TRX GOLD Corp
For the period ended Aug 31, 2025. Filed Dec 1, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Dec 1, 2025
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EX-99.3 · Adjusted EBITDA
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Adjusted EBITDA may not be comparable to information in other gold producers’ reports and filings. Adjusted EBITDA is presented as a supplemental measure of the Company’s performance and ability to service its obligations. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results.
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Management’s Discussionand AnalysisAugust 31, 2025
Issuers present Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet their obligations. Adjusted EBITDA represents net income (loss) before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance.
Certain items of expense are added, and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company’s underlying operating results for the reporting periods presented or for future operating performance and consist of:
| · | One-time severance and legal expenses; |
| · | Change in fair value of derivative financial instruments; |
| · | Accretion related to the provision for reclamation; and |
| · | Share-based compensation expense. |
The following table provides a reconciliation of net income and comprehensive income to Adjusted EBITDA per the financial statements for the three and twelve months ended August 31, 2025.
| Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |
|---|---|---|---|---|
| August 31, 2025 | August 31, 2024 | August 31, 2025 | August 31, 2024 | |
| Net income and comprehensive income per financial statements | 5,265 | 3,284 | 6,566 | 3,510 |
| Add: | ||||
| Depreciation | 1,482 | 749 | 3,791 | 2,195 |
| Interest, net and other expense | 429 | 782 | 2,360 | 2,011 |
| Non-recurring severance and legal expenses | 1 | — | 432 | — |
| Income tax expense | 4,946 | 3,040 | 7,891 | 6,826 |
| Change in fair value of derivative financial instruments | 199 | (1,948) | (1,262) | (1,023) |
| Share-based payment expense | 365 | 250 | 2,247 | 1,743 |
| Adjusted EBITDA | 12,687 | 6,157 | 22,025 | 15,262 |
The Company has included “average realized price per ounce of gold sold”, “cash cost per ounce of gold sold” and “Adjusted EBITDA” as non-IFRS performance measures throughout this MD&A as TRX Gold believes that these generally accepted industry performance measures provide a useful indication of the Company’s operational performance. The Company believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
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