Tanzanian Gold Corporation (TRX) has seen an increase of 9.47% in the aftermarket. However, the last trading session closed at $0.37 with an increase of 1.78%.
$7.0 Million Registered Direct Offering – What’s up?
On 26th January 2022, TRX announced that the company has completed the $7.0 million registered direct offering. The investor was given warrants to acquire up to 17,948,718 common shares from TRX. The warrants have a $0.44 exercise price, can be exercised at any time after issue, and will expire in five years.
First Quarter 2022 Financial Results – Revealed by TRX
TRX announced the first quarter 2022 results on 14th January 2022. The company experienced cash of around $7.9 million. Moreover, Buckreef Gold reported no lost time occurrences, two medical treatment incidents, and no COVID-19-related instances on site. Buckreef Gold had a safety incident frequency rate of 4.9 for the calendar year. Buckreef Gold had a zero incidence frequency rating when it came to safety incidents.
Not only this but drilling at Buckreef Gold has resumed in the hopes of growing resources, discovering new ones, and converting reserves. Moreover, six exploration holes totaling 1,716 meters have been conducted to date, including three (758 meters) in the Buckreef Main Zone’s northeast expansion. In 2022, TRX intends to increase its exploration activity, with a focus on the Anfield Zone. Furthermore, one of the longest-running items on the Sulphide Development Project contained roughly 90% of the Buckreef Gold reserve. The metallurgical program has so far drilled 19 holes totaling 2,367 meters. Last but not the least, these metallurgical sample holes are for transportation in Q2 2022 for metallurgical testing.
Now what?
TRX experienced an amazing year. Not only this but the team has effectively moved the Company to a point where they have demonstrated that they can execute on a mining plan and produce enough gold to pay operating costs. As TRX continues to expand production in 2022, the team will be able to support value-adding operations like research and extracting the value of the Sulphide Development Plan mostly from expected positive operating cash flow.
