TRX Gold's first quarter (Q1) 2023 was a record-breaking quarter in terms of operational accomplishments and performance.

Key highlights for Q1 2023 include:

  • In September 2022, TRX Gold announced successful commissioning of the expanded 1,000+ tonne per day (“tpd”) processing plant at Buckreef Gold, which was completed on time and on budget at a capital cost of $4.0 million. The plant ramped up throughput and reached nameplate capacity of 1,000+ tpd at the end of October 2022. Commercial production of the 1,000+ tpd processing plant was declared effective November 2022.
  • During Q1 2023, the Company recorded its highest quarterly: (i) production, (ii) sales, (iii) gross profit, (iv) net income, (iv) operating cash flow, and (v) Adjusted EBITDA, at a low cash cost1 of $732 per gold ounce, below previously announced guidance of $750 - $850 per ounce.
  • Buckreef Gold poured 5,395 ounces of gold and sold 5,754 ounces of gold, both quarterly records for the Company. The 49% increase in gold production in Q1 2023 compared to Q4 2022 is mainly attributable to an increase in ore tonnes milled following commissioning of the expanded 1,000+ tpd processing plant in Q1 2023.


  • Mining, crushing, processing and gold production are all expected to operate at full capacity during fiscal 2023 (“F2023”) following initial ramp-up and commissioning of the 1,000+ tpd processing plant during Q1. Higher gold production is expected in Q2 2023 and for the second half (H2) of the year as the processing plant achieved steady state operation at nameplate capacity of 1,000+ tpd at the end of October 2022. For fiscal 2023, gold production is expected to be between 20,000 - 25,000 ounces at total average cash costs1 of $750 - $850 per ounce.
  • The Company will continue to advance a project aimed at increasing the average annual throughput by 75-100% through the addition of a new ball mill. Detailed engineering and procurement of equipment has commenced. Construction is expected to start in F2023 and potentially benefit production in late calendar H2 2023.

1 Refer to “Non-IFRS Performance Measures” section found on pages 29 and 30 of the Company's Q1 2023 MD&A.

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