EPISODE · Jan 13, 2026 · 16 MIN
TRX Gold CEO Stephen Mullowney on Scaling Buck Reef for Long-Term Value
from Mission Matters Business Podcast with Adam Torres · host Adam Torres
As part of our official DealFlow Discovery Conference Interview Series, produced by Mission Matters, along with our partner DealFlow Events, we’re showcasing the innovative companies presenting at the upcoming DealFlow Discovery Conference (January 28-29, at the Borgata in Atlantic City) and the executives behind them. In this episode, Adam Torres interviews Stephen Mullowney, CEO of TRX Gold, about scaling the Buck Reef Gold Project in Tanzania. Stephen discusses operational expansion, a cash flow-driven approach to growth, and TRX Gold’s mission to create long-term value for shareholders while supporting local communities. About Stephen Mullowney Mr. Mullowney was appointed CEO in December 2020. He is a former Partner and Managing Director at PricewaterhouseCoopers LLP (PwC), where he led PwC Canada’s Deals Mining Group for more than ten years. Mr. Mullowney has an extensive mining background, working with miners, Governments, and institutional investors across the world and supporting them in making key strategic business, financing, and policy decisions. Mr. Mullowney is a CA, CPA, CFA and holds a BBA from Acadia University. About TRX Gold TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and $1.9 billion pre-tax NPV5% at average life of mine gold price of $4,000/oz. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania. This interview is part of our effort to help investors discover compelling companies ahead of the event — and to help CEOs introduce their story to the 1500+ conference attendees. Learn more about the event and presenting companies:https://dealflowdiscoveryconference.com/ Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: https://missionmatters.lpages.co/podcastguest/ Visit our website: https://missionmatters.com/ More FREE content from Mission Matters here: https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices
What this episode covers
As part of our official DealFlow Discovery Conference Interview Series, produced by Mission Matters, along with our partner DealFlow Events, we’re showcasing the innovative companies presenting at the upcoming DealFlow Discovery Conference (January 28-29, at the Borgata in Atlantic City) and the executives behind them. In this episode, Adam Torres interviews Stephen Mullowney, CEO of TRX Gold, about scaling the Buck Reef Gold Project in Tanzania. Stephen discusses operational expansion, a cash flow-driven approach to growth, and TRX Gold’s mission to create long-term value for shareholders while supporting local communities. About Stephen Mullowney Mr. Mullowney was appointed CEO in December 2020. He is a former Partner and Managing Director at PricewaterhouseCoopers LLP (PwC), where he led PwC Canada’s Deals Mining Group for more than ten years. Mr. Mullowney has an extensive mining background, working with miners, Governments, and institutional investors across the world and supporting them in making key strategic business, financing, and policy decisions. Mr. Mullowney is a CA, CPA, CFA and holds a BBA from Acadia University. About TRX Gold TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and $1.9 billion pre-tax NPV5% at average life of mine gold price of $4,000/oz. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania. This interview is part of our effort to help investors discover compelling companies ahead of the event — and to help CEOs introduce their story to the 1500+ conference attendees. Learn more about the event and presenting companies:https://dealflowdiscoveryconference.com/ Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: https://missionmatters.lpages.co/podcastguest/ Visit our website: https://missionmatters.com/ More FREE content from Mission Matters here: https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices
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TRX Gold CEO Stephen Mullowney on Scaling Buck Reef for Long-Term Value
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