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Tanzanian Royalty Exploration (TSE:TRX)
TSX:TRX
Earnings Data
Report Date
Apr 09, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.04Last Year’s EPS
-0.01Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple strong operational and financial positives: record quarterly production (~6,600 oz), strong revenue (> $25M) and adjusted EBITDA (> $13M), improved working capital and cash, and a clear, self-funded expansion pathway (plant upgrades, SAG circuit, TSF3) with substantial exploration upside (40k–60k m drilling). Notable execution and timing risks include ongoing government negotiations, equipment lead times, some benefits delayed until FY2027, capital expenditure timing uncertainty and a warrant overhang. On balance, the highlights—improved profitability, cash generation, clear expansion plan and exploration program—substantially outweigh the lowlights, supporting a positive outlook while acknowledging execution and political/regulatory risks.Company Guidance
Record Quarterly Production
Produced just under 6,600 ounces in Q1 (record quarterly production) driven by higher throughput (~1.9 g/t mill feed), higher grade access from prior strip campaign and improved recovery (~75% in Q1). Company remains on track for FY2026 guidance of 25,000–30,000 ounces.
Strong Financial Performance — Revenue and EBITDA
Q1 revenue exceeded $25 million and adjusted EBITDA was over $13 million, driven by record quarterly production and strong realized gold prices. Gross profit margin exceeds 50%, demonstrating high-margin operations.
Leverage to Rising Gold Price
Realized gold price in Q1 was $3,860/oz and rose to over $4,600/oz a few weeks later; management emphasizes strong leverage of the business to higher gold prices which improves cash flow and project economics.
Solid Cost Profile
Q1 cash cost was ~ $1,500/oz (right in midpoint of guidance $1,400–$1,600/oz), placing the operation in the lower quartile of the cash cost curve.
Improved Balance Sheet and Liquidity
Working capital improved to ~ $15 million positive (working capital ratio ~1.7x vs 1.3x at year-end Aug 31), an approximate 31% increase in ratio, and cash increased to over $9 million versus Q4. Free cash is being used to fund expansion and upgrades.
Stockpile and Feed Flexibility
ROM pad stockpile increased to over 22,000 ounces (≈1.2–1.3 g/t average), providing feed consistency, grade optimisation and an insurance policy to smooth mill throughput.
Planned Plant Upgrades and Expansion Pathway
Major upgrades underway for the 2,000 tpd plant (crushing, mills, CIL, super oxidation). Metallurgical testwork supports switching to a larger SAG circuit (simpler flow sheet), fine grind optimization to ~20 microns (energy/capex benefits), and expected incremental recovery improvements (Aachen/Oxygen systems). SAG lead times estimated at 7–9 months.
Exploration and Resource Growth Potential
1.5 million ounces M&I resource at ~2.5 g/t noted; geophysics highlighted new targets beyond Anfield and Stamford Bridge. Company plans ~40,000 m of drilling (potentially 50,000–60,000 m) and budgeted exploration spend of $3–5 million in FY2026.
Tailings and Long-Term Infrastructure Planning
Committed to life-of-mine TSF3 design/construction; TSF3 expected to be constructed in a single effort (~5 months build) and available around Q1–Q2 FY2027 (interim lift on TSF2 to bridge capacity).
Path to Self-Funding Underground Development
Management reiterated a straightforward plan: expand the plant to increase production and cash flow, which will fund underground development supporting an ~18-year mine life (PEA basis) with ~15 years underground thereafter.
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 |
|---|---|---|---|
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% |
Apr 15, 2025 | C$0.43 | C$0.48 | +11.49% |
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 Apr 09, 2026, TBA (Confirmed).
What is Tanzanian Royalty Exploration (TSE:TRX) earnings time?
Tanzanian Royalty Exploration (TSE:TRX) earnings time is at Apr 09, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:TRX EPS forecast?
TSE:TRX EPS forecast for the fiscal quarter 2026 (Q2) is 0.04.