- Earnings call transcript Q4 2022

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Operator

Thank you for standing by. This is the conference operator. Welcome to the TRX Gold Corporation 2022 Year-End Financial Results Conference Call and Webcast.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now CEO. turn would to conference I Mullowney, Stephen Instructions] like the to over [Operator ahead. go Please

Stephen Mullowney

Yes. Thank for welcome XXXX you and results and fourth call. year-end quarter Thank you joining morning. everyone this to our

this slide CFO Christina always showing our started our me Mike Relations. presentations our VP, and morning our pit. Lalli, Cheatle, Joining COO; Andrew with Leonard, all Investor our We is the front

we we'll at is the asset air. Obviously, public get move up next of picture note more date, statement. like bit there this if going would this this at little into here more is our a today the this is a forward-looking to a to we get were in would pit be this foundation as and Now image slide mining bit why pit a beyond out extended. do, that look a slide. drones But recent and is we The a we of our few before Buckreef. the to We're pit let's in so a deck and be little get call, cautionary road things the

from assets couple forward-looking you. me going that talking about it's talk are be and particularly a and cost great accomplished our give think things. has the accomplishments the today, do Anybody perspective. year In been and have of Andrew, last what is overview very, the Buckreef presentation what great been overview Mike that profile a in We're talk we've of and foundational we to the achieved and lot the why cash of is And following going we're today legal growth. last realize about rapidly have to must an to we things over particularly going plant. are about a asset you will lot moving experienced have this as results We're We XXXX, I been a which asset. joining a to Thank information, an Mike mentioned, and give from of our the things year. of will going that around around story our Buckreef very financial were production Christina.

everybody going view XXXX to outlook of Sky year. of then And Blue give going potential see well the Andrew And going us going around this to This over and are the as things always We the a as around favorite we're we a then asset. always good end remarks me then and really closing from where is and is at give Q&A have part. my smile myself. part sees to exploration next

are starting regards a deliver We've to with deliver continue a be say that our that get I or the what good made team joined since people deliver company, sense going two to experienced last be to continuing on focus that case. will upon. we and we're years, follow over leaders going doing to think the so to the to of TRX, story a really of a that we we I milestones So have

a and side, just the the we're The had You've and exploration high achieving And last well particularly more margins, positive over from production and was operating seen the year But it the lot gross it to year, Buckreef positive plant really and been rapid knew growth really We're finding upside potential to cash that a around doing of upside, really has joining. every over the flow. understand that's we side. not this surface negative starting that when scratch more the day. expiration asset. I think

a both get Andrew be year focused resource profile growing to in the the the profile we're to excited business and through that drill and continually bit. really next a going with I'm So through really exploration production from

So region, really when what in we're getting still know to we're a liking asset, the the mentioned deposit that I and Buckreef foundational seeing. we're is

is at grams another So get from the quickly. is us last good with the measured regards category tonne great. a in This in category. good to grade inferred in being the a foundational the It's X.XX mining resource What's is XXX,XXX That the surface. asset, surface, and enables ounces resource very million flat and comes to study. a there's category around about to indicated measured X this indicated profile that here into

So move mine so a of XX strike in is and plans. consistent, around along the around right very in what the is two strike. Also, Northeast And Buckreef at main resource it's that put means now continuity zone with to it's resource place extension. kilometers and meters there the wide is mineral easy around the to is good

well that's which on sheet, flow means So a very case a here easy then And when asset hopefully, you at mineable, that that as to ore you're very, is have that Buckreef. it's mineable want asset. able you to process sure the an make

We have and the crush consistently and XX-months. a recoveries we're over XX% From last grind permitting over we've a licensing perspective, straight CIL achieved also lucky.

license able this end mine permit the life. comes period with the good stuff to of all in do place The this till an to and XX-years. the this every special got overarching XXXX, renewal So sort year is extension of up mining we we're

the were between to has get we day cheaply very our operating beating year tonnes X,XXX which expectations. and guidance and And last the X able $X.X X to well. Phase plant, over to consistently been put per around up it's for Phase production processing million extremely Our

minimal a environmental We also have footprint.

We recycle citizens. We are water. responsible

management payments of power zone. I to main care communities. here. local We just discussed relates predominantly zone take main zone only connected the the we are is And And have hydro that facilities. what grid The one to the good or

property, the We've We've we're larger. that to to South. is believing results the the So potential drilled extend larger main of getting expiration released this Northeast and zone. in

last the deposit well Porphyry, that the at open as West announced then that. But Andrew announced will we started have depth. well, And Eastern out Anfield, surface Anfield. Buckreef as target but other which we property drill zone. indicated But there's main areas We believe to adjacent which year We is pending this also around well to is on at We've work. we we you with and the to got scratching well, as do regards the just get into. exploration, as be may assays looking

a assays a With prospective you get You drill our put got regards very but that property. highlights. to to very, you XXXX some in and to hopefully ground bits the come it's expect, of the full-year

we on-time expansions completed So mill first on-budget operating and to and and our two start-off, grade. foremost

did adjusted cost, under aware tonnes $XX and the We and low other anybody challenge few EBITDA expectations. just [Technical in $XX for Mike $X.X will that cost profit upwards margins, quickly get and approximately X. X Difficulty] I X,XXX done as positive had to numbers $X.X million. find would cash for over sized processing of million we've plans this of plant to the as and Phase per on take that hour. costing cash are So have we into did effectively. this XX-months this operating great construct, flow years million operated between well Phase well. exceeded in for Those gross to minutes. anywhere plants this well been million as for But and We're a has

again, focus drill drill growth the plants ultimately we're we get well foundation on the asset larger bit. plants evaluating, with to into as a which hopefully program, lead now operation, put which through those will these to bit expanding So as expanding much the

a to by what's I'd and underreported is those this pending do South did what some minutes. just the from Northeast those have an XXXX, meters a like either. the did a see drill program program, well XX,XXX did in small as as the XX,XXX do an get We do of did drill and Andrew in as bit this go few the of that's not can pit number small main definition. zone, means in do extension will not mentioned. large of We South zone. focus Anfield. results discovery in And a we ones the into XXXX, And in us but expansion We into no focus program that and let's South infill you meters are it’s Canada, on it. We So on in as in

(ph) grade We and programs did also [met] a program. control

meters so bit time in drill two operations, build, the kilometers. XXX extended plant we've month a incident. everything, no And with very to lost hours And with XXXX done as or safely million the exploration zone reported last by over well XX% main as

last and Buckreef and team I'm on-site proud in particularly as for the achievements very team, the year. pleased very, of well as management all So everybody the the

financial our Mike So he'll XXXX. now to over through I'd to and like highlights for hand go

Michael Leonard

you, Stephen, good everyone. and thank morning, Well,

a it results, revenues, a was banner a year of really side, company of Stephen ounces where EBITDA. year financial on achieved on, the off adjusted production record but flow, record sold. profit the the all and XXXX touched really some record of the it, That touched On Stephen operating was cash for that company. back was gross number

production state nameplate X,XXX our the per side year. in ounces over the came mentioned, QX back quarterly day of ounces. steady tonnes during Stephen production and expanded capacity. And we and tonne at QX only of online record successfully day at in end As XXX the XXX importantly to hit mill on QX the And had produced per X,XXX mill almost throughput

really about of online today we the after reflect XXX was touched the day next year. the expansion to year-end, really, I'll only moment for So here Stephen and outlook day. numbers that a XXXX two XX, came tonnes seeing plant August quarters our X,XXX a little in bit per at that numbers that The tonne some per operating speak you're expect which on our

realized what did goods timing gold But of September, we during just million was year, we'll almost program. was some ounce $X,XXX that we an benefit and sold in-circuit sales due in we or built during to side, of so sold in our QX material recognize a of that year early and sales most really the exception the On And finished XXXX. $X,XXX of revenues generated over the the of up with $XX ounce. price an produced the and

guidance of Now which an XX% a ranges. costs, achieved reported, cash cash and our was operating the or revenues so in that and consequently, mining major major, milestone in in first company processing published less a $XXX site healthy That low an we the the year very, during $XXX positive And regard. profit was include very flow that very, robust in cost gross the came us figures history, ounce below a very for we and well and company margin over was strong direct given costs, royalties costs, at cash administration, than ounce. QX depreciation

which year-end at million, of working demonstrate Now the $X.X million. we're Stephen that of balance fund But of only is certain had company. We earlier. that's really very endeavoring touched that sheet EBITDA adjusting very and We all be on continues help settled importantly, a bit to cash for a statistics reported growth $X.X adjusted million very, of to strong Stephen balance And liquidity $X.X on improve these with little these after very touched strong. will metrics reported cash on proxy XXXX. organic be of us all to And equity balance, which flow. a capital for in the liabilities, cash

plant Now per running is capacity. processing that full X,XXX day tonne at

Stephen. please, slide, Next

the our that of and in running in we range at and X X,XXX XX,XXX to that's that levels times production achieved tonne in now we ounces expect production outlook the plant per XXXX. is XX,XXX terms between of So capacity, day be the fiscal XXXX

that tonne period. And we capacity, been slightly to nameplate when half at declared the QX higher mill has in end since of October the year production. the the ramped up consequently, be half in the first following and early day Now we per production expect operating X,XXX than commercial up of second ramp

declaration depreciation XXXX, Now are not the and an between expected production $XXX to an mainly increase cash what $XXX slightly we November. in commercial be following realized higher in than ounce that's costs in to due

access enable full terms of to of CapEx, expanded support of really storage accommodate of will money We're of expenditures growth, mine realignment capital includes will this facility to that pieces also future well of expanded on capital tailing We're is life the spending sustaining equipment. much and like grizzly equipment, and loaders and the road significantly main zone. related all certain In as a gensets as that things currently production. to certain renting cranes purchase construction

depreciation some in following following expected So this equipment what of we're rather benefits the purchase future of currently than on rental. expensing,

and about this and project addition it capital, ball to the of Detailed up in guidance this mill. terms benefit by that We're half has advancing progress we've engineering In as throughput not above of But levels further we year, at accordingly update second considered expansion just the the a over increasing growth aim XXX% update project on is spoken been production market through production and on initiated incremental production importantly, to we've a any to to the we'll in above. underway. initiative. of from new figures aimed we continue in XX% the this

drilling deeper sterilization to assess touched So part as well metallurgical at will year on studies finally, to And Eastern zone. started processing and to are a portion facility a the past we facilities. continue Buckreef the it on continue advance bit time development for Porphry. that drilling the Northeast with get again, the work like. sulfide Anfield, over And what We'll we Greenfield as progress to we'll expansion accordingly and we pit exploration, drill with of geotechnical update at We'll we're detail, continue main much terms doing looking market of that continuing but at as brownfield and in West. look in this Stephen project Southwest We're at initiative. the sulfide site it, outlook, as more drill Buckreef at the continue a at into Andrew the program of would larger testing we

I'll that, to take to us over hand exploration. with through it So Andrew

Stephen Mullowney

to on in, so outlook fiscal on we more. asset Yes, to how it's produce just get the on Mike. before growth, our XXXX focused focused important resources. get that It's really do jumps is to asset we how also It's Andrew focused realize have the more do

able junior growth want cash we here know believe want this we resources a in and we but the asset that it's mining in objective Reef. in in at aggressive basically, asset, achieve I growth Buck that to very we're flow a same at have the So we time.

resources, on all where map to the are that is to So over the put around drill slide first you. it bit. growth the I'll have you of hand And the Andrew, profile lines we going of your

Andrew Cheatle

and our the greetings very from this for at today, And that I thank Mike, Well, you much, site introduction. listeners Tanzania, afternoon. Buckreef for Stephen arrived

reinvesting So the drill we’ll as into some very things specifically and And this our has well profits back very we are value of and progressing very, Buckreef Mike Maybe fast. create out, this through pointed are way. base.

we're me opportunity I what both technical generate seeing Buckreef Now scope get just little as East, the and Anfield XXX please to to close gold and XXX South between these and meters, also Tembo targets on exploration the with bear to We've drill is a slides. we're got But towards is towards expand down the scale immense we're the the Buckreef the focusing meters, significant an of and main XXX Where projects. focusing on West. zone the meters to zones.

looking Southwest. the notice are the and we've mineral And that rig fresh we're And keys and infill over another at understand. over the what in rock your been Porphyry, understand resource we're to one XX we samples specifically to rock bit are through in meters. of the we've and zone is the borders, an are minor spending become shops, slide, best we XXX part you see ounces. to the by But to screen, mineralization. what a from so of the to scale drill And come main the on drill we've extended We've a over go particular fresh to out, dots, zone shaft tonne. one beginning having Probably it's South a Bingwa, on the But XX at XXX,XXX from and We've these all Northeast saying last we're the them focusing put three really the this of And retrieve the historical. the none -- -- excited historical operated historical the the that, moment, area about finding. known most North to part of the all these what hole our boots historical on the locations all because you drilling the find on to anchored to of scale between and grams notice target at with active where exciting by grams our at and look is tonne rocks on Let was Chinese that. their to when little at the mining way identify on me Eastern Northeast all the there's to pattern begin where Each artisanal main what was it main on -- of has in success zone incredibly on you'll drill the it the lies had able were all recently is through way artisanal oriented itself ground white Anfield of Anfield a insisted over geologists we've South, Anfield that And zones some the resource mine zone from the immediately the year, those take and by the is Southern some of deposit. to you'll rig drilling I'm DNA you a XX we're had currently is just to XXX done of gold gold the what meters. kilometers things. that

those of You'll on very are again see red the workings, of image, strong. new left both very, of top again two this arrows, on showings are some there also those being or towards the Southwest artisanal lower discoveries

of working some artisanal we've further halfway zone beginning Anfield the East at see and to targets. drill the deposit. also how to build new And we're you Bingwa scale similarly the up inventory the now So between discovered

We've So this our away started from please exploration take slide. programs.

very some and discoveries compelling early We have some we're very of results. those currently very, made reported on drilling indeed some and and have them

slide So to let's the go Stephen. then please, next

Stephen Mullowney

switched It's been Andrew.

Andrew Cheatle

very you much. Thank Okay.

Tanzania, here bit a the taking to me little here. in but Just reach it of time on have I side

South true and results had of the the have far itself, in the it to to that hits good the place. We we've number to successfully we the have moment main continue newest market to-date. very drilling our Northeast some see Compared as the at continuity new main demonstrated with discovered those density pits. We've put the there don't zones are build you just zone we've of zone very, we a extension. zone, of also some can so the that So will of to interpretation but the there, of results on come

We've results open far, so of seeing about are Southwest main with by consistent XX% length. zone. extending these the the depth. strike and the is We're The mineralization gold good steps remaining the Buckreef mineralization They've and to to width and mineralization So, continued Northeast extended very the that is strike the out, greater length. significant. still

immense zone both main targets, So continue on and in significant the an generate around we exploration to see opportunity to those it. zones

this for zone already. rig, the example, the year. continue on some I in XXXX, see be expansions. Anfield drill start sterilization the coming results to is And as over the Porphyry, Buckreef facilities, facilities will and drilling at main above the tailings exploration Buckreef West So got the for from storage The include will holes the in do to will and mentioned, expansion you'll currently at and zone and financial we've -- back site some later Eastern

keep turn turn and new additional in bit and on. flexibility turning, on ground everywhere the as of deposits got flow background by going geologist, drives us mineral lot's reserves. I we from. to success through to the resources to then mineral a like a plants we'll pits the a It's just mine cliche, deposits. a There's those and Ultimately, rigs putting with hope find will So work that we simply drill boots to that new obviously feel gold there's in gives our and would but

you. exciting that back Stephen news with to So

Stephen Mullowney

believe, property. we here has main the Andrew. been zones zone there's to at we're there, starting Buckreef. you, around the go appears Thank but know a potentially explore the Truly, But scratch got it. just that We to surface, Yes. it lot I always more

Andrew Cheatle

very you Thank Stephen. much. Absolutely,

Stephen Mullowney

Okay. Thank you.

all a investors does means that the the So of the to responsible mentioning, process. that able we're land exploration I special from in and to purchased perspective. that what an around couple with citizens as completed now regards perspective, as Buckreef both slide. mining license to It the ask the take a compensation things do mean? land we've would be mining And being this We things and go from well just

slide, that both there against one we focus seeing ongoing is you of and plus with to around do So and the and so from the other the And schools you contractors, is program. like of and this nice because is on-site when class, earning sub-economy schools, it's last developing year you Mining company of what hiring over I operations. it mills on-site, And we're with see. on is that shack, and you know, very through this our first we also that. Andrew for visits, is that's a with here and you with social license a entered living it's program produced up things mine you'll services to in continue. And from biggest now, including organized And [indiscernible], plant Gold year, put when see into This over completing We've your interesting arriving Buckreef so and the of the lot programs see accomplishments benefits over government basis citizen the expect a locally, and local around I'm spent doing staff start area. is all nice our we're I up regards nice there reported taxi ourselves. around $X.X districts joined. dore The or obviously believe was around area, being Bal area. in that and that being a and see Right labs in see the see a a the XX that services in last for corporate regards running, the guess probably XX things we from fun. million [indiscernible] the contractors CSR from an next the things core necessary to to big probably XXX

So without ado, I'll it session. the over further to hand question-and-answer

Operator

Thank you.

will Please now Alliance question-and-answer the We from First go with Partners. begin Instructions] comes Sekelsky Global [Operator session. ahead. question Jake

Jake Sekelsky

for my Hey, questions. guys. Thanks taking

Stephen Mullowney

Yes. Thank you, Jake.

Jake Sekelsky

to Just looking maybe at are the here? any I investment? it you capital at additional standpoint million on ball say ball but an looking mill at that, you from that we're I potential is know, the you we impacts you back thoughts to any are mill numbers a cost respect on able of sub-$X operating share assuming you guys able on to that mean, to additional fair with And looking know added? is are working a, contemplating. share Are color guys are now,

Stephen Mullowney

provide can on that. some I Yes, color

additional we're yes, where the figuring ball exact in put out We're mill. just that to So we'll aware size place. get of the

the the are currently the on So the processing plant. cost oversized capital estimate tanks for tanks existing

So yes. regards with to I your be can million capital of range, the figure sub-$X say in that would expansion. cost being

looking get obviously grade at now We per an operating cost more finalizing from plan is will tonne and we're on together to putting need So profile. this cover another it and five year operating cost. perspective, basis mine through a

per guidance and that between has to think good your per And obviously $XXX profile our so change that expect I still is on But an cash soon. question? impact ounce ounce. to don't cost I answer Did anytime grade $XXX

Jake Sekelsky

on exploration dollars funnel XXXX, again assuming yet your bit? of, Yes, additional to, increases just mine towards bit, that a that's you I helpful. And kind expect of to do little a building then in that resources throughput life some oxide extend guess

Stephen Mullowney

Yes.

to if potential slide is here strike noted lot and resources, oxide Porphyry surface need resources West potentially drill Eastern in the right? looking in around white just Buckreef more oxide place pits, put So resources. there they're at Andrew in long and on in over those as Buckreef a in the Anfield obviously all program long main you're Buckreef even potential to the the So we his expand

Jake Sekelsky

of just we the okay. lastly, status And mine sulfide study, then Or the Got news of term Should expect on longer a first of next obviously, that? a half piece any the sulfides it, big update plan. are on there development year? in the

Stephen Mullowney

the you existing for news finalizing going that evaluate as so plant, modifications should of in expect ability year, half where Yes, and to required through PQ to next put sent. will the first on the some We'll through as any some the we holes as plants material that test evaluate as sheets we we're we also sulfide need have Remember, well. flow get do sheet other that that. have, flow the just that well. sulfide also we'll well for And currently be

know PQ releasing on news and what holes have like expect And some on out holes shortly. PQ do look those We the we'll that. so probably a do

Jake Sekelsky

That's a on and all on my again strong congrats Thanks year. end.

Stephen Mullowney

Yes. No, thank Jake. you,

Operator

Heiko H.C. Ihle next with Wainwright. the ahead. comes question from And go Please

Heiko Ihle

taking for my Thanks everyone. Hi, questions.

Stephen Mullowney

Yes, thank you, Heiko.

Heiko Ihle

expect you the earlier Buckreef touring year you Buckreef drilling main, only at saw and Hey, your several you site Anfield And would exploration free outlook when also West, the to get drilling the targets? focus between on exploration as per you your support break February? business approximate these you release. greenfield, out do of areas in I this But the on can

Stephen Mullowney

But do you? numbers of that. do you front we Yes, have in can those Andrew,

Andrew Cheatle

please it? Could I unfortunately, clearly. hear question you the could not Stephen, repeat

Stephen Mullowney

Yes.

wrong, for if as analysis out break in if was we area. asking well? data is question math, of correct and is the the that meters Heiko the QX can the by And management number So I I'm my discussion think

Michael Leonard

meter Hopefully, by down broken It's Stephen. is it that's Yes, helpful. the Heiko. in MD&A,

Heiko Ihle

enough Okay. you. for Or add you can

Stephen Mullowney

Yes.

Andrew so And Speakers] [Multiple

Heiko Ihle

just But you outlook MD&A? outlook the in the wise, the have Or actuals?

Stephen Mullowney

actuals so the -- just add and No, I’d

Heiko Ihle

looking No, the I the for was outlook for I'm looking outlook. for ‘XX.

Stephen Mullowney

can XXXX Heiko, give okay. so where you year? next an overview our outlook to Andrew, of Yes, going of outlook, we're on in focus

Andrew Cheatle

in the continue Yes. always budget of right Eastern about the numbers the very And in will that But broder if Porphyry. the talk we to on me, exploration like. have front focus now program sense, I ANfield the later to don't Heiko, can specific you

mineral that's some if XXX focus. perspective. map presentation. the at, will [grap] meters where focus Eastern again, of at by resources where Anfield, Porphyry, So for (ph) meters. XX let's targets look as that going got on the by a a historical that, And to us on the drilling to order, as Anfield and we're the to those results are From at two Eastern on mineral be three extent. it gram grams drilling XX and we're tonne to reasons at you areas strike Porphyry, we've to second tonne where that's continue the extent, highlighted going in the we're Those which underneath we at per one say, separated pit then along would over drilling samples just that and me remind South we And drill you In to South believe possible. reserves of to bring is push be want quickly let

sort sort as the drilling that as gone has you far XXX South, of hope on gives we meters I ranking and soon. quite of to yes. some rather report idea, some So will that

Heiko Ihle

helpful. Very

Stephen Mullowney

length the have would Eastern result be strike to Porphyry, permit to drill be out. through is a needs very need the theory But the good Anfield proved the that of is We bit which there this. among to

Heiko Ihle

that's think Speakers] That's Yes. -- [Multiple I

Andrew Cheatle

prove in coming can then continue ends see is all and very Yes, the year also with might we Stephen, it areas that. but footfall got what you. area, some And to we've There in zone of recent is bit we're the what of you. up. do But Thank the little we'll will prospective. seeing, we on a also more call, it it. that all quite honing extent. be well consider on see the good sort what put infill smaller drilling to But later to we've And back to there. preeminent that as -- obviously, it very, know, main back area. we you it, And on very a that notice you further intersections with of to just pleased in drill little up on keen put Western analyze thirdly simply side simple just the of put the some you'll zone, eye And there all cluster been the this we be

Stephen Mullowney

Andrew, that. you, Thank for

Heiko Ihle

the costs person I'm Got be going so that we year. long you chain is obvious for too about concerned or cognizant are in in about And a asked focus next question you're you which there not should areas then to question, anything maybe it talking bit I've little supply things about hard But and and was get? to same preempted that next that bottlenecks, worry also my that not ago. and

Stephen Mullowney

an right now, Yes, keep eye this ongoing on we look, on an basis.

expansion, for mills the we that that now, even sulfide pretty supply a project, like right flow comfortable has limits sheet purposely anything the ball up potential, on there's resources if on now, things where that's from perspective. lot comfortable we're the on chain don't So and Right which supply get done chain very perspective from the well. the so mill risk a on had think But that we available, where of in overly know a is I pressing Tanzania, as lines been to we're good. and ball pretty

skill like and lot has to We equipment of sets to do Tanzania assets and have do in thankfully contract a mining, develop on-site. we country equipment all things on-site.

of that concern be will diesel could a that war be may not be an concern given abundance popped but networks. has thing There there's we now, as electrical pounding one in Ukraine is Russia expand. that an a the industry right with as generation up how So their concern,

Heiko Ihle

you're generation, diesel as to about generator? say the the you talking opposed fuel When

Stephen Mullowney

I'm about gensets. talking the no, just No,

Heiko Ihle

Okay.

You about the gensets. are talking

a Okay, got Thanks it. all me. for lot. That's Perfect.

Operator

go Mike Our with ROTH from next Capital comes Niehuser ahead. Partners. Please Instructions] question [Operator

Mike Niehuser

Yes, -- hi

Stephen Mullowney

Hi, How you? are Mike.

Mike Niehuser

sized -- -- whether recovery And use a additional or ball guys. I'm spend be feel this getting start are is of capital the sulfides regime you Hi, first to good, having good plants other full-year on maybe your a you're question without the get doing you Follow-up mill capacity same to should good which in with a out, where existing will to I'm looking that that allow a you you Congratulations can transitional soon. quarter ‘XX, to the level, going boost address of depth time? on the the hopefully for at processing sure. pretty to bringing to without I test to a forward pretty sulfide, your -- can be picture some from recoveries?

Stephen Mullowney

Yes.

doing going question mine, should you're we That we do by that's to getting So per the in five Mike. reading bulk some of plant the obtain to that hour. And bottom sample we're -- perhaps test pit the through some wide sulfides, not sea around or a really have of is imposed and holes on-site team. to tonnes the ways that's currently depth order the but small our put at trenching

commencing be sort couple of, quarters. next program of to in going on are we So the that,

Mike Niehuser

would that complete be and critical a imagine study. item pretty your for important you a to I

sulfides? figuring going be going to So XXXX how to and down I after out get guess is digging you're the really

Stephen Mullowney

How resources. growth going for And focused long-term Yes, the of is. plan What Well core a as developed? absolutely. component of next of in over production, is part be is correct. the the growth that technical Yes, and lot as teams a in the And year. asset? is be will that the on to XXXX the well work large growth is production that

Mike Niehuser

one And you that's glory question ponds. do be material that, ball if Are grow, sterilization bottleneck -- from manage have you a can you to for roads when your maybe for to as being And you I clever you're grow? for able ponds going bottleneck any -- comment the And as some drilling -- using on those the I tailings go from tailings about ponds you you such, so see available Okay. go because mill? area you looks to doing kind ideas new your additional to following on elsewhere of that or it sense glory. like more

Stephen Mullowney

Yes.

the top in enough any plant. sheet tailings the end, mine is the large tailings it flow be accommodate So priority, process to so obviously, needs to at is

-- facilities. There a with tailings are put engineering working a major on area. is It flat spots team the property this So is international that. engineering firm to that develop

And be a time. you over that operation along system build with The around up potted it government team over waste obviously, do With a in officials that time, mining well. tailings, rebuilt is and to asset is will or so with how is that working ore. regards with as

the out progress. waste firm -- with build the looking team a along the tailings engineering using So mine the time work-in sorry, facilities. over is But on the is that at ground to

Mike Niehuser

Yes.

[Multiple Okay. congratulate Speakers] also I just

Stephen Mullowney

costs Speakers] well. as operating lower [Multiple your

Mike Niehuser

it how need way. to it’s configure Yes, that

congratulations lost your sign well and efficient that good accidents, say really no time to want also Just on a organized and are things modern.

you So your and team. congratulations to

Stephen Mullowney

to safely? you matter world. Thank a team the safely? you Do to are Do work to go great the for home where want you that. in That's accomplishment want go for no you

Operator

As session. to back there concludes for are the phone turn the over Stephen remarks. to any the would questions conference no This from lines. further Mullowney question-and-answer like I closing

Stephen Mullowney

you. Thank

it these build start get figure on we think generally is quite I think but And I the grow last support don't our plants thank not that, so to sentiment over year last and able on was to have a over Financial managed today. asset but to we environment of our it. we've tougher, we business markets I really and been accomplish but shareholders the to that asset. year asset tough, the as in the expand potential tough budget, found would for through best, like the getting the the continually a operating Buckreef been out bit time, it that

advance with We resource go we'd to there's the requires to of a lot both on ingenuity requires have of at asset. continually our do that's profitable And very and basis. sure profile a that a production next requires make But to going be growth of to year like programs a exploration of focus focus on lot where lot expansion of idea work, a of the and work lot as on Buckreef. the it good a you continually

We growing as now having in not perspective, well, over well asset, the the while as a but and medium have an short-term, a laser as focus operating only perspective. from focus capital on the both cost cost, long-term on

any just in open questions have at door absolutely are XXXX. open to as for by time. maintain as expect as the team good anyone shareholders. we policy did myself so And XXXX And And we an any with we and

you we Thank for to together thank and base you. our continually growing forward future So support asset your look success. and

Operator

This does concludes call. conference today's

participating, You your and have you day. pleasant may Thank a lines. disconnect for

TRX Gold (TRX) 5 Dec 222022 Q4 Earnings call transcript