TRX Gold Corp., a Canadian mining company, reported a return to profitability in the first quarter, driven by significant revenue growth and a record average realized gold price.
For the three-month period ending November 30, 2024, TRX Gold recorded a net income of $2.137 million. This marks a turnaround from the loss of $0.039 million reported during the same period the previous year.
Excluding certain items, the company's EBITDA increased substantially to $4.394 million, up from $2.587 million in the prior year.
Quarterly revenue rose to $12.528 million from $9.404 million a year earlier.
The improvement in earnings and revenue was attributed to the average realized gold price of $2,653 per ounce, a considerable increase from $1,942 per ounce during the same period last year.
In this quarter, TRX Gold produced 4,841 ounces of gold, slightly less than last year's production of 4,927 ounces, and sold 4,813 ounces compared to 4,895 ounces in the prior year.
