TRX Gold Company (TRX-TSX, TRX(NYSE American) said it is on track to meet 2026 production targets after achieving record quarterly plant throughput and a 58% production increase at its Buckreef Gold Project in Tanzania.
The Boukreev project is located in the Geeta District south of Lake Victoria, approximately 110 kilometers south of Mwanza City and 45 kilometers west of Mwanza City. Barrick Mining Company (Apex-TSX, for-NYSE) Bulyanholo Gold Mine Anglo Gold Ashanti Limited (African Union-NYSE) Geeta’s main mine in north-central Tanzania.
The Buckreef Project includes an open pit operation and a 2,000 t/d processing plant with upside potential demonstrated by a Preliminary Economic Assessment (PEA) in May 2025. The PEA envisions average gold production of 62,000 ounces per year over 17.6 years with a production capacity of 3,000 t/d, and a pre-tax NPV of US$1.9-2.6 billion with a 5% average lifetime of gold prices At a mine from 4000 to 5000 US dollars per ounce.
The project hosts a measured and indicated resource of 10.8 million tonnes at 2.57 g/t gold, containing 893,000 ounces of gold and an inferred resource of 9.1 million tonnes at 2.47 g/t gold for 726,000 ounces. The leadership team is focused on increasing gold production to generate positive cash flow to fund the expansion outlined in the PEA and mineral resource development through exploration.
In its latest press release, the company said it achieved a record quarterly processing plant throughput of 1,833 tons per day in the third quarter of 2026, an increase of 25% over the same quarter last year. It said this led to gold production in the third quarter of 2026 rising to 7,426 ounces, up 58% from 4,687 ounces in the third quarter of 2025. 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.
“Looking to the future, we remain focused on unlocking the next phase of growth through our processing plant expansion program,” said Stephen Moloney of TRX Gold. “The combination of a new 3,500 t/d SAG mill circuit and significant upgrades to our 2,000 t/d plant is expected to deliver processing capacity well in excess of the assumptions outlined in our PCA.”
As previously reported, recent metallurgical testing work has led to the company specifying a 3,500 tpd semi-autonomous grinding assembly (SAG)/ball mill as part of its next processing plant expansion based on the optimal grinding volume for the mine feed that can be achieved from the mine plan. The tender for the SAG mill has begun awarding and applications are expected to be submitted early in the fourth quarter of 2026.
On Friday, TRX Gold shares fell 2.72%, or $0.04, to $1.43. Shares are trading in a 52-week range of $3.75 to 43.5 cents.
