07:39 AM EST, 01/15/2025 (MT Newswires) -- TRX Gold ( TRX ) on Wednesday said fiscal first quarter 2025 gross profit and revenue rose on record gold prices.

The miner posted a gross profit of $4.8 million for the three months ended Nov. 30, 2024, rising from $3.7 million, while revenue jumped to $12.5 million from $9.4 million.

Adjusted EBITDA grew to $4.4 million from $2.6 million as the company poured 4,841 ounces of gold, down from 4,927 ounces.

TRX said it achieved a record average realized gold price of $2,653 per ounce, jumping from $1,942 per ounce.

The company said it continues to expect gold production for fiscal 2025 to be higher than fiscal 2024, reflecting a full year of operations from the expanded 2,000-tonne-per-day processing plant and an expected decreased reliance on lower grade stockpile inventory.

"We are pleased to see the lower operating costs per tonne come through on the plant expansion, which has enabled the business to be profitable even when processing lower grade material," CEO Stephen Mullowney said. "These costs savings are expected to significantly benefit the business as the grade profile in the mining sequence improves."