Tearsheet

TRX Gold (TRX)

Market Price (1/23/2026): $1.05 | Market Cap: $309.7 Mil
Sector: Materials | Industry: Gold

TRX Gold (TRX)

Market Price (1/23/2026): $1.05
Market Cap: $309.7 Mil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Stock price has recently run up significantly 6M Rtn6 month market price return is 165%, 12M Rtn12 month market price return is 216%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.6%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%		Key risks TRX key risks include [1] political and regulatory uncertainties tied to operating its Buckreef Gold Project in Tanzania and [2] operational challenges and potential delays in exploration and mill capacity expansion.
3	Megatrend and thematic drivers Megatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 59%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%
3	Megatrend and thematic drivers Megatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development.
4	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5	Stock price has recently run up significantly 6M Rtn6 month market price return is 165%, 12M Rtn12 month market price return is 216%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.6%
7	Key risks TRX key risks include [1] political and regulatory uncertainties tied to operating its Buckreef Gold Project in Tanzania and [2] operational challenges and potential delays in exploration and mill capacity expansion.

Valuation, Metrics & Events

	1/23/26	2025	2024	2023	2022
Share Price CYE	$1.05	$0.92	$0.31	$0.38	$0.34
Market Cap CYE ($ Mil)	309.7	271.6	89.5	108.5	93.5
Total Debt ($ Mil)	4.6	4.6	2.9	0.1	0.1
Total Cash ($ Mil)	9.2	9.2	6.8	8.3	8.9
Enterprise Value ($ Mil)	305.0	276.2	92.4	108.6	93.6
Valuation Ratios
P/S TTM	4.4	3.9	2.0	2.9	3.8
P/EBIT TTM	20.2	17.7	7.1	12.2	12.4
P/E TTM	-69.4	-60.9	60.6	-48.7	-137.1
P/FCF TTM	73.3	64.3	-96.1	-334.8	-20.1
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.4	1.1
P/EBIT TTM (Sector)	8.5	8.0	6.6	6.7	4.9
P/E TTM (Sector)	-0.3	-0.2	4.2	9.0	5.2
P/FCF TTM (Sector)	8.2	6.7	7.7	1.2	0.8

	1/23/26	2025	2024
Share Price CYE	$1.05	$0.92	$0.31
Market Cap CYE ($ Mil)	309.7	271.6	89.5
Total Debt ($ Mil)	4.6	4.6	2.9
Total Cash ($ Mil)	9.2	9.2	6.8
Enterprise Value ($ Mil)	305.0	276.2	92.4
Valuation Ratios
P/S TTM	4.4	3.9	2.0
P/EBIT TTM	20.2	17.7	7.1
P/E TTM	-69.4	-60.9	60.6
P/FCF TTM	73.3	64.3	-96.1
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	8.5	8.0	6.6
P/E TTM (Sector)	-0.3	-0.2	4.2
P/FCF TTM (Sector)	8.2	6.7	7.7

	TRX	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	100.5%	7.3%
Rev Chg LTM	58.5%	6.4%
Rev Chg 3Y Avg	42.7%	5.6%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	35.5%	18.8%
CFO/Rev LTM	25.5%	20.5%
Net Inc Mgn	-6.4%	13.1%
VALUATION	VERY HIGH
P/S	4.4	3.4
P/CFO	17.3	16.3
P/FCF	73.3	21.5
P/E	-69.4	24.5
STABILITY	GOOD
Debt/Equity	0.01	0.19
Cash/Assets	0.07	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Gold Poured (ounces)	19389	8312024	Link
Gold Sold (ounces)	19075	8312024	Link
Measured and Indicated Mineral Resource (ounces of gold)	2036280	5312020	Link
Inferred Mineral Resource (ounces of gold)	635540	5312020	Link
Processing Plant Throughput (tonnes per day)	2324	8312024	Link
Gold Recovery Rate	92.5%	12022024	Link

Recent
1/15/2026	Earnings Release	Rev: $34 Mil (A) vs. $29 Mil (E) EPS: 0.03 (A) vs. $0.02 (E)
Upcoming
4/13/2026	Earnings Release	Rev: $37 Mil (E) EPS: $0.02 (E)

TRX Stock

Return (1M):

null

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

TRX Gold (TRX) stock has gained about 60% since 9/30/2025 because of the following key factors:

1. Record Operational and Financial Performance. TRX Gold reported record quarterly gold production of nearly 6,600 ounces in Q1 2026 and over 6,400 ounces in Q4 2025, significantly increasing over prior periods. This led to record quarterly revenue exceeding $25 million in Q1 2026 and $23.5 million in Q4 2025, along with strong gross profit and Adjusted EBITDA margins. The company benefited from accessing higher-grade ore blocks and improved throughput and recovery rates.

2. Strategic Processing Plant Expansion and Mine Development. The company is actively executing a multi-year expansion of its Buckreef processing plant, which includes a dual-circuit expansion expected to lift annual production above 62,000 ounces, exceeding the previous 2025 PEA design. This development work, including the procurement of major long-lead components and upgrades to the existing plant, is a key driver for future production growth and investor confidence.

Show more

Stock Movement Drivers

Fundamental Drivers

The 61.9% change in TRX stock from 9/30/2025 to 1/22/2026 was primarily driven by a 47.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	9302025	1222026	Change
Stock Price ($)	0.62	1.01	61.9%
Change Contribution By:
Total Revenues ($ Mil)	48	70	47.1%
P/S Multiple	3.8	4.2	10.4%
Shares Outstanding (Mil)	294	295	-0.3%
Cumulative Contribution			61.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 1/22/2026

	Return	Correlation
TRX	61.9%
Market (SPY)	3.4%	20.4%
Sector (XLB)	10.5%	23.9%

Fundamental Drivers

The 201.5% change in TRX stock from 6/30/2025 to 1/22/2026 was primarily driven by a 95.9% change in the company's P/S Multiple.

(LTM values as of)	6302025	1222026	Change
Stock Price ($)	0.34	1.01	201.5%
Change Contribution By:
Total Revenues ($ Mil)	45	70	54.6%
P/S Multiple	2.2	4.2	95.9%
Shares Outstanding (Mil)	294	295	-0.5%
Cumulative Contribution			201.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 1/22/2026

	Return	Correlation
TRX	201.5%
Market (SPY)	11.8%	18.5%
Sector (XLB)	13.3%	14.6%

Fundamental Drivers

The 229.0% change in TRX stock from 12/31/2024 to 1/22/2026 was primarily driven by a 95.4% change in the company's P/S Multiple.

(LTM values as of)	12312024	1222026	Change
Stock Price ($)	0.31	1.01	229.0%
Change Contribution By:
Total Revenues ($ Mil)	41	70	70.6%
P/S Multiple	2.2	4.2	95.4%
Shares Outstanding (Mil)	291	295	-1.3%
Cumulative Contribution			229.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2024 to 1/22/2026

	Return	Correlation
TRX	229.0%
Market (SPY)	18.6%	13.3%
Sector (XLB)	19.4%	15.4%

Fundamental Drivers

The 198.6% change in TRX stock from 12/31/2022 to 1/22/2026 was primarily driven by a 365.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	12312022	1222026	Change
Stock Price ($)	0.34	1.01	198.6%
Change Contribution By:
Total Revenues ($ Mil)	15	70	365.1%
P/S Multiple	6.2	4.2	-31.5%
Shares Outstanding (Mil)	276	295	-6.3%
Cumulative Contribution			198.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2022 to 1/22/2026

	Return	Correlation
TRX	198.6%
Market (SPY)	86.9%	12.2%
Sector (XLB)	34.5%	14.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
TRX Return	-40%	-15%	12%	-19%	200%	3%	43%
Peers Return	-18%	-12%	3%	26%	204%	15%	229%
S&P 500 Return	27%	-19%	24%	23%	16%	0%	83%
Monthly Win Rates [3]
TRX Win Rate	25%	42%	42%	50%	92%	100%
Peers Win Rate	45%	35%	43%	58%	73%	100%
S&P 500 Win Rate	75%	42%	67%	75%	67%	100%
Max Drawdowns [4]
TRX Max Drawdown	-45%	-32%	0%	-25%	-12%	-6%
Peers Max Drawdown	-35%	-33%	-21%	-27%	-1%	-1%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AU, IAG, KGC, BTG, SSRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/22/2026 (YTD)

How Low Can It Go

Unique Key	Event	TRX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-71.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	256.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	1,324 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-46.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	85.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-59.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	146.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	139 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-74.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	296.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	694 days	1,480 days

Compare to AU, IAG, KGC, BTG, SSRM

In The Past

TRX Gold's stock fell -71.9% during the 2022 Inflation Shock from a high on 2/11/2021. A -71.9% loss requires a 256.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TRX Gold (TRX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Tanzanian Gold Corporation engages in the acquisition, financing, exploration and development of mineral property interests in the United Republic of Tanzania. The company primarily explores for gold deposits. It holds interests in the Buckreef gold project located in north-central Tanzania. The company was formerly known as Tanzanian Royalty Exploration Corporation and changed its name to Tanzanian Gold Corporation in April 2019. Tanzanian Gold Corporation was incorporated in 1990 and is based in Toronto, Canada.

AI Analysis | Feedback

Here are 1-3 brief analogies for TRX Gold:

Barrick Gold for emerging African gold production.
A smaller Newmont, hyper-focused on its primary gold mine in Tanzania.
A focused Kinross Gold, developing its flagship project in Africa.

AI Analysis | Feedback

Gold: A precious metal extracted from its mining operations.

AI Analysis | Feedback

TRX Gold (symbol: TRX) sells primarily to other companies. As a gold mining company, its major customers are typically **precious metal refineries** or **bullion dealers** who purchase the gold dore bars or concentrates produced by the mine. These entities then purify, process, and distribute the gold to a broader market, which includes institutional investors, central banks, industrial users, and jewelry manufacturers. Specific customer names are generally not disclosed by mining companies due to commercial confidentiality, but the customer type falls under: * **Precious Metal Refineries:** These companies take the semi-pure gold (dore bars) and refine it to a higher purity (e.g., 99.99%) for sale in the global bullion market. Examples of major global refiners (though not necessarily direct customers of TRX) include Metalor, PAMP, Heraeus, Rand Refinery, and Valcambi. * **Bullion Dealers/Banks:** Some large bullion dealers or banks may also directly purchase gold from miners for their trading operations or to supply their own refinery networks.

AI Analysis | Feedback

null

AI Analysis | Feedback

```html

Stephen Mullowney Chief Executive Officer, Director

Mr. Mullowney was appointed CEO of TRX Gold in December 2020. He is a former Partner and Managing Director at PricewaterhouseCoopers LLP (PwC), where he led PwC Canada's Deals Mining Group for over ten years. His extensive mining background includes working with miners, governments, and institutional investors globally, assisting them with strategic business, financing, and policy decisions. Prior to PwC, Mr. Mullowney worked in private placements at Manulife Financial and in corporate finance and M&A at National Bank Financial. He is a CA, CPA, CFA, and holds a BBA from Acadia University.

Michael P. Leonard Chief Financial Officer

Mr. Leonard joined TRX Gold Corporation as Chief Financial Officer in March 2021. He has a distinguished career in financial leadership within the gold industry, including over 17 years at Barrick Gold in progressively senior financial leadership positions. His expertise encompasses corporate global finance, investor relations strategy, financial reporting, business planning and optimization, budgeting, forecasting, financial modeling, and financial controls and procedures. Mr. Leonard is a CPA, CA.

Richard Boffey Chief Operating Officer

Mr. Boffey was appointed Chief Operating Officer of TRX Gold in December 2024, bringing over 35 years of operational experience. He has held senior executive positions with several multi-national mining companies. Most recently, he served as General/Country Manager at the Tara Resources Brskovo Mine Project in Montenegro, where he led technical studies, engineering design, project financing, and site preparation. Previously, he was Chief Operating Officer at the Matilda Gold Mine for Blackham Resources in Western Australia, overseeing the recommencement of open pit and underground mining. His experience also includes roles as General Manager at the Khoemacau Copper Mine for Cupric Canyon Capital and General Manager of the Efemcukuru Gold Mine for Eldorado Gold Corporation. Earlier in his career, Mr. Boffey spent 5.5 years at Barrick Gold Corporation as Regional Mining Manager for their Africa Regional Business Unit, and 10 years at Placer Dome Inc.

Khalaf Rashid Senior Vice President, Tanzania

Mr. Rashid is a resident and citizen of Tanzania and holds the position of Senior Vice President, Tanzania. Prior to joining TRX Gold, he held senior executive positions in various sectors including industrials, education, and marketing communications. He possesses a deep understanding of the business and government environment in Tanzania and is committed to private investment that creates positive socio-economic impact for low-income households.

Alex Ho Corporate Controller

Mr. Ho serves as the Corporate Controller for TRX Gold Corporation.

```

AI Analysis | Feedback

The key risks to TRX Gold's business are primarily linked to the inherent volatility of the gold market, the complexities of operating in a foreign jurisdiction, and the challenges associated with mining operations and expansion.

Fluctuations in Gold Prices: TRX Gold's financial performance is significantly affected by changes in the market price of gold. A downturn in gold prices could rapidly reverse recent gains and hinder the company's momentum. This risk is consistently highlighted in the company's disclosures as a major external factor impacting revenue and profitability.
Political and Regulatory Risks in Tanzania: Operating the Buckreef Gold Project in Tanzania exposes TRX Gold to political, regulatory, and social uncertainties. Risks include potential changes in government legislation and regulation, as well as general economic, competitive, and social uncertainties within the country. Geopolitical risks in the region are also a concern.
Operational Challenges and Delays: The company faces risks related to the actual results of exploration activities and economic evaluations, changes in costs, mining methods, production profiles, and mine plans. Delays in exploration, development, and construction activities, particularly in expanding mill capacity, are also significant operational challenges that can impact the company's performance.

AI Analysis | Feedback

null

AI Analysis | Feedback

TRX Gold Corporation (TRX) operates primarily in gold production and exploration, centered around its Buckreef Gold Project in Tanzania. Therefore, the addressable markets for TRX Gold's main products and services are the global gold mining market and the Tanzanian gold mining market.

Global Gold Mining Market:

The global gold mining market is projected to exceed USD 250 billion in 2025.
Other estimates value the global gold mining market at approximately USD 215.49 billion in 2024, with projections to reach USD 314.68 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2025 to 2035.
Another analysis estimates the global gold mining market size at around USD 267.87 billion in 2024, with a projection to reach USD 402.34 billion by 2034, at a CAGR of approximately 3.9% between 2025 and 2034.
The market was also valued at USD 213.54 billion in 2025 and is expected to grow to USD 304.14 billion by 2035, with a CAGR of around 3.6% during the period of 2026-2035.

Tanzanian Gold Mining Market:

Tanzania is a significant player in the gold mining industry, ranking as the 4th largest gold producer in Africa.
The country accounts for approximately 1% to 1.3% of the total global gold production.
Tanzania's gold production stands at around 50 tonnes per year.
Gold exports from Tanzania reached USD 2.743 billion in 2021.
In 2022/2023, gold exports alone were valued at USD 2.86 billion.
The Gross Domestic Product (GDP) from mining in Tanzania reached approximately USD 0.923 billion in the fourth quarter of 2024.
The Tanzanian gold mining market is currently experiencing increased activity, driven by investment in exploration and production projects, with a positive future outlook and significant growth potential.

AI Analysis | Feedback

TRX Gold (TRX) Expected Revenue Growth Drivers (Next 2-3 Years)

TRX Gold is poised for significant revenue growth over the next two to three years, primarily driven by the expansion and optimization of its Buckreef Gold Project in Tanzania. Key drivers include substantial increases in processing capacity, a strategic transition to higher-grade underground mining, and ongoing exploration aimed at expanding mineral resources. Here are the 3-5 expected drivers of future revenue growth for TRX Gold: * Increased Processing Plant Capacity and Throughput: TRX Gold is actively expanding and upgrading its processing plant at the Buckreef Gold Project. The company is transitioning from an existing 2,000 tonnes per day (TPD) processing plant to a larger facility that will include a 3,000+ TPD circuit for sulphide material and an additional 1,000 TPD circuit for oxide and transition materials. These upgrades are expected to be completed in phases, with overall plant improvements boosting reliability and performance by fiscal 2026 and the full processing circuits by fiscal 2027. This expansion is projected to increase average annual gold production beyond the 62,000 ounces initially outlined in the Preliminary Economic Assessment (PEA). * Transition to Underground Mining: A pivotal driver for future revenue is the planned transition from open-pit mining to higher-grade underground mining at the Buckreef Gold Project over the next 2-3 years. This shift is anticipated to significantly enhance gold production, with the first five years of underground operations projected to yield over 80,000 ounces per year. The underground expansion is a key component of the overall project, with substantial capital allocated for its development. * Higher Gold Grades and Improved Recoveries: The company's focus on transitioning to underground mining and optimizing its processing plant is expected to lead to the extraction of higher-grade ore and improved gold recovery rates. The current grade profile is already showing an increase to over two grams per ton, which directly contributes to higher production levels. Additionally, ongoing plant enhancements, such as the addition of a thickener and upgrades to the elution plant/gold room, aim to further improve gold concentration and reduce losses, thereby increasing the effective gold output and revenue. * Mineral Resource Expansion through Exploration: TRX Gold is committed to ongoing exploration and brownfield drilling at the Buckreef Gold Project, with a specific focus on potential mineral resource expansion at areas like Stamford Bridge, Buckreef Main (northeast and south), Buckreef West, Anfield, and the Eastern Porphyry extension. While the recent PEA did not fully incorporate new exploration discoveries, the company views these zones as having significant "blue sky potential" that could substantially increase the overall mineral resource base and, consequently, future gold production and revenue. * Favorable Gold Prices: While not directly controlled by the company, a sustained favorable gold price environment is a significant external driver of revenue growth. TRX Gold has benefited from high gold prices, which have contributed to record revenues and strong financial performance. Analyst projections and the company's own PEA for the Buckreef expansion consider various gold price scenarios, with higher prices leading to significantly increased net present values for the project. The company has realized strong average gold prices in recent periods.

AI Analysis | Feedback

Share Issuance

In February 2021, TRX Gold, then known as Tanzanian Gold Corporation, completed a registered direct offering of 32,923,078 shares at US$0.65 per share, resulting in net proceeds of approximately US$19.8 million.
These proceeds were earmarked for the continued development of the Buckreef Gold Project, including capital expenditures, exploration, and general corporate purposes.

Inbound Investments

A significant inbound investment occurred in February 2021 through an equity raise that generated approximately US$19.8 million in net proceeds from the issuance of common stock and warrants.

Capital Expenditures

TRX Gold reinvested $14 million of cash flow from operations in fiscal year 2024 to fund the third successful plant expansion, increasing capacity to 2,000 tonnes per day (tpd).
During the three months ending August 31, 2024 (Q4 2024), the company incurred $5.2 million in cash capital expenditures for infrastructure and development at the Buckreef Gold property, including the 2,000 tpd plant expansion.
Future growth capital expenditures for expanding the processing plant to a combined 3,000+ tpd sulphide circuit and 1,000 tpd oxide/transition/tailings circuit are estimated at approximately US$30 million, expected to be financed from internally generated cash flow over 18-24 months. A Preliminary Economic Assessment (PEA) from April 2025 further outlines estimated growth capital expenditures of US$89 million over the next four years for underground expansion, process plant improvements, and tailings facility upgrades.

Better Bets than TRX Gold (TRX)

INDUSTRY: Gold

Higher Rev Chg LTM (Value for TRX: 58.5%)

ORLA (145.8%)

Orla Mining

EQX (85.6%)

Equinox Gold

CDE (68.3%)

Coeur Mining

AU (61.8%)

Anglogold Ashanti

ARMN (59.0%)

Aris Mining

Higher Rev Chg 3Y Avg (Value for TRX: 42.7%)

ORLA (81.9%)

Orla Mining

GROY (80.9%)

Gold Royalty

IDR (64.8%)

Idaho Strategic Resources

IAUX (58.1%)

i-80 Gold

IAG (44.1%)

Iamgold

Higher Op Mgn LTM (Value for TRX: 35.5%)

FNV (69.1%)

Franco-Nevada

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

B (43.3%)

Barrick Mining

AU (39.8%)

Anglogold Ashanti

Higher CFO/Rev LTM (Value for TRX: 25.5%)

FNV (84.7%)

Franco-Nevada

AEM (55.2%)

Agnico Eagle Mines

AU (44.9%)

Anglogold Ashanti

B (43.5%)

Barrick Mining

NEM (42.9%)

Newmont

Higher FCF/Rev LTM (Value for TRX: 6.0%)

KGC (34.8%)

Kinross Gold

AEM (34.5%)

Agnico Eagle Mines

AU (29.4%)

Anglogold Ashanti

NEM (28.5%)

Newmont

B (18.8%)

Barrick Mining

Higher Total Yield (Value for TRX: -1.5%)

AU (6.7%)

Anglogold Ashanti

NEM (6.2%)

Newmont

B (5.2%)

Barrick Mining

AEM (3.9%)

Agnico Eagle Mines

FNV (2.1%)

Franco-Nevada

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for TRX: 42.7% | 4.2x)

SW (55.9% | 0.7x)

Smurfit WestRock

GEVO (849.1% | 4.0x)

Gevo

ORBS (106.4% | 1.5x)

Eightco

INHD (482.7% | 0.3x)

Inno

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TRX: 42.7% | 12.0x)

SW (55.9% | 10.0x)

Smurfit WestRock

Higher Rev Chg LTM (Value for TRX: 58.5%)

SW (89.5%)

Smurfit WestRock

EQX (85.6%)

Equinox Gold

AG (83.9%)

First Majestic Silver

CDE (68.3%)

Coeur Mining

AU (61.8%)

Anglogold Ashanti

Higher Rev Chg 3Y Avg (Value for TRX: 42.7%)

ORLA (81.9%)

Orla Mining

UAMY (63.1%)

United States Antimony

IAUX (58.1%)

i-80 Gold

SW (55.9%)

Smurfit WestRock

IAG (44.1%)

Iamgold

Higher Op Mgn LTM (Value for TRX: 35.5%)

SCCO (50.3%)

Southern Copper

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

B (43.3%)

Barrick Mining

AU (39.8%)

Anglogold Ashanti

Higher CFO/Rev LTM (Value for TRX: 25.5%)

AEM (55.2%)

Agnico Eagle Mines

B (43.5%)

Barrick Mining

NEM (42.9%)

Newmont

SCCO (37.4%)

Southern Copper

LIN (29.8%)

Linde

Higher FCF/Rev LTM (Value for TRX: 6.0%)

AEM (34.5%)

Agnico Eagle Mines

NEM (28.5%)

Newmont

SCCO (28.2%)

Southern Copper

LIN (15.2%)

Linde

SHW (10.4%)

Sherwin-Williams

Higher Total Yield (Value for TRX: -1.5%)

NEM (6.2%)

Newmont

LIN (4.5%)

Linde

SCCO (4.2%)

Southern Copper

AEM (3.9%)

Agnico Eagle Mines

SHW (3.9%)

Sherwin-Williams

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TRX: 42.7% | 4.2x)

APO (89.3% | 3.0x)

Apollo Asset Management

LVS (51.6% | 3.3x)

Las Vegas Sands

CCL (45.9% | 1.4x)

Carnival

SLF (88.9% | 1.0x)

Sun Life Financial

IBKR (48.1% | 3.5x)

Interactive Brokers

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TRX: 42.7% | 12.0x)

APO (89.3% | 10.2x)

Apollo Asset Management

CCL (45.9% | 8.7x)

Carnival

IBKR (48.1% | 4.1x)

Interactive Brokers

PR (48.7% | 5.1x)

Permian Resources

NCLH (43.8% | 5.9x)

Norwegian Cruise Line

Higher Rev Chg LTM (Value for TRX: 58.5%)

CRWV (235.4%)

CoreWeave

APP (86.4%)

AppLovin

HOOD (74.6%)

Robinhood Markets

NVDA (65.2%)

NVIDIA

FANG (60.1%)

Diamondback Energy

What You Pay

P/EBIT (Value for TRX: 19.4x)

SCCO (22.8x)

Southern Copper

USLM (24.5x)

United States Lime & Minerals

CF (6.5x)

CF Industries

NEU (9.7x)

NewMarket

EXP (12.0x)

Eagle Materials

LIN (22.5x)

Linde

NEM (12.8x)

Newmont

CBT (6.0x)

Cabot

B (12.1x)

Barrick Mining

RGLD (33.0x)

Royal Gold

P/E (Value for TRX: -66.8x)

SCCO (38.0x)

Southern Copper

USLM (28.7x)

United States Lime & Minerals

CF (10.4x)

CF Industries

NEU (13.5x)

NewMarket

EXP (16.4x)

Eagle Materials

LIN (31.3x)

Linde

NEM (18.6x)

Newmont

CBT (11.7x)

Cabot

B (23.4x)

Barrick Mining

RGLD (39.4x)

Royal Gold

What You Get

Rev Chg 3Y Avg (Value for TRX: 42.7%)

SCCO (7.1%)

Southern Copper

USLM (17.8%)

United States Lime & Minerals

CF (-13.5%)

CF Industries

NEU (1.1%)

NewMarket

EXP (4.1%)

Eagle Materials

LIN (0.6%)

Linde

NEM (23.9%)

Newmont

CBT (-4.8%)

Cabot

B (8.5%)

Barrick Mining

RGLD (12.3%)

Royal Gold

Rev Chg LTM (Value for TRX: 58.5%)

SCCO (12.7%)

Southern Copper

USLM (20.3%)

United States Lime & Minerals

CF (12.6%)

CF Industries

NEU (-1.1%)

NewMarket

EXP (1.5%)

Eagle Materials

LIN (1.3%)

Linde

NEM (26.6%)

Newmont

CBT (-7.0%)

Cabot

B (18.4%)

Barrick Mining

RGLD (28.1%)

Royal Gold

Rev Chg Q (Value for TRX: 100.5%)

SCCO (15.2%)

Southern Copper

USLM (14.1%)

United States Lime & Minerals

CF (21.1%)

CF Industries

NEU (-4.8%)

NewMarket

EXP (2.5%)

Eagle Materials

LIN (2.8%)

Linde

NEM (20.0%)

Newmont

CBT (-10.2%)

Cabot

B (23.2%)

Barrick Mining

RGLD (30.0%)

Royal Gold

FCF/Rev 3Y Avg (Value for TRX: 1.0%)

SCCO (27.0%)

Southern Copper

USLM (25.6%)

United States Lime & Minerals

CF (22.3%)

CF Industries

NEU (17.5%)

NewMarket

EXP (16.7%)

Eagle Materials

LIN (15.4%)

Linde

NEM (13.8%)

Newmont

CBT (10.3%)

Cabot

B (10.1%)

Barrick Mining

RGLD (9.3%)

Royal Gold

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	With TRX Gold Stock Surging, Have You Considered The Downside?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TRX. For more, see Trefis Trade Ideas.

Unique Key

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
IMSR	Terrestrial Energy	1.2	24.7%	117.2%
USAS	Americas Gold And Silver	2.3	18.9%	65.9%
HYMC	Hycroft Mining	2.0	18.0%	96.4%
USAR	USA Rare Earth	2.3	17.5%	90.8%
RDW	Redwire	1.7	17.5%	57.6%
PLUG	Plug Power	3.0	16.7%	31.5%
PRME	Prime Medicine	0.8	16.6%	34.7%
PSNL	Personalis	1.0	16.6%	41.3%
EGBN	Eagle Bancorp	0.8	16.0%	30.2%
NVTS	Navitas Semiconductor	2.4	15.7%	58.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	0.6	-17.1%	9.6%
INSP	Inspire Medical Systems	2.4	-16.0%	-12.4%
AD	Array Digital Infrastructure	4.3	-14.0%	-6.7%
ABT	Abbott Laboratories	189.2	-10.0%	-12.9%
AXTI	AXT	0.8	-9.4%	9.6%
ORI	Old Republic International	9.6	-9.3%	-9.3%
HPK	HighPeak Energy	0.5	-8.9%	-17.9%
OFG	OFG Bancorp	1.7	-8.5%	-4.9%
MKC	McCormick	16.4	-8.1%	-10.1%
GE	GE Aerospace	312.1	-7.4%	-4.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CRVS	Corvus Pharmaceuticals	2.1	274.2%	231.4%
IBRX	ImmunityBio	6.9	143.0%	270.7%
RAPT	RAPT Therapeutics	1.6	66.0%	70.2%
USAS	Americas Gold And Silver	2.3	38.8%	65.9%
HYMC	Hycroft Mining	2.0	36.4%	96.4%
CTMX	CytomX Therapeutics	0.9	33.0%	34.3%
NTLA	Intellia Therapeutics	1.8	32.3%	76.9%
HL	Hecla Mining	20.9	31.5%	63.1%
SNDK	SanDisk	73.5	29.8%	112.1%
ACHC	Acadia Healthcare	1.4	29.2%	6.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.2	-29.9%	-59.8%
SGML	Sigma Lithium	1.4	-24.4%	-4.9%
HPK	HighPeak Energy	0.5	-21.3%	-17.9%
AXTI	AXT	0.8	-18.9%	9.6%
AVAV	AeroVironment	15.5	-18.3%	29.0%
NTNX	Nutanix	11.6	-16.4%	-16.9%
XXI	Twenty One Capital	2.7	-16.4%	-7.2%
CRCL	Circle Internet	16.4	-15.9%	-10.0%
CBZ	CBIZ	2.7	-15.8%	-14.6%
APP	AppLovin	176.7	-15.5%	-22.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
IBRX	ImmunityBio	6.9	252.9%	270.7%
CRVS	Corvus Pharmaceuticals	2.1	240.7%	231.4%
ERAS	Erasca	2.9	198.3%	176.6%
HYMC	Hycroft Mining	2.0	184.3%	96.4%
ALMS	Alumis	2.7	132.8%	169.3%
RCAT	Red Cat	1.7	115.7%	118.9%
SNDK	SanDisk	73.5	111.9%	112.1%
UAMY	United States Antimony	1.3	111.4%	103.0%
SKYT	SkyWater Technology	1.6	99.6%	82.2%
ICHR	Ichor	1.1	87.7%	79.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ELME	Elme Communities	0.3	-82.3%	-82.4%
FBYD	Falcons Beyond Global	0.2	-66.5%	-59.8%
TPL	Texas Pacific Land	23.8	-61.5%	20.4%
CORT	Corcept Therapeutics	4.3	-50.7%	18.7%
AQST	Aquestive Therapeutics	0.4	-44.0%	-49.7%
BBNX	Beta Bionics	0.7	-43.6%	-45.8%
ZBIO	Zenas BioPharma	0.9	-43.6%	-43.8%
CRMD	Cormedix	0.6	-38.1%	-36.0%
LVWR	LiveWire	0.6	-38.0%	-32.8%
NUVB	Nuvation Bio	2.0	-37.4%	-34.0%

Peer Comparisons for TRX Gold

Peers to compare with:

Financials

	TRX	AU	IAG	KGC	BTG	SSRM	Median
Name	TRX Gold	Anglogol.	Iamgold	Kinross .	B2Gold	SSR Mini.
Mkt Price	1.01	103.05	20.04	36.64	5.20	25.98	23.01
Mkt Cap	0.3	52.2	11.5	44.5	6.9	5.3	9.2
Rev LTM	70	8,575	2,235	6,444	2,507	1,431	2,371
Op Inc LTM	25	3,416	689	2,608	988	296	839
FCF LTM	4	2,524	211	2,241	726	192	468
FCF 3Y Avg	1	1,071	-238	1,274	809	101	455
CFO LTM	18	3,852	544	3,348	726	395	635
CFO 3Y Avg	15	2,187	384	2,380	823	293	603

Growth & Margins

	TRX	AU	IAG	KGC	BTG	SSRM	Median
Name	TRX Gold	Anglogol.	Iamgold	Kinross .	B2Gold	SSR Mini.
Rev Chg LTM	58.5%	61.8%	53.0%	32.9%	31.0%	30.3%	42.9%
Rev Chg 3Y Avg	42.7%	30.1%	44.1%	29.5%	15.6%	6.3%	29.8%
Rev Chg Q	100.5%	62.1%	61.0%	25.8%	74.7%	49.9%	61.6%
QoQ Delta Rev Chg LTM	21.9%	12.1%	13.6%	6.1%	15.4%	9.9%	12.9%
Op Mgn LTM	35.5%	39.8%	30.8%	40.5%	39.4%	20.7%	37.5%
Op Mgn 3Y Avg	29.0%	24.3%	18.8%	25.0%	36.2%	8.6%	24.6%
QoQ Delta Op Mgn LTM	8.1%	3.3%	1.1%	1.8%	5.2%	4.4%	3.9%
CFO/Rev LTM	25.5%	44.9%	24.3%	52.0%	29.0%	27.6%	28.3%
CFO/Rev 3Y Avg	31.8%	33.3%	24.3%	45.2%	39.3%	22.3%	32.6%
FCF/Rev LTM	6.0%	29.4%	9.4%	34.8%	29.0%	13.4%	21.2%
FCF/Rev 3Y Avg	1.0%	14.3%	-27.9%	23.1%	38.6%	7.2%	10.7%

Valuation

	TRX	AU	IAG	KGC	BTG	SSRM	Median
Name	TRX Gold	Anglogol.	Iamgold	Kinross .	B2Gold	SSR Mini.
Mkt Cap	0.3	52.2	11.5	44.5	6.9	5.3	9.2
P/S	4.2	6.1	5.2	6.9	2.7	3.7	4.7
P/EBIT	19.4	14.0	17.8	16.7	9.2	18.2	17.3
P/E	-66.8	23.2	33.5	25.3	31.4	24.0	24.6
P/CFO	16.6	13.6	21.2	13.3	9.5	13.3	13.5
Total Yield	-1.5%	6.7%	3.0%	4.3%	5.0%	4.2%	4.2%
Dividend Yield	0.0%	2.4%	0.0%	0.3%	1.8%	0.0%	0.2%
FCF Yield 3Y Avg	0.1%	4.4%	-20.8%	7.7%	20.1%	3.0%	3.7%
D/E	0.0	0.0	0.1	0.0	0.1	0.1	0.1
Net D/E	-0.0	-0.0	0.1	-0.0	0.0	-0.0	-0.0

Returns

	TRX	AU	IAG	KGC	BTG	SSRM	Median
Name	TRX Gold	Anglogol.	Iamgold	Kinross .	B2Gold	SSR Mini.
1M Rtn	6.0%	15.0%	13.2%	24.4%	9.0%	12.3%	12.7%
3M Rtn	43.6%	51.7%	66.4%	53.4%	-0.1%	12.9%	47.7%
6M Rtn	165.2%	109.1%	184.3%	132.0%	49.1%	106.8%	120.6%
12M Rtn	215.6%	287.3%	252.2%	247.0%	120.6%	233.1%	240.0%
3Y Rtn	102.0%	495.0%	645.0%	712.1%	44.2%	55.1%	298.5%
1M Excs Rtn	9.8%	18.4%	18.2%	27.0%	13.4%	12.0%	15.8%
3M Excs Rtn	40.3%	53.3%	61.8%	56.4%	-1.8%	14.8%	46.8%
6M Excs Rtn	161.9%	98.1%	166.6%	118.5%	40.8%	95.2%	108.3%
12M Excs Rtn	210.5%	272.9%	233.0%	232.7%	105.4%	217.1%	224.9%
3Y Excs Rtn	56.4%	421.8%	566.3%	661.8%	-25.8%	-17.9%	239.1%

FDIC Bank Data

$ Mil \| FY: 8/31	LTM	2025	2024	2023	2022	2021	2020
Period End	11/30/2025	8/31/2025	8/31/2024	8/31/2023	8/31/2022	8/31/2021	8/31/2020
Filing Date	1/14/2026	12/1/2025	11/29/2024	11/29/2023	11/29/2022	12/3/2021	12/2/2020
Key Financials
Total Revenue	70	58	41	38	15	0	0
EBITDA	19	19	13	15	-1	-5	-9
Operating Income	25	16	11	11	0	-10	-8
Net Income	-4	1	-0	2	-6	-4	-11
EPS	-0.01	0.00	0.00	0.01	-0.02	-0.02	0.05
Growth Rates
Total Revenue Growth	58.5%	40.0%	7.4%	153.9%	∞%	-	-
EBITDA Growth	26.7%	48.4%	-18.4%	1300.1%	74.2%	46.6%	56.5%
Operating Income Growth	94.7%	44.9%	3.5%	2202.0%	104.7%	-22.8%	-105.4%
Net Income Growth	-402.1%	246.2%	-120.9%	136.2%	-55.2%	65.1%	50.1%
Margins
EBITDA Margin	27.6%	32.5%	30.6%	40.3%	-8.5%	-	-
Operating Income Margin	35.5%	27.5%	26.6%	27.6%	3.0%	-	-
Net Income Margin	-6.4%	1.2%	-1.1%	5.9%	-41.2%	-	-
Cash & Debt
Total Cash	9	8	8	8	8	13	4
Total Debt	5	3	1	0	0	0	5
Net Debt / (Cash)	-5	-5	-7	-8	-8	-13	1
Cash Flows
Net Cash from Operations	18	16	15	17	3	-8	-7
Free Cash from Operations	4	3	2	-0	-10	-17	-14
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 8/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	11/30/2025	8/31/2025	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023
Filing Date	1/14/2026	12/1/2025	7/15/2025	4/14/2025	1/14/2025	11/29/2024	7/15/2024	4/12/2024	1/16/2024	11/29/2023	7/14/2023	4/13/2023
Key Financials Quarterly
Total Revenue	25	24	12	9	13	14	10	8	9	9	9	10
Ebitda	6	10	3	0	5	6	1	4	2	4	2	2
Operating Income	12	11	3	-1	3	5	3	2	2	2	2	3
Net Income	-4	2	-0	-3	1	2	-3	1	-1	1	-1	-1
EPS	-0.01	0.01	0.00	-0.01	0.00	0.01	-0.01	0.00	0.00	0.01	-0.00	-0.00
Key Financials TTM
Total Revenue TTM	70	58	48	45	44	41	37	36	38	38	35	32
Ebitda TTM	19	18	14	12	15	13	11	12	11	15	9	11
Operating Income TTM	25	16	10	10	13	11	8	7	9	11	10	9
Net Income TTM	-4	1	0	-2	1	-0	-1	0	-2	2	-3	-0
Growth Rates Quarterly
Total Revenue Growth	100.5%	72.5%	22.9%	14.1%	33.2%	48.3%	8.9%	-20.9%	-3.2%	52.4%	62.5%	202.9%
EBITDA Growth	19.6%	73.4%	263.7%	-96.9%	127.2%	46.0%	-55.6%	60.9%	-70.0%	289.0%	-39.3%	603.5%
Operating Income Growth	270.2%	122.8%	-10.9%	-182.5%	124.0%	152.6%	32.1%	-47.8%	-56.6%	72.8%	33.2%	14520.0%
Net Income Growth	-524.9%	19.0%	91.7%	-333.4%	201.6%	46.7%	-108.8%	177.2%	-127.5%	133.3%	-164.1%	28.5%
Margins Quarterly
EBITDA Margin	22.9%	43.3%	26.8%	1.3%	38.5%	43.1%	9.0%	46.3%	22.6%	43.7%	22.2%	22.7%
Operating Income Margin	49.7%	46.9%	21.2%	-13.6%	26.9%	36.3%	29.3%	18.9%	16.0%	21.3%	24.1%	28.6%
Net Income Margin	-16.6%	10.4%	-1.7%	-27.7%	7.8%	15.1%	-26.0%	13.5%	-10.3%	15.2%	-13.6%	-13.9%
Cash & Debt
Total Cash	9	8	7	7	7	8	8	8	8	8	7	9
Total Debt	5	3	6	4	3	1	0	0	0	0	0	0
Net Debt / (Cash)	-5	-5	-0	-3	-4	-7	-8	-8	-8	-8	-7	-9
Cash Flows Quarterly
FCF from Operations	4	8	3	2	2	6	3	1	5	3	3	5
Cash Flows TTM
FCF from Operations TTM	18	16	14	14	13	15	12	12	16	17	17	16
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	28.6%	13.1%	3.0%	-2.8%	4.4%	6.1%	7.0%	2.5%	3.6%	3.3%	5.4%	7.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.7%	4.1%	2.4%	1.2%	3.2%	2.2%	1.6%	1.9%	1.4%	3.6%	2.0%	3.7%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Mineral exploration and development	41	38	15
Total	41	38	15

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Mineral exploration and development				57	38
Total				57	38

Price Behavior

Price Behavior

Market Price	$1.01
Market Cap ($ Bil)	0.3
First Trading Date	05/12/2005
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$0.83	$0.53
DMA Trend	up	up
Distance from DMA	21.9%	92.2%
	3M	1YR
Volatility	71.2%	64.1%
Downside Capture	190.94	37.16
Upside Capture	361.01	149.43
Correlation (SPY)	31.5%	14.5%

TRX Betas & Captures as of 12/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.59	3.59	1.94	1.57	0.47	0.44
Up Beta	0.36	1.02	-0.14	-0.65	-0.06	0.27
Down Beta	4.56	4.55	1.35	1.26	0.81	0.75
Up Capture	503%	774%	485%	602%	158%	24%
Bmk +ve Days	11	23	37	72	143	431
Stock +ve Days	14	25	35	72	131	367
Down Capture	-26%	228%	178%	112%	32%	44%
Bmk -ve Days	11	18	27	55	108	320
Stock -ve Days	8	16	29	53	115	376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRX
TRX	213.3%	64.0%	2.03	-
Sector ETF (XLB)	12.4%	20.2%	0.47	17.3%
Equity (SPY)	15.3%	19.3%	0.61	14.8%
Gold (GLD)	80.0%	20.4%	2.79	41.7%
Commodities (DBC)	6.2%	15.3%	0.19	6.8%
Real Estate (VNQ)	2.8%	16.7%	-0.00	4.3%
Bitcoin (BTCUSD)	-15.1%	39.8%	-0.32	13.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRX
TRX	8.6%	56.5%	0.36	-
Sector ETF (XLB)	7.3%	18.9%	0.29	18.1%
Equity (SPY)	14.2%	17.1%	0.67	15.5%
Gold (GLD)	21.3%	15.7%	1.10	40.4%
Commodities (DBC)	11.2%	18.7%	0.48	18.6%
Real Estate (VNQ)	5.4%	18.8%	0.19	12.1%
Bitcoin (BTCUSD)	18.2%	58.0%	0.52	14.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRX
TRX	13.2%	72.9%	0.49	-
Sector ETF (XLB)	12.1%	20.7%	0.52	11.9%
Equity (SPY)	15.7%	18.0%	0.75	9.3%
Gold (GLD)	15.8%	14.9%	0.88	32.9%
Commodities (DBC)	8.2%	17.6%	0.39	11.7%
Real Estate (VNQ)	5.8%	20.8%	0.25	8.4%
Bitcoin (BTCUSD)	70.6%	66.7%	1.10	8.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	12312025
Short Interest: Shares Quantity	6.2 Mil
Short Interest: % Change Since 12152025	63.7%
Average Daily Volume	1.6 Mil
Days-to-Cover Short Interest	3.8 days
Basic Shares Quantity	294.9 Mil
Short % of Basic Shares	2.1%

Returns Analyses

	Title
0	With TRX Gold Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
11/30/2025	01/14/2026	6-K
08/31/2025	12/01/2025	40-F
05/31/2025	07/15/2025	6-K
02/28/2025	04/14/2025	6-K
11/30/2024	01/14/2025	6-K
08/31/2024	11/29/2024	40-F
05/31/2024	07/15/2024	6-K
02/29/2024	04/12/2024	6-K
11/30/2023	01/16/2024	6-K
08/31/2023	11/29/2023	40-F
05/31/2023	07/14/2023	6-K
02/28/2023	04/13/2023	6-K
11/30/2022	01/17/2023	6-K
08/31/2022	11/29/2022	40-F
05/31/2022	07/15/2022	6-K
02/28/2022	04/14/2022	6-K

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

TRX Gold (TRX)

Market Price (1/23/2026): $1.05 | Market Cap: $309.7 MilSector: Materials | Industry: Gold

TRX Gold (TRX)

Market Price (1/23/2026): $1.05Market Cap: $309.7 MilSector: MaterialsIndustry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TRX Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About TRX Gold (TRX)

Stephen Mullowney Chief Executive Officer, Director

Michael P. Leonard Chief Financial Officer

Richard Boffey Chief Operating Officer

Khalaf Rashid Senior Vice President, Tanzania

Alex Ho Corporate Controller

TRX Gold (TRX) Expected Revenue Growth Drivers (Next 2-3 Years)

Interactive Breakdown

Better Bets than TRX Gold (TRX)

INDUSTRY: Gold

Higher Rev Chg LTM (Value for TRX: 58.5%)

Higher Rev Chg 3Y Avg (Value for TRX: 42.7%)

Higher Op Mgn LTM (Value for TRX: 35.5%)

Higher CFO/Rev LTM (Value for TRX: 25.5%)

Higher FCF/Rev LTM (Value for TRX: 6.0%)

Higher Total Yield (Value for TRX: -1.5%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for TRX: 42.7% | 4.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TRX: 42.7% | 12.0x)

Higher Rev Chg LTM (Value for TRX: 58.5%)

Higher Rev Chg 3Y Avg (Value for TRX: 42.7%)

Higher Op Mgn LTM (Value for TRX: 35.5%)

Higher CFO/Rev LTM (Value for TRX: 25.5%)

Higher FCF/Rev LTM (Value for TRX: 6.0%)

Higher Total Yield (Value for TRX: -1.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TRX: 42.7% | 4.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TRX: 42.7% | 12.0x)

Higher Rev Chg LTM (Value for TRX: 58.5%)

Higher Rev Chg 3Y Avg (Value for TRX: 42.7%)

Higher Op Mgn LTM (Value for TRX: 35.5%)

Higher CFO/Rev LTM (Value for TRX: 25.5%)

Higher FCF/Rev LTM (Value for TRX: 6.0%)

Higher Total Yield (Value for TRX: -1.5%)

Best Bets in Materials

P/EBIT (Value for TRX: 19.4x)

P/E (Value for TRX: -66.8x)

Rev Chg 3Y Avg (Value for TRX: 42.7%)

Rev Chg LTM (Value for TRX: 58.5%)

Rev Chg Q (Value for TRX: 100.5%)

FCF/Rev 3Y Avg (Value for TRX: 1.0%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for TRX Gold

Financials

Market Price (1/23/2026): $1.05 | Market Cap: $309.7 Mil
Sector: Materials | Industry: Gold

Market Price (1/23/2026): $1.05
Market Cap: $309.7 Mil
Sector: Materials
Industry: Gold