TRX Gold Corporation (TRX)
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Gold trades at record levels, and on Reddit a small ticker keeps surfacing: TRX. Behind it is TRX Gold, a Canadian producer with exactly one mine — Buckreef, south of Lake Victoria in Tanzania. The numbers in the SEC filings (40-F/6-K, fiscal year ending August 31) look like a dream at first glance: production up 58 percent, a 62 percent gross margin, one half-year bringing more revenue than the entire record year before it. At second glance, 45 percent of the mine belongs to the state-owned STAMICO, a warrant revaluation turned the record quarter into an IFRS loss, and the share count grew 14 percent in six months. Not investment advice — just the arithmetic of how much of the gold's shine actually reaches the shareholder.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 15.07.2026 gegen die beiden jüngsten Jahresberichte 40-F (TRX Gold ist kanadischer MJDS-Emittent, CIK 0001173643 — statt 10-K/10-Q gelten 40-F/6-K; Geschäftsjahresende 31. August) und die vier jüngsten quartalsbezogenen 6-K-Einreichungen: In den ausgewerteten SEC-Filings von TRX Gold findet sich kein einziger Treffer zu „artificial intelligence“, „machine learning“ oder „AI“ — weder im 40-F für 2025 (samt Annual Information Form, Konzernabschluss und MD&A) noch im 40-F für 2024 noch in den 6-K-Zwischenberichten zu Q1 2026, Q2 2026, den vorläufigen Q3-2026-Produktionszahlen oder dem Q3-2025-Bericht (Volltext-Suche über alle Dokumente, 0 Treffer). TRX Gold ist ein reiner Ein-Minen-Goldförderer (Buckreef, Tansania): keine KI-Umsatzquelle, kein dokumentierter operativer KI-Einsatz, kein KI-Bezug in den Risk Factors — die Risiken der Firma heißen Goldpreis, Staatspartner STAMICO und Verwässerung, nicht KI. Nach dem Kriterienkatalog dokumentierter Negativ-Befund → „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 40-F 2025-12-01 · 40-F 2024-11-29 · 6-K 2026-06-05 · 6-K 2026-04-15 · 6-K 2026-01-14 · 6-K 2025-07-15
Rated on July 15, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.01 | -200.00 | 19 | 11.50 | -26.00 | 4 | 0 |
| 2024: Q3 | 0.01 | 0.00 | 25 | 51.20 | 15.10 | 8 | 1 |
| 2024: Q4 | 0.01 | 100.00 | 18 | 1.00 | 7.80 | 3 | -2 |
| 2025: Q1 | -0.01 | -370.30 | 13 | -9.70 | -27.70 | 3 | 0 |
| 2025: Q2 | 0.00 | 93.00 | 17 | -9.10 | -1.70 | 5 | -1 |
| 2025: Q3 | 0.02 | 115.00 | 24 | -6.50 | 10.40 | 16 | 3 |
| 2025: Q4 | 0.03 | 200.00 | 35 | 99.70 | -16.60 | 4 | 1 |
| 2026: Q1 | 0.04 | 500.00 | 47 | 253.60 | -59.80 | 12 | -4 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A pure single-mine producer: Buckreef (Tanzania) with an open pit, a 2,000-tonne plant and a committed expansion to 3,500+ tonnes per day; 893,000 ounces of well-documented resources plus 726,000 ounces in the potential category (April 2025). Easy to understand, but without any diversification across mine, country or product (40-F for fiscal 2025).
Records in series: quarterly production up 36 to 148 percent (Q1-Q3 2026 vs. prior year), recovery up from 67 to 84.6 percent, H1 2026 revenue of $59.2 million above the entire record year 2025 ($57.6 million), the full-year target of 25,000-30,000 ounces reaffirmed on June 5, 2026 — the mine delivers, measurably.
$26.0 million of cash and a current ratio of ~2.4 (February 28, 2026), no warrants left, only small credit facilities — but the annual report itself warns of possible additional capital needs for the expansion, and the $25 million ATM program sits ready for use; the till held just $7.8 million on August 31, 2025.
STAMICO holds 45 percent of the operating joint venture, the state collects a 7.35/4.35 percent royalty, buys a mandatory minimum of 20 percent of production (central bank) and in 2022 granted itself, by regulation, a 16 percent free carried interest in any mining venture; the conversion talks (45 to 16 percent) are, per the 40-F, uncertain — opportunity and concentration risk at once.
The share count up 14 percent in six months (284.9 to 325.7 million through February 28, 2026), $145.8 million of accumulated losses from almost two decades and three company names; the warrant revaluation turned the record quarter Q2 2026 into an IFRS loss of $13.8 million ($20.4 million attributable to shareholders).
A cash cost of around $1,500 against $4,655 realized per ounce (Q2 2026) — the lever fully explains the record profits and works downward just as strongly if the gold price falls; the Q3 2026 average price of about $4,731 (up 52 percent year over year) is the silent core assumption of every extrapolation.
TRX Gold is the rare Reddit discovery whose fundamentals genuinely shine: record production, a 62 percent gross margin, a full till, a third consecutive profitable fiscal year. But the shine has co-owners: 45 percent of the only mine belongs to the Tanzanian state agency STAMICO, the profit jump hangs on a gold price at record levels, the share count grew 14 percent in six months, and the future state share is being negotiated with an open outcome. About $264 million of market value (July 15, 2026) thus buys an amplifier on the gold price — with the state, dilution and single-mine risk as the counterweight. Not investment advice.
- TRX landed on our research list through our Reddit hype scanner (ApeWisdom data): 6 mentions in 24 hours as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe) do not cover the Canadian name by design.
- TRX Gold is a Canadian issuer and files, instead of 10-K/10-Q, Forms 40-F (annual report, filed for fiscal 2025 on December 1, 2025) and 6-K (interim reports); the fiscal year ends August 31. The Q3 2026 production figures (release of June 5, 2026) are preliminary and unaudited; the full Q3 figures are announced for mid-July 2026.
- The market value figure is dated July 15, 2026 (about $264 million); analyses are evergreen, daily prices are not a buy argument. All amounts in U.S. dollars (TRX Gold's reporting currency).
About the Company
TRX Gold Corporation engages in the exploration, development, and production of mineral property in Tanzania. Its flagship project is the Buckreef Gold Project in Tanzania. The company was formerly known as Tanzanian Gold Corporation and changed its name to TRX Gold Corporation in May 2022. The company was incorporated in 1990 and is based in Oakville, Canada.
| IPO Year | 2005 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.