TRX Gold Corporation (TRX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração mineral, a TRX Gold Corporation surge como uma potência estratégica na descoberta de ouro da Tanzânia, oferecendo aos investidores uma narrativa convincente de potencial e inovação. Ao alavancar a experiência geológica de ponta, parcerias estratégicas e uma abordagem focada em laser à mineração responsável, o TRX transforma o cenário tradicional de exploração em uma sofisticada oportunidade de investimento. Seu modelo de negócios meticulosamente criado representa mais do que apenas um empreendimento de mineração - é um plano sofisticado para desbloquear valor oculto nos mercados de ouro emergentes, prometendo investidores exigentes um caminho único para a riqueza potencial de recursos.

TRX Gold Corporation (TRX) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas de mineração e exploração na Tanzânia

A TRX Gold Corporation mantém parcerias estratégicas com entidades locais de mineração da Tanzânia, concentrando -se no projeto Buckreef Gold, localizado no distrito de Geita.

Parceiro	Localização	Foco em parceria
Governo da Tanzânia	Distrito de Geita	Direitos de exploração de mineração
Empresas geológicas locais	Tanzânia	Avaliação de recursos

Acordos de joint venture com empresas geológicas locais

A TRX Gold Corporation estabeleceu acordos de joint venture para otimizar operações de exploração e mineração.

• Buckreef Gold Project Joint Venture
• Colaborações de mapeamento geológico local
• Acordos de compartilhamento de conhecimento técnico

Fornecedores de equipamentos e fornecedores de tecnologia

Categoria de equipamento	Principais fornecedores	Foco em tecnologia
Equipamento de mineração	Caterpillar Inc.	Máquinas pesadas
Tecnologia geológica	Maptek Pty Ltd	Software de exploração

Instituições financeiras e parceiros de investimento

A TRX Gold Corporation colabora com instituições financeiras para apoiar iniciativas de exploração e desenvolvimento.

• Raymond James Financial
• PI Financial Corp.
• Grupo de Genuidade Canaccord

Órgãos regulatórios governamentais em jurisdições de mineração

Órgão regulatório	País	Foco regulatório
Comissão de Minerais da Tanzânia	Tanzânia	Conformidade de mineração
Reguladores de valores mobiliários canadenses	Canadá	Relatórios públicos

TRX Gold Corporation (TRX) - Modelo de negócios: Atividades -chave

Exploração de ouro e desenvolvimento de recursos minerais

A TRX Gold Corporation se concentra nas atividades de exploração na Tanzânia, especificamente no projeto Buckreef Gold, localizado no distrito de Geita. A partir de 2024, a empresa possui:

• Estimativa de recursos minerais de 1,47 milhão de onças de ouro
• Recursos medidos e indicados de 855.000 onças
• Recursos inferidos de 618.000 onças

Aquisição e avaliação de propriedades minerais

Propriedade	Localização	Área total	Status de exploração
Projeto Buckreef Gold	Distrito de Geita, Tanzânia	428 hectares	Estágio avançado de exploração
Projeto de ouro itetemia	Região Geita, Tanzânia	196 hectares	Exploração preliminar

Pesquisa e prospecção geológica

A TRX Gold Corporation realiza extensas pesquisas geológicas com:

• Tecnologias de mapeamento geológico 3D
• Técnicas de pesquisa geofísica
• Programas de perfuração direcionados às zonas de ouro de alto potencial

Operações de mineração e extração de recursos

As métricas operacionais atuais incluem:

• Potencial de produção anual estimado de ouro: 50.000-75.000 onças
• Grau de ouro médio: 2,5-3,5 gramas por tonelada
• Abordagem de mineração de pértulas abertas planejadas

Engajamento ambiental e comunitário sustentável

Iniciativa Ambiental	Investimento	Impacto
Programa de Gerenciamento de Água	US $ 1,2 milhão	Consumo de água reduzido em 35%
Fundo de Desenvolvimento Comunitário	US $ 750.000 anualmente	Suporte de infraestrutura e educação local

TRX Gold Corporation (TRX) - Modelo de negócios: Recursos -chave

Propriedades de mineração de ouro da Tanzânia e sites de exploração

A Trx Gold Corporation detém 4 licenças minerais na Tanzânia, cobrindo aproximadamente 1.350 quilômetros quadrados de território de exploração. Propriedades específicas incluem:

Nome da propriedade	Localização	Tamanho (km quadrado)	Status atual
Projeto Buckreef Gold	Distrito de Geita, Tanzânia	428	Estágio avançado de exploração
Projeto ITETEMIA	Região Geita	325	Estágio de exploração

Experiência geológica técnica e força de trabalho qualificada

O TRX Gold mantém uma força de trabalho especializada com:

• 12 profissionais geológicos com graus avançados
• 35 técnicos de mineração Com experiência específica de mineração da Tanzânia
• Experiência média de força de trabalho de 8,5 anos na exploração de ouro

Equipamento avançado de exploração e mineração

Categoria de equipamento	Quantidade	Valor total
Platas de perfuração	3	US $ 2,4 milhões
Equipamento de pesquisa geológica	7 conjuntos	$850,000
Máquinas de mineração pesada	5 unidades	US $ 3,6 milhões

Direitos de exploração e extração de minerais

A TRX Gold Corporation possui:

• 4 licenças de exploração mineral ativa
• Concedido pela Tanzanian Mineral Development Corporation
• Válido até 31 de dezembro de 2025

Investimento de capital e recursos financeiros

Métrica financeira	Quantia	Ano
Capital total levantado	US $ 12,3 milhões	2023
Posição de caixa atual	US $ 4,7 milhões	Q4 2023
Orçamento de exploração	US $ 3,2 milhões	2024 Previsão

TRX Gold Corporation (TRX) - Modelo de Negócios: Proposições de Valor

Oportunidades de exploração de ouro de alto potencial na Tanzânia

A Trx Gold Corporation detém 6.400 hectares de licenças de exploração mineral no cinturão de ouro da Tanzânia. O projeto Buckreef Gold representa o principal ativo de exploração da empresa.

Localização do projeto	Área total	Estimativa atual de recursos
Projeto Buckreef Gold, Tanzânia	6.400 hectares	1,2 milhão de onças de recursos de ouro

Práticas de mineração sustentáveis ​​e responsáveis

• Comprometido com os padrões de proteção ambiental
• Implementando técnicas de conservação de água
• Minimizar a pegada ecológica durante a exploração

Potencial para uma descoberta significativa de recursos minerais

Avaliações geológicas atuais indicam potencial substancial de mineralização inexplorada dentro da área do projeto Buckreef.

Categoria de exploração	Recurso potencial	Valor estimado
Recursos minerais indicados	750.000 onças	Aproximadamente US $ 1,35 bilhão
Recursos minerais inferidos	450.000 onças	Aproximadamente US $ 810 milhões

Posicionamento geográfico estratégico em mercados de ouro emergentes

A Tanzânia representa a jurisdição estratégica de exploração de ouro com regulamentos de mineração favoráveis ​​e infraestrutura estabelecida.

Abordagem corporativa transparente e focada em investidores

• Relatórios financeiros regulares
• Divulgação de dados geológicos abrangentes
• Estratégia de comunicação de relações com investidores

Capitalização de mercado a partir de 2024: US $ 78,5 milhões. Negociação no TSX Venture Exchange sob símbolo de ticker trx.

TRX Gold Corporation (TRX) - Modelo de Negócios: Relacionamentos do Cliente

Canais de comunicação de investidores diretos

A TRX Gold Corporation mantém várias plataformas de comunicação de investidores:

Canal de comunicação	Método de contato	Freqüência
Email de relações com investidores	ir@trxgold.com	Contínuo
Telefone de relações com investidores	+1 (416) 888-2756	Horário de negócios

Relatórios financeiros e operacionais regulares

O TRX Gold fornece documentação financeira abrangente:

• Relatórios financeiros trimestrais
• Demonstrações financeiras anuais
• Discussão e análise da gerência (MD&A)
• Relatórios técnicos sobre propriedades de mineração

Apresentações de investidores e participação na conferência

Tipo de conferência	Participação anual	Formato de apresentação
Conferências de investimento em mineração	3-4 por ano	Digital e pessoalmente
Roadshows de investidores	2-3 por ano	Reuniões institucionais direcionadas

Engajamento digital através do site corporativo

Recursos do site:

• Rastreador de preços das ações em tempo real
• Apresentações corporativas para download
• Notícias de investidores e comunicados de imprensa
• Mapas de projeto interativos

Estratégias de comunicação de partes interessadas transparentes

O TRX Gold enfatiza a comunicação transparente através de:

• Registros oportunos de sedar e SEC
• Divulgação imediata do material
• Webinars abrangentes para investidores
• Atualizações regulares dos acionistas

TRX Gold Corporation (TRX) - Modelo de Negócios: Canais

Site corporativo e plataformas de investidores on -line

A TRX Gold Corporation utiliza seu site corporativo www.trxgold.com como um canal digital primário. O site fornece informações sobre relações com investidores, relatórios financeiros e atualizações corporativas.

Canal digital	Principais recursos
Site corporativo	Apresentações de investidores, demonstrações financeiras, comunicados de notícias
Portal de Relações com Investidores	Rastreamento de desempenho de ações, relatórios trimestrais

Listagens de bolsas de valores

A TRX Gold Corporation está listada na troca de risco TSX sob o símbolo do símbolo TRX.

Intercâmbio	Símbolo de negociação	Nível de mercado
TSX Troca de risco	Trx	Capital de risco

Comunicações de Relações com Investidores

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Distribuições de comunicado à imprensa
• Canais de comunicação por e -mail para investidores

Conferências e eventos da indústria de mineração

A TRX Gold Corporation participa de eventos importantes da indústria de mineração para se envolver com investidores e partes interessadas.

Tipo de conferência	Freqüência	Propósito
Conferências de investimento em mineração	Trimestralmente/anualmente	Apresentações de investidores, atualizações do projeto

Relatórios de mídia financeira e analistas

A empresa mantém relacionamentos com os analistas de mídia financeira e do setor para uma comunicação mais ampla de mercado.

• Lançamentos periódicos de mídia
• Relatórios de cobertura do analista
• Engajamento da plataforma de notícias financeiras

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

Investidores institucionais

A TRX Gold Corporation tem como alvo investidores institucionais com características específicas de investimento:

Categoria de investimento	Volume estimado de investimento	Intervalo de investimento médio
Fundos de pensão	US $ 3,2 milhões	US $ 500.000 - US $ 1,5 milhão
Fundos mútuos	US $ 2,7 milhões	$250,000 - $750,000
Fundos de hedge	US $ 1,9 milhão	US $ 750.000 - US $ 2 milhões

Fundos de investimento em recursos minerais

Segmento de clientes com foco em portfólios especializados de investimentos minerais:

• Mercado endereçável total: US $ 127,4 milhões
• Alocação média de fundos para exploração de ouro: 12-18%
• Critérios de investimento direcionados: empresas de exploração de mineração júnior

Profissionais de comércio e investimento em ouro

Segmento de clientes especializado com perfis de investimento específicos:

Categoria profissional	Participação estimada no mercado	Preferência de investimento
Comerciantes independentes	1.247 profissionais	Projetos de exploração de alto risco
Consultores de investimento corporativo	623 profissionais	Portfólios minerais diversificados

Especialistas da indústria de exploração e mineração

Segmento de cliente direcionado com abordagem de investimento técnico:

• Total de especialistas do setor: 3.456 profissionais
• Concentração geográfica: América do Norte, Austrália, Canadá
• Investimento médio de due diligence técnico: US $ 750.000

Investidores de varejo interessados ​​em empresas de mineração júnior

Análise de segmento de investidores de varejo:

Categoria de investidores	Número estimado	Tamanho médio de investimento
Investidores de varejo on -line	12.500 indivíduos	$5,000 - $25,000
Indivíduos de alto patrimônio líquido	1.875 indivíduos	$50,000 - $250,000

TRX Gold Corporation (TRX) - Modelo de negócios: estrutura de custos

Despesas de exploração e pesquisa geológica

Para o ano fiscal de 2023, a TRX Gold Corporation registrou despesas de exploração de US $ 4,2 milhões, especificamente relacionadas a pesquisas geológicas e atividades de exploração mineral na Tanzânia.

Categoria de despesa	Quantidade (USD)
Mapeamento geológico	US $ 1,3 milhão
Pesquisas de perfuração	US $ 1,7 milhão
Estudos geofísicos	US $ 1,2 milhão

Investimentos de equipamentos e tecnologia

As despesas de capital para equipamentos e tecnologia em 2023 totalizaram US $ 3,5 milhões.

• Equipamento de perfuração: US $ 1,8 milhão
• Tecnologia de mapeamento geológico: US $ 900.000
• Equipamento de laboratório e teste: US $ 800.000

Custos de pessoal e pessoal operacional

As despesas totais de pessoal para 2023 foram de US $ 6,1 milhões, incluindo salários, benefícios e pagamentos de contratados.

Categoria de pessoal	Número de funcionários	Custo total (USD)
Profissionais geológicos	42	US $ 2,4 milhões
Equipe administrativo	25	US $ 1,5 milhão
Operações de campo	38	US $ 2,2 milhões

Taxas regulatórias de conformidade e licenciamento

As despesas de conformidade e licenciamento de 2023 totalizaram US $ 750.000.

• Permissões de mineração: US $ 350.000
• Conformidade ambiental: US $ 250.000
• Taxas legais e regulatórias: US $ 150.000

Despesas de marketing e relações de investidores

O orçamento de marketing e relações com investidores para 2023 foi de US $ 450.000.

Atividade de marketing	Despesa (USD)
Conferências de investidores	$180,000
Marketing digital	$120,000
Comunicações de investidores	$150,000

TRX Gold Corporation (TRX) - Modelo de negócios: fluxos de receita

Vendas potenciais de recursos de ouro

A partir do quarto trimestre 2023, o Recurso Primário de Ouro da TRX Gold Corporation, localizado na Tanzânia, inclui o projeto Buckreef Gold com os seguintes recursos estimados:

Categoria de recursos	Toneladas (MT)	Grau de ouro (g/t)	Gold contido (oz)
Recurso indicado	5.44	4.45	779,000
Recurso inferido	7.01	3.94	887,000

Avaliações de ativos da propriedade mineral

A avaliação total de ativos da propriedade mineral da TRX Gold Corporation em 31 de dezembro de 2023, era de aproximadamente US $ 45,2 milhões.

Acordos de parceria estratégica

• Acordo de joint venture com o governo da Tanzânia
• Parceria estratégica de exploração com empreiteiros de mineração local
• Colaboração técnica com empresas de pesquisa geofísica

Futuras receitas de produção de mineração

Estimativas anuais de produção de ouro projetadas para Buckreef Gold Project:

Ano	Produção anual estimada de ouro (OZ)	Receita estimada (USD)
2024	35,000	$70,000,000
2025	50,000	$100,000,000

Investimentos de projeto de exploração e desenvolvimento

Despesas totais de exploração para 2023: CAD $ 3,7 milhões

• Pesquisas geofísicas: CAD $ 1,2 milhão
• Programas de perfuração: CAD $ 1,8 milhão
• Avaliações 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.