History
TRX Gold raised new equity to fund its Buckreef project in Tanzania, found new gold zones, expanded its plant, and by May 2025 had a preliminary study for a larger expansion.
2021-2022: Raising money and finding new zones
TRX Gold's focus was the Buckreef Gold Project in Tanzania, run with joint venture partner STAMICO. In February 2021 the company closed a registered direct offering of 32,923,078 shares at US$0.65, with warrants over 16,461,539 shares, raising about US$19.8 million net. The money was meant for Buckreef development, exploration and working capital. Shares on issue rose from 199,975,122 at the end of 2020 to 254,870,556 at the end of 2021.
The cash went into drilling. In May 2021 the company announced a discovery at Buckreef West, a gold zone beside the Main Zone, drilled over 400m of strike. Less than two months later it announced a second, the Anfield Zone, three parallel gold structures covering 2.9 km. Anfield results were early surface samples, and no resource had been defined for either zone.
In January 2022 the company raised again, this time 17,948,718 shares at $0.39, with matching warrants at $0.44, for about US$6.4 million net. The price was well below the 2021 raise. The money was earmarked for expanding the plant from 360 to 1,000+ tonnes per day, plus exploration and sulphide testing work. In March 2022 Tanzania's Mining Commission extended the renewal date of the Buckreef mining licence by five years, from 2027 to 2032.
2022-2025: Plant expansion and a first economic study
In June 2022 northeast drilling extended the Main Zone by 250m to 1.8 km, a 16% increase, with one intercept of 28.0m at 3.27 g/t gold. The company added a second drill rig and planned about 10,000m more drilling. In November 2022 it issued a press release headlined as declaring commercial production at the 1,000+ tonne-per-day plant. The filing held no further details, so production figures and costs are not known. Shares on issue were 276,146,184 at the end of 2022 and rose only slightly in the following years, to 284,861,895 at the end of 2025.
The record then goes quiet until April 2025, when the company announced a Preliminary Economic Assessment, an early-stage study, for the next Buckreef expansion. It showed a pre-tax net present value (a measure of future cash flows in today's money) of US$701 million at a gold price of US$2,296 an ounce, and US$1.2 billion at US$3,000. On May 23, 2025 the company filed the full technical report, prepared by P&E Mining Consultants, with an updated resource estimate whose figures were not available in the filings.
As of May 27, 2025, TRX Gold had a preliminary study for its sulphide expansion but no feasibility study, and the status of its 2020 debentures was unclear.
Written from the 9 story beats below (2021 to 27 May 2025), which come from the company's own announcements and filings.