Uncategorized
TRX Gold Reports First Quarter 2025 Results
Plant Expansion Results in Significantly Lower Operating Cost Per Tonne
TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) reported its results for the first quarter of 2025 for the three months ended November 30, 2024. Financial results are available on the Company’s website at www.TRXgold.com.
Key highlights for Q1 2025 include:
- Capturing record gold prices: The Company poured 4,841 ounces of gold (Q1 2024: 4,927) and sold 4,813 ounces of gold (Q1 2024: 4,895) generating revenue of $12.5 million (Q1 2024: $9.4 million), gross profit of $4.8 million (Q1 2024: $3.7 million) and Adjusted EBITDA1 of $4.4 million (Q1 2024: $2.6 million). The increase in revenue, gross profit and Adjusted EBITDA1 compared to the prior comparative period is mainly related to a record average realized gold price (net)1 of $2,653 per ounce (Q1 2024: $1,942 per ounce).
- Production level in line with expectations and mine sequencing: Gold production in Q1 2025 was mainly in line with the prior year comparative period and reflects higher mill throughput, offset by a lower average head grade of 1.29 g/t (Q1 2024: 2.57 g/t) and lower average recovery of 72% (Q1 2024: 81%). A planned mine sequence commenced in Q1 2025, accessing lower grade ore blocks during the quarter, concurrent with a scheduled stripping campaign, in order to access higher grade ore blocks in the second half of F2025. The lower average recovery in Q1 2025 was mainly due to a higher proportion of blended material processed in Q1 2025 (24% oxide / 76% sulphide) compared to the prior year period, where the mill processed a higher proportion of oxide material at a higher average recovery. The Company also experienced lower recovery rates with lower grade material.
- Decreasing variable cost per tonne: Processing costs per tonne of $12.60 in Q1 2025 were significantly lower than the prior year comparative period (Q1 2024: $26.56 per tonne) predominantly due to greater economies of scale following final commissioning of the expanded 2,000 tonne per day (“tpd”) processing facility. Mining costs per tonne of $4.00 in Q1 2025 were also lower than the prior year comparative period (Q1 2024: $4.25) and are expected to continue to improve over time as owner operated equipment will be utilized to provide cost effective support for site development projects as well as plant feed operations.
- Benefitting from economies of scale: Total ore tonnes processed at the newly expanded processing facility of 1,703 tpd in Q1 2025, were 108% higher than the prior year comparative period (Q1 2024: 817 tpd), reaching a maximum of 2,073 tpd, following commissioning of the newly expanded processing plant in early Q1 2025 (September 2024). The higher processing plant throughput provided a higher proportion of overhead cost absorption, significantly benefitting processing cost per tonne.
- Increase in annual gold production is expected: The Company continues to expect gold production for fiscal 2025 (“F2025”) to be higher than fiscal 2024 (“F2024”) levels, reflecting a full year of operations from the expanded 2,000 tpd processing plant and an expected decreased reliance on lower grade stockpile inventory, partially offset by a waste stripping campaign required to access high grade ore blocks to deliver consistent higher grade ore feed to the mill. The Company continues to expect cash cost per ounce to be in line with F2024 levels, mainly due to the impact of higher expected gold production and significantly lower processing costs per tonne, offset by a lower average grade profile, in line with the scheduled mine sequence. Mining costs per tonne are also expected to trend lower in F2025.
- Best drill results to date at Buckreef Gold: During Q1 2025, the Company announced its two best drill results ever, on a gram x tonne x meters (“gtm”) basis, intersecting 37 meters (“m”) @ 6.86 g/t Au (253.82 gtm) from 130 m (hole BMDD315) and 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m, located along the newly discovered and high-priority Stamford Bridge Zone. This is a promising new gold mineralization shear zone located approximately 250 m east of the Buckreef Gold Main Zone that is beginning to form what may become a potential 1-kilometer “bridge” between the Buckreef Gold Main Zone and the prospective Eastern Porphyry and Anfield zones. Subsequent to Q1 2025, the Company announced additional high-grade intercepts at Stamford Bridge (see January 14, 2025 Press Release) as part of its ongoing exploration program focused on newly defined exploration targets.
- Growth initiatives in place: Growth capital in F2025 is expected to be consistent with F2024 levels and includes expansion initiatives related to the long-term growth of Buckreef Gold, including plant optimizations aimed at increasing recovery, throughput and production and study costs aimed at expanding Buckreef Gold and developing the larger project.
- Exploration is a priority: Exploration spending is expected to increase in F2025 and includes diamond drill and reverse circulation drilling services provided by the State Mining Corporation (“STAMICO”) for a program which includes brownfields drilling at Buckreef Main Zone (Northeast and Southwest), Buckreef West, Eastern Porphyry, and greenfield drilling at Stamford Bridge and Anfield.
- Health & Safety remain top of mind: The Company achieved zero lost time injuries and there were no environmental or community related incidents during Q1 2025.
TRX Gold’s CEO, Stephen Mullowney comments: “Q1 2025 has been quite busy and has progressed in line with our plan. Gold production is a function of tonnes processed x head grade x recovery and consequently, your major cost drivers are tonnes moved and tonnes processed. We are pleased to see the lower operating costs per tonne come through on the plant expansion, which has enabled the business to be profitable even when processing lower grade material. These costs savings are expected to significantly benefit the business as the grade profile in the mining sequence improves. We have not stopped here, our newly appointed COO Richard Boffey, has been busy with ongoing operational efficiencies which are expected to benefit the business in the second half of the year as well. The exploration team continues to plan and execute an initial drill program at the newly discovered Stamford Bridge Zone, which is turning into quite an exciting discovery, with the best ever drill results to date at Buckreef Gold and the outline of a shear structure becoming more evident. Much more work will follow at this high-priority target over the next several months, as we hope to uncover a new mineable zone. Lastly, we are laser-focused on the mine plan in order to get to those high-grade ore blocks in the second half of this fiscal year, so that we can continue to capitalize on our reduced cost profile and robust gold prices.”
Figure 1: Buckreef Gold new and expanded crushing circuit (Q2 2024)
Figure 2: New 350 Excavator and Haul Truck (at December 20, 2024)
Figure 3: Buckreef Gold’s Open Pit Mining Operations (Q4 2024)
Qualified Person
Mr. William van Breugel, P.Eng, BASc (Hons), Technical Advisor to TRX Gold Corporation, is the Company’s Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and has reviewed and assumes responsibility for the scientific and technical content in this press release.
About TRX Gold Corporation
TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 20202, the project currently hosts a Measured and Indicated Mineral Resource of 35.88 million tonnes at 1.77 grams per tonne gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 MT at 1.11 g/t gold for 635,540 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. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current mineral resource base and advancing the larger project development which represents 90% of current mineral resources. TRX Gold’s actions are led by the highest environmental, social and corporate governance standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold Project, dated May 15, 20202 and filed under the Company’s profile on SEDAR+ and with the SEC on June 23, 2020 for more information.
Posted January 15, 2025
MORE or "UNCATEGORIZED"
Critical Metals Corp Achieves Breakthrough Tanbreez Heavy Rare Earth Results: >99% Dissolution of Eudialyte Concentrate Into 19 Ultra-High-Purity Rare Earth Products; Refinery Study Projects US$1.8–2.2b in Annual Refinery Revenue
Critical Metals Corp. (Nasdaq: CRML) a leading critical minerals ... READ MORE
September 16, 2026
Metalsource Mining Extends High Grade Mineralization at Depth as Silver Hill Exploration Enters Major Expansion Phase
Holes SH26-22 and SH26-23 return up to 930 g/t AgEq within broade... READ MORE
September 16, 2026
Pasinex Completes Sale of High-Grade Zinc Sulphide Material and Provides Pinargozu Operations Update
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) a growing zinc-fo... READ MORE
September 16, 2026
Aya Gold & Silver Reports High-Grade Silver Exploration Results Near Pit and at Depth at Zgounder
Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) is pleased to... READ MORE
September 16, 2026
New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) has received results from the last four holes of a ten-hole, 1,996 metre summer drilling program in the Zavitz gold zone at the Company's 100% owned Moray gold project. In total, New Break has completed 5,372 metres of drilling in 32 drillholes in 2026. Moray is located 49 km southeast of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. Select results from the final four of ten holes drilled in the summer drilling program are presented below in Table 1, while drillhole collar locations are detailed in Table 2 in Appendix A. Table 1 – Moray Summer 2026 Final Drill Results Hole ID Length (m) From (m) To (m) Width (1) (m) Au Grade (2) (g/t) NBR-26-29 322.0 77.3 78.8 1.5 0.42 and 138.0 139.1 1.1 0.38 and 162.5 173.3 10.8 (3) 1.61 and 227.4 229.0 1.6 1.21 and 231.5 232.1 0.6 1.72 NBR-26-30 250.0 37.0 38.0 1.0 0.30 and 102.8 103.5 0.7 0.60 and 121.5 122.5 1.0 0.36 and 124.5 125.5 1.0 0.33 and 128.5 129.0 0.5 0.90 and 131.0 132.0 1.0 0.36 and 169.8 174.0 4.2 2.65 and 178.0 179.5 1.5 0.77 and 183.5 186.6 3.1 1.22 and 190.0 190.5 0.5 1.06 and 191.5 192.5 1.0 1.48 and 196.0 200.5 4.5 2.53 and 203.5 204.0 0.5 2.15 and 206.5 212.0 5.5 1.57 NBR-26-31 274.0 169.0 170.5 1.5 0.37 and 184.5 186.0 1.5 0.51 and 197.0 200.0 3.0 0.94 and 201.5 202.0 0.5 0.50 and 203.5 210.0 6.5 (3) 3.12 NBR-26-32 352.0 73.5 74.0 0.5 0.44 and 174.0 174.6 0.6 0.52 and 194.0 195.0 1.0 0.66 and 199.8 203.3 3.5 2.29 and 227.3 228.0 0.7 0.97 (1) Intervals are drill intersections and do not necessarily represent true widths. (2) All intervals are presented using a cut-off grade of 0.3 g/t Au and internal dilution of no more than 1.0 metres at grades less than 0.3 g/t Au and assays are not capped (see QA/QC Procedures). (3) Drill core photos shown in Appendix B. Figure 1 – Newly Reported Drillholes NBR-26-29, 30 Figure 2 – Newly Reported Drillholes NBR-26-30, 31, 32 Note: The bottom of NBR-26-30 deviated southeast and is represented in both sections. Figure 1: Section B-B1 incorporates drillholes NBR-26-06, 07, 08, 25, 26, 27, 28, 29 and part of 30. Gold mineralization extends southeast into the syenite as exhibited in NBR-26-29. NBR-26-30 is identified in both sections A-A1 and B-B1 as the drillhole was collared along section A-A1 but deviated southeast, intersecting gold mineralization in the mafic volcanics in section B-B1. Figure 2: A-A1 incorporates drillholes NBR-26-03, 04, 05, 23, 24, 30, 31 and 32. NBR-26-31 exhibits gold mineralization both within the syenite (at the contact) and within a "flow breccia" within the hematite altered mafic volcanic at the contact. NBR-26-32 is typified by blocky faulted ground with lamprophyre dykes and gold mineralization in the hematite altered mafic volcanics in a brecciated quartz vein with angular syenitic fragments. William Love, Chief Executive Officer of New Break commented, "Ongoing drilling this summer in the Zavitz gold zone continues to deliver significant gold values, with gold mineralization intercepted in every drillhole. As depicted in Figures 1 and 2, gold mineralization has been encountered predominantly within the mafic volcanics. Importantly, drillholes NR-26-29 and NR-26-32, the deepest drilled to date, demonstrate that gold mineralization extends into the syenite to the southeast at the contact with the mafic volcanics." He further noted, "The intrusive-mafic volcanic contact in the Zavitz gold zone has a distinctive magnetic high. This could be reflective of the higher proportion of iron in these mafic volcanics, which is associated with the higher gold values. This same magnetic and IP signature has been identified elsewhere in areas also believed to be along the intrusive-mafic volcanic contact. Drilling these never before tested targets with the goal of identifying gold mineralization similar to that encountered in the Zavitz zone represents the potential for significantly expanding the Moray gold discovery. There is also the belief that the Zavitz zone could represent the first of a series of stacked mineralized gold zones, which would point to the potential for a much larger gold system at depth. We plan to test this through deeper drilling directly into the Zavitz zone." About the Moray Gold Project The Moray property is located in the heart of the Ontario Abitibi greenstone belt, 49 km southeast of Timmins surrounded by a number of significant gold producing companies and existing mills (see Figure 3). The Young-Davidson gold mine operated by Alamos Gold Inc., with its 8,000 tonne per day mill is the closest and within a short trucking distance of approximately 45 km by road from Moray. The understanding of gold mineralization at Moray continues to evolve with each round of drilling. The occurrence of gold mineralization extending into the syenite to the southeast of the Zavitz zone and in the deepest drillholes is noteworthy given the presence of syenite-hosted mineralization at Young-Davidison. More recent examination of the drill core also suggests that the gold mineralization discovered to date may resemble an intrusion related style of deposit like Agnico Eagle's Upper Beaver gold deposit east of Kirkland Lake, as opposed to a structurally hosted gold system. Both Young-Davidson and Upper Beaver host multi-million ounce gold deposits. Figure 3 – Moray Location Map: Surrounding Gold Producers and Upper Beaver Gold Project Technical Content and Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Peter C. Hubacheck, P. Geo, consulting geologist to New Break, and an independent Qualified Person as defined by National Instrument 43-101. Mr. Hubacheck certifies that this news release fairly and accurately reflects the technical information and data presented. New Break conducts its exploration activities in accordance with CIM Best Practices Guidelines. QA/QC Procedures QA/QC procedures were executed to ensure all work is conducted in accordance with best practices. All drill core was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. All core is under watch from the drill site to the core processing facility. Drill core is BQTK size and sample intervals range from 0.5 metres to 1.0 metres in length. Commercially prepared certified reference material ("CRM") standards and blanks were inserted with each shipment at a rate of 1 QAQC sample in every 12 core samples. Samples from New Break's 2026 Moray drilling program were analyzed at Activation Laboratories in Timmins, Ontario, which is ISO 17025 certified, by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10.0 g/t Au was re-assayed with fire assay gravimetric analysis. Grade composite intervals over core lengths are calculated using a weighted average grade with a cut-off grade of 0.3 g/t Au. Up to 1.0 m of internal dilution (consecutive interval below cut-off grade) are included within specific geologic domains and alteration assemblages, except as otherwise noted. The composites are constrained geologically by metasomatic alteration processes sourcing from the Fiset syenite intrusion and contact mafic volcanic rocks. Elevated gold values are coincident with hematite, silica, sericite and pyrite mineralization within structurally prepared brecciated corridors flanking the intrusion. Intervals are not true widths and no top cutting has been applied to the higher gold values. About New Break Resources Ltd. New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km southeast of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Appendix A – Drillhole Data and Locations Table 2 – Moray Summer 2026 Drillhole Collar Locations Hole ID Length (m) UTM Easting UTM Northing UTM Elevation Azimuth (degrees) Dip (degrees) NBR-26-29 322.0 492703 5320285 363 220 -70 NBR-26-30 250.0 492708 5320329 363 220 -47 NBR-26-31 274.0 492708 5320329 363 220 -60 NBR-26-32 352.0 492708 5320329 363 220 -70 Total 1,198.0 Coordinates are reported in UTM Zone 17 North, with units in metres. Figure 4 – Zavitz Gold Zone – Surface Traces of 2025 and 2026 Drillholes. All of the drilling at Moray has been completed by Enviro North Exploration Inc. out of Sturgeon Falls, Ontario. Drilling in the Zavitz gold zone is shown in figure 4, with the 1,996 metres in 10 holes drilled this summer depicted in red, the 2,807 metres in 20 holes drilled from January to April 2026 shown in blue and the 1,817 metres in 8 holes drilled in 2025 shown in black. In total, 6,620 metres in 38 drillholes have been completed in the Zavitz gold zone, while New Break has completed a total of 5,372 metres in 32 drillholes of our planned 2026, 10,000 metre drilling program. Appendix B – Drill Core Photos From NBR-26-29 and NBR-26-31
New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) ha... READ MORE
September 16, 2026
