A Record Year Marked by Exceptional Growth
TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX:TNX) (NYSE American:TRX) (the “Company” or “TRX Gold”) today reported its results for the year end August 31, 2023 and fourth quarter (“Q4 2023”). Financial results are available on the Company’s website at www.TRXgold.com.

Highlights include:

Record annual gold production (20,759 ounces), revenue ($38.3 million), operating cash flow ($17.3 million), adjusted EBITDA1 ($13.7 million), net income ($7.0 million) and gross profit margin (47%).
Successful and safe completion of 1,000 tonnes per day (“tpd”) mill expansion for $6.4M, on time and on budget.
Continued growth ahead through procurement of an additional 1,000 tpd mill for 2024 installation and expansion through to 2,000 tpd.
Exploration success extending known strike length mineralization on the Main Zone by 500 meters and successfully intersecting high-grade gold mineralization on the Anfield Zone.
TRX Gold’s CEO, Stephen Mullowney comments: “2023 was an important year for TRX Gold as it was a year that we transitioned into growth mode. This growth will continue in 2024 with yet another plant expansion, which is expected to come online in the second half of the year. This expansion is expected to provide the financial capital for a robust exploration program aimed at increasing Mineral Resources over time. Importantly, we have been able to enter a growth phase while properly managing capital?and we will continue to do so ? in order to grow the project and its value while minimizing shareholder dilution.”

Shubo Rakhit, Chairman of the Board, continues: “On behalf of the Board of Directors, I would like to congratulate management and the Buckreef Gold team on their dedication and commitment towards achieving all of the Company’s ambitious objectives. This includes a disciplined approach to allocating capital and executing on time and on budget. We look forward to a further expansion of our processing plant, increased gold production and more exploration in 2024. Our objectives for the next twelve months are clear, and we have a dedicated and focused team to get the job done.” see & read more on
https://www.trxgold.com/news/news-details/2023/TRX-Gold-Reports-Year-End-2023-Results/default.aspx