TRX Gold Corporation

TSX:TRX Stock Report

Market Cap: CA$504.7m

TRX Gold Management

Management criteria checks 2/4

TRX Gold's CEO is Stephen Mullowney, appointed in Dec 2020, has a tenure of 5.42 years. total yearly compensation is $1.98M, comprised of 25.3% salary and 74.7% bonuses, including company stock and options. directly owns 1.24% of the company’s shares, worth CA$6.28M. The average tenure of the management team and the board of directors is 5.1 years and 5.2 years respectively.

Key information

Stephen Mullowney

Chief executive officer

US$2.0m

Total compensation

CEO salary percentage25.31%
CEO tenure5.4yrs
CEO ownership1.2%
Management average tenure5.1yrs
Board average tenure5.2yrs

Recent management updates

Recent updates

Analysis Article • Feb 07

Even With A 70% Surge, Cautious Investors Are Not Rewarding TRX Gold Corporation's (TSE:TRX) Performance Completely

Despite an already strong run, TRX Gold Corporation ( TSE:TRX ) shares have been powering on, with a gain of 70% in the...
Analysis Article • Dec 24

The Market Lifts TRX Gold Corporation (TSE:TRX) Shares 51% But It Can Do More

TRX Gold Corporation ( TSE:TRX ) shareholders have had their patience rewarded with a 51% share price jump in the last...
Analysis Article • Nov 09

Investors Don't See Light At End Of TRX Gold Corporation's (TSE:TRX) Tunnel And Push Stock Down 26%

TRX Gold Corporation ( TSE:TRX ) shares have retraced a considerable 26% in the last month, reversing a fair amount of...
Analysis Article • Nov 04

TRX Gold (TSE:TRX) Shareholders Will Want The ROCE Trajectory To Continue

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...
Analysis Article • Oct 03

Does TRX Gold (TSE:TRX) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Sep 09

The Market Lifts TRX Gold Corporation (TSE:TRX) Shares 25% But It Can Do More

TRX Gold Corporation ( TSE:TRX ) shares have continued their recent momentum with a 25% gain in the last month alone...
Analysis Article • Jan 09

Take Care Before Diving Into The Deep End On TRX Gold Corporation (TSE:TRX)

With a median price-to-sales (or "P/S") ratio of close to 2.8x in the Metals and Mining industry in Canada, you could...
Analysis Article • Sep 14

Investors Holding Back On TRX Gold Corporation (TSE:TRX)

With a median price-to-sales (or "P/S") ratio of close to 3.3x in the Metals and Mining industry in Canada, you could...
Analysis Article • Apr 03

TRX Gold's (TSE:TRX) Returns On Capital Are Heading Higher

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to...
Analysis Article • Mar 07

Here's Why We're Not At All Concerned With TRX Gold's (TSE:TRX) Cash Burn Situation

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Analysis Article • Oct 06

TRX Gold's (TSE:TNX) Returns On Capital Are Heading Higher

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Analysis Article • Jun 24

TRX Gold (TSE:TNX) Might Have The Makings Of A Multi-Bagger

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...
Analysis Article • May 19

TRX Gold Corporation's (TSE:TNX) Price In Tune With Revenues

When you see that almost half of the companies in the Metals and Mining industry in Canada have price-to-sales ratios...
Analysis Article • Apr 17

We Think TRX Gold (TSE:TNX) Can Easily Afford To Drive Business Growth

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
Analysis Article • Jan 14

Is TRX Gold (TSE:TNX) In A Good Position To Invest In Growth?

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
Analysis Article • Sep 20

Is TRX Gold (TSE:TNX) In A Good Position To Deliver On Growth Plans?

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Analysis Article • May 13

Will Tanzanian Gold (TSE:TNX) Spend Its Cash Wisely?

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Analysis Article • Aug 27

We Think Tanzanian Gold (TSE:TNX) Needs To Drive Business Growth Carefully

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Analysis Article • May 14

Will Tanzanian Gold (TSE:TNX) Spend Its Cash Wisely?

We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining...

CEO Compensation Analysis

How has Stephen Mullowney's remuneration changed compared to TRX Gold's earnings?
DateTotal CompensationSalaryCompany Earnings
Feb 28 2026n/an/a

-US$22m

Nov 30 2025n/an/a

-US$4m

Aug 31 2025US$2mUS$500k

US$687k

May 31 2025n/an/a

US$297k

Feb 28 2025n/an/a

-US$2m

Nov 30 2024n/an/a

US$1m

Aug 31 2024US$2mUS$500k

-US$470k

May 31 2024n/an/a

-US$1m

Feb 29 2024n/an/a

US$251k

Nov 30 2023n/an/a

-US$2m

Aug 31 2023US$2mUS$500k

US$2m

May 31 2023n/an/a

-US$3m

Feb 28 2023n/an/a

-US$123k

Nov 30 2022n/an/a

-US$682k

Aug 31 2022US$2mUS$500k

-US$6m

May 31 2022n/an/a

-US$5m

Feb 28 2022n/an/a

-US$7m

Nov 30 2021n/an/a

-US$5m

Aug 31 2021US$1mUS$375k

-US$4m

Compensation vs Market: Stephen's total compensation ($USD1.98M) is above average for companies of similar size in the Canadian market ($USD830.50K).

Compensation vs Earnings: Stephen's compensation has increased whilst the company is unprofitable.

CEO

Stephen Mullowney (48 yo)

5.4yrs
Tenure
US$1,975,359
Compensation

Mr. Stephen Mullowney BBA, CFA, CA, CPA serves as the Chief Executive Officer at TRX Gold Corporation (formerly known as Tanzanian Gold Corporation) since December 01, 2020 and serves its Director since Fe...

Leadership Team

NamePositionTenureCompensationOwnership
Stephen Mullowney
CEO & Director5.4yrsUS$1.98m1.24%
CA$ 6.3m
Michael Leonard
Chief Financial Officer5.2yrsUS$850.00k0.26%
CA$ 1.3m
Richard Boffey
Chief Operating Officer1.4yrsUS$1.62m0.24%
CA$ 1.2m
Khalaf Rashid
Senior Vice President of Tanzania5yrsUS$575.00k0.32%
CA$ 1.6m
Christina Lalli
Vice President of Investor Relationsno dataUS$205.00kno data
5.1yrs
Average Tenure
49yo
Average Age

Experienced Management: TRX's management team is seasoned and experienced (5.1 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Stephen Mullowney
CEO & Director5.3yrsUS$1.98m1.24%
CA$ 6.3m
Richard Steinberg
Independent Director4.3yrsUS$176.00k0.093%
CA$ 469.9k
Shubo Rakhit
Independent Chairman of the Board5.2yrsUS$261.00k0.23%
CA$ 1.1m
Norman Betts
Independent Director21.3yrsUS$177.00k0.057%
CA$ 289.0k
John McVey
Independent Director1.3yrsUS$70.00k0.0056%
CA$ 28.3k
5.2yrs
Average Tenure
65yo
Average Age

Experienced Board: TRX's board of directors are considered experienced (5.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/18 00:11
End of Day Share Price 2026/05/15 00:00
Earnings2026/02/28
Annual Earnings2025/08/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

TRX Gold Corporation is covered by 4 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jacob SekelskyAlliance Global Partners
Heiko IhleH.C. Wainwright & Co.
Richard NiehuserRoth Capital Partners