TRX Gold Q4 2026 Production Results and Expansion Plans

TRX Gold Corporation produced a record 8,173 ounces of gold in the fourth quarter of 2026, a 28% increase over the 6,404 ounces produced in the same period a year prior [1]. The results pushed the company to the top end of its annual production guidance range of 25,000 to 30,000 ounces, marking a 57% increase in total annual output compared to 2025 [1].

Operational growth and plant expansion

The production gains were supported by ongoing upgrades to the company’s 2,000 tonnes-per-day (tpd) processing plant in Tanzania, including the installation of a new gold room, oxygen plant, and tertiary crusher [1]. These improvements contributed to higher throughput and recovery rates during the quarter [1].

Looking ahead, the company has finalized contracts for a new 3,500 tpd Semi Autogenous Grind (SAG) and ball mill combination [1]. Once completed in the next 12 to 18 months, this expansion is expected to allow the company to exceed the 62,000 ounces of annual gold production originally anticipated in its Preliminary Economic Assessment [1]. The company reports that the existing 2,000 tpd plant will continue to operate alongside the new infrastructure, providing a combined processing capacity that exceeds the 3,000 tpd figure previously modeled [1].

Market environment and exploration

TRX Gold’s financial performance in the latest quarter was bolstered by a rising gold price environment. The company realized an average market price of approximately $4,233 per ounce during the fourth quarter, a 26% increase over the $3,369 per ounce recorded in the fourth quarter of 2025 [1]. For the full fiscal year, the average realized price reached $4,386 per ounce, representing a 46% increase over the 2025 average of $2,999 per ounce [1].

To support future resource growth, the company is significantly increasing its drilling capacity. After completing 14,500 meters of drilling across 175 holes in fiscal 2026, the company has acquired additional drill rigs to accelerate greenfield exploration and resource definition [1]. These assets are slated to target ten anomalies identified by a recent geophysics study, as well as the Stamford Bridge and Anfield zones [1].

What to watch

• Expansion Timeline: Monitor the construction progress of the 3,500 tpd SAG/ball mill circuit, which is estimated to reach completion in 12 to 18 months [1].
• Drilling Results: Watch for updates on greenfield exploration targets, specifically the Stamford Bridge and Anfield zones, as the company deploys its newly acquired drill rigs [1].
• Production Guidance: Observe whether the company adjusts its annual production targets as the new processing infrastructure comes online [1].

The company’s ability to maintain this production momentum depends on the successful integration of its expanded processing capacity and the results of its ramped-up exploration program. With a strong balance sheet and record output, the firm is now focused on scaling its operations to meet the higher production thresholds outlined in its long-term growth plans [1].