10:21 AM EST - TRX Gold Corporation : Reported its results for for the three months ended November 30, 2022. In September 2022, TRX Gold announced successful commissioning of the expanded 1,000+ tonne per day (“tpd”) processing plant at Buckreef Gold, which was completed on time and on budget at a capital cost of $4.0 million. The plant ramped up throughput and reached nameplate capacity of 1,000+ tpd at the end of October 2022. Commercial production of the 1,000+ tpd processing plant was declared effective November 2022. A third consecutive record-breaking quarter: During Q1 2023, the Company recorded its highest quarterly: (i) production, (ii) sales, (iii) gross profit, (iv) net income, (v) operating cash flow, and (vi) Adjusted EBITDA, at a low cash cost1 of $732 per gold ounce, below previously announced guidance of $750 - $850 per ounce. Production keeps growing: Buckreef Gold poured 5,395 ounces of gold and sold 5,754 ounces of gold, both quarterly records for the Company. The 49% increase in gold production in Q1 2023 compared to Q4 2022 is mainly attributable to an increase in ore tonnes milled following commissioning of the expanded 1,000+ tpd processing plant in Q1 2023. TRX Gold recorded revenue of $9.7 million in Q1 2023 and cost of sales of $4.4 million, generating gross profit of $5.3 million and a gross profit margin of 55%. Furthermore, the Company recorded quarterly net income of $5.2 million, operating cash flow of $6.6 million and adjusted EBITDA1 of $4.4 million. At November 30, 2022, the Company had no debt, a cash position of $8.9 million and adjusted working capital of $4.8 million. TRX Gold Corporation
shares T.TNX are trading unchanged at $0.56.
