Interview with Stephen Mullowney, Director & CEO of TRX Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/trx-gold-tsxtnx-doubling-gold-production-through-expansion-and-re-investment-allocations-4208
Recording date: 16th September 2026
TRX Gold Corporation (TSX:TRX) (NYSE American:TRX) has spent five years turning the Buckreef Gold Project in Tanzania from a stalled exploration asset into a self-funding gold producer, and its preliminary fiscal 2026 results are the clearest evidence yet that the model is working. Full-year gold production reached a record 29,650 ounces, a 57% increase on 2025 and the top end of the company's own guidance range, while Q4 alone delivered 8,173 ounces, up 28% year-on-year. Realised gold prices which rose 46% for the full year to approximately $4,386 per ounce compounded the production gains into a run-rate EBITDA CEO Stephen Mullowney puts at approximately $80 million today, with a stated target of $200-250 million within two to three years.
What differentiates TRX Gold from many junior producers pursuing similar growth is how that growth is being financed. The company is mid-build on a new 3,500 tonnes-per-day (tpd) SAG/ball mill circuit, running alongside its existing, recently upgraded 2,000 tpd plant, for a theoretical combined capacity of 5,500 tpd which is comfortably above the 3,000 tpd envisioned in the company's May 2025 PEA. The roughly $50 million cost is being funded entirely from operating cash flow, with the company carrying zero debt and $30 million of cash on the balance sheet, plus undrawn credit facilities. Management's stated fallback, should more capital be required, is debt rather than equity which is a meaningful distinction in a sector where dilution is often the default financing tool.
The operating jurisdiction adds a further layer to the case. Buckreef sits in Tanzania's Geita Region alongside established operations run by Barrick, AngloGold Ashanti, Perseus and Shanta, giving TRX Gold access to local contractors, supply chains and banking relationships that reduce build risk relative to more frontier settings. The project itself is held through a 55/45 joint venture with Tanzania's state mining company, Stamico, with TRX Gold holding board control and capital recovery preference on its approximately $30 million project loan; management is in discussions to move toward a more standard national resource framework, which would address the currently dilutable nature of the government's 45% interest.
Near-term catalysts include continued ramp-up of the mill upgrades already boosting throughput and recovery, tangible construction progress on the new SAG/ball mill circuit, and an updated PEA expected by early 2027 that should formalise a revised, open-pit-first mine sequence. Exploration capacity is also scaling quickly, from two drill rigs currently to five within four to six months, targeting both resource growth at the existing 1.5-million-ounce-plus resource base and new discoveries across ten geophysical targets and the Stamford Bridge and Anfield zones. Recent addition to the MVIS Global Junior Gold Miners Index adds a structural liquidity catalyst on top of the operational story. The principal risks are the model's sensitivity to a sustained gold-price pullback and the still-unresolved Stamico framework renegotiation which are both worth monitoring though neither appears to threaten the current growth trajectory.
Learn more: https://www.cruxinvestor.com/companies/trx-gold
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