TRX Gold (TSX:TNX, NYSE-A:TRX) Corporation has announced record 2023 gold production of 20,759 ounces, revenue of $38.3 million, and net income of $7.0 million.
The junior gold miner also reported record operating cash flow for the year of $17.3 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $13.7 million, and a gross profit margin of 47%.
"This growth will continue in 2024 with yet another plant expansion, which is expected to come online in the second half of the year," TRX Gold CEO Stephen Mullowney said in a statement.
"This expansion is expected to provide the financial capital for a robust exploration program aimed at increasing Mineral Resources over time," he added.
TRX noted that it sees continued growth ahead through procurement of an additional 1,000 tonnes per day (tpd) mill for 2024 installation and expansion through to 2,000 tpd.
Looking ahead, the company is forecasting annual gold production at Buckreef Gold of between 25,000 and 30,000 ounces at total average cash cost of $800 to $900 per ounce.
It added that higher gold production and lower cash cost per ounce are expected in the second half of 2024 once the ramp-up is complete and the processing plant achieves steady state operation at nameplate capacity of 2,000+ tpd.
TRX Gold is rapidly advancing the Buckreef Gold project, which currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 million tonnes (Mt) at 1.77 grams per tonne (g/t) gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 Mt at 1.11 g/t gold for 635,540 ounces of gold.
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