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Tanzanian Gold Corporation (TNX.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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0.5700-0.0300 (-5.00%)
At close: 1:38PM EDT
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  • R
    Relbochat
    A decade ago this stock was trading at $5.90. Sincliar and his handpicked team managed to wipe out 92% of then shareholders wealth. This new team will make wealth disappear even faster. I project that they will erase 50% in their first year at the helm through increased corporate spending, failed production efforts, and drilling for optics.
    Bearish
  • R
    Relbochat
    Potential new shareholders should ask why the former Chairman and CEO is liquidating his holdings now at close to all time lows when for years he told investors to hold on. "Few will be there in the end" was what he said about his disillusioned followers. Now he is parting with his stock. The reality is that there is nothing good coming in the near term and he knows it.
    Bearish
  • t
    trxtruther
    TRX share holders the new management continues to make great progress and soon will be cash flow positive read the release for your self's.

    Highlights Overview

    Upgrade of 5 tph oxide test plant to 15 tph oxide operation, which is anticipated to mitigate negative cash flow on the 5 tph oxide test plant as well as maintain continuity of workforce

    Cash flow generated will enable reinvestment in the business and fund exploration, drilling and capital expenditures at the Buckreef Gold level

    Discovery of Buckreef West and the Anfield Zone further expands exploration potential

    Preliminary metallurgical report sets the foundation for final feasibility study on the sulphide project

    Additional Management changes at TanGold and Buckreef Gold further reinvigorates operations
    https://finance.yahoo.com/quote/TRX?p=TRX
  • R
    Relbochat
    best advice ever... Read the release yourself. Just started and here is what I found. The greatest believer will be liquidating his holdings. Why isn't Mr. Gold super rich? Shouldn't he be selling his gold instead?

    In order to fund living expenses during retirement,
    Mr. Sinclair plans to make small weekly dispositions of his substantial holdings of TanGold shares.
  • R
    Relbochat
    Buried deep are the production statistics 446 ounces of gold produced in the quarter using the 5 tph plant. The math challenged team thinks that by tripling the throughput to 15 tph somehow the new plant will produce 5.5x as much gold per month.
  • P
    Paul
    Holter just said on AG Australia that JSMineset is going to a pay-only subscription format. No more free site.
    Who in their right mind would pay? It has entertainment value only (along with a few dog picts).
  • R
    Relbochat
    In the 9 months ended May 31 the company burned through C$14 million in cash. At May 31, the company had about C$15 million in net cash. Looks like the company can make it to the annual meeting in February 2022. The disingenuous aspect of the financial statements is that management is capitalizing the expenses related to the 5tph "pilot program". Instead of running through the income statement as an expense and showing a bigger loss, the costs are capitalized added to the mineral properties on the balance sheet, perversely increasing the size of the assets on the balance sheet while burying the expenses.
    Bearish
  • D
    Don
    Could someone explain why all junior gold stocks are cheaper now than in 2002 with gold at 1800 and 300 gold back in 2002.....
  • R
    Relbochat
    The reaction to the release of the financial statements doesn't bode well for TRX. There will be one more release in November for the year ending Aug 31 before the company needs to raise money again. Nothing is going to change in the next six weeks to improve the presentation. The 5 tph plant is already operating at capacity. The 15 tph plant won't come online until the fall. At this price to raise another $23 million, TRX will have to issue over 70 million shares. The warrant kicker will need to be priced super low too adding to shareholders pain. The next raise is going to be dependent on selling the dream of two plants (at least one one which TRX can't even pay for) processing 55 tph resulting in positive cash flow. The math doesn't even pencil.
    Bearish
  • l
    louis
    Where are you now TRXLIAR? Where is all your wisdom about the major gold producer on the verge of a exponential spike higher? Breaking down to new 52 week lows. How are you feeling now about getting more unsuspecting investors into this failing company? Maybe we have heard the last of you. Now that would be a blessing.
  • B
    Baja
    this stock is headed for home. an eternity trading at .05 cents. living hell. even the Chief Thief is selling.
  • J
    J
    Tanzania: President Samia Orders Bot to Buy Refined Gold

    PRESIDENT Samia Suluhu Hassan has instructed the Bank of Tanzania (BoT) to start buying the refined Gold to boost the country's reserve of the precious metals.

    Tanzania Daily News (Dar es Salaam)
    By Deogratius Kamagi

    President Samia issued the instruction when launching the newly-constructed Mwanza Precious Metal Refinery (MPMR) in Mwanza yesterday.

    She noted that the launching of the plant, which cost 12.2bn/- and with the daily capacity of processing 480 kilograms of minerals, paved the way for BoT to start buying the refined Gold as required by the law, and directed the central bank to do it with immediate effect.

    Tanzania is among the world countries with highest gold reserves, with data showing that it boasts 45 million ounces. Mining makes up more than 50% of the country's total exports, of which a large part comes from gold.

    "The country will benefit a lot from the gold refinery plants, some of the gains include the increase of gold reserves at the BoT and increase in national revenue through loyalties," she stated.

    Gold reserves have always been an important part of the diversification of global reserves for countries. It is an important asset of foreign exchange reserves.

    The new plant will be capable of purifying gold by 99.99 per cent and refining 480kg per day.

    "This is an excellent and ultra modern refinery, its purity is of high quality, its building will beautify Mwanza city which is in tandem with the government's quest to turn Mwanza a business hub in the Great Lakes region," said President Samia.

    The factory was built by the State Mining Corporation (Stamico) in partnership with Dubai's Lozera Company and the ACME Consultant Engineers Pte Limited, Singapore.

    On its operation, the MPMR facility is expected to create a total of 120 direct employment and some 400 other indirect jobs for Tanzanians, as well as valuation of other minerals, apart from gold.

    It is among three first ever gold refineries to be built in the country, with the other two found in Geita and Dodoma regions.

    The Geita-based plant has the capacity of processing 450kg of gold per day while the one in Dodoma has the capacity to refine 30 kilograms of the precious metals per day.

    To ensure the sustainability of raw materials for the refinery factories, President Samia said the government would come up with strategies that will empower small scale miners to increase their capacity to collect enough raw gold.

    "My concern is the availability of raw materials. As the government, we have a lot of work to do to enable miners to dig more so that more raw materials are made available," said the head of state.

    The president also commended the MPMR investors for setting aside a budget of 346.5bn/- for buying raw gold to be refined, asking the small-scale miners in the lake zone regions to make better use of the opportunity for individual and national gains.

    "The plant will not only stimulate economic activities in Mwanza region but also create intense competition with other regions, out of the 346.5bn/- that has been set aside by investors to buy all the gold that will be mined," she said.

    According to the Head of State, effective supervision of the sector would enable the government to realize the target of increasing the contribution of the mineral industry to the Gross Domestic Product (GDP) to 10 per cent, by the year 2025.

    Currently, the contribution of the mineral sector to the GDP stands at 6.7 per cent up from 5.2 per cent of the financial year 2019/2020.

    Official data shows the contribution of the mining sector to Tanzania's economic growth was 0.2 per cent between 1995 and 1999, increased to 3.4 per cent between 2007 and 2008, and to 4.8 per cent by 2017.

    Earlier, the Minister for Minerals Doto Biteko, said for the year 2020/2021, his docket planned to collect 526bn/- from the sector but so far it has managed to raise 544bn/-, an equivalent to 103 per cent of the target.

    "In the coming fiscal year, 2021/2022, we have set a target to collect 650bn/- from the mineral sector. It is my strong belief that the target will be met accordingly," said the minister.

    Mr Biteko said apart from creating employment for surrounding communities, the Mwanza gold refinery will also raise revenue collection for Ilemela Municipal as well as significantly boost the country's economy.

    In his welcoming remarks the MPMR factory Chief Executive Officer Mr Anand Mahajan commended the government for the successful completion of the construction of the gold refinery plant saying it would play a huge role towards the country's economic growth.
  • J
    Joel
    This is going to 0 isn’t it?:(
    Bearish
  • Y
    Yahoo Finance Insights
    TNX.TO is down 8.33% to 0.55
  • B
    Baja
    relbo, this is in regards to your post regarding May 31.

    I suggest that the old CEO buy some sun block 2 million he will be needing it where he is going.
  • l
    louis
    Sorry for all you shareholders who have been listening to TRXLIAR for all those years. Anyone who has listened to him and Sinclair has lost most if not all their capital. I too lost a good amount of money but realized that I could not trust this company and management to do what they said they would do and liquidated my position a while back. Ultimately it is everyone's decision to do what they feel they have to.
  • t
    trxtruther
    TRX share holders here is the most positive news any gold stock owner could ask for !!!!!!!
    Look at the grams per ton 37 to 28 that works out to an ounce per ton of material .
    processing 40 tons per hour would work out to 40 ounces of gold per hour times 24 hours times 365 days.
    New Gold Zone Discovery at Buckreef Gold – 2.9 km Strike Length
    Highlights

    The new prospective gold mineralized zones, totaling a combined 2.9 kilometer (km) strike length were identified through geological (field) mapping, sampling and examination of artisanal workings. Collectively, they have been named the Anfield Zone (see next pages for maps).

    Grab samples of mineralized bed (fresh) rock have been assayed, with highlights of:
    37.52 g/t, 28.55 g/t and 14.42 g/t.

    Located approximately 500 meters (m) to the east of the Buckreef Gold Main Zone.
    https://finance.yahoo.com/news/gold-zone-discovery-buckreef-gold-103500008.html
    Figure 1 Artisanal Mine Shaft Sample - Assayed at 28.55 g/t Figure 2 Anfield Zone in Relation to Buckreef Gold Main Zone, Buckreef West & Eastern Porphyry (White Dots Represent Artisanal Mine Workings – See Figure 4 for Legend) Anfield Prospect Signi
    Figure 1 Artisanal Mine Shaft Sample - Assayed at 28.55 g/t Figure 2 Anfield Zone in Relation to Buckreef Gold Main Zone, Buckreef West & Eastern Porphyry (White Dots Represent Artisanal Mine Workings – See Figure 4 for Legend) Anfield Prospect Signi
    finance.yahoo.com
  • A
    Anonymous
    Maybe Twoother is spamming the crypto boards looking for another mistaken infusion of capital?

    Boy that head and shoulders from 2/11/21 was really close to predicting today’s low.
  • R
    Relbochat
    TRXTruther might be from the firm Q4inc that powers the new website. They probably lost the IR portion of the contract once the new photos got posted no doubt much to the TRXTruther's chagrin.
  • B
    Brian Andrew
    Hey Hey...were in the 40's. Time to play some Big Band music!
    Bearish