TRX Gold Corporation (NYSE:TRX) earns a place on our list of the 8 best gold penny stocks to buy according to analysts.
As of March 28, 2026, the analyst sentiment toward TRX Gold Corporation is highly positive, with all analysts remaining bullish on the stock. Meanwhile, the consensus price target of $2.30 implies a 75.57% upside potential.
On March 2, 2026, TRX Gold demonstrated strong financial and operational performance through its preliminary Q2 2026 results. The company sold almost 7,400 ounces of gold and produced 7,453 ounces, a 13% increase from Q1 2026. Not only that, TRX Gold Corporation set a new record for the average gold price sold, with each ounce sold for $4,682, representing a 21% increase year-over-year. Higher prices are expected to generate stronger revenue for the company in the quarter. TRX Gold has also improved its balance sheet with gross proceeds of $21.0 million through the exercise of warrants, with no warrants outstanding. The company ended the quarter with a cash balance of $25 million and a working capital ratio of 2.5x.
On the same day, H.C. Wainwright maintained its “Buy” rating and increased the price target on TRX Gold Corporation to $2.30 from $1.50, citing record gold production as the basis of the price target adjustment.
TRX Gold Corporation, established in 1990 and based in Oakville, Canada, specializes in the development and production of gold, particularly at the Buckreef Gold Project in Tanzania, with an emphasis on operational expansion and financial stability.
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