Tendering for the SAG mill has commenced with an award and orders expected to be placed in early Q4 2026. Additionally, the existing 2,000 tpd processing plant is currently undergoing significant upgrades and will be available to continue operating alongside the new 3,500 tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd processing plant size assumption in the PEA. Notable upgrades to the existing processing plant include a pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery (“ADR”) plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Q4 2026.

Stephen Mullowney, TRX Gold CEO commented: “Q3 2026 was a defining quarter for the Company as we delivered record plant throughput and improved recoveries, which drove strong production and a record buildup of gold-in-circuit inventory, demonstrating the operational strength and scalability of our asset. With production increasing 58% year-over-year and recoveries improving to 84.6%, our team continues to execute on initiatives that are driving higher efficiency, stronger margins, and greater cash flow generation. Importantly, we achieved these results during a period of record gold prices, further enhancing the value of every ounce produced. Looking ahead, we remain focused on unlocking the next phase of growth through our processing plant expansion program. The combination of a new 3,500 tpd SAG mill circuit and significant upgrades to our existing 2,000 tpd plant is expected to deliver processing capacity well beyond the assumptions outlined in our PEA. As we advance these projects while maintaining strong operational performance, we believe we are well positioned to increase production, expand margins, and create long-term value for our shareholders."

About TRX Gold Corporation

TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 Preliminary Economic Assessment (the “PEA”). The PEA outlines average gold production of 62,000 oz per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9 –US$2.6 billion pre-tax NPV_5% at average life of mine gold prices of US$4,000-US$5,000/oz². The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania.

Qualified Person

Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company’s in-house Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and has reviewed and assumes responsibility for the scientific and technical content in this press release.

For investor or shareholder inquiries, please contact:

Investor Relations
IR@TRXgold.com
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com

Forward-Looking and Cautionary Statements

This press release contains certain forward-looking statements as defined in the applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements relate to future events or future performance and reflect TRX Gold management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to future gold prices, continued operating cash flow, expansion of its process plant, estimation of mineral resources, ability to develop value creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditure.

Although TRX Gold believes the expectations expressed in such forward-looking statements and the preliminary data included in this press release are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the preliminary data and forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties; actual results from operations, exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business. These risks are set forth in reports that TRX Gold files with the SEC and the various Canadian securities authorities. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml and the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca.

The disclosure contained in this press release of a scientific or technical nature relating to the Company’s Buckreef Project has been summarized or extracted from the technical report prepared in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects on the Buckreef Gold Project (“Buckreef Gold”) titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania (“PEA”) with an effective date of April 15, 2025. The PEA was prepared in accordance with NI 43-101 guidelines by P&E Mining Consultants Inc. (“P&E”). Input to this PEA was also provided by D.E.N.M. Engineering Ltd. (“D.E.N.M.”). The information contained herein is subject to all of the assumptions, qualifications and procedures set out in, and is qualified in its entirety by reference to the full text of, the PEA and reference should be made to the full details of the PEA which has been filed with the applicable regulatory authorities and is available on the Company’s profile at www.sedarplus.ca.

The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to update such information.

¹ TRX Gold will provide additional discussion and analysis regarding its Q3 2026 production, sales and financial results when the Company reports its financial statements and Management’s Discussion and Analysis in mid-July 2026. Financial figures quoted throughout are preliminary in nature, unaudited and subject to change.

² Base case NPV_5% of US$701.0 million pre-tax, or US$442.2 million after tax at consensus forecast case gold prices (US$2,707/oz year 1, US$2,646/oz year 2, US$2,495/oz year 3, US$2,400/oz year 4, US$2,245/oz thereafter).

FAQ

What were TRX (NYSE American: TRX) Q3 2026 gold production results?

TRX Gold produced 7,426 ounces of gold in Q3 2026, up from 4,687 ounces in Q3 2025. According to TRX Gold, this 58% increase was driven by record throughput of 1,833 tpd and higher recoveries of 84.6%.

Is TRX Gold reaffirming its 2026 production guidance after Q3 2026 results?

TRX Gold reaffirmed its full-year 2026 production guidance of 25,000 to 30,000 ounces. According to TRX Gold, year-to-date production reached 21,476 ounces, and record gold-in-circuit inventory is expected to support Q4 2026 output.

How did TRX (TRX) plant throughput and recovery change in Q3 2026?

Plant throughput in Q3 2026 averaged 1,833 tpd, 25% higher year over year. According to TRX Gold, gold recovery improved to 84.6% from 67% in Q3 2025, reflecting process optimization and better control of crushing, grinding, and elution circuits.

What gold price did TRX Gold realize in Q3 2026 and how does it compare?

TRX Gold benefited from an average market gold price of about $4,731 per ounce in Q3 2026. According to TRX Gold, this was 52% higher than $3,114 per ounce in Q3 2025, supporting significantly higher expected revenue.

What processing plant expansion is TRX (TRX) executing for future growth?

TRX Gold is advancing a new 3,500 tpd SAG/ball mill circuit and upgrading its existing 2,000 tpd plant. According to TRX Gold, tendering for the SAG mill has started and upgrades are expected complete by calendar Q4 2026, lifting capacity beyond 3,000 tpd assumptions.

How will TRX Gold’s gold-in-circuit inventory impact Q4 2026 production?

TRX Gold’s gold-in-circuit inventory reached a record 1,706 ounces in Q3 2026. According to TRX Gold, this increase of more than 1,000 ounces from Q2 2026 should support Q4 production through continued elution, smelting, and drawdown from carbon-in-leach tanks.