Tanzanian Royalty Exploration: Strong Financial Performance and Strategic Growth Justify Buy RatingWe reiterate our Buy rating on TRX Gold as we increase our PT to $1.40 from $1.20. In short, the increased PT is primarily attributable to rolling our DCF forward one year. Our valuation for the firm remains based on a DCF for TRX Gold’s Buckreef project on which we maintain an unchanged discount rate of 24.0%. Looking ahead, we believe that this figure fairly accounts for recent peer transactions in locations carrying similar geopolitical risk factors. Our model yields a project NAV of $451.7M, or $1.32 per share.