TRX Gold (TRX)
Market Price (9/14/2026): $1.12 | Market Cap: $370.9 MilSector: Materials | Industry: Gold
TRX Gold (TRX)
Market Price (9/14/2026): $1.12Market Cap: $370.9 MilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 142% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% Megatrend and thematic driversMegatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development. | Stock price has recently run up significantly12M Rtn12 month market price return is 122% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.2% Key risksTRX 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. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 142% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Megatrend and thematic driversMegatrends include Global Resource Demand. Themes include Precious Metals Mining, and Mineral Exploration & Development. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 122% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.2% |
| Key risksTRX 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. |
Qualitative Assessment
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TRX Gold (TRX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Disappointing Q3 Fiscal 2026 Financial Results.
TRX Gold reported its fiscal Q3 2026 results, for the three months ended May 31, 2026, on July 14 and 15, 2026. The company's revenue of $32.9 million missed analyst forecasts of $35.75 million. Additionally, the reported earnings per share (EPS) of $0.01 fell short of the estimated $0.04. This financial performance immediately led to a 5.74% drop in TRX Gold's stock price following the earnings report on July 14, 2026.
2. Broader Gold Market Volatility and Downward Revisions in Forecasts.
The period since May 31, 2026, saw continued volatility in gold prices, with a notable decline from earlier record highs experienced in fiscal 2026. As of September 2, 2026, spot gold was trading at $4,333.35 per ounce, representing an approximate 20.89% decrease from its 52-week high of $5,477.79 per ounce. This macroeconomic headwind was further exacerbated by some financial institutions, such as Wells Fargo, revising their year-end 2026 gold price forecasts downwards in August 2026. Such broader market uncertainty and negative adjustments to gold price expectations likely pressured gold mining stocks, including TRX Gold.
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TRX Gold (TRX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Disappointing Q3 Fiscal 2026 Financial Results.
TRX Gold reported its fiscal Q3 2026 results, for the three months ended May 31, 2026, on July 14 and 15, 2026. The company's revenue of $32.9 million missed analyst forecasts of $35.75 million. Additionally, the reported earnings per share (EPS) of $0.01 fell short of the estimated $0.04. This financial performance immediately led to a 5.74% drop in TRX Gold's stock price following the earnings report on July 14, 2026.
2. Broader Gold Market Volatility and Downward Revisions in Forecasts.
The period since May 31, 2026, saw continued volatility in gold prices, with a notable decline from earlier record highs experienced in fiscal 2026. As of September 2, 2026, spot gold was trading at $4,333.35 per ounce, representing an approximate 20.89% decrease from its 52-week high of $5,477.79 per ounce. This macroeconomic headwind was further exacerbated by some financial institutions, such as Wells Fargo, revising their year-end 2026 gold price forecasts downwards in August 2026. Such broader market uncertainty and negative adjustments to gold price expectations likely pressured gold mining stocks, including TRX Gold.
3. Perceived Execution Risk and Capital Deployment for Major Plant Expansion.
TRX Gold announced an accelerated plan to significantly expand the processing facility at its Buckreef Gold Project, aiming to increase capacity from the current 2,000 tonnes per day (tpd) to over 5,500 tpd. While the company stated that this expansion is expected to be financed by internally generated cash flow over the next 18 to 24 months, the substantial scale and timeline of this capital program could introduce perceived execution risks and concerns regarding significant capital deployment in the near term, potentially tempering short-term investor sentiment despite its long-term growth potential.
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Stock Movement Drivers
Fundamental Drivers
The -1.7% change in TRX stock from 5/31/2026 to 9/13/2026 was primarily driven by a -13.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.15 | 1.13 | -1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 116 | 21.4% |
| P/S Multiple | 3.7 | 3.2 | -13.4% |
| Shares Outstanding (Mil) | 309 | 331 | -6.6% |
| Cumulative Contribution | -1.7% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| TRX | -1.7% | |
| Market (SPY) | 1.0% | 43.1% |
| Sector (XLB) | -0.4% | 44.6% |
Fundamental Drivers
The -37.6% change in TRX stock from 2/28/2026 to 9/13/2026 was primarily driven by a -57.4% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.81 | 1.13 | -37.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 70 | 116 | 64.6% |
| P/S Multiple | 7.6 | 3.2 | -57.4% |
| Shares Outstanding (Mil) | 295 | 331 | -11.0% |
| Cumulative Contribution | -37.6% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| TRX | -37.6% | |
| Market (SPY) | 11.7% | 52.6% |
| Sector (XLB) | -4.2% | 52.0% |
Fundamental Drivers
The 205.4% change in TRX stock from 8/31/2025 to 9/13/2026 was primarily driven by a 142.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.37 | 1.13 | 205.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 116 | 142.1% |
| P/S Multiple | 2.3 | 3.2 | 42.2% |
| Shares Outstanding (Mil) | 294 | 331 | -11.3% |
| Cumulative Contribution | 205.4% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| TRX | 205.4% | |
| Market (SPY) | 19.5% | 36.9% |
| Sector (XLB) | 12.0% | 38.2% |
Fundamental Drivers
The 188.6% change in TRX stock from 8/31/2023 to 9/13/2026 was primarily driven by a 228.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.39 | 1.13 | 188.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35 | 116 | 228.6% |
| P/S Multiple | 3.2 | 3.2 | 2.3% |
| Shares Outstanding (Mil) | 284 | 331 | -14.2% |
| Cumulative Contribution | 188.6% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| TRX | 188.6% | |
| Market (SPY) | 75.7% | 21.4% |
| Sector (XLB) | 29.7% | 26.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRX Return | -40% | -15% | 12% | -19% | 200% | 21% | 68% |
| Peers Return | -21% | -22% | 12% | 22% | 182% | 20% | 182% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| TRX Win Rate | 25% | 42% | 42% | 50% | 92% | 44% | |
| Peers Win Rate | 45% | 43% | 48% | 55% | 72% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| TRX Max Drawdown | -63% | -42% | -39% | -41% | -35% | -68% | |
| Peers Max Drawdown | -42% | -57% | -34% | -33% | -25% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IAG, KGC, BTG, SSRM, EQX.
[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 9/11/2026 (YTD)
How Low Can It Go
| Event | TRX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.9% | -18.8% |
| % Gain to Breakeven | 19.0% | 23.1% |
| Time to Breakeven | 5 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.9% | -7.8% |
| % Gain to Breakeven | 13.5% | 8.5% |
| Time to Breakeven | 396 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.2% | -9.5% |
| % Gain to Breakeven | 15.2% | 10.5% |
| Time to Breakeven | 4 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 49.0% | 32.4% |
| Time to Breakeven | 74 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.6% | -33.7% |
| % Gain to Breakeven | 44.0% | 50.9% |
| Time to Breakeven | 10 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.7% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
In The Past
TRX Gold's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | TRX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 49.0% | 32.4% |
| Time to Breakeven | 74 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.6% | -33.7% |
| % Gain to Breakeven | 44.0% | 50.9% |
| Time to Breakeven | 10 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.7% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -53.3% | -3.7% |
| % Gain to Breakeven | 114.1% | 3.9% |
| Time to Breakeven | 749 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.1% | -12.2% |
| % Gain to Breakeven | 85.5% | 13.9% |
| Time to Breakeven | 84 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.7% | -53.4% |
| % Gain to Breakeven | 279.5% | 114.4% |
| Time to Breakeven | 693 days | 1085 days |
In The Past
TRX Gold's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TRX Gold (TRX)
TRX Gold (Tanzanian Gold Corporation) is a Canadian-based company primarily engaged in the gold exploration and development sector, with its operational focus exclusively within the United Republic of Tanzania. The company's business encompasses the entire lifecycle of mineral properties, from the acquisition and financing to the exploration and eventual development of gold deposits. Ultimately, TRX Gold's main product is the gold it extracts from its projects.
The company's key asset is the Buckreef gold project, strategically located in north-central Tanzania, where it actively explores for and develops gold resources. As a future producer and current explorer of precious metals, TRX Gold aims to serve the global gold market, catering to industries and investors seeking exposure to the commodity.
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A junior Barrick Gold, focused on developing its main gold project in Tanzania.
Think of it as an early-stage Newmont, specialized in exploring and developing gold in Tanzania.
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- Gold: The primary precious metal extracted from their mining operations for sale.
- Gold Exploration and Development: Services focused on identifying, assessing, and preparing mineral properties for gold extraction.
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Major Customers of TRX Gold (TRX)
TRX Gold, as a company engaged in the exploration, development, and production of gold, sells its primary output (gold) as a commodity. Therefore, TRX Gold sells primarily to other businesses within the global gold supply chain rather than directly to individuals.
The major customers for gold mining companies like TRX Gold typically fall into the following categories:
- Gold Refineries: These companies purchase raw gold (often in the form of dore bars or concentrate) from mining operations. They then purify and process it into investment-grade gold bullion bars, coins, or other industrial forms.
- Bullion Dealers and Banks: Large financial institutions, precious metals dealers, and banks acquire significant quantities of gold for investment portfolios, trading, or to supply various markets (e.g., jewelry manufacturers, industrial users, or individual investors). They may purchase directly from miners or from refineries.
- Precious Metals Traders and Brokers: These entities act as intermediaries in the wholesale gold market, facilitating transactions between producers, refiners, and large-scale buyers globally.
Specific customer names are generally not disclosed by commodity producers such as TRX Gold, as gold is traded on a global market with numerous established buyers and sales often occur at prevailing market prices to various counterparties.
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- DRA Global (ASX: DRA)
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Stephen Mullowney, Chief Executive Officer and Director
Mr. Mullowney was appointed CEO in December 2020. He previously served as a Partner and Managing Director at PricewaterhouseCoopers LLP (PwC), where he led PwC Canada's Deals Mining Group for over ten years, advising miners, governments, and institutional investors.
Michael P. Leonard, Chief Financial Officer
Mr. Leonard joined TRX Gold following a distinguished 17-year career in financial leadership at Barrick Gold. He is a CPA, CA with extensive experience in corporate global finance and investor relations strategy, including financial reporting, business planning, and financial controls.
Richard Boffey, Chief Operating Officer
Mr. Boffey has held senior executive positions with several multinational mining companies. His prior roles include General/Country Manager at the Tara Resources Brskovo Mine Project in Montenegro and Chief Operating Officer at the Matilda Gold Mine for Blackham Resources in Western Australia. He also served as General Manager at the Khoemacau Copper Mine for Cupric Canyon Capital and Efemcukuru Gold Mine for Eldorado Gold Corporation. He spent 5.5 years at Barrick Gold Corporation, including 4.5 years as Regional Mining Manager for the Barrick Africa Regional Business Unit.
Khalaf Rashid, Senior Vice President, Tanzania
Mr. Rashid is a resident and citizen of Tanzania. Prior to joining TRX Gold, he held senior executive positions across various sectors, including industrials, education, and marketing communications. He possesses a deep understanding of the business and government environment in Tanzania and has been instrumental in aligning TRX Gold's Tanzanian operations with local laws and regulations.
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The key risks for TRX Gold (symbol: TRX) are primarily associated with its operational focus and the inherent volatility of the gold mining industry.
- Sole Reliance on the Buckreef Gold Project and Tanzanian Jurisdictional Risks: TRX Gold's entire operation is centered on the Buckreef Gold Project in Tanzania, making the company highly vulnerable to any localized political, operational, or geological issues within this single asset and jurisdiction. A problem at the Buckreef project or within Tanzania could have an "existential impact" on TRX Gold. Risks include potential changes in government legislation, royalty rates, and local operational challenges or disputes.
- Gold Price Volatility: As an unhedged junior gold miner, TRX Gold's profitability and financial performance are directly and significantly impacted by fluctuations in the global price of gold. The company has "100% exposure to rising spot gold prices", meaning that while it benefits from rising prices, a sharp decline in gold prices could severely impact its revenue and margins.
- Capital Requirements and Execution Risks for Expansion: While TRX Gold has funded some expansion internally, significant capital is required for future large-scale expansions, particularly for its transition to underground mining as outlined in its preliminary economic assessment. The company faces risks in securing this financing on acceptable terms and in the timely and efficient execution of these development and construction activities. Potential cost inflation or capital overruns could also pose challenges to its growth plans.
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The global gold market size was valued at approximately 4,890.0 tons in 2025 and is projected to increase to 5,118.1 tons in 2026, reaching 7,424.4 tons by 2034, at a compound annual growth rate (CAGR) of 4.70% during the forecast period. In terms of value, the global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% from 2025 to 2030.
The Asia Pacific region held the dominant share of the global gold market in 2025, accounting for 65.54% of the market in tons and 66.25% in value. The Middle East & Africa region is anticipated to hold 542.9 tons in 2026, registering a CAGR of 3.50% from 2026 to 2034.
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Expected Drivers of Future Revenue Growth for TRX Gold (TRX)
Over the next 2-3 years, TRX Gold (symbol: TRX) is expected to drive future revenue growth through several key initiatives at its Buckreef Gold Project in Tanzania:
- Processing Plant Expansion and Increased Throughput: TRX Gold is significantly expanding and upgrading its processing plant to increase throughput and gold recoveries. The company plans to expand its processing capacity from 2,000 tonnes per day (TPD) to over 3,000 TPD over the next 18-24 months. This expansion is projected to increase average annual gold production beyond 62,000 ounces, more than double the 25,000 to 30,000 ounces projected for fiscal year 2026.
- Transition to Underground Mining: The company's Preliminary Economic Assessment (PEA) outlines a strategic transition from open-pit to underground mining over the next two to three years. This transition is anticipated to significantly boost production, with the first five years of underground operations projected to yield over 80,000 ounces of gold annually.
- Exploration and Mineral Resource Expansion: TRX Gold is actively engaged in exploration programs, including new drill rigs and geophysical studies, to identify and define additional gold resources. The exploration team is focused on the newly discovered Stamford Bridge Zone, which has shown promising drill results and is being evaluated as a potential new mineable zone. This ongoing exploration aims to expand the overall mineral resource and subsequently the long-term production profile.
- Operational Efficiencies and Lower Costs: The ongoing plant expansions and operational improvements are expected to lead to enhanced efficiencies and lower operating costs per tonne. Benefits include improved mill utilization, higher throughput rates, and more efficient processing of ore, which are expected to positively impact financial performance and gross margins.
- Access to Higher Grade Ore: A planned mine sequencing strategy involves accessing higher-grade ore blocks in the near future. The company has recently begun mining higher-grade ore, resulting in a significant increase in quarterly gold grade, which is expected to contribute to increased gold production and revenue.
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Share Repurchases
- TRX Gold's announced buybacks totaled between $0.3 million and $0.9 million over the past year (ending November 30, 2025).
- The largest share repurchase amounted to $0.9 million, involving approximately 650,000 shares, which constituted 0.23% of the outstanding shares.
- The company has the potential to allocate $3 million to common share repurchases, based on free cash flow estimates.
Share Issuance
- During Q2 2026, TRX Gold received gross proceeds of approximately $21.0 million from the exercise of warrants.
- This included $12.9 million from the exercise of 16,075,386 warrants at $0.80 and an additional $8.2 million from 18,576,923 warrants at $0.44.
- All outstanding warrants were either exercised or expired in Q2 2026, resulting in approximately 325.6 million common shares issued and outstanding.
Capital Expenditures
- TRX Gold's capital expenditures were substantial, reaching a peak of -$17.79 million in fiscal year 2023 for mine development and expansion.
- Actual cash capital expenditures in fiscal year 2025 were approximately $15.6 million.
- For fiscal year 2026, total capital expenditures (excluding waste rock stripping) are projected to be between $15 million and $20 million, primarily focused on plant upgrades, expansion to increase throughput and recoveries, construction of an expanded tailings storage facility, and procurement of heavy equipment, dewatering pumps, and upgraded camp accommodation as part of the plan to expand the plant to 3,000+ tonnes per day.
- The estimated capital cost for the plant expansion is about $30 million, which the company intends to finance entirely from internally generated cash flow over the next 18 to 24 months.
Peer Outperformance in Gold
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TRX | TRX Gold | 58.8% | -19.4x | 121.6% | 184.3% | 130.6% | — |
| IAG | Iamgold | 59.8% | 10.1x | 81.5% | 747.7% | 754.9% | +624pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 73.5% | 86.3% | 292.5% | COPR 1050% · TGB 338% · HBM 335% |
| Steel | 13 | 27.6% | 45.6% | 163.1% | HCC 344% · NWPX 323% · AMR 322% |
| Silver | 6 | 106.1% | 332.7% | 149.9% | AYA 258% · HL 228% · SVM 182% |
| Gold ← | 34 | 28.2% | 196.7% | 148.9% | IAG 755% · CNL 485% · KGC 445% |
| Aluminum | 3 | 68.8% | 117.1% | 61.8% | CENX 246% · KALU 62% · AA 6% |
| Construction Materials | 7 | -20.5% | 19.6% | 49.7% | USLM 352% · CRH 82% · SMID 54% |
| Diversified Metals & Mining | 23 | -13.3% | 1.6% | 18.8% | ATLX 216329% · USAR 52115% · TII 699% |
| Metal, Glass & Plastic Containers | 10 | -6.3% | 10.6% | 5.6% | KRT 167% · MYE 67% · GEF 49% |
| Paper & Plastic Packaging Products & Materials | 7 | 4.5% | 4.7% | -11.8% | PKG 82% · CCK 13% · SON -7% |
| Specialty Chemicals | 41 | 7.4% | -4.2% | -13.0% | ODC 461% · NEU 202% · CMT 91% |
| Commodity Chemicals | 12 | 18.6% | -14.4% | -23.8% | HWKN 275% · MEOH 76% · LXU 72% |
| Diversified Chemicals | 4 | -2.5% | -28.5% | -28.8% | CBT 78% · ASH -15% · CC -43% |
| Precious Metals & Minerals | 8 | 38.9% | 181.8% | -31.3% | ASM 599% · PPTA 390% · MTA 37% |
| Fertilizers & Agricultural Chemicals | 10 | -5.6% | -5.7% | -31.7% | CF 220% · CTVA 110% · NTR 53% |
| Paper Products | 3 | -20.3% | -51.3% | -96.0% | CLW -39% · MERC -96% · ITP -96% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TRX Gold Stock Pre-Market (+7.3%): Momentum from Record Q1 Earnings and Expansion | 01/29/2026 | |
| With TRX Gold Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.33 |
| Mkt Cap | 8.7 |
| Rev LTM | 3,114 |
| Op Inc LTM | 1,354 |
| FCF LTM | 622 |
| FCF 3Y Avg | 297 |
| CFO LTM | 997 |
| CFO 3Y Avg | 729 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 80.7% |
| Rev Chg 3Y Avg | 41.8% |
| Rev Chg Q | 38.5% |
| QoQ Delta Rev Chg LTM | 7.3% |
| Op Inc Chg LTM | 172.9% |
| Op Inc Chg 3Y Avg | 217.5% |
| Op Mgn LTM | 46.7% |
| Op Mgn 3Y Avg | 30.6% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 36.5% |
| CFO/Rev 3Y Avg | 34.6% |
| FCF/Rev LTM | 20.5% |
| FCF/Rev 3Y Avg | 7.9% |
Price Behavior
| Market Price | $1.13 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 05/12/2005 | |
| Distance from 52W High | -48.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.95 | $1.16 |
| DMA Trend | up | up |
| Distance from DMA | 18.5% | -2.7% |
| 3M | 1YR | |
| Volatility | 75.9% | 94.9% |
| Downside Capture | 139.50 | 296.00 |
| Upside Capture | 216.45 | 338.04 |
| Correlation (SPY) | 32.1% | 37.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.74 | 1.98 | 2.31 | 2.89 | 2.68 | 0.90 |
| Up Beta | -0.05 | 2.13 | 2.10 | 3.32 | 1.60 | 0.38 |
| Down Beta | 7.61 | 5.23 | 4.51 | 3.34 | 2.87 | 1.10 |
| Up Capture | 353% | 237% | 159% | 214% | 1273% | 196% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 15 | 25 | 33 | 58 | 126 | 364 |
| Down Capture | -529% | -26% | 156% | 237% | 169% | 102% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 17 | 30 | 65 | 120 | 375 |
[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 | 152.1% | 95.0% | 1.39 | - |
| Sector ETF (XLB) | 14.0% | 17.9% | 0.58 | 38.8% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 37.2% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 67.6% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | 5.8% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 8.5% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 25.0% |
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 | 20.9% | 62.0% | 0.55 | - |
| Sector ETF (XLB) | 5.5% | 19.1% | 0.18 | 23.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 18.7% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 54.3% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 17.7% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 10.6% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 16.3% |
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 | 3.8% | 69.6% | 0.35 | - |
| Sector ETF (XLB) | 9.8% | 20.7% | 0.42 | 15.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 12.2% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 42.3% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 14.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 8.4% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| 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 | |||
| 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 |
|---|---|---|
| 05/31/2026 | 07/15/2026 | 6-K |
| 02/28/2026 | 04/15/2026 | 6-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 07/15/2026 | 6-K |
| 02/28/2026 | 04/15/2026 | 6-K |
| 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 |
| 11/30/2021 | 01/14/2022 | 6-K |
| 08/31/2021 | 12/03/2021 | 20-F |
| 05/31/2021 | 07/15/2021 | 6-K |
| 02/28/2021 | 04/15/2021 | 6-K |
| 11/30/2020 | 01/15/2021 | 6-K |
| 08/31/2020 | 12/02/2020 | 20-F |
| 05/31/2020 | 07/16/2020 | 6-K |
| 02/29/2020 | 04/15/2020 | 6-K |
| 11/30/2019 | 01/15/2020 | 6-K |
| 08/31/2019 | 12/02/2019 | 20-F |
TRX Gold — Investor Video Playlist
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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