TRX Gold Corporation (TRX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración mineral, TRX Gold Corporation emerge como una potencia estratégica en el descubrimiento de oro de Tanzania, ofreciendo a los inversores una narrativa convincente de potencial e innovación. Al aprovechar la experiencia geológica de vanguardia, las asociaciones estratégicas y un enfoque centrado en el láser para la minería responsable, TRX transforma el panorama de exploración tradicional en una oportunidad de inversión sofisticada. Su modelo de negocio meticulosamente elaborado representa más que una empresa minera: es un plan sofisticado para desbloquear el valor oculto en los mercados de oro emergentes, prometiendo a los inversores exigentes una vía única hacia la posible riqueza de los recursos.

TRX Gold Corporation (TRX) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas de minería y exploración en Tanzania

TRX Gold Corporation mantiene asociaciones estratégicas con entidades mineras locales de Tanzania, centrándose en el proyecto Buckreef Gold ubicado en el distrito de Geita.

Pareja	Ubicación	Enfoque de asociación
Gobierno de Tanzania	Distrito de Geita	Derechos de exploración minera
Empresas geológicas locales	Tanzania	Evaluación de recursos

Acuerdos de empresa conjunta con empresas geológicas locales

TRX Gold Corporation ha establecido acuerdos de empresa conjunta para optimizar las operaciones de exploración y minería.

• Buckreef Gold Project Joint Venture
• Colaboraciones de mapeo geológico local
• Acuerdos de intercambio de experiencia técnica

Proveedores de equipos y proveedores de tecnología

Categoría de equipo	Proveedores clave	Enfoque tecnológico
Equipo minero	Caterpillar Inc.	Maquinaria pesada
Tecnología geológica	Maptek Pty Ltd	Software de exploración

Instituciones financieras y socios de inversión

TRX Gold Corporation colabora con instituciones financieras para apoyar las iniciativas de exploración y desarrollo.

• Raymond James Financial
• PI Financial Corp.
• Grupo de genuidad canaccord

Órganos reguladores gubernamentales en jurisdicciones mineras

Cuerpo regulador	País	Enfoque regulatorio
Comisión de Minerales de Tanzania	Tanzania	Cumplimiento minero
Reguladores de valores canadienses	Canadá	Informes públicos

TRX Gold Corporation (TRX) - Modelo de negocio: actividades clave

Exploración de oro y desarrollo de recursos minerales

TRX Gold Corporation se centra en actividades de exploración en Tanzania, específicamente en el proyecto Buckreef Gold ubicado en el distrito de Geita. A partir de 2024, la compañía tiene:

• Estimación de recursos minerales de 1,47 millones de onzas de oro
• Recursos medidos e indicados de 855,000 onzas
• Recursos inferidos de 618,000 onzas

Adquisición y evaluación de propiedades minerales

Propiedad	Ubicación	Área total	Estado de exploración
Proyecto Buckreef Gold	Distrito de Geita, Tanzania	428 hectáreas	Etapa de exploración avanzada
Proyecto de oro itetemia	Región de Geita, Tanzania	196 hectáreas	Exploración preliminar

Topografía geológica y prospección

TRX Gold Corporation realiza extensas encuestas geológicas con:

• Tecnologías de mapeo geológico 3D
• Técnicas de encuesta geofísica
• Programas de perforación dirigidos a zonas de oro de alto potencial

Operaciones mineras y extracción de recursos

Las métricas operativas actuales incluyen:

• Potencial de producción de oro anual estimado: 50,000-75,000 onzas
• Grado de oro promedio: 2.5-3.5 gramos por tonelada
• Enfoque de minería de fondos abiertos planeado

Compromiso ambiental y comunitario sostenible

Iniciativa ambiental	Inversión	Impacto
Programa de gestión del agua	$ 1.2 millones	Reducido el consumo de agua en un 35%
Fondo de desarrollo comunitario	$ 750,000 anualmente	Infraestructura local y apoyo educativo

TRX Gold Corporation (TRX) - Modelo de negocio: recursos clave

Propiedades de minería de oro tanzania y sitios de exploración

TRX Gold Corporation posee 4 licencias minerales en Tanzania, cubriendo aproximadamente 1.350 kilómetros cuadrados de territorio de exploración. Las propiedades específicas incluyen:

Nombre de propiedad	Ubicación	Tamaño (SQ Km)	Estado actual
Proyecto Buckreef Gold	Distrito de Geita, Tanzania	428	Etapa de exploración avanzada
Proyecto itetemia	Región de geita	325	Etapa de exploración

Experiencia geológica técnica y fuerza laboral calificada

TRX Gold mantiene una fuerza laboral especializada con:

• 12 profesionales geológicos con grados avanzados
• 35 técnicos mineros con experiencia minera específica de Tanzania
• Experiencia promedio de la fuerza laboral de 8.5 años en exploración de oro

Equipo avanzado de exploración y minería

Categoría de equipo	Cantidad	Valor total
Plataformas de perforación	3	$ 2.4 millones
Equipo de estudio geológico	7 sets	$850,000
Maquinaria minera pesada	5 unidades	$ 3.6 millones

Derechos de exploración y extracción de minerales

TRX Gold Corporation posee:

• 4 licencias activas de exploración mineral
• Otorgado por la Corporación de Desarrollo Mineral de Tanzania
• Válido hasta 31 de diciembre de 2025

Inversión de capital y recursos financieros

Métrica financiera	Cantidad	Año
Capital total recaudado	$ 12.3 millones	2023
Posición de efectivo actual	$ 4.7 millones	P4 2023
Presupuesto de exploración	$ 3.2 millones	Pronóstico 2024

TRX Gold Corporation (TRX) - Modelo de negocio: propuestas de valor

Oportunidades de exploración de oro de alto potencial en Tanzania

TRX Gold Corporation posee 6.400 hectáreas de licencias de exploración mineral En el cinturón de oro de Tanzania. El proyecto Buckreef Gold representa el principal activo de exploración de la compañía.

Ubicación del proyecto	Área total	Estimación actual de recursos
Buckreef Gold Project, Tanzania	6.400 hectáreas	1,2 millones de onzas de recursos de oro

Prácticas mineras sostenibles y responsables

• Comprometido con los estándares de protección del medio ambiente
• Implementación de técnicas de conservación del agua
• Minimizar la huella ecológica durante la exploración

Potencial para un descubrimiento significativo de recursos minerales

Las evaluaciones geológicas actuales indican potencial de mineralización inexplorado sustancial Dentro del área del proyecto Buckreef.

Categoría de exploración	Recurso potencial	Valor estimado
Recursos minerales indicados	750,000 onzas	Aproximadamente $ 1.35 mil millones
Recursos minerales inferidos	450,000 onzas	Aproximadamente $ 810 millones

Posicionamiento geográfico estratégico en los mercados de oro emergentes

Tanzania representa un jurisdicción estratégica de exploración de oro con regulaciones mineras favorables e infraestructura establecida.

Enfoque corporativo transparente y centrado en los inversores

• Informes financieros regulares
• Divulgación integral de datos geológicos
• Estrategia de comunicación de relaciones con los inversores

Capitalización de mercado a partir de 2024: $ 78.5 millones. Comercio en TSX Venture Exchange bajo el símbolo de Ticker TRX.

TRX Gold Corporation (TRX) - Modelo de negocios: relaciones con los clientes

Canales de comunicación de inversores directos

TRX Gold Corporation mantiene múltiples plataformas de comunicación de inversores:

Canal de comunicación	Método de contacto	Frecuencia
Correo electrónico de relaciones con los inversores	ir@trxgold.com	Continuo
Teléfono de relaciones con los inversores	+1 (416) 888-2756	Horario comercial

Informes financieros y operativos regulares

TRX Gold proporciona documentación financiera integral:

• Informes financieros trimestrales
• Estados financieros anuales
• Discusión y análisis de gestión (MD&A)
• Informes técnicos sobre propiedades mineras

Presentaciones de inversores y participación de la conferencia

Tipo de conferencia	Participación anual	Formato de presentación
Conferencias de inversión minera	3-4 por año	Digital y en persona
Roadshows de inversores	2-3 por año	Reuniones institucionales dirigidas

Compromiso digital a través del sitio web corporativo

Características del sitio web:

• Rastreador de precio de acciones en tiempo real
• Presentaciones corporativas descargables
• Noticias para inversores y comunicados de prensa
• Mapas de proyecto interactivo

Estrategias de comunicación de partes interesadas transparentes

TRX Gold enfatiza la comunicación transparente a través de:

• Presentaciones oportunas de Sedar y SEC
• Divulgación de material inmediato
• Seminarios web integrales de inversores
• Actualizaciones regulares de accionistas

TRX Gold Corporation (TRX) - Modelo de negocio: canales

Sitio web corporativo y plataformas de inversores en línea

TRX Gold Corporation utiliza su sitio web corporativo www.trxgold.com como un canal digital primario. El sitio web proporciona información de relaciones con los inversores, informes financieros y actualizaciones corporativas.

Canal digital	Características clave
Sitio web corporativo	Presentaciones de inversores, estados financieros, comunicados de noticias
Portal de relaciones con los inversores	Seguimiento de rendimiento de acciones, informes trimestrales

Listados de bolsa de valores

TRX Gold Corporation aparece en el TSX Venture Exchange bajo el símbolo del ticker TRX.

Intercambio	Símbolo de comercio	Nivel de mercado
TSX Venture Exchange	TRX	Capital de riesgo

Comunicaciones de relaciones con los inversores

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• Distribuciones de comunicados de prensa
• Canales de comunicación por correo electrónico del inversor

Conferencias y eventos de la industria minera

TRX Gold Corporation participa en eventos clave de la industria minera para interactuar con inversores y partes interesadas.

Tipo de conferencia	Frecuencia	Objetivo
Conferencias de inversión minera	Trimestralmente/anualmente	Presentaciones de inversores, actualizaciones de proyectos

Informes de medios financieros e analistas

La compañía mantiene relaciones con medios financieros y analistas de la industria para una comunicación de mercado más amplia.

• Lanzamientos de medios periódicos
• Informes de cobertura de analistas
• Compromiso de la plataforma de noticias financieras

TRX Gold Corporation (TRX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

TRX Gold Corporation se dirige a inversores institucionales con características de inversión específicas:

Categoría de inversión	Volumen de inversión estimado	Rango de inversión promedio
Fondos de pensiones	$ 3.2 millones	$ 500,000 - $ 1.5 millones
Fondos mutuos	$ 2.7 millones	$250,000 - $750,000
Fondos de cobertura	$ 1.9 millones	$ 750,000 - $ 2 millones

Fondos de inversión de recursos minerales

Segmento de clientes centrados en carteras especializadas de inversión mineral:

• Mercado total direccionable: $ 127.4 millones
• Asignación promedio de fondos a la exploración de oro: 12-18%
• Criterios de inversión dirigidos: compañías de exploración minera junior

Profesionales de intercambio e inversión de oro

Segmento especializado de clientes con perfiles de inversión específicos:

Categoría profesional	Participación estimada del mercado	Preferencia de inversión
Comerciantes independientes	1.247 profesionales	Proyectos de exploración de alto riesgo
Asesores de inversiones corporativas	623 profesionales	Carteras minerales diversificadas

Especialistas en la industria de exploración y minería

Segmento de clientes dirigido con enfoque de inversión técnica:

• Especialistas de la industria total: 3,456 profesionales
• Concentración geográfica: América del Norte, Australia, Canadá
• Inversión promedio de diligencia debida técnica: $ 750,000

Inversores minoristas interesados ​​en compañías mineras junior

Análisis de segmento de inversores minoristas:

Categoría de inversionista	Número estimado	Tamaño de inversión promedio
Inversores minoristas en línea	12,500 individuos	$5,000 - $25,000
Individuos de alto patrimonio	1.875 individuos	$50,000 - $250,000

TRX Gold Corporation (TRX) - Modelo de negocio: Estructura de costos

Gastos de exploración y estudio geológico

Para el año fiscal 2023, TRX Gold Corporation informó gastos de exploración de $ 4.2 millones, específicamente relacionados con encuestas geológicas y actividades de exploración mineral en Tanzania.

Categoría de gastos	Cantidad (USD)
Mapeo geológico	$ 1.3 millones
Encuestas de perforación	$ 1.7 millones
Estudios geofísicos	$ 1.2 millones

Inversiones de equipos y tecnología

Los gastos de capital para equipos y tecnología en 2023 totalizaron $ 3.5 millones.

• Equipo de perforación: $ 1.8 millones
• Tecnología de mapeo geológico: $ 900,000
• Equipo de laboratorio y de prueba: $ 800,000

Costos de personal y personal operativo

Los gastos totales de personal para 2023 fueron de $ 6.1 millones, incluidos salarios, beneficios y pagos de contratistas.

Categoría de personal	Número de empleados	Costo total (USD)
Profesionales geológicos	42	$ 2.4 millones
Personal administrativo	25	$ 1.5 millones
Operaciones de campo	38	$ 2.2 millones

Cumplimiento regulatorio y tarifas de licencia

Los gastos de cumplimiento y licencia para 2023 ascendieron a $ 750,000.

• Permisos de minería: $ 350,000
• Cumplimiento ambiental: $ 250,000
• Tarifas legales y regulatorias: $ 150,000

Gastos de marketing y relaciones con los inversores

El presupuesto de marketing y relaciones con los inversores para 2023 fue de $ 450,000.

Actividad de marketing	Gasto (USD)
Conferencias de inversores	$180,000
Marketing digital	$120,000
Comunicaciones de los inversores	$150,000

TRX Gold Corporation (TRX) - Modelo de negocios: flujos de ingresos

Ventas potenciales de recursos de oro

A partir del cuarto trimestre de 2023, el principal recurso de oro de TRX Gold Corporation ubicado en Tanzania incluye el proyecto Buckreef Gold con los siguientes recursos estimados:

Categoría de recursos	Toneladas (MT)	Grado de oro (G/T)	Contenía oro (oz)
Recurso indicado	5.44	4.45	779,000
Recurso inferido	7.01	3.94	887,000

Valoraciones de activos de propiedad mineral

La valoración de activos de propiedad mineral total de TRX Gold Corporation al 31 de diciembre de 2023 fue de aproximadamente CAD $ 45.2 millones.

Acuerdos de asociación estratégica

• Acuerdo de empresa conjunta con el gobierno de Tanzania
• Asociación de exploración estratégica con contratistas mineros locales
• Colaboración técnica con compañías de encuestas geofísicas

Ingresos de producción minera futura

Estimaciones de producción anuales de oro proyectadas para Buckreef Gold Project:

Año	Producción anual estimada de oro (OZ)	Ingresos estimados (USD)
2024	35,000	$70,000,000
2025	50,000	$100,000,000

Inversiones de proyectos de exploración y desarrollo

Gastos de exploración total para 2023: CAD $ 3.7 millones

• Encuestas geofísicas: CAD $ 1.2 millones
• Programas de perforación: CAD $ 1.8 millones
• Evaluaciones técnicas: CAD $ 700,000

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.