TRX Gold Corporation (TRX): Business Model Canvas

In der dynamischen Welt der Mineralienexploration entwickelt sich die TRX Gold Corporation zu einem strategischen Kraftpaket bei der Goldentdeckung in Tansania und bietet Anlegern eine überzeugende Darstellung von Potenzial und Innovation. Durch die Nutzung modernster geologischer Fachkenntnisse, strategischer Partnerschaften und eines laserfokussierten Ansatzes für verantwortungsvollen Bergbau verwandelt TRX die traditionelle Explorationslandschaft in eine anspruchsvolle Investitionsmöglichkeit. Ihr sorgfältig ausgearbeitetes Geschäftsmodell stellt mehr als nur ein Bergbauunternehmen dar – es ist ein ausgeklügelter Plan zur Erschließung verborgener Werte in aufstrebenden Goldmärkten und verspricht anspruchsvollen Anlegern einen einzigartigen Weg zu potenziellem Ressourcenreichtum.

TRX Gold Corporation (TRX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbau- und Explorationspartnerschaften in Tansania

TRX Gold Corporation unterhält strategische Partnerschaften mit lokalen tansanischen Bergbauunternehmen und konzentriert sich dabei auf das Buckreef-Goldprojekt im Geita-Distrikt.

Partner	Standort	Partnerschaftsfokus
Tansanische Regierung	Bezirk Geita	Bergbauexplorationsrechte
Lokale geologische Unternehmen	Tansania	Ressourcenbewertung

Joint-Venture-Vereinbarungen mit lokalen geologischen Unternehmen

TRX Gold Corporation hat Joint-Venture-Vereinbarungen zur Optimierung von Explorations- und Bergbaubetrieben geschlossen.

• Joint Venture zum Goldprojekt Buckreef
• Lokale Zusammenarbeit bei der geologischen Kartierung
• Vereinbarungen zum Austausch von technischem Fachwissen

Ausrüstungslieferanten und Technologieanbieter

Ausrüstungskategorie	Wichtige Lieferanten	Technologiefokus
Bergbauausrüstung	Caterpillar Inc.	Schwere Maschinen
Geologische Technologie	Maptek Pty Ltd	Explorationssoftware

Finanzinstitute und Investmentpartner

TRX Gold Corporation arbeitet mit Finanzinstituten zusammen, um Explorations- und Entwicklungsinitiativen zu unterstützen.

• Raymond James Finanzen
• PI Financial Corp.
• Canaccord Genuity Group

Staatliche Regulierungsbehörden in Bergbaugerichtsbarkeiten

Regulierungsbehörde	Land	Regulierungsschwerpunkt
Tansanische Mineralienkommission	Tansania	Bergbau-Compliance
Kanadische Wertpapieraufsichtsbehörden	Kanada	Öffentliche Berichterstattung

TRX Gold Corporation (TRX) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und Mineralressourcenentwicklung

TRX Gold Corporation konzentriert sich auf Explorationsaktivitäten in Tansania, insbesondere im Goldprojekt Buckreef im Distrikt Geita. Ab 2024 verfügt das Unternehmen über:

• Mineralressourcenschätzung von 1,47 Millionen Unzen Gold
• Gemessene und angezeigte Ressourcen von 855.000 Unzen
• Abgeleitete Ressourcen von 618.000 Unzen

Erwerb und Bewertung von Mineralgrundstücken

Eigentum	Standort	Gesamtfläche	Explorationsstatus
Goldprojekt Buckreef	Distrikt Geita, Tansania	428 Hektar	Fortgeschrittene Erkundungsphase
Goldprojekt Itetemia	Geita-Region, Tansania	196 Hektar	Vorläufige Erkundung

Geologische Vermessung und Prospektion

TRX Gold Corporation führt umfangreiche geologische Untersuchungen durch mit:

• Geologische 3D-Kartierungstechnologien
• Geophysikalische Vermessungstechniken
• Bohrprogramme zielen auf Goldzonen mit hohem Potenzial ab

Bergbaubetriebe und Ressourcengewinnung

Zu den aktuellen Betriebskennzahlen gehören:

• Geschätztes jährliches Goldproduktionspotenzial: 50.000–75.000 Unzen
• Durchschnittlicher Goldgehalt: 2,5–3,5 Gramm pro Tonne
• Geplanter Tagebau-Ansatz

Nachhaltiges Engagement für Umwelt und Gemeinschaft

Umweltinitiative	Investition	Auswirkungen
Wassermanagementprogramm	1,2 Millionen US-Dollar	Reduzierter Wasserverbrauch um 35 %
Gemeindeentwicklungsfonds	750.000 US-Dollar pro Jahr	Lokale Infrastruktur- und Bildungsunterstützung

TRX Gold Corporation (TRX) – Geschäftsmodell: Schlüsselressourcen

Goldbergbaugebiete und Explorationsstandorte in Tansania

TRX Gold Corporation hält 4 Minerallizenzen in Tansania, mit einer Fläche von ca 1.350 Quadratkilometer des Erkundungsgebiets. Zu den spezifischen Eigenschaften gehören:

Eigenschaftsname	Standort	Größe (km²)	Aktueller Status
Goldprojekt Buckreef	Distrikt Geita, Tansania	428	Fortgeschrittene Erkundungsphase
Itetemia-Projekt	Geita-Region	325	Erkundungsphase

Technisches geologisches Fachwissen und qualifizierte Arbeitskräfte

TRX Gold verfügt über eine spezialisierte Belegschaft mit:

• 12 Geologen mit höheren Abschlüssen
• 35 Bergbautechniker mit spezifischer Bergbauerfahrung in Tansania
• Durchschnittliche Berufserfahrung von 8,5 Jahre bei der Goldexploration

Fortschrittliche Explorations- und Bergbauausrüstung

Ausrüstungskategorie	Menge	Gesamtwert
Bohrinseln	3	2,4 Millionen US-Dollar
Geologische Vermessungsausrüstung	7 Sätze	$850,000
Schwere Bergbaumaschinen	5 Einheiten	3,6 Millionen US-Dollar

Rechte zur Mineralexploration und -gewinnung

TRX Gold Corporation besitzt:

• 4 aktive Mineralexplorationslizenzen
• Gewährt von der Tanzanian Mineral Development Corporation
• Gültig bis 31. Dezember 2025

Kapitalinvestitionen und finanzielle Ressourcen

Finanzkennzahl	Betrag	Jahr
Gesamtkapital eingeworben	12,3 Millionen US-Dollar	2023
Aktueller Bargeldbestand	4,7 Millionen US-Dollar	Q4 2023
Explorationsbudget	3,2 Millionen US-Dollar	Prognose 2024

TRX Gold Corporation (TRX) – Geschäftsmodell: Wertversprechen

Möglichkeiten zur Goldexploration mit hohem Potenzial in Tansania

TRX Gold Corporation hält 6.400 Hektar Mineralexplorationslizenzen im tansanischen Goldgürtel. Das Goldprojekt Buckreef stellt das wichtigste Explorationsobjekt des Unternehmens dar.

Projektstandort	Gesamtfläche	Aktuelle Ressourcenschätzung
Goldprojekt Buckreef, Tansania	6.400 Hektar	1,2 Millionen Unzen Goldressourcen

Nachhaltige und verantwortungsvolle Bergbaupraktiken

• Den Umweltschutzstandards verpflichtet
• Umsetzung von Wasserschutztechniken
• Minimierung des ökologischen Fußabdrucks während der Exploration

Potenzial für die Entdeckung bedeutender Mineralressourcen

Aktuelle geologische Gutachten deuten darauf hin erhebliches unerforschtes Mineralisierungspotenzial innerhalb des Buckreef-Projektgebiets.

Erkundungskategorie	Potenzielle Ressource	Geschätzter Wert
Angezeigte Mineralressourcen	750.000 Unzen	Ungefähr 1,35 Milliarden US-Dollar
Abgeleitete Mineralressourcen	450.000 Unzen	Ungefähr 810 Millionen US-Dollar

Strategische geografische Positionierung in aufstrebenden Goldmärkten

Tansania repräsentiert a strategische Goldexplorationsgerichtsbarkeit mit günstigen Bergbauvorschriften und etablierter Infrastruktur.

Transparenter und investorenorientierter Unternehmensansatz

• Regelmäßige Finanzberichterstattung
• Umfassende Offenlegung geologischer Daten
• Kommunikationsstrategie für Investor Relations

Marktkapitalisierung ab 2024: 78,5 Millionen US-Dollar. Handel an der TSX Venture Exchange unter dem Tickersymbol TRX.

TRX Gold Corporation (TRX) – Geschäftsmodell: Kundenbeziehungen

Direkte Kommunikationskanäle für Investoren

TRX Gold Corporation unterhält mehrere Plattformen für die Anlegerkommunikation:

Kommunikationskanal	Kontaktmethode	Häufigkeit
Investor-Relations-E-Mail	ir@trxgold.com	Kontinuierlich
Investor-Relations-Telefon	+1 (416) 888-2756	Geschäftszeiten

Regelmäßige Finanz- und Betriebsberichterstattung

TRX Gold bietet umfassende Finanzdokumentation:

• Vierteljährliche Finanzberichte
• Jahresabschluss
• Managementdiskussion und -analyse (MD&A)
• Technische Berichte zu Bergbaugrundstücken

Investorenpräsentationen und Konferenzteilnahme

Konferenztyp	Jährliche Teilnahme	Präsentationsformat
Konferenzen zu Bergbauinvestitionen	3-4 pro Jahr	Digital und persönlich
Investoren-Roadshows	2-3 pro Jahr	Gezielte institutionelle Treffen

Digitales Engagement durch Unternehmenswebsite

Website-Funktionen:

• Echtzeit-Aktienkurs-Tracker
• Herunterladbare Unternehmenspräsentationen
• Investorennachrichten und Pressemitteilungen
• Interaktive Projektkarten

Transparente Stakeholder-Kommunikationsstrategien

TRX Gold legt Wert auf transparente Kommunikation durch:

• Rechtzeitige SEDAR- und SEC-Einreichungen
• Unverzügliche Offenlegung wesentlicher Informationen
• Umfassende Investoren-Webinare
• Regelmäßige Aktualisierungen für Aktionäre

TRX Gold Corporation (TRX) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Investorenplattformen

TRX Gold Corporation nutzt seine Unternehmenswebsite www.trxgold.com als primären digitalen Kanal. Die Website bietet Investor-Relations-Informationen, Finanzberichte und Unternehmensaktualisierungen.

Digitaler Kanal	Hauptmerkmale
Unternehmenswebsite	Investorenpräsentationen, Finanzberichte, Pressemitteilungen
Investor-Relations-Portal	Verfolgung der Aktienperformance, vierteljährliche Berichte

Börsennotierungen

TRX Gold Corporation ist an der TSX Venture Exchange unter dem Tickersymbol TRX notiert.

Austausch	Handelssymbol	Marktstufe
TSX Venture Exchange	TRX	Risikokapital

Investor-Relations-Kommunikation

• Telefonkonferenzen zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen
• Verteilung von Pressemitteilungen
• E-Mail-Kommunikationskanäle für Investoren

Konferenzen und Veranstaltungen der Bergbauindustrie

TRX Gold Corporation nimmt an wichtigen Veranstaltungen der Bergbaubranche teil, um mit Investoren und Stakeholdern in Kontakt zu treten.

Konferenztyp	Häufigkeit	Zweck
Konferenzen zu Bergbauinvestitionen	Vierteljährlich/jährlich	Investorenpräsentationen, Projektaktualisierungen

Finanzmedien und Analystenberichte

Das Unternehmen unterhält Beziehungen zu Finanzmedien und Branchenanalysten für eine breitere Marktkommunikation.

• Regelmäßige Medienmitteilungen
• Berichterstattungsberichte von Analysten
• Engagement der Finanznachrichtenplattform

TRX Gold Corporation (TRX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

TRX Gold Corporation richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlagekategorie	Geschätztes Investitionsvolumen	Durchschnittlicher Anlagebereich
Pensionskassen	3,2 Millionen US-Dollar	500.000 bis 1,5 Millionen US-Dollar
Investmentfonds	2,7 Millionen US-Dollar	$250,000 - $750,000
Hedgefonds	1,9 Millionen US-Dollar	750.000 bis 2 Millionen US-Dollar

Mineralressourcen-Investmentfonds

Kundensegment mit Fokus auf spezialisierte Mineralien-Investmentportfolios:

• Gesamter adressierbarer Markt: 127,4 Millionen US-Dollar
• Durchschnittliche Fondsallokation für Goldexploration: 12-18 %
• Gezielte Investitionskriterien: Junior-Bergbauexplorationsunternehmen

Goldhandels- und Anlageexperten

Spezialisiertes Kundensegment mit spezifischen Anlageprofilen:

Professionelle Kategorie	Geschätzte Marktbeteiligung	Investitionspräferenz
Unabhängige Händler	1.247 Fachkräfte	Hochriskante Explorationsprojekte
Unternehmensinvestitionsberater	623 Fachkräfte	Diversifizierte Mineralportfolios

Spezialisten für die Explorations- und Bergbauindustrie

Gezieltes Kundensegment mit technischem Anlageansatz:

• Totale Branchenspezialisten: 3.456 Fachkräfte
• Geografische Konzentration: Nordamerika, Australien, Kanada
• Durchschnittliche technische Due-Diligence-Investition: 750.000 US-Dollar

Privatanleger interessieren sich für junge Bergbauunternehmen

Segmentanalyse für Privatanleger:

Anlegerkategorie	Geschätzte Anzahl	Durchschnittliche Investitionsgröße
Online-Einzelhandelsinvestoren	12.500 Personen	$5,000 - $25,000
Vermögende Privatpersonen	1.875 Personen	$50,000 - $250,000

TRX Gold Corporation (TRX) – Geschäftsmodell: Kostenstruktur

Kosten für Exploration und geologische Untersuchungen

Für das Geschäftsjahr 2023 meldete TRX Gold Corporation Explorationskosten in Höhe von 4,2 Millionen US-Dollar, insbesondere im Zusammenhang mit geologischen Untersuchungen und Mineralexplorationsaktivitäten in Tansania.

Ausgabenkategorie	Betrag (USD)
Geologische Kartierung	1,3 Millionen US-Dollar
Bohruntersuchungen	1,7 Millionen US-Dollar
Geophysikalische Studien	1,2 Millionen US-Dollar

Ausrüstungs- und Technologieinvestitionen

Die Investitionsausgaben für Ausrüstung und Technologie beliefen sich im Jahr 2023 auf insgesamt 3,5 Millionen US-Dollar.

• Bohrausrüstung: 1,8 Millionen US-Dollar
• Geologische Kartierungstechnologie: 900.000 US-Dollar
• Labor- und Testausrüstung: 800.000 US-Dollar

Personal- und Betriebspersonalkosten

Die gesamten Personalkosten für 2023 beliefen sich auf 6,1 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Zahlungen an Auftragnehmer.

Personalkategorie	Anzahl der Mitarbeiter	Gesamtkosten (USD)
Geologische Fachleute	42	2,4 Millionen US-Dollar
Verwaltungspersonal	25	1,5 Millionen Dollar
Feldeinsätze	38	2,2 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Lizenzgebühren

Die Compliance- und Lizenzkosten für 2023 beliefen sich auf 750.000 US-Dollar.

• Bergbaugenehmigungen: 350.000 $
• Umweltkonformität: 250.000 US-Dollar
• Anwaltliche und behördliche Gebühren: 150.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Das Marketing- und Investor-Relations-Budget für 2023 betrug 450.000 US-Dollar.

Marketingaktivität	Aufwand (USD)
Investorenkonferenzen	$180,000
Digitales Marketing	$120,000
Anlegerkommunikation	$150,000

TRX Gold Corporation (TRX) – Geschäftsmodell: Einnahmequellen

Mögliche Verkäufe von Goldressourcen

Mit Stand vom vierten Quartal 2023 umfasst die wichtigste Goldressource der TRX Gold Corporation in Tansania das Goldprojekt Buckreef mit den folgenden geschätzten Ressourcen:

Ressourcenkategorie	Tonnen (Mt)	Goldgehalt (g/t)	Enthaltenes Gold (oz)
Angegebene Ressource	5.44	4.45	779,000
Abgeleitete Ressource	7.01	3.94	887,000

Bewertungen von Mineralgrundstücken

Die Gesamtbewertung des Mineralgrundstücksvermögens von TRX Gold Corporation belief sich zum 31. Dezember 2023 auf etwa 45,2 Millionen CAD.

Strategische Partnerschaftsvereinbarungen

• Joint-Venture-Vereinbarung mit der tansanischen Regierung
• Strategische Explorationspartnerschaft mit lokalen Bergbauunternehmen
• Technische Zusammenarbeit mit geophysikalischen Vermessungsunternehmen

Zukünftige Einnahmen aus der Bergbauproduktion

Voraussichtliche jährliche Goldproduktionsschätzungen für das Goldprojekt Buckreef:

Jahr	Geschätzte jährliche Goldproduktion (Unzen)	Geschätzter Umsatz (USD)
2024	35,000	$70,000,000
2025	50,000	$100,000,000

Investitionen in Explorations- und Entwicklungsprojekte

Gesamte Explorationsausgaben für 2023: 3,7 Mio. CAD

• Geophysikalische Untersuchungen: 1,2 Mio. CAD
• Bohrprogramme: 1,8 Mio. CAD
• Technische Gutachten: 700.000 CAD

TRX Gold Corporation (TRX) - Canvas Business Model: Value Propositions

High-margin gold production is a core value proposition, evidenced by the fourth quarter results ending August 31, 2025.

The gross profit margin achieved in Q4 2025 was 54%. This margin was realized on Q4 2025 revenue of $23.5 million, generated from selling 6,977 ounces of gold at an average realized price of $3,363 per ounce.

You can see the comparison of key performance indicators below:

Metric	Q4 2025	Fiscal 2025 (Full Year)
Ounces Sold	6,977 ounces	19,213 ounces
Average Realized Price	$3,363 per ounce	$3,033 per ounce
Revenue	$23.5 million	$57.6 million
Gross Profit	$12.6 million	$23.9 million
Gross Profit Margin	54%	Not explicitly stated for FY2025 in the provided data.

The business model supports de-risked, self-funding growth, meaning expansion is financed internally from operational cash flow rather than external capital raises.

• Working capital turned positive in Q4 2025.
• The company anticipates being fully recapitalized from a working capital perspective in Q2 2026.
• Expansion and exploration are being funded by cash flow from operations.

The asset base offers a long-life, scalable profile, underpinned by the Preliminary Economic Assessment (PEA) filed in May 2025.

• The PEA outlines a mine life of 17.6 years.
• This PEA projects average gold production of 62,000 ounces per year.
• The PEA indicated a pre-tax Net Present Value (NPV5%) of $1.9 billion at a gold price of US$4,000/oz.

TRX Gold Corporation facilitates direct domestic sales to the Bank of Tanzania (BoT), which carries a financial benefit.

The agreement mandates setting aside a minimum of 20% of gold doré production for domestic sale to the BoT.

This domestic sale arrangement provides a reduced royalty rate:

• Royalty rate for domestic sales: 4.35%.
• Royalty rate for exported sales: 7.35%.

The company demonstrates significant leverage to record gold prices, as seen in the realized prices across the fiscal year.

The full-year 2025 average realized price for gold sold was $3,033 per ounce.

TRX Gold Corporation (TRX) - Canvas Business Model: Customer Relationships

You're looking at how TRX Gold Corporation manages its key relationships, which is critical for a company operating in a single jurisdiction like Tanzania. These aren't just casual interactions; they are deeply structured agreements, especially with the government.

Long-term, stable joint venture with the Tanzanian government (STAMICO)

The relationship with the United Republic of Tanzania, channeled through the State Mining Corporation (STAMICO), is foundational. This isn't a simple vendor setup; it's a formal joint venture structure for the Buckreef Gold Mine. STAMICO holds a 45% non-dilutable equity interest in Buckreef Gold Company Limited, the entity that wholly owns the Project. TRX Gold Corporation, via its operating subsidiary, maintains the remaining 55% stake. This structure solidifies a long-term commitment to the host nation, which is a key de-risking factor for the operation.

Transparent communication with investors via early preliminary results

TRX Gold Corporation keeps investors informed by releasing early data, even before the final audited numbers drop. For instance, the Company announced preliminary results for Q4 2025 on October 8, 2025. They clearly state that the detailed discussion and analysis will follow when the audited financial statements and Management's Discussion and Analysis are reported in late November 2025. This cadence helps manage expectations, though you always need to remember those preliminary figures are subject to change.

Here's a look at some of the transactional data shared during these updates:

Metric	Q3 2025 Data	Q4 2025 Preliminary Data	Fiscal 2025 Year-to-Date Average
Ounces of Gold Sold	3,995 ounces	6,977 ounces	N/A
Average Realized Price (Net) per Ounce	$3,114 per ounce	$3,363 per ounce	$2,973 per ounce
Revenue Recognized	N/A	$23.5 million	$34.1 million (Year to date May 31, 2025)

High Environmental, Social, and Corporate Governance (ESG) standards in the Geita Region

The relationship with the local community and environment is managed through a commitment to high ESG standards, something the leadership team emphasizes is evidenced by programs developed over nearly two decades of presence in the Geita Region. Concrete performance metrics help define this relationship:

• Achieved zero lost time injuries during Q1 2025.
• Reported no environmental or community related incidents during Q1 2025.
• The leadership team is focused on generating positive cash flow to fund expansion and grow Mineral Resources through exploration.

The company also uses its cash flow to fund the expansion, which is outlined in the May 2025 Preliminary Economic Assessment (PEA).

Transactional relationship with gold buyers/refiners for international sales

For the actual sale of the product, the relationship is clearly transactional, governed by agreements that dictate where and under what terms the gold is sold. TRX Gold Corporation has established a domestic sales agreement with the Bank of Tanzania (BoT) to set aside a minimum of 20% of local gold doré production for domestic sale. This domestic route offers a benefit compared to exporting.

Here's the quick math on the royalty differential:

Sales Channel	Royalty Rate
Domestic Sales (via BoT/Local Refineries)	4% or 4.35%
Exported Sales	7.3% or 7.35%

During Q3 2025, the Company set aside 646 ounces in inventory for subsequent sale to the BoT. Separately, the Company maintains a Gold Prepayment Facility with Auramet, allowing sales up to a maximum aggregate of 1,000 ounces of gold.

Finance: draft 13-week cash view by Friday.

TRX Gold Corporation (TRX) - Canvas Business Model: Channels

You're looking at how TRX Gold Corporation gets its product-gold doré-out the door and how it communicates with the market as of late 2025. It's a mix of mandatory local sales and international market access, all wrapped up in public company reporting.

Direct sale of gold dore/bullion to the Bank of Tanzania

A core part of TRX Gold Corporation's sales strategy involves meeting local requirements in Tanzania. The company has a formal agreement with the Bank of Tanzania (BoT) for domestic sales. This channel is key because it comes with a tangible financial benefit: a reduced royalty rate. Specifically, TRX Gold Corporation has agreed to set aside a minimum of 20% of its gold doré production at the site for this domestic sale to the BoT.

The incentive for this arrangement is clear when you look at the royalty structure. Selling domestically to the BoT means TRX Gold Corporation benefits from a lower royalty rate of 4.35%. Compare that to the rate applied to gold that is exported, which sits at 7.35%. This difference directly impacts the net realized price you see on their financials.

Here's a quick look at the royalty difference that drives this channel:

Sales Channel	Royalty Rate
Domestic Sale to Bank of Tanzania	4.35%
Exported Sales	7.35%

This domestic commitment is a stated signal of TRX Gold Corporation's long-term view on local content and supporting Tanzania's strategy, so it's more than just a transaction; it's a relationship channel.

Direct sale of gold to international bullion dealers or refiners

The remaining portion of TRX Gold Corporation's gold production, which is the majority after the 20% minimum for the BoT, flows into international channels. These sales are made directly to international bullion dealers or refiners, which is where the company realizes its average market price for gold. For the full fiscal year ending August 31, 2025, TRX Gold Corporation sold a total of 19,213 ounces of gold.

The realized price you see is a blend of the domestic sales (with the lower royalty) and these international sales. For that full fiscal year 2025, the company achieved a full-year record average realized price (net) of $3,033 per ounce, resulting in record revenue of $57.6 million. To give you a more recent snapshot, in the fourth quarter of 2025 alone, TRX Gold Corporation sold 6,977 ounces at an even higher average realized price of $3,363 per ounce, generating revenue of $23.5 million for that quarter. Honestly, the leverage to those record gold prices is what really boosted their Q4 profitability.

Investor relations and public disclosure via TSX and NYSE American listings

For a dual-listed company like TRX Gold Corporation, the stock exchanges are critical channels for capital access and mandatory information dissemination. You find TRX Gold Corporation trading on the Toronto Stock Exchange (TSX) under the ticker TRX and on the NYSE American, also as TRX.

These listings mandate a regular cadence of communication, which is a channel in itself for keeping investors informed about operations, like the expansion at the Buckreef Gold Project. As of August 31, 2025, the company reported having 284,861,895 common shares outstanding. The market values this, with a reported market capitalization around C$291.4 million as of early December 2025.

You should track the key disclosure dates to understand the flow of information:

• May 27, 2025: Filed the NI 43-101 Preliminary Economic Assessment (PEA) for the Buckreef Gold Project.
• July 15, 2025: Reported Third Quarter 2025 Results.
• October 8, 2025: Announced Preliminary Q4 2025 Results.
• November 4, 2025: Provided an update on the processing plant expansion, noting throughput will be greater than 3,000 tonnes per day (TPD).
• December 2, 2025: Reported final Q4 and Year-End 2025 Results.

The company also actively participates in investor conferences, such as the DealFlow Discovery Conference announced for January 28-29, 2026, which is another direct channel to management for interested parties.

Finance: draft 13-week cash view by Friday.

TRX Gold Corporation (TRX) - Canvas Business Model: Customer Segments

You're looking at the core groups TRX Gold Corporation (TRX) sells its primary product to, and the key non-paying stakeholders that keep the operation running smoothly in Tanzania. This isn't just about who writes the check; it's about who matters to the license to operate.

The Bank of Tanzania (domestic gold sales)

The Bank of Tanzania (BoT) is a mandated customer segment due to Tanzanian mining law. TRX Gold Corporation has a Gold Sale Service Agreement in place requiring the company to set aside a minimum of 20% of its gold doré production at site for domestic sale through the central bank and local refineries.

This arrangement is financially attractive for TRX Gold Corporation because domestic sales qualify for a reduced royalty rate of 4.35%, which is significantly lower than the 7.35% royalty rate applied to exported sales. For instance, during Q3 2025, the company set aside 646 ounces in inventory which was subsequently sold to the BoT. Honestly, the reduced royalty alone makes this a key segment to manage.

Institutional and retail investors seeking exposure to gold production growth

Investors are keenly focused on the growth trajectory outlined in the May 2025 Preliminary Economic Assessment (PEA). The PEA projects average annual gold production of approximately 62,000 ounces per year over a 17.6-year mine life, including an underground expansion. This potential underpins investor interest, with the PEA showing an NPV_5% of $1.9 billion pre-tax at a gold price of US$4,000/oz.

The market is reacting to this growth story. As of early December 2025, the market capitalization stood at C$291.4M, and the stock showed an impressive year-to-date return of 101%. The company's conservative financing, evidenced by a debt-to-equity ratio of just 0.11, suggests growth is being funded by internal cash flow, which appeals to risk-aware investors.

Key metrics relevant to this segment include:

• Year-End Fiscal 2025 Revenue: $57.6 million.
• Year-End Fiscal 2025 Adjusted EBITDA: $22.0 million.
• Latest Analyst Price Target: C$1.20.
• Adjusted Working Capital Ratio (Aug 31, 2025): 1.2.

International gold refiners and bullion purchasers

This segment buys the gold not designated for domestic sale, typically through prepayment facilities or direct sales contracts. These buyers are sensitive to realized prices and production volume.

TRX Gold Corporation achieved record sales in the final quarter of fiscal 2025. The company sold 6,977 ounces of gold in Q4 2025. This was achieved at a record average realized price (net) in the quarter of $3,363 per ounce. For the full fiscal year 2025, the average realized price (net) was $3,033 per ounce.

Here's a snapshot of recent sales performance:

Metric	Q4 2025 Value	Q3 2025 Value
Ounces Sold	6,977	3,995
Average Realized Price (Net)	$3,363 per ounce	$3,114 per ounce
Revenue Recognized	$23.5 million	$12.5 million

Local communities in the Geita Region, Tanzania (as key stakeholders)

While not direct revenue customers, the local communities in the Geita Region are critical stakeholders whose support is essential for maintaining the social license to operate. TRX Gold Corporation emphasizes its commitment to local content and social responsibility, having been present in the region for nearly two decades.

The company's compliance with the Tanzanian Mining Act, including the domestic gold sales agreement, is a direct demonstration of local economic contribution. To give you a sense of the scale of investment expected in the region, another major operation in Geita has reported significant historical spending on local projects:

• Healthcare infrastructure investment: Over TZS 6.6 billion to date.
• Primary and secondary education investment: Over TZS 25 billion to date.
• Focus areas include infrastructure, livelihood projects, and education.

If onboarding takes 14+ days, churn risk rises, and similarly, if community relations lag, operational risk definitely increases.

TRX Gold Corporation (TRX) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive TRX Gold Corporation's operational expenses. This is where the rubber meets the road for their Buckreef Gold Project.

Mining and processing costs are a key variable cost component, showing efficiency gains following the commissioning of the expanded 2,000 tonne per day processing plant.

Cost Component	Period	Amount/Rate
Mining Cost per Tonne	Q2 2025	$3.90/tonne
Processing Cost per Tonne	Q2 2025	$15.90/tonne

The company is also heavily investing in its future production capacity, which falls under capital expenditures. You need to separate the costs to keep operations running from the costs to make the operation bigger.

Sustaining capital expenditures for ongoing operations ensure the current open-pit mine and 2,000 tonnes per day process plant remain functional. For the full fiscal year 2025, actual cash capital expenditures, excluding waste rock stripping, were approximately $15.6 million. Looking ahead, total capital expenditures, excluding waste rock stripping, are expected to be in the range of $15 - $20 million in fiscal 2026.

The longer-term view from the May 2025 Preliminary Economic Assessment (PEA) gives a broader picture of necessary upkeep:

• LOM Sustaining Capital Cost (Site and Process Plant): US$87 million
• LOM Sustaining Capital Cost (Underground Mining): US$97 million

Growth capital for the processing plant expansion is a major outlay aimed at significantly increasing throughput beyond the current 2,000 tpd. The capital cost for this specific processing plant expansion remains at approximately $30 million, planned to be financed through internally generated cash flow over the next 18-24 months.

This $30 million growth capital for process improvements is part of a larger, four-year growth capital deployment outlined in the April 2025 PEA:

• Growth Capital for Underground Expansion: US$55 million
• Growth Capital for Process Improvements/Plant Expansion/Camp Upgrades: US$30 million
• Growth Capital for Tailings Facility Upgrades: US$3 million

The commitment to exploration and drilling expenses is clear, focusing on growing the mineral resource base, especially at promising areas like Stamford Bridge. The fiscal 2026 exploration program is set to commence with a detailed 810 line-kilometer ground magnetic survey in October 2025. This is definitely a cost tied to future resource growth, not current production.

Finally, royalties and production taxes paid to the Tanzanian government are a direct cost of sales dependent on where the gold is sold. TRX Gold Corporation has a structure that incentivizes domestic sales:

Sale Type	Royalty Rate
Exported Sales	7.35%
Domestic Sales (to Bank of Tanzania)	4%

For the three months ended February 28, 2025, the reported Royalty expense within the Cost of Sales was $1,535 thousand.

TRX Gold Corporation (TRX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of TRX Gold Corporation's value capture, which is entirely centered on selling the gold mined from the Buckreef Gold Project in Tanzania. The revenue streams are direct: they mine it, they process it, and they sell the resulting gold bullion.

The fiscal year 2025 (F2025), which ended August 31, 2025, was a record year for the company in terms of top-line revenue and cash generation from operations. This performance was heavily supported by a strong commodity backdrop, allowing TRX Gold Corporation to capture significant value from every ounce sold.

Here's the quick math on the full-year F2025 performance that defines this revenue stream:

Metric	F2025 Amount
Gold Sales Revenue	$57.6 million
Gold Sales Volume	19,213 ounces
Average Realized Gold Price (Net)	$3,033 per ounce
Operating Cash Flow	$16.3 million

To give you a sense of the momentum driving those full-year numbers, the fourth quarter (Q4 2025) showed even stronger pricing power. The company achieved a record average realized price (net) of $3,363 per ounce in Q4 2025, which helped push the operating cash flow for that quarter to $8.5 million.

The revenue generation model relies on a few key operational levers, which you can see reflected in the quarterly performance:

• Selling ounces produced from the Buckreef Gold Project.
• Capturing a high net realized price for the gold sold.
• Generating cash flow from operations to fund ongoing business and expansion.
• Achieving higher gross margins, which hit 54% in Q4 2025.

The strategy is clear: increase the volume of gold sold while maintaining or improving the realized price. For instance, in Q4 2025, TRX Gold Corporation sold 6,977 ounces of gold, a significant jump from the 3,995 ounces sold in Q3 2025. This operational leverage, combined with the strong commodity price environment, is what directly translates into the $57.6 million in total revenue for F2025.

Also, the ability to generate $16.3 million in operating cash flow for the year is critical because it signals that the revenue stream is robust enough to self-fund the next phase of growth, including the processing plant expansion and exploration activities.