TRX Gold Q3 results hit record numbers as company remains on track with guidance
Vancouver
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July 20, 2023 01:38 PM Eastern Daylight Time
TRX Gold CEO Stephen Mullowney joined Steve Darling from Proactive to share news about the company's third-quarter performance, demonstrating substantial growth.
In the third quarter, Buckreef Gold poured 4,764 ounces of gold and sold 4,810 ounces, resulting in a positive operating cash flow of $3.2 million. Moreover, for the year to date, Buckreef Gold achieved record production with 15,794 ounces poured and 16,068 ounces sold, generating a positive operating cash flow of $14.6 million.
Mullowney explained that Buckreef Gold recognized revenue of $9.3 million and cost of sales of $5.4 million in 3Q, resulting in a gross profit of $3.9 million, a gross profit margin of 42%, and an adjusted EBITDA (underlying earnings) of $3.3 million.
For the year to date, Buckreef Gold recognized revenue of $29.1 million and cost of sales of $15 million, leading to a gross profit of $14.1 million, a gross profit margin of 48%, and an adjusted EBITDA of $11.6 million.
The positive operating cash flow has allowed the company to invest in the continued growth of Buckreef Gold, including the procurement of an additional 1,000 tpd ball mill to increase annual throughput by 75-100%. Additionally, advanced construction of an expanded tailings storage facility is underway to accommodate higher production volumes.
These investments are part of the company's strategic approach to continue its growth trajectory and capitalize on its record production achievements.
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