All right. Good morning, everyone. I am Derek Kearns, Partner with Centri Business Consulting. We are an accounting advisory firm. I lead the firm's SEC financial reporting practice. Appreciate everybody being here this morning. I have the pleasure of introducing Stephen Mullowney, Chief Executive Officer of TRX Gold. Stephen?
Yeah. Thank you. Good morning, everyone. My name as introduced is Stephen Mullowney. I am the Chief Executive Officer and Director of TRX Gold. This morning we are going to talk about our project that we are executing in Tanzania. We are a self-funded growth story. Let us see if the clicker works. No, we have technical difficulties. Let us see. Now. There we go. Disclaimer, we are going to be talking about forward-looking statements, so you can go to our website, download the presentation, and read the disclaimer. Who are we? Our mission statement in Tanzania is to grow the Buckreef Gold Project. We have done three expansions thus far to 2,000 tons per day, all from free cash flow from initial capital raise done over five years ago. We are a high-margin business, and we are a growing business.
We are undergoing another expansion now from 2,000 tons per day to get to a capacity of roughly 5,500 tons per day. That means there is going to be a lot of growth in free cash flow and in EBITDA and the underlying valuation metrics. I am going to talk in today's presentation a lot about underlying valuation metrics of mining companies and growing those. Stock prices go up, stock prices go down. I cannot influence the market, but what I can influence is making sure that the underlying business continues to grow and the valuation metrics get better that the business is valued upon. Our business in Tanzania has 1.5 million ounces in the measured indicated and inferred category at roughly 2.5 g a ton. We put out a PEA study in May 2025. We are now updating that.
That was an extremely robust study of almost a $2 billion net asset value at around $4,000 gold. Low cash cost of $1,000 an ounce, $1,200 all-in sustaining cost, underlying a great project and growth project in Tanzania. With regards to focusing on underlying valuation metrics, we are growing EBITDA. Right now, run rate EBITDA doing around 30,000 ounces. Roughly LTM run rate EBITDA is around $80 million. That will grow as we expand from 2,000 tons per day to 5,500 tons per day. The amount of throughput will be determined in the mine plan. We are still doing that. It will not get to 5,500 tons, but it will certainly be much larger than the 3,000 tons per day that is in the prior study, as well as the 2,000 tons per day that we are currently operating at.
That will drive significant NAV expansion as well, as well as giving us the ability to have the free cash flow to put into the drill bit in order to have an exploration program to increase the resource base, which then feeds right back into cash flow. Hopefully, we find lower-cost resources as well as NAV. There's a real big focus on self-funded growth and growing the underlying valuation metrics of the company. As you can see in this slide, you can see our execution. We've done three expansions. We're doing another one now as we speak. As I just mentioned, you'll see the metrics increasing. They go up, they level off, then they increase again, and the reason for that is due to our plant expansions. Grade profile does drive a little bit of the gold production.
We look at the business on a per ton basis, so there will be fluctuations in gold production given you have fluctuations of grade coming out of our pit. With regards to the underlying financial metrics, as you can see here, we continue to grow the financial metrics of both revenues and EBITDA cash flow while keeping expenses low. This is driven mainly by an increase in production. The gold price increase has helped out as well. It's always good to have a higher price, but mainly the growth profile is as a result of the increase in production. We've done this out of free cash flow, and we're going to continue to do that out of free cash flow as we move forward. Looking at the 2025 PEA, as I said, we're updating this.
We should have this completed towards the end of the year or early next year. In the last study, it was 62,000 ounces roughly for 18-year mine life. Two- to three-year open pit, followed by an underground mining operation, all funded out of free cash flow and internally generated cash flow. As you can see here in the metrics, low cash cost, high-margin business, really robust net asset values, really valuable mining project. This gives you a sense of both the production profile, revenues, and EBITDA at $4,000 gold. As you can see in years three, four, and five, the EBITDA gets quite robust at over $200 million from $80 million today. So you're seeing that growth if we execute this project. We are on target for this now. As I said, we are updating this business plan for a larger project, for a larger plant than is envisioned here.
This is 3,000 tons per day. As I mentioned, the current expansion has a new 3,500-ton-per-day plant alongside the existing 2,000-ton-per-day plant for a capacity of 5,500 tons. So these metrics should get better. With regards to where we are, we're in the Lake Victoria region in Tanzania. Lots of large miners around us. This is great because they've been there for a long time. We are able to have the human capital resources. The infrastructure is in place. We drive to site. We're connected to the national power grid. It's a very good region in order to operate and to grow. With regards to the exploration profile, we are now really turning our attention to the drill bit. We have four or five drill rigs on site or to be on site shortly. In that, we've done our first geophysics study last year, identified 10 targets.
We are starting to drill those targets. We are also doing a lot of infill drilling around our existing resources in order to solidify those into the cash flow as well. I am really excited for what is to happen here. Our best drill hole results are not in the Buckreef Main zone, that is to the left. Our best drill hole results are in Stamford Bridge and in the Anfield zones, which are to the right on that chart, and we need to drill those out further. With regards to Stamford Bridge, 200 g ton metres is a great result. That is our best drill hole result ever. There will be an increased focus on that in the next year, as we have those exploration drill rigs availability. We are also going to be looking at our priority targets as well. I am really excited for this.
This should hopefully grow the resource base, find cheaper resources than we even have in our Buckreef Main zone. With regards to stakeholder engagement, we have a strong CSR and community development program. When I joined, we had about 15 employees. There is now 1,000 employees and contractors there, and that is continuing to grow as we continue to grow the asset. We have good engagement at the national government level. We are in discussions with them around the existing joint venture. The communication is open and the dialogue is good within Tanzania. We have done this growth all in this country. All the permits have been issued in a timely fashion. We have been able to do it with a lot of local content, so we have a really strong engagement and are able to get stuff done proverbially on the ground. Underlying valuation metrics.
Look, I would like to be higher up on this curve, but I do not really focus where I am on the curve. At the end of the day, you grow your EBITDA, grow your net asset value, grow your resource profile, and you should get higher up on the curve. If you grow your EBITDA and you stay at the same multiple and you do not issue new capital, then you should have a higher price relative vis-à-vis others. Hopefully we can get some multiple expansion as well as the underlying growth in the valuation metrics. If we do not get a multiple expansion, we should still be able to grow share price given the fact that we are growing the underlying valuation metrics.
With regards to we are listed on the New York Stock Exchange and Toronto Stock Exchange under ticker symbol TRX, roughly 327 million shares outstanding, no debt, around $27 million - $30 million of cash as we execute our program. No warrants. A large retail stock, very volatile. There is a lot of volatility in our stock. Like I said, stocks go up, stocks go down. We concentrate on the underlying valuation metrics. We are covered by four analysts, three here in New York City and also by Zacks. Key investment highlights, self-funded growth, strong team that has done this before, robust studies into the market, robust cash flow being created today at high margins. That is all going to grow. We are going to do this again. Does anybody have any questions? I did not need 20 minutes. It is getting to be an easy story. I always say boring is good.
I'm going to take no questions as I explained myself fairly well. Maybe. Okay.