TRX - Earnings call transcript Q1 2025

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Operator

Welcome participants. It is now my pleasure to introduce Ms. Christina Lalli, Vice President, Investor Relations with TRX Gold. Christina, the floor is yours.

Christina Lalli

Thank you, Chuck. TRX First the Presentation. XXXX to everyone, Gold Quarter Corporation Results Welcome, Operating us Executive Leonard; Officer, Chief Chief is and Richard Stephen joined With our Operating Officer, today Mullowney; Chief newly Officer, Boffey. Michael Instructions]. [Operator being is meeting recorded. The [Operator Stephen CEO. to Instructions]. I meeting Mullowney, would turn like the now over to Please ahead. go

Stephen Mullowney

Yes. Thank to welcome, and the Call Conference XXXX you, Gold. TRX Christina, for everybody, QX

to you First Richard Boffey. Officer, new Chief just a and give Operating foremost, I'd like to yourself. quick introduction why our don't introduce Richard,

in one services you're the You're rooms technical at and Buckreef our of team where today, resides. usually

Richard Boffey

got everybody. Stephen. for taking gold we Good potential, it's with glad Thanks, get very a at and significant become the on call. and a early great -- Gold forward to very days, look much to morning, my Buckreef now Yes, look to starting in Tanzania. operating It's a to dirty out resource, has Buckreef. and mine be be hands to but I'm Happy place wonderful TRX this

Stephen Mullowney

you, excited Excellent. very and of are team Richard. on to you the executive on on board, have I have board. know you the behalf Thank Board in good to It's

Glad much Tanzania, sure Toronto warmer it today. Tanzania I'm degrees in you're with today. is in here minus dealing enjoying than We're XX So It's Celsius.

for So is probably we're investors, U.S. And quite minus cold. that our XX, quite cold.

#X, we go. There please? further without Slide you Christina, ado, to So forward can

lower profile in we've we prior is past. QX in we in what what focused focus than What QX I QX our on indicated, we mean? as grade to really is what had calls, like focus a did release what press always And So So we've would XXXX. in to in had I'd our like -- on does that on XXXX. XXXX, we done the on

that's lower lower ratio where profile, go a company ratio is higher periods means of and gold then single in the going gold over to periods did there's grade of mill. the through that mining strip where profile, time. The profile grade you'll grade is. less get normal into lower And gold a what So asset strip higher is

it. influence can't You

had take way value You mining short, profile to has present that the the lower plant is a you long from come medium go in that up mine expanded have cost by But we maximize half. that online and per basis reduced has QX, in the is plan in particularly takeaways and over I net the tonne, set grade in influence operating away it cost over the about term. the that

lower very grade even We a lower asset. hand-in-hand X, we're recovery Buckreef are still and low-cost goes still profile given at a metallurgy a rate, the which to

profitable. and really explore will So more means what resources, It does mean? find more as that and continually more and Buckreef be more we

cost mine find in and expand Stanford can we we've higher at So come those QX to likely, Anfield the we going and into over than bring bit had what lower such grade Bridge, what as them are be than have plan and what we the resources and More drill in looking even put time. XXXX. those processed at --

QX in in average deposit the a X.X grams versus grams XXXX profile grade Our XXXX. about a at was grade X.XX of QX the tonne below tonne

expanding now that, time. over resource in a out with So what needs and And that focus asset. the we've the the on proven QX profile expanding production is this be is low-cost XXXX to

price And on between resources there's those a our mineable in proposition gold healthy As business perspective? expand there, plan time. Mike, cash again operations, balance new continually business pause continue where from was, given processing. I'll over in cost reinvest grow. more I from and and what's can flow it any operating take very the that high-level to the our into a is that current more which category, capacity that into to QX, lower resources business mining exploration overarching perspective But to the size the comments from is available we means the and come missed in balance is a and processing there continually given resource bringing out

Michael Leonard

we explaining was of of Stephen. scalable really to really overhead. business the is adding time And it, additional that a just but QX we've I operating been we've a about to fact quarter some full low-cost, which consequently, can now, a a by first we grow this particularly X,XXX at whereby come again, whole in earlier has real that operation, a this cost heck the point, No, lot mean saw benefit And high-margin talking the reiterate, for operation. operating tonne, this down processing was a without been that over your costs, tonne capacity. reinforces is And the half. day plant per

Stephen Mullowney

Exactly.

Christina. please, slide, next So

do business in again, remains field So runs that lower the and continually a and put recovery like where board. or the down grade can proven football America even plan the further this fact at on from the even we would Zealand say, been move New to intact. we Richards out in lower the as rate It's in

bit for resource And drill have that so now the and business the continue business into further continued bring plan time. over the the to to We're exploration in a growing that planning to to and ground current plan phases in time. over expansion is for continue

slide, Next Christina.

from EBITDA like, and QX increase half QX We because QX higher than we us from in with So with an operations those flow cost grade. enabled higher regards cash and profile prior -- did was to years. in the lower had as flow gold from as EBITDA the XXXX we adjusted the adjusted increase what as equivalent operations to have because XXXX in cash well had price production looked the

So are the very, healthy. financial very metrics still

asset to Xx now. well Buckreef that capital over the ago up gotten now done into investment have raises X were We the years over from

drill management, and us to been the times, minimizing time. And it dilution bit. out, in as expand And exploration slow so continually we'll shareholder operations the point at has to this capital slow although at feels proven the business well to continue prudent is plan, and times as it

is right going As necessary a particularly around will flow into up through of mentioned into be the the stripping cash grade. then investment the open further now, stripping get campaign, as campaign produce higher parts has more that to head exploration. of because I body higher the which that's That the will reinvested continually we ore the grade asset, the head

the Christina? control on on well we've costs, So basis, gold ton capturing record by done prices a We on very focus keeping we and can mentioned, cost. per as high a I are that. particularly

decreased processing cost plant. in in the has As we mentioned, the variable operating

facility operating costs that's perspective. processing, little the a the further continue as tackling come also on infrastructure, what on of some costs plant. tailings Mining well which we bit which are is of focused fleet. I'll mining a as expanded to will with other We being our facilities That we owner-mined first to lagging expand down now in... call fleet types utilize right the utilized than and is

the we have background noise? Excuse me. Do

I our service provider for call. that's right think this muted Are not now.

[indiscernible] mute, So that be greatly appreciated. would could please if you

so set also infrastructure fleet to to that brought processing loaders like we're equipment, fleet and a around We've Buckreef. the of mining things that. owner utilizing in replace current build So

in And operating impact on end had the coming So that an was that cost. the towards of has quarter. the

on fleet didn't during we the site that quarter. So have

in reflected haven't having those the processing So of our fully been as into those fleet plant own reductions such loaders yet cost costs.

are So prices. gold benefiting we from

the are we We focus a and with the are. Production grade cost. in where is expectations keeping on line mine given plan profile

around and zone the well the are benefiting results drill success, asset, particularly in of is the we from are zone brought hole of the hole have main to has economies It between Anfield scale is We us Eastern trend. main Bridge, at drill Stanford Porphyry Buckreef. and the which to some good and as as exploration adjacent record continuing

this the one for Porphyry one abnormal we'll the things. of the wouldn't try a are a is like the there, of us to Eastern do and zones, if on So these to type into deposit and geophysical next of this survey to second, similar there in once property main and Anfield steps determine any Bridge trends between find you which zone be in Stanford get

same -- is Again, please. the the one. prior it's a slide, Next same as this slide

pictures of able to -- focus. lower in and and grade plant bring lower that's a been even rate cost, things Again, at these has expanded the some recovery this lower newly see You'll profile. plant. at Buckreefs' our low-cost asset

Mike, please? slide, Next this please. do you to want present slide,

Michael Leonard

good of what key to and morning, repetitive be already reiterate Thanks Stephen, quarterly of had has Thanks, think but today. some understand to Stephen Yes. just important I maybe some here drivers financial say, so joining the little us people the a I'll of it's with results. everyone. bit for

over goal the the accessing ore had half a of the half did year-end we recap, higher of MD&A. scheduled this We a campaign mining our of year, this mine Just in with to tonnes year. strip blocks second waste of the indicate schedule with the us proportion higher-grade where first

proportion a grade. touched because campaign a recovery, Stephen you the strip sequence. as harder and through rock. a waste schedule as you have through on lower on, higher we rock, inevitably, slightly on As waste average in as rock, you work get you head of this But and of again, we're seen, lower as realize that And of proportion move will case, higher our

do. did day. this, the the our increased per We good plant throughput to it over year-over-year. the is to touched But Stephen exactly XXX% on news, We're and tonnes supposed X,XXX what over good up was news by expanded

and capacity So at it's with nameplate operating scheduled downtime. maintenance

lower Stephen And And flat that effectively that throughput our on, increased as consequently, grade was production recovery. year-over-year. offset and touched

it year. these We year-over-year than the from was metrics in our ounce prices. key price benefit record did revenue, consequently, profit last $X,XXX an gross and we financial as in to higher like That And $XXX ounce EBITDA. However, realized an lofty growth gold quarter. led realized

bit leverage Buckreef So gold it's significant coming as financial our the a accordingly. price, results earlier, this we really little to the through has and on demonstrates, touched that

is touched on we we this this had and the the how about presentation, outset scalable. operation Additionally, at spoken of

did the that to that do tonne and QX. day that at there's is plant And press a from last tonne operation capacity. asset. first a was did end demonstrate year. we idea We benefit online little consequently, per release that firsthand to day we at have this full very as the to up variable of we scale. improved having in QX This back in X,XXX our tonne We of add this quarter plant the end X,XXX of the grow benefited we say were overhead greatly And of discussed operating result. cost We that would a bring economies able did the

Similarly, and averages throughput, cost cost per at additional well came processing from as XXX% in little use touched were Stephen That's The projects, as time plant start like increase has well this see come this as with year. down below we supporting coupled overhead very operations international help more in on this tonne. mining well. XXX-plus come and last cost equipment decrease in tonne to percent down. things well, and certainly costs a to to and regularly development site there Processing led per down expect feed we And we but where $XX.XX.

the in the as guide to production we the we guidance, this in gold expect to reinforce continue cost last will throughput capacity that's blocks year's the both you. through which and we of strip expect get Stephen, expect far we As our year, to and levels back the campaign to of quantitatively last, and production to higher to do cash ore QX expanded the in costs, we expect with that release. work of through year to processing a and higher come that second plant line function than be higher half as be grade also fact

Stephen Mullowney

Yes. Thank Mike. you,

to So Christina, exploration, please. slide, with regards next

very So around Stamford further this particularly is What to property. do we're need Bridge. get we results, seeing exploration good

spacing do to on do of the of this, pit get Let's not as category. the out into it lot to highest need into what's that have discovered work last be bring the we've we combination which go have need will best we to mine drill our appropriate it the XX is the in well. a or to figure whether that to a mine open of meters way we Anfield, And a had. underground And months both. still to around grades Bridge plan. indicated that XX hole to returning do Stanford forget width We

that is into as come be it's news drilled need because how bring the And to the -- that's was good pit Anfield but and to intersected mineable pit, and well discovered into resources the it to over it adjacent resources. mineable time. it does will

So there's exploration. be a lot of spent here money on to

up then expect cash focused and a operations with the meters areas. we're come market those put how now, the campaign, we be what to to Right on to many stripping the campaign drill doing from expect on back we'll and after hole getting into flow we

news is results It it. are good plans for good excited the into the So hole mine really really over time. on drill will I'm exploration. come

There let's open Buckreef open focus the on resources our is the reserves mineable zone Northeast. at into is over in the and the in main main continually exploration asset. south, But zone. here a to lot a just still ounces forget also this potential expand still time not program. There's around of to bring The

Christina. slide, Next

really, got We meters, are And that's on of Stanford properties. great excited going here. As time these good drill Bridge, they're gotten really Really, holes. holes. I around mentioned other for the any what's in gram of type nature XXX-plus These really get to hole. tonne We've that results. look, XXX one be you

There's get and it around have and and lots find it, of and out you gold go. to explore continually

Now a Stanford Bridge name. is

As you here. a of trend a there's bit can little see,

Premier from perspective on perspective have and Anfield. from English or perspective football We fans They do rest had of stadiums, world we a a is that We or a trend site. soccer had. the like lot that of European fans a U.S. the League

I right? think, a Richard, Liverpool you're fan,

Richard Boffey

correct. me on made you for Yes, come that, speaking that's

Stephen Mullowney

Bridge That's right? Yes. correct. Stamford Unfortunately, Chelsea, is

Richard Boffey

but stadium. a good Yes, it's

Stephen Mullowney

exactly. Good

by the it. local we zones, So naming to you excited they're that staff like and get quite sense involve the these of do in the

know going be will there's So we certainly, debate next, good name I zone, but on find new I'm to a be we when a sure very what it. don't what

it not like names do have may I like mind. may it, You not some the Richard, guys and other either. in

Richard Boffey

a for not too Not Stephen, me. geologist, these things much are

Stephen Mullowney

Exactly.

go So more results we as forward drill we to hole look forward.

flow that. growth. So are from go won't utilizing have cash the I fund operations again, do continually we plans. to We over CSR robust

upgrade in in about the That the region. We here. to continually welcomed. in is we'll infrastructure invest the health talked that And haven't the region. We facilities very much schools continue and the

things and is of equipment better have the very road much with is that appreciated it focused maintenance the by mining the also owner our the of locals the before, on, much One on new we is that too, site in than community. was

we're what to looking we Again, price. has did, please. in Next share I slide, believe, Capital structure. December, happened at our

look people and that have We hired things like hired. have companies at sellers in similar people the short other that, past,

bit We period we're also business December from analysis is, that. the I sound, recovery of a to I have, But at loss bit of a I mentioned look the see believe, and starting this as fundamentally, tax in we'll well, shareholders. and in can January, what still say as to quite is a little selling

the and be without a top in to build from is the business providing underneath. at in up participants goal time valuation the price approach fundamental asset to market asset Our the value to a fundamental the drive through share attempting over reflected versus market having

philosophy. of term. for term in changing I'll don't questions. that see to medium And the it or And short we'll open sort continue long to I now up business so have that

Operator

[Operator Instructions].

come Our Wainwright. first question from Heiko with Ihle will H.C.

Heiko Ihle

Welcome to Richard.

you I put on getting fan. trivia quite a spot think soccer with well. the I'm handle [indiscernible]

drilling long site So anyways pretty that a should time, too. nice that for congratulations some the said going you keep on guys

was this obviously, as But And in the ore grades, pendulum then back the and the in the recovery rest bit better to swing of the tonne the assume the was I and X.XX also quite you get the the some we historical is the head half for at a going near due lower per to said had calendar it's in and going Looking stripping. year But that term declined quarter rate year. of in fiscal to the grams of well release, obviously, second grade that meaningfully. said, XXXX. lower.

much? if Just confirm, going on to just so, please. So work impact be model, how any quarter? there And this all is at trying our to to

Stephen Mullowney

Yes.

the in. going rates, rates What have gold. coming had it's lower QX, we is Heiko, is QX we in I a probably slightly recovery have grade recovery in to where The powder have than -- lower head on do be little suspect -- I bit will be what don't is higher. So slightly and you

higher recovery So grind the you you get. finer it, the rate the usually

grades. we have tail consistent And also

what no your certain going head So a grades within matter your are grade is, tails to be range.

and mentioned at the before, looking So on and the long now I team term right short to efficiencies even medium I the around say -- this operational are medium shouldn't plant.

great. will ball going plant throughput should over And SAG a time over per need -- upgraded X,XXX rates. team the is in mill does to higher The through hopefully as then tonnes those well get get looking a time it it's the a what recovery and as to So and day, at a in but D putting which be has be and front having mills, increase ball to flotation the regrind.

the will release look had rate get because press around we that recovery you that the met of grind first increased study, study sort a that and you size. sheet that significantly much had a flow met at higher So

you're into today sorry, So to XX, -- XX% XX microns which micron we passing XX percentage. the around microns have the XX same from down or XX passing moving

the -- a get to you recovery higher gold expose You cyanide, get more rate.

time. over that's So been on worked

So good ounce. per even have cash that will on a cost impact cost and operating

over continue to this. time ask, So that that? we Richard, to be anything knees there will I Is your operational deep And at into look focus as the efficiencies. to add

Richard Boffey

put between a how it. we can through much the how and particularly. get fine we mill Not always There's trade-off

the up what put really a But in, level. fine drivers at to cyanide for recovery a XXs. up and going regrind circuit circuit big a -- coming there's that to then you'll always that flotation drive that concentrate in see operational to and to So correspond into exposes it the will continual levels, good process well optimization is on an are recoveries

the big out win of that's So flotation circuit.

Stephen Mullowney

Correct.

southern Heiko, QX to back And as old believe, head around QX and property campaign are were higher so the quite workings I 'XXs. -- head mining our and that early year to to in we grades with the are underground These grades late get the days 'XXs, parts grades, move the improve anticipated dramatically will the pit. this from in regards of strip and in late the the on -- of through

no that the managing the went are zone voids that first deposit how that main a it's that. to part does in there, we're because and accident It they around investigating And some perspective the to there. of some from safety that best and underground there are given now grades maneuvering require do

Heiko Ihle

enough. Fair enough. Fair

the Moving a months been actually since appreciate mean, September. now that. in answer, that, given of it. commissioning It's back I the and all I on That's official your from recency all X there still plant of of comprehensive very You've prepared community, I the some on, analysts you're earlier, mean, on some please? provide improvements and maybe quantifiable but you remarks any investor that granularity things at basis say, in week-by-week a just can seeing hinted your right now?

Stephen Mullowney

Yes.

sort screen of so now have now And what decks as the to well understanding part some been how we some of the I capacity. and to So is on we size, order. then of tweaks there making those liners as liners there -- and is running wear sure have that circuit out, an at of things. things time up And -- quickly sort the what on on get Shaker mean that crushing full liners

crushing are sort in of operational efficiencies those the So circuit. now

circuit, what on milling X a say doing one. refurbishment what mills the would say is we're ball I'll is small small I currently, -- the the last On the major

in one December, we're we X So doing another them in and of now January. did here

the through again. I days that. online think in should X/X of we're next be about way the It of couple

that so necessary in maintain time. throughput to to order And that is the make sure have the equipment over we

you do when it's that have grade. to I have it a when lower we grade the going profile. prefer through higher time get Now taken it's when the to grade higher down it to

that's being done. So

a QX in last down larger the slightly the That gen that. online result that of mill a be as be tonne enables to over days. We will ball processing day now arrived time. set just much per of all couple have the So X,XXX

our puts So goes we with electricity setup a gensets that current period when power down short down, of the do for time.

We're process and a new elution that putting plant. also new place a now of in So rectified. has been ordering in

well. That and carbon, increase will regenerate the to as enable strip to activated tanks us for help carbon recovery rate

that project So underway. is

there's early that in get So next sense a and the getting year of through of half lot latter we through is us what year the as you're will efficiencies operational come from that plant. a

Operator

will Roth question with Capital. Next come Neuhauser Mike from

Unknown Analyst

assuming much circuit, with internally? decide could do regards And of what think the of With that that that, a flotation forward to would timing you to be you be how funded move it?

Stephen Mullowney

Yes.

financing XX-month So to financing to thing when to $XX in discussions over that, and We'll regards that I look, million over are that is likely for the more will adjusted that, has Buckreef EBITDA. up of that finance now. more suspect move the looking million components at than come providers time with debt by quickly there's With $XX because We're debt that. upgraded. it, that now moving of we market is and current roughly project a we'll lots and of be lots parts of to

Unknown Analyst

be Okay. discovery itself of how the higher in it that when how but made. that in, pit plan? coming wrong. It And with -- come there I be that out was regards was area And that in can't to could soon might seems could Stamford the was that Is how may mine kind how recall But where wall. was I Bridge, like into discovered? there, showed grades I soon

Stephen Mullowney

where particular the you the the angle in was that in sunk sop you hole the could geotech for geotech to the you geotech should no, -- see side there the pit, pit hole order it. we at the sunk and looked order -- be. sorry, was what hole, One gold a hole. in And of metallurgical ways. not we And at It looked determine then was discovered X was when metallurgical hole

was how that's fairly came so And exploration up and it then and holes, some we it put discovered, in drill well.

first So wouldn't discovered. mine that's you the It discovery. where how type that be have it of was

that's essence. if property. we zones of do there's other your figure why geophysical and order Mike? question any That's cross works magnetic that was in to of Buckreef What the the second type the So part in the to out need these of there,

Unknown Analyst

Yes. it. It just my could it looks least because like that it's side the you it days, goodness it fact it out again, seems looks a it's on pit. And then course, are. could what you but like just get right of deeper, still of don't How of to of extends soon thoughts it thought be like the at But but the was I the lot your too. curious that early there, see have to deep go some --

Stephen Mullowney

Yes.

correctly. So it's bit a read to is results, them like the going you in seeing, right, little you dip drill saw that, given what you're what

figure then open pit we have going it, another and whether then to -- get resource. more those to mine to part have of bring higher to in way could we put underground that on best part or for And in to right, what's of be we continuity. holes drill lower, holes. drill And it be what comes back out it's depending in confidence So which the the for more it, on higher

it yet. the of sort at plan at but not I to at scenarios, stage we're move stage mine looking a we think conceptually we're a into where these now start

Unknown Analyst

ask TRX? could I that's And my what excited if And Good to Richard, just about question. last is answer. coming

Stephen Mullowney

let Yes. I'll answer him one. that

Richard Boffey

willing Look, here to working I've we workforce He enjoy got here Mike, Anthem really up and I soak we've glad challenges hear the to again, voice. to Stamford challenges probably the Bridge put seem been that most at got, to well up them But here. your look, for. porous that very before information a is respond and the exciting.

a So nice ore people body. combination and very of good

I So the like challenge.

Operator

in through Please now the call take Stephen I would will submitted questions to Mullowney, go us writing. to like sir. back hand ahead, who Mr. over

Stephen Mullowney

Yes.

have don't questions we today in So too many writing.

can you constantly quite give As answer. we comprehensive tell,

have we people podcast have I've here are do planning So we're to more if been podcasts. podcasts to that going the question some I that wondering is and on sponsor noticed more

answer suspect the going more the on that, yes, sponsor on that podcasts. to value we I be Whether to we're look at we'll is. been will So what more podcast. and we've podcast, see

to. And interacting out certainly we more a sort of things Yes. Are pushed over think employees, coming we podcast? you'll I how be going and of our I media do through of to think open where we're around that's series will we're Tanzania podcast we're those something see locally think some that time. around channels going, our

do We us we have those in people hired Tanzania podcast And certainly, type podcasts. do here. of more over to help doing are

get out investment tell the it's head a and need this thesis yes, we to as asset, at good I So continually about and market even to said, low-cost business, a it. low more grades, it expands. people here, is There

Unknown Executive

see Trying to got another. I if

Stephen Mullowney

Yes.

is that Chuck, put think on him through, line. the I would be Greg you great. could if

Operator

please with go ahead. Weaver Capital Greg Invicta Management, Mr.

Gregory Weaver

a sulfide questions. function ore quick Is of X Just the grade mainly body? oxide head versus

Stephen Mullowney

parts a deposit, it to of No. different you got mine and different sequence. and is Head just there's of a in grades grade function

Gregory Weaver

in the ore? handle And Okay. could plant XXX% state sulfide its current

Stephen Mullowney

want Certainly, we in to place your ideal. be have not would in circuit you It's the What plant that the tanks. And in you prefer have to activated is carbon tank. before carbon the flotation your happens that. in floating

want So viscosity that's good. you very in a tank

of carbon to and the can with get of ideal is oxides decent it that's flotation sulfides your XX% you be the and to that, about today. rest XX% mix how the and kind So we feed

to property that. oxides do around enough there's So the

Operator

Al will from question come Your with Krug TRX. next

Unknown Analyst

where spot on to? Is be a there listened I've these where conversations, Were YouTube. go webcast and can of to conversations can shareholder different a TRX can we go accumulated different

Stephen Mullowney

Yes.

by the and done is together our website. and pulling TRX, we'll Christina on articles been them that So have have currently various podcasts

and For there to week, myself you'll on LinkedIn sources. been was instance, the alone, about where article in Mining explore that's talking never other by and was posted an Journal this I

to our on a website we to job So that do for getting need you guys. better of

Unknown Analyst

the watched Holter I of folks, and and the Denny with a Bill conversations so forth. couple And oil

back hopefully, on. so be And I'll

Stephen Mullowney

Yes, particularly basis their channels I'll and And -- a on both up as certainly, we pushed Bill that with through quarterly should various -- -- out they also with follow those a I and media well. have following, guys. do Denny

Operator

back like questions. would over the Mullowney call to for written hand to Mr. any I

Stephen Mullowney

Yes.

I more think have no, think I -- Give don't other have questions. written one second. don't I might -- any me questions. think No, we we written

Michael Leonard

from more, Peter Smith. Stephen There's one

Stephen Mullowney

read it Mike, you to Okay. to want do me?

Michael Leonard

was participates it area comment it government there. you forest please? The Kagosi a albeit licenses And Sure. Stephen, is the reserve. mining as question designated Tanzanian as the an was Kagosi. X,XXX TRX Can appears whether previously though on that that was was in issuing still comment additional

Stephen Mullowney

Yes.

in TRX government Kagosi. Kagosi There years It licenses, has the have So didn't licenses. being is mining licenses is smaller if longer that to over be just mining X which a issued time. right With are I at joined with regards number it ago. licenses. there the area, would and primary around suspect are the lawsuit area, X,XXX, was when no mainly Kagosi that Intatemia I smaller In

Buckreef. we mining not no is have license now, right special a The license does that have TRX only at Kagosi. So

Michael Leonard

were think I both that queue questions that David, the voice the answers and on text. in all

Stephen Mullowney

a for normal. The profiles campaign times coming stripping continually everyone, have Excellent. I'll well you results joining through there's exploration Thanks, asset, as you. Well, in. as in to news this. you at good move lower that's is leave grade mine thank a great today. with single

to over that We time. expect continue

a be the profile you're a on as lot low-cost low-cost recovery hearing asset proving a is in as well can call, this also, that get asset lower out still very a more we're And efficient even at to as plant low-grade asset. a itself a profile

very Tanzania, can So at low a at it's a can very low we in that out proving operate cost. we cost, build

this plant For instance, plant to million, $XX $XX and same assets us has range. million, than other continually $XX million a build say are this, the costed in I less size

anybody I I and anywhere still on saying it this cost. We've done think who's improvements be done Yes. low budget I'm cost cost basis are in know this, But extremely to time, there quite this on confident on else. very Are made? don't -- and don't and effective

business it's I that, miners continue out the very low-cost out, to on if this you tell there. when a friends profile basis going be basis that going forward. vis-a-vis that to on build so a to on your I growth we encourage other would continue low-cost this are of reflect that can And

to So that's us, others out since we what it our we're build for you're that a looking front again. right at, cost relative conversation it will in flow thing joined, Richard, as together, the seeing piece we have and in same be as of we'll this I what you will sheet cost low think

Unknown Executive

of potential. Loads

Richard Boffey

well. Yes. room for Loads of as improvement

and body a -- wonderful So ore to do.

the in think, higher and So I in grades these to there's plenty the production yes, in scale to once scope us for significantly increase body. up throughput deeper of get us sections production, of we down ore

Stephen Mullowney

And Bridge find like Absolutely. other [indiscernible]. Stanford Anfield move goals and hopefully and

lots stay potential excited. here. there's basis We're and a So doing tuned. on We're of it low-cost

much. very [Foreign in Tanzania Language]. saying So you as Thank I was

Operator

brings close today's This a meeting. to

for your participation, You may you day. Thank pleasant a and now have disconnect.

TRX Gold (TRX) 21 Jan 252025 Q1 Earnings call transcript