Welcome to our dedicated page for TRX Gold Corporation news (Ticker: TRX), a resource for investors and traders seeking the latest updates and insights on TRX Gold Corporation stock.
TRX Gold Corporation (NYSE American: TRX, TSX: TNX) is a prominent player in the gold mining sector, focused on the exploration and development of gold properties in Tanzania. The company's primary projects include the Buckreef Gold Project, located in the north-central region of Tanzania, the Kigosi Project in the Kigosi-Miyabi and Ushirombo greenstone belts, and the Itetemia Gold Project to the southwest of Mwanza. Additionally, TRX Gold is exploring the Lunguya and Luhala projects.
Founded in 1990 and based in Vancouver, Canada, TRX Gold was previously known as Tanzanian Royalty Exploration Corporation until it rebranded in 2019 to reflect its core business focus on gold. The company has made significant strides in the gold mining industry, recently achieving a remarkable production milestone of 20,000 ounces of gold. Their flagship Buckreef project is set to double its daily production capacity from 1,000 to 2,000 tonnes by the first half of 2024, thereby enhancing its output and resource estimates.
TRX Gold is committed to sustainable and responsible mining practices, ensuring minimal environmental impact while contributing to local economies. The company collaborates with local communities and the Tanzanian government to foster mutually beneficial partnerships.
In its latest developments, TRX Gold reported that a new 1,000 tpd (tonnes per day) ball mill has arrived at the Buckreef site, which is expected to significantly boost production. The company is on track to meet its full-year production guidance, demonstrating a robust financial and operational performance. Recent news highlights include:
- On Track to Meet Full Year Production Guidance: TRX Gold remains confident in achieving its production targets, supported by recent enhancements at its mining sites.
- New Ball Mill Arrived on Site: The installation of a new ball mill at Buckreef is set to enhance the processing capacity and efficiency of gold extraction.
- Record Year Marked by Exceptional Growth: The company has seen substantial growth, both in terms of production and resource expansion, marking a record year.
- Mill Expansion Advances to Increase Gold Production: Ongoing expansion activities at the Buckreef Gold Mine aim to increase processing capacity and gold output.
- TRX Gold Reports Second Quarter 2024 Results: The latest quarterly results underline the company's strong performance and continuous operational improvements.
With a strong financial foundation, solid partnerships, and a clear vision for growth, TRX Gold Corporation is poised to continue its trajectory of success in the gold mining industry.
TRX Gold Corporation reported positive results from its northeast step-out drilling program at the Buckreef Gold Main Zone, extending its strike length by 250 meters to 1.8 kilometers. Key assay results include 28.0 m at 3.27 g/t Au, with a notable 7.0 m at 7.27 g/t Au. The current drilling program has completed 21 holes totaling over 7,415 meters, with plans for an additional 10,000 meters to further explore and upgrade resources. The Buckreef project has over 2 million ounces of gold in measured and indicated resources, signaling significant growth potential.
TRX Gold Corporation (NYSE: TRX, TSX: TNX) has officially changed its name to better reflect its achievements, including the commencement of gold production at the Buckreef Gold Project. The project is expanding its oxide processing plant to over 1,000 tpd, aiming for annual production of 15,000 to 20,000 ounces of gold. Additionally, ongoing drilling aims to expand and convert resources to reserves, while the company maintains a commitment to high ESG standards through various social programs.
Tanzanian Gold Corporation, soon to be known as TRX Gold Corporation, will officially change its name on May 27, 2022, following shareholder approval. The company's common shares will continue to trade under existing ticker symbols, 'TNX' on the TSX and 'TRX' on the NYSE. There will be no need for shareholders to exchange certificates. Additionally, Christina Lalli has been appointed Vice President of Investor Relations, bringing nearly 20 years of industry experience. The company is advancing its Buckreef gold project with significant mineral resources and ongoing exploration initiatives.
Tanzanian Gold Corporation (NYSE American: TRX) reported a significant milestone in its Q2 2022 results, marking the first time the company recorded revenues with a gross profit margin of 57%. With just 1,812 ounces of gold sold, the company achieved a low cash cost of $796 per ounce, generating positive operating cash flow of $1.5 million. The processing plant expansion to 1,000+ tonnes per day is on track, aiming for 15,000-20,000 ounces of gold production annually. Exploration initiatives and the advancement of the Sulphide Development Project are also underway to enhance resource estimates.
Tanzanian Gold Corporation (NYSE American: TRX) announced the extension of the Special Mining License (SML 04/92) for the Buckreef Gold Project. Received from the Mining Commission of Tanzania, the renewed SML extends the mining rights from 2027 to 2032. This renewal is expected to cover the project's estimated life of mine, with further extensions anticipated beyond 2032. The company's CEO emphasized the positive implications of this license for advancing Buckreef Gold as a significant gold mining operation in Tanzania.
Tanzanian Gold Corporation (TRX) held its 2022 annual general and special meeting on February 25, 2022, where 102,168,042 common shares were voted, representing 40.04% of the total. Shareholders approved various items, including appointing seven directors and changing the company's name to TRX Gold Corporation. Notable appointments include Stephen Mullowney and Richard J. Steinberg. The Omnibus Equity Compensation Plan was also renewed. The company is advancing the Buckreef Gold Project in Tanzania with significant mineral resources and plans for expansion.
Tanzanian Gold Corporation (NYSE American: TRX) announced significant advancements in its 1,000+ tpd plant expansion at the Buckreef Gold Project. The arrival of two new 360 tpd ball mills reduces timeline risks, reinforcing the expected commissioning in Q2/Q3 2022. The completion of the second tailings storage facility and a new elution circuit allows for increased gold recovery. An inventory of 59,000 tonnes at 1.87 g/t and 4,800 tonnes at 3.43 g/t gold bolsters production forecasts of 15,000 – 20,000 oz annually. The project continues to progress with ongoing exploratory drilling efforts.
Tanzanian Gold Corporation (NYSE American: TRX) announced the successful commissioning of its 360 tpd oxide mill expansion at the Buckreef Gold Project. Notable January achievements include a record gold production of 764 ounces and a processing plant utilization rate of 97%. The project is set to increase ore production rates to over 1,000 tpd by Q2/Q3 2022. The company has also signed a gold sale agreement with Auramet and commenced exports of dorè for refining. The Buckreef project holds a significant mineral resource, totaling approximately 2,036,280 ounces of gold.
Tanzanian Gold Corporation (TSX:TNX, NYSE American:TRX) announced the successful closure of a registered direct offering, selling 17,948,718 common shares at $0.39 per share, generating net proceeds of approximately $6.4 million. The company plans to allocate these funds for the expansion of its processing plant, exploration drilling to enhance mineral resources, and advancing metallurgical studies for its Sulphide Development Project. This offering aims to accelerate the execution of TanGold's business strategy.
Tanzanian Gold Corporation (NYSE American:TRX) has entered a definitive agreement to sell 17,948,718 common shares at $0.39 each to an institutional investor, accompanied by warrants for the same number of shares at an exercise price of $0.44. The offering aims to enhance liquidity for ongoing projects, including the expansion of a processing plant to over 1,000 tpd, expected to produce 15,000-20,000 ounces of gold annually. Closing is anticipated on January 26, 2022, subject to customary conditions.
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