TRX GOLD Corp 6-K, filed Nov 15, 2022
TRX GOLD Corp (TRX)
About this 6-K
TRX GOLD Corp filed this 6-K on November 15, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2022
Commission File Number: 001-32500
TRX Gold Corporation
(Translation of registrant's name into English)
150 King Street West, Suite 200
Toronto, Ontario
Canada M5H 1J9
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On November 15, 2022, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibits
The following exhibits are filed as part of this Form 6-K:
| Exhibit | Description | |
| 99.1 | Press Release dated November 15, 2022 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TRX Gold Corporation | ||
| (Registrant) | ||
| Date: November 15, 2022 | /s/ CHRISTINA LALLI | |
| Christina Lalli | ||
| Vice President, Investor Relations | ||
EXHIBIT 99.1
TRX Gold Declares Commercial Production of 1,000+ TPD Processing Plant
TORONTO, Nov. 15, 2022 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX:TNX) (NYSE American:TRX) (the “Company” or “TRX Gold”) is pleased to report the declaration of commercial production of the 1,000+ tonne per day (“tpd”) processing plant at the Buckreef Gold Mine (“Buckreef Gold”), effective November 2022.
The declaration of commercial production for the 1,000+ tpd processing plant at Buckreef Gold in Tanzania is made after successful construction, commissioning and ramp-up of processing to a steady state throughput of 1,000+ tpd. The processing plant has now been running consistently at or above nameplate capacity since October 2022 with gold recoveries exceeding 90%. All major construction activities have been completed and Buckreef Gold has demonstrated its ability to sustain ongoing production levels. The mine will continue to seek opportunities to improve efficiencies and increase throughput with the goal of exceeding design nameplate capacities.
Highlights include:
- Construction, commissioning and ramp-up of the 1,000+ tpd processing facility was completed on schedule and to budget;
- Throughout construction, safety has been a top priority for the Company. Site management, along with the whole workforce are thanked for making safety their priority, and for achieving this key milestone ‘Lost Time Injury free’;
- Gold production in October exceeded budget with 2,200 ounces of gold poured during the month (22% above plan); and
- Gold recoveries in October exceeded budget and were 91.1% (against a plan of 90%).
“The Board, Executive Management and I are very excited to have reached this remarkable milestone in the Company’s history,” noted Stephen Mullowney, CEO. “During the last 12 months, the Buckreef Gold team have delivered excellence in safety and built not only a great 1,000+ tpd processing plant, but also a track record for achievement - this is the second successful build during this period. While we celebrate this goal, we are also ready to advance the growth of the business with improvement initiatives, exploration and ever-increasing production. TRX Gold and Buckreef Gold are currently evaluating a potential further near-term expansion of the processing plant. Let’s keep growing!”
Qualified Person
Mr. Andrew Mark Cheatle, P.Geo., MBA, ARSM, is the Company’s Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and has reviewed and assumes responsibility for the scientific and technical content in this press release.
About TRX Gold Corporation
TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 2020, the project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 MT at 1.77 g/t gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 MT at 1.11 g/t gold for 635,540 ounces of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current gold Resource base and advancing the Sulphide Ore Project which represents 90% of current gold Resources. TRX Gold’s actions are led by the highest ESG standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in Geita Region, Tanzania.
Forward-Looking Statements
This press release contains certain forward-looking statements as defined in the applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements relate to future events or future performance and reflect TRX Gold management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to positive cash flow, operations of its processing plant and gold recoveries thereunder, estimation of mineral resources, ability to develop value creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditure.
Although TRX Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business. These risks are set forth in reports that TRX Gold files with the SEC. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml .
The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to update such information.
Investors
Christina Lalli
Vice President, Investor Relations
TRX Gold Corporation
+1-438-399-8665
c.lalli@TRXgold.com
www.TRXgold.com