TRX GOLD Corp

Hey there, fellow investor! Let's dive into TRX GOLD Corp's annual report for the fiscal year that wrapped up on August 31, 2025.

First off, you can find TRX GOLD trading under the ticker TRX on the NYSE American exchange. As of the end of this fiscal year, the company had 284,861,895 shares out there in the market. They're primarily in the gold mining business, and all the dollar amounts you'll see in their report are in U.S. dollars.

TRX GOLD is a Canadian company, and they prepare their reports a bit differently than a typical U.S. company.

• Financials: Their financial statements follow International Financial Reporting Standards (IFRS), which are global rules, instead of the U.S. Generally Accepted Accounting Principles (GAAP).
• Gold Resources & Reserves: When they talk about their gold resources and reserves, they use Canadian standards called NI 43-101. The report clarifies these terms:
  • Measured Mineral Resource: This is the highest confidence level, based on conclusive geological evidence and sampling. It's solid enough for detailed mine planning and can be converted to a "proven" or "probable" mineral reserve.
  • Indicated Mineral Resource: This means they have a good amount of geological evidence and sampling, enough to start thinking about how to mine it and if it's worth it. It can only become a "probable" reserve.
  • Inferred Mineral Resource: This is based on limited evidence and sampling, so there's a lot more uncertainty. It's too early to say if it can be economically mined, and it can't be directly turned into a "mineral reserve."
  • Mineral Reserve: This is an estimate of gold that can actually be mined economically, based on measured or indicated resources. Don't assume these will automatically turn into profitable reserves.

Speaking of their gold, their main project is the Buckreef Gold Mine Project in Tanzania. The company recently completed a "Preliminary Economic Assessment" (PEA) for Buckreef, with an effective date of April 15, 2025. A PEA is an early-stage study by independent experts that looks at the potential economics of a mining project, giving a snapshot of what could be possible.

Like all companies, TRX GOLD's future plans and expectations come with some risks. They've got a detailed section on those risks in their report, breaking them down into risks specific to the company, risks related to the overall market, and risks tied to their stock. The report is full of "forward-looking statements" – their hopes and plans for the future. These are just expectations, and actual results could be different.

This initial look gives us the basic setup of the company, how they report their information, and highlights their key project. The report details categories of assets held, including exploration expenditures, mining property, processing plants, machinery, and right-of-use assets. It also outlines components of their equity, such as issued capital and retained earnings. Depreciation policies are noted for machinery (10% to 20% annually) and automotive equipment (15% to 25% annually).