The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jacob Sekelsky - Alliance Global Partners - Analyst
: So just starting with throughput during the quarter. We saw a 25% oxide, 75% sulfide mix. Any visibility on how you expect this to trend in the
coming quarters?
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JULY 16, 2025 / 1:30PM, TRX.A - Q3 2025 TRX Gold Corp Earnings Call
Question: Jacob Sekelsky - Alliance Global Partners - Analyst
: Okay. That's helpful. And then building on that a bit, just on recoveries. You touched on the finer grind work that's ongoing. Any additional color
on what that time line looks like?
I mean, are those benefits we might see in the next few quarters? Or is that a program that might take a bit longer?
Question: Jacob Sekelsky - Alliance Global Partners - Analyst
: Okay. So targeting a step up to the low 80s in the next couple of quarters and then another step to high low 90s over the next 18 months, fair?
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Stephen, can you hear me okay?
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JULY 16, 2025 / 1:30PM, TRX.A - Q3 2025 TRX Gold Corp Earnings Call
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: I'm heartened by Richard's comments about optimizing the plant, really do it in several ways. And it seems like it's perfectly timed with the transition
from oxide through the -- towards the sulfides. My question is, it sounds like you're pretty much wheels up with the pushback of this pit to proceed
down the path of the PEA by continuing production, generating cash flow and completing the steps of being able to do a flotation circuit and get
underground. So really, it seems like you're just going to feather right into that. Am I seeing that correctly?
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Simple answer. That's good. I don't want a lot of showtime here. The other question is there's a lot of surface material around the project to be
oxidized. How do you see -- is that going to be -- take a backseat to the sulfides in underground?
Or is there a way to avail yourself of that with the existing plant that could take advantage of the market and such?
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Well, those were both actually very good answers, and I appreciate them both. One suggestion is that with us being in the fourth quarter and the
time it takes to publish year-end results, I think the investors would be quite hungry to see ongoing operating results on a one-off basis.
So I encourage you to do that. I think this is the time to break the pattern a little bit and take a victory lap if you can. So that's all I got.
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: No, no. Just staying the obvious, Stephen.
Question: Heiko Ihle - H.C. Wainwright - Analyst
: I assume you can hear me okay?
Question: Heiko Ihle - H.C. Wainwright - Analyst
: Excellent. In your PEA -- so I guess you got fair warning what I'm about to ask you. In your PEA, you're calling for annual production of 62,000 ounces
of gold per year. Obviously, current gold price environment is ridiculously strong, and we may actually see some more increases given all the
inflation that's going on.
Let's assume for a second, money was not really much of a concern. What would be the main bottlenecks to this figure even more over the next
couple of years?
Question: Heiko Ihle - H.C. Wainwright - Analyst
: Fair enough. And then just a follow-up, and maybe I'm just not grasping something here. But I mean, your deal with the Bank of Tanzania, you're
going from a 7.3% royalty to a 4% royalty. So that changes 3.3% of what you're getting. So about $100 an ounce, real meaningful.
It also states that you're selling it to BOT at the market rates. So if you could scale this, and it sure sounds like you could because the 20% seems to
be your words a minimum, why wouldn't you just go to the maximum or 100%? Is there credit risk? What's the downside from this agreement to
you? I'm just -- I guess I am not --
Question: Heiko Ihle - H.C. Wainwright - Analyst
: No, that was it on my end.
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