TRX Gold Posts 13% Q2 Production Gain, Secures $21M Warrants Proceeds
TRX Gold achieved record Q2 2026 production of 7,453 ounces, 13% above Q1, and sold 7,400 ounces at an average $4,682 per ounce, a 21% sequential increase. It raised $21.0 million from warrant exercises, has $25 million cash, a 2.5x current ratio and is advancing a 3,000+ tpd plant expansion.
1. Record Q2 Production and Pricing
TRX Gold achieved Q2 2026 production of 7,453 ounces, up 13% from Q1, and sold 7,400 ounces at an average price of $4,682 per ounce, a 21% sequential increase, driving significantly higher revenue.
2. Clean Capital Structure from Warrant Exercises
During Q2 2026, all outstanding warrants were exercised or expired, generating $21.0 million in gross proceeds, leaving TRX Gold with no remaining warrants and approximately 325.6 million common shares issued and outstanding.
3. Strengthened Liquidity and Working Capital
Cash balance increased to $25 million, net cash rose by $15.8 million from Q1, and the current ratio improved from 1.7x to 2.5x at February 28, 2026, following warrant exercises and operational cash flows.
4. Advancing 3,000+ tpd Plant Expansion
Upgrades continue on the existing 2,000 tpd plant with key equipment procured and installation underway, targeting commissioning of major components like the pre-leach thickener and oxygen plant in Q3 2026, and ADR plant by Q4 2026.