07:45 AM EDT, 04/15/2024 (MT Newswires) -- TRX Gold ( TRX ) was up 3.4% in US pre-market on Monday after reporting net earnings of $1.9 million in the second quarter of its fiscal year, swinging from a year-ago loss of $50,000.

The company's shares dropped 9.7% on Friday in Canada.

Revenue fell to $8 million from $10.1 million while adjusted EBITDA dropped to $2.5 million from $3.9 million.

Meanwhile, TRX said it expects significant growth in throughput and production as it advances the plant expansion at the Buckreef operation to 2,000 tonnes per day (tpd).

The company said the expansion is progressing on schedule, with first gold expected early in the fourth quarter.

TRX also expects to commence an exploration program in the fourth quarter that will include diamond drilling and reverse circulation drilling targeting the Buckreef Main Zone, Eastern porphyry and the Anfield area.

"The Buckreef gold project continues to demonstrate robust economics through its high-margin gold production, in what seems to be an increasingly bullish gold market environment," CEO Stephen Mullowney said. "We very much look forward to doubling plant throughput capacity to 2,000 tpd and ramping up a comprehensive exploration program later this year."