TRX
Gold’s doing the heavy lifting
TRX Gold says its second quarter of fiscal 2026 was a record, and this wasn’t one of those “record” headlines that needs a microscope to find the good part. The company poured 7,453 ounces of gold and sold 7,314 ounces, then turned that into $34.1 million in revenue.
The margins are the fun part
At an average realized gold price of about $4,000 per ounce, TRX said it generated $21.1 million in profit, good for a 63% margin, plus $20.2 million in adjusted EBITDA. That’s the kind of math miners love: the more ounces you push out the door, the more each extra dollar in gold price acts like rocket fuel.
Why investors should care
The company also pointed to a cash balance of $26.0 million, more than $12.0 million in undrawn credit lines, and minimal debt. That matters because TRX says it’s headed into an upcoming plant expansion, and a cleaner balance sheet gives it a little more room to maneuver without begging the market for spare change.
Big picture
This is a pretty straightforward story: TRX Gold is benefiting from stronger production and a friendlier gold tape. If the company can keep the ounces flowing while the expansion story plays out, this could be one of those boring-operational-improvement turns that suddenly gets a lot more interesting.