Tanzanian Royalty Exploration (TSE:TRX)
TSX:TRX
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Earnings Data
Report Date
Jul 21, 2026TBA (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
0.06Last Year’s EPS
0Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple clear operational and financial achievements: record quarterly production, record realized prices, strong revenue, high gross margin (62%), healthy adjusted EBITDA (> $20M for the quarter and annualized > $80M), robust cash and working capital, a sizeable ROM stockpile, an active and prioritized exploration program, and a funded expansion plan with procurement underway. Key near-term headwinds include elevated processing reagent costs (being addressed by an oxygen plant), supply‑chain and construction timing risk for the planned mill expansion, deferral of the main underground plan driven by pit deepening, and ongoing government/JV negotiation uncertainty. Management reiterated guidance, confirmed the capital structure is clean, and emphasized funding expansion from cash flow rather than heavy dilution. On balance, the positive operational momentum, strong quarter-over-quarter performance and clear growth pathway outweigh the listed risks.Company Guidance
Record Quarterly Production
Q2 FY2026 quarterly gold production was a record at just under 7,500 ounces, bringing year-to-date production to ~14,000 ounces and keeping the company on track for full-year guidance of 25,000–30,000 ounces.
Record Realized Gold Price and Strong Revenue
Average realized gold price in the quarter was $4,655/oz, driving quarterly revenue of over $34 million and year-to-date revenue of approximately $60 million.
High Gross Margin and Record Profitability
Q2 gross profit exceeded $21 million with a 62% gross profit margin. Adjusted EBITDA for the quarter was over $20 million (annualized >$80 million) and adjusted net income was nearly $12 million.
Robust Balance Sheet and Liquidity
Cash on hand of ~$26 million, working capital positive of ~$32 million (working capital ratio 2.4x), accounts payable current (30–45 days), and access to credit lines over $12 million. Warrants exercised -> clean capital structure.
Large ROM Stockpile Provides Near-Term Value
ROM pad contains over 20,000 ounces of gold; management states the fair value of that stockpile at current prices is over $100 million, supporting steady mill feed and liquidity.
Low Cost Profile Targeted and Guidance Confirmed
Full-year cash cost guidance reaffirmed at $1,400–$1,600/oz; year-to-date cash cost $1,507/oz with management expecting improvement in H2 via owner-managed fleet and processing upgrades.
Growth Capex and Expansion Plan Underway
Procurement for long‑lead SAG and ball mills underway to add a new ~3,500 tpd SAG/Ball Mill circuit that will operate alongside the existing ~2,000 tpd plant; target commissioning end of Q2/start Q3 calendar 2027 (procurement lead times 28–50 weeks; expected 30–40 weeks).
Exploration Program and Resource Upside
Geophysics (810 line-km magnetic survey + 40 line-km GAIP) completed/ongoing with ~10 high-priority targets; drilling capacity being scaled (RC and diamond rigs on site, additional rigs arriving), aiming to upgrade Eastern Porphyry resource and expand overall resource base.
Favorable PEA Economics (being Updated)
2025 PEA underpinned by ~1.5M oz resource, showed low cash costs (~$1,000–$1,200/oz) and healthy NPVs at higher gold prices; management expects the upcoming PEA/mine plan update (using higher gold assumptions) to increase reported ounces and NAV.
TSE:TRX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:TRX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 15, 2026 | C$2.14 | C$2.00 | -6.54% |
Jan 14, 2026 | C$1.32 | C$1.31 | -0.76% |
Dec 02, 2025 | C$1.03 | C$1.02 | -0.97% |
Jul 15, 2025 | C$0.46 | C$0.45 | -2.17% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tanzanian Royalty Exploration (TSE:TRX) report earnings?
Tanzanian Royalty Exploration (TSE:TRX) is schdueled to report earning on Jul 21, 2026, TBA (Confirmed).
What is Tanzanian Royalty Exploration (TSE:TRX) earnings time?
Tanzanian Royalty Exploration (TSE:TRX) earnings time is at Jul 21, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
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What is TSE:TRX EPS forecast?
TSE:TRX EPS forecast for the fiscal quarter 2026 (Q3) is 0.06.