TRX GOLD Corp
For the period ended Aug 31, 2025. Filed Dec 1, 2025.
View on SEC.govAbout this filing
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
Use the contents to explore the available documents and sections.
TRX$0.97+3.3%Stored close · as of Nov 6, 2026
Contents
EX-99.3 · Mining and Processing
Mining and Processing
| · | During the three and twelve months ended August 31, 2025, Buckreef Gold reported zero LTI at site and recorded a safety incident frequency rate of 0 (per million hours), including contractors. During Q4 2025, Buckreef Gold achieved 3.9 million hours of LTI free work. |
| · | During Q4 2025, Buckreef Gold poured a record 6,404 ounces of gold (Q4 2024: 5,767 ounces) and sold 6,977 ounces of gold (Q4 2024: 5,715 ounces). Gold production in Q4 2025 was higher than the prior year comparative period as higher average head grade of 1.95 g/t (Q4 2024: 1.66 g/t) more than offset slightly lower mill throughput of 1,512 tpd (Q4 2024: 1,542 tpd) and a lower average recovery of 71% (Q4 2024: 77%). The higher average head grade was due to the mine sequence where the open pit mine accessed higher grade ore blocks in Q4 2025 (in line with mine plan), concurrent with finalization of a scheduled Stage 1 stripping campaign during the first half of fiscal 2025. The lower average recovery in Q4 2025 was mainly due to a higher proportion of fresh, sulphidic ore processed (21% oxide / 79% sulphide) compared to the prior year period where the mill processed a higher proportion of oxide material at a higher average recovery. During Q4 2025, the sulphide ore being fed to the mill contained more complex geometallurgical characteristics, which affected current plant capacity to liberate gold from the sulphide rock efficiently, thus impacting recovery. During Q4 2025, the Company commenced the procurement process on several near-term plant enhancements to improve gold recoveries, including downpayments for the addition of a pre-leach thickener (to improve consistency of leaching density), upgrades to the elution plant and new ADR plant (to improve carbon activity and to reduce gold solution losses), and added slurry oxidation capacity through improved air blowers and oxygen injection. The Company expects recovery to improve by approximately 10% over the year as these plant enhancements are completed. |
| · | For the twelve months ended August 31, 2025, the Company produced 18,935 ounces of gold (2024: 19,389 ounces) and sold 19,213 ounces of gold (2024: 19,075 ounces). Gold production was slightly lower than the prior year comparative period as higher mill throughput of 1,483 tpd (2024: 973 tpd) was offset by lower head grade of 1.53 g/t (2024: 2.19 g/t) and a lower average recovery of 71% (2024: 79%). Full year production was impacted by the scheduled mining of high strip ratio, lower grade ore at the north end of the Stage 1 pit and allowing the stripping of the south end of the Stage 1 pit to be completed during the first half of fiscal 2025. Following finalization of the stripping campaign, the Company began to access higher grade ore blocks, benefiting production in Q4 2025 and into fiscal 2026. Illustratively, the Company achieved two record gold pours, including 806 ounces at the end of August 2025 followed by another record gold pour of 1,018 ounces of gold in September 2025. |
| · | Total ore tonnes mined of 251 kt in Q4 2025 were higher than the prior year period (Q4 2024: 119 kt) as stripping activities during Q1 - Q3 2025 focused on accelerating the pit expansion to the north and south end of the Stage 1 pit to expose ore for Q4 2025 and into fiscal 2026. Waste tonnes mined during Q4 2025 were 1,242 kt, in line with the prior year period (2024: 1,250 kt). As a result, the lower proportion of waste to ore tonnes contributed to a lower strip ratio of 5.0 (waste:ore tonnes) compared to the prior year period (10.5 waste:ore tonnes). During the twelve months ended August 31, 2025, the Company initially focused on waste stripping (during the first half of fiscal 2025) to gain access to higher grade ore blocks, benefiting production later in Q3 and into Q4 2025. As a result of the increased stripping activity during the first half of fiscal 2025, the higher proportion of waste to ore tonnes contributed to a strip ratio of 6.8 (waste:ore tonnes) compared to the prior year period (6.9 waste:ore tonnes). During Q4 2025, the stripping of the Stage 2 pit commenced, which will allow for mill feed in fiscal 2027-2029. |
7
Management’s Discussionand AnalysisAugust 31, 2025
| · | During Q4 2025, the processing plant achieved, on average, 1,512 tpd of mill throughput, in line with the prior year comparative period, reaching a maximum of 1,864 tpd. During Q4 2025 the processing plant achieved the following statistics: (i) average throughput of 1,512 tpd (Q4 2024: 1,542 tpd); (ii) plant availability of 92% (Q4 2024: 91%); and (iii) an average recovery rate of 71% (Q4 2024: 77%). During Q4 2025 the Company continued to focus on reducing the input size of the mill feed to help increase throughput at the required grind size. Finer screens were installed in April 2025, which helped contribute to an increase in average daily throughput to 1,512 tpd in Q4 2025, an increase from an average of 1,461 tpd in Q3 2025. While average throughput was in line with the prior year comparative period, the mill processed a higher proportion of fresh, sulphidic material (21% oxide / 79% sulphide) in Q4 2025, compared to a higher proportion of oxide material processed in Q4 2024, which impacted average recoveries. The addition of a pre-leach thickener, combined with upgrades to the elution plant, new ADR plant, improved air blowers and oxygen injection are expected to improve recovery by approximately 10% across fiscal 2026. For the twelve months ended August 31, 2025, total ore tonnes processed was 1,483 tpd (2024: 973 tpd), a 52% increase in throughput compared to the prior year period following completion of the expanded processing plant in Q1 2025. |
| · | During Q4 2024, the Company entered into a finance lease agreement for heavy equipment, including six excavators, one dozer, one motor grader, one backhoe, one compactor, and three loaders. Half of this fleet replaced rented equipment previously operating in the plant, while the remaining equipment is being utilized in various site development projects. During Q1 2025, the Company also entered into a purchase agreement to procure a fleet of eight haul trucks to expand haulage capability and capacity. Each piece of equipment has been successfully commissioned and is currently being utilized in various capacities across the site. During Q4 2025, the Company’s owner operated fleet supplemented the contract fleet by mining 660 kt of waste (primarily from Stage 2 of the Main Zone) and 104 kt of topsoil from the Eastern Porphyry to enable waste dumping throughout the upcoming rainy season. During the twelve months ended August 31, 2025, the Company’s owner operated fleet mined 1,110 kt of ore, waste and topsoil, including waste around the historical voids in the Main Zone, which began to provide access to high grade ore benefiting production in Q4 2025. This equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated fleet for the twelve months ended August 31, 2025, was approximately $1.40 per tonne for mining operations (ore, waste and topsoil). The Company has also observed notable cost reductions compared to contracted or rentals for site development work (including river training, TSF 2.2 phase II, and roadway maintenance) as well as plant feed operations. As the Company further supplements the contract fleet with its owner managed fleet for mining operations, site development work, roadway construction and maintenance, it is anticipated that operating costs will continue to improve in fiscal 2026. |
8
Management’s Discussionand AnalysisAugust 31, 2025
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.