By Mary de Wet
TRX Gold Corp. said its preliminary production numbers for the fiscal fourth quarter exceeded its guidance.
On its fourth quarter:
TRX Gold produced about 3,619 ounces of gold, above its guidance of 750 to 800 ounces of gold per month.
"Preliminary Q4 2022 gold production was higher than Q3 2022 due to processing of higher-grade ore and increased throughput at the 360 [metric] ton per day...processing plant which operated at full design capacity throughout the quarter."
The company reported sales of 3,363 ounces of gold for the three months ended Aug. 31. The average market price was $1,778 an ounce, TRX Gold said.
On its full year:
The company reported production of 8,874 ounces of gold and sales of 8,598 ounces of gold. The average market price was $1,825 an ounce.
On Buckreef Gold Project:
The 1,000-metric-tons-per-day oxide mill expansion continues to advance on time and on budget, TRX Gold said.
"To date, staged commissioning of the 1,000+ tpd mill has commenced and the two new ball mills and new crushed ore bin have been 'dry commissioned' (i.e. the ball mills are connected and turning). Secondly, the new crushed ore bin is operational and feeding the existing ball mill, while also ready to feed the two new ball mills. The Company remains on track to complete full commissioning of the 1,000+ tpd processing within the next few weeks."
The mill expansion, with a capital cost of $4 million, which remains on budget, the company said.
"We expect to hit a steady state of production of 1,000 tpd during November," said Chief Operating Officer Andrew Cheatle.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
September 12, 2022 06:47 ET (10:47 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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