Record Financial Performance
TRX just reported a record quarter with production of nearly 7,500 ounces, an average realized gold price of $4,655/oz, over $34 million in revenue, and a 62% gross profit margin. Over the six months to February 2026, revenue nearly tripled to $59.2 million from $21.6 million the prior year, with gross profit expanding from $7M to $35.3M.
Pristine Balance Sheet
TRX ended the quarter with $26 million in cash, minimal debt, and more than $12 million in undrawn credit capacity. For a junior producer, this is exceptionally clean. It also means they can fund their expansion without dilutive equity raises.
The Buckreef Asset is Undervalued
The Buckreef PEA outlines average production of 62,000 oz per annum over 17.6 years, with a pre-tax NPV of $1.9–$2.6 billion at gold prices of $4,000–$5,000/oz. Total assets stand at $158 million, meaning the market cap is pricing in a fraction of Buckreef’s potential value at current gold prices.
Production Growth is Just Starting
The company is on track for full-year guidance of 25,000–30,000 ounces, and is advancing a significant plant expansion with a new 3,500 tonne-per-day SAG and ball mill combination. There’s also an estimated 20,147-ounce stockpile sitting at surface, providing operational flexibility as the expansion progresses.
As always, do your own research. This is simply a bull case. Have a good day and good luck.