Pre-tax NPV5% of US$701M at US$2,296/oz Increasing to US$1.2Bn at US$3,000/oz

Production

Annual production over LOM is expected to average approximately 62,000 ounces with peak production of 94,000 ounces in year 5 (Figure 3). Underground production commences in Year 3.

Capital Expenditures

The growth capital expenditures are estimated at US$89 million in Years 1 to 4. LOM growth capital expenditures are estimated at US$175 million and the sustaining capital expenditures are estimated at US$184 million (Tables 5 & 6). A contingency of US$23 million and US$19 million is included in growth and sustaining capital expenditures, respectively.

Growth and sustaining capital expenditures were estimated based on current costs received from vendors as well as developed from first principles, while some were estimated based on factored references and experience from similar operating projects.

Total Cash Costs

The total unit cash costs are estimated at US$1,024/oz. The AISC is estimated at US$1,206/oz. Operating cost estimates were developed using first principles methodology, vendor quotes, and based on historical actual operating information at Buckreef Gold.

Mineral Resource

Estimate An updated Mineral Resource Estimate for Buckreef Gold including the Stamford Bridge domain is presented in Table 8 and has an effective date of April 15, 2025.

Mineral Resource Estimate Methodology

The Buckreef Gold and Stamford Bridge Mineral Resource models were developed by P&E from 135 wireframes and one respective wireframe, all created by P&E over respective 2.2 km and 155 m strike lengths. Buckreef Gold utilized 884 drill holes while Stamford Bridge utilized eight. Wireframes were developed from an open pit cut-off of 0.40 g/t Au while underground was 1.20 g/t Au. Both Mineral Resource models utilized 1.0 m capped composites ranging from no capping to 60 g/t Au. Block models were set up with 2.5 m x 5.0 m x 5.0 m blocks rotated 30 degrees clockwise and used a bulk density of 2.70 t/m3 . Grade interpolation was done with inverse distance cubed estimation. Based on variography, Measured Mineral Resources were those blocks classified within 20 m of three drill holes while Indicated Mineral Resources were classified within 40 m of three drill holes. All other wireframe constrained grade blocks were classified as Inferred Mineral Resources. Pit-constrained and out-of-pit Mineral Resources were reported above respective 0.42 g/t and 1.31 g/t Au cut-offs. –

The generation of an April 15, 2025, Buckreef Gold updated Mineral Resource Estimate has undertaken material differences in reporting protocols not utilized in the previously published May 15, 2020, MRE. The 2025 MRE utilized the 2014 CIM Standards on Mineral Resources and Reserves and 2019 CIM Best Practices Guidelines and reports Mineral Resources with a reasonable prospect of eventual economic extraction (i.e.: constrained mineral inventory basis), versus the 2020 MRE, which utilized the 2003 CIM Best Practice Guidelines and reports Mineral Resources on an unconstrained mineral inventory basis.

The major sources of differences between the 2020 MRE and 2025 MRE are as follows:

• The 2025 MRE utilized a constrained optimized pit shell and underground workings which resulted in a reduction in volume for material to the 450 m EL level (which is the maximum depth of the underground workings in the PEA) as well as the exclusion of certain footwall and hanging wall low grade material (combined, this resulted in a reduction of ~10 Mt of material grading ~1.50 g/t Au containing ~500 koz);

• The 2025 MRE utilized a cut-off grade of 1.3 g/t Au for underground mining versus a 0.4 g/t Au cut-off grade in 2020 MRE (this resulted in a reduction of ~25 Mt grading ~0.70 g/t Au containing ~500 koz);

• Removal of ~ 4.5 years of production to date (this resulted in a reduction of 1.35 Mt grading 1.95 g/t Au containing 85 koz Au); and

• Removal of Tembo and Bingwa deposits from 2025 MRE due to unquantifiable small scale mining activity by local residents (this resulted in a reduction of 2.1 Mt grading 2.12 g/t Au containing 143 koz).

Mining

Current open pit mining operations have been planned for Years 1 to 4. The first two years will process 1,750 tpd of mineralization, then will increase to 3,000 tpd in Year 3. The Main Pit and the smaller East Pit will be mined out over the four-year period. Low-grade mineralization will be stockpiled for processing at the end of the mine life.

Underground mine development will commence in Year 3. A total of 14.4 Mt of mineralized material at an average grade of 2.22 g/t Au will be extracted over the LOM from five different underground mining areas:

1. The Main zone, with 94% of the gold ounces to be mined, subdivided into four areas;
   a. North, with 55%;
   b. South, with 34%;
   c. Stamford Bridge, with 4%; and
   d. Satellite, with 1%;

   2. The East zone, with 6% of the ounces to be mined.
   The open pits and underground mining areas are shown in Figure 5

The underground mining method will be longhole with longitudinal retreat stopes measuring 3 to 13 m wide, corresponding to 82% of the stope tonnage and transverse longhole mining designed for stopes 13+ m wide, which account for 18% of the stope tonnage. Divisions between transverse and longitudinal mining areas are not strict, with approximately 25% of transverse areas being less than 13m wide and 5% of longitudinal areas being more than 13m wide. Stope dimensions are planned to be 30 m high, 3 to 15 m wide, and 30 m long. The average transverse stope size is approximately 16 kt, and the average longitudinal stope size is 11 kt. An average of 95 stopes will be mined annually.

Stope mining recovery varies from 80 to 95%, and averages 92.4%. Development mining recovery is set at 99%. Stope backfilling is assumed to be 100% cemented paste backfill, although potential exists for comingling rockfill with paste, or utilizing unconsolidated rockfill in certain areas. The underground mine is planned to utilize a contractor. Initial development of two portals in the Main Zone will begin in Year 3, with stoping production commencing in Year 4 and ramping up to the target 1,080 ktpa (3,000 tpd) in Year 5.

The underground mining equipment fleet is planned to comprise 50-t class trucks, 17-t class LHDs for development and truck loading, and 10-t class LHDs for production. The contractor will control overall fleet quantities, however, it is estimated that a maximum of 60 pieces of major equipment (trucks, LHDs, drills, jumbos, bolters, scissor decks/services equipment) will be required at any one time. Development utilizes mechanized bolters and 2-boom jumbos, while production drilling utilizes ITH drills. A maximum of four main ventilation raises are planned to ventilate the underground mine utilizing a push-pull system exhausting up the ramp. Primary ventilation raises are expected to be excavated using specialist raisebore contractors.

Metallurgy

Comprehensive metallurgical testing and circuit modelling has highlighted the upside benefits of flotation and fine grinding to improve metallurgical performance. Studies indicate that simply increasing throughput at the current grind size (P₈₀ 75 µm) would yield a suboptimal recovery of 78.6%, which is deemed unacceptable. The introduction of a flotation circuit targeting sulphide concentrates, coupled with regrind and thickening, is expected to improve recovery by approximately 10% to an average of 88%.

Processing

The existing process facility is complete with two trains of three-stage crushing, four closed circuit ball mills, eleven carbon-in-leach (CIL) tanks, and complete elution, electrowinning, and carbon reactivation for the production and sale of the gold doré.

The proposed expansion by TRX Gold is to be done in two phases. Phase 1 capital expenditure will ensure a yearly production rate of 1,750 tpd (636,738 tpa) for Years 1 and 2. Major equipment for this phase includes, but is not limited to:

• Flotation circuit – trash screens, reagent conditioning tank, and five Metso e50 tanks cells (50 cu.m/cell) and blower system;

• Flotation concentrate High Intensity Grinding (“HIG”) mill, to achieve the required product size –Metso HIG700;

• All associated pumping and cycloning within the regrind circuit;

• Concentrate leach feed thickener – 16.5 m diameter;

• Flotation tailings thickener – 16.5 m diameter;

• Two additional CIL tanks to treat the flotation concentrate;

•4 tonne per day elution circuit, complete; and

• All associated screens, pumps, reagent system, and upgraded water system.

During Years 1 to 2, Phase 2 will be built with a planned processing rate of 3,000 tpd (1,080,000 tpa) to be commissioned in Year 3. Grinding is planned to a target P₈₀ of 150 µm. Major equipment for this phase includes:

• Surge bin, feeders, conveyors for the SAG mill circuit;

• SAG mill – 7.32 m diameter x 3.75 m effective grinding length, 3,500 kW;

• Cyclone cluster with SAG and ball mill(s) circuit; and

•Reverting to a single stage jaw crusher – 750 mm x 1,069 mm for SAG mill feed preparation;

The introduction of a flotation circuit to recover and regrind sulphide concentrates as well as regrinding, thickening, additional CIL capacity and elution circuit expansion is expected to improve overall process recovery to 88%.

Project Infrastructure

Buckreef Gold is approximately 40 km south of the Town of Geita and 110 km south-west of the City of Mwanza. The current mine site contains all infrastructure necessary to operate a 1,750 tpd mining operation. This includes the process plant and tailings facilities, camp for Company personnel and certain contractors, core shack, offices, water treatment plant, fuel distribution facility, mining contractor maintenance shop, warehouses, connection to the national electrical power grid and explosives storage. Security is contracted, and the main mine/infrastructure area is completely fenced.

The expanded mineral processing plant will be built within the existing site footprint as shown in Figure 5.

Underground Infrastructure

The main ventilation raises will be bored at 3.4 metres diameter and serve as the primary fresh air intakes with high-efficiency surface fans. In the Main Zone, exhaust air will exit mostly through the main ramp until development in the Stamford Bridge Zone develops the fourth ventilation raise, which serves as a secondary exhaust to reduce airspeed in the ramp and required primary ventilation power draw. The East Zone utilizes a single ventilation raise and a ramp exhaust.

Underground infrastructure includes a service area at the 835 EL connection drift, which will accommodate a welding bay, maintenance bay, tire storage, washing bay, small warehouse, greasing bay and parking. The maintenance bay will allow for simultaneous maintenance of two large equipment units and one smaller unit, ensuring efficient underground operations. The service area is located on the connection drift between the North and South mining areas of the Main Zone, allowing equipment from either area to be maintained at that location. No service area is planned for the East or Satellite Zones, since equipment can transit to surface maintenance areas. Smaller service bays are planned in all Zones, excluding the Satellite Zone, for small-scale maintenance and PM purposes.

Given the large lateral extents of levels in the Main Zone, underground refuge stations are located on every level. In the East Zone, refuges/lunchrooms are located on every second level.

Mine dewatering utilizes cascading sumps to feed water to pump stations located at the bottom of each mining block (approximately 120 m vertical intervals). These pump stations are equipped with settling sumps to segregate solids from clean water, as well as submersible and centrifugal pumps. Pump stations are expected to operate on a 33% duty cycle. Pump stations, sumps, electrical bays, refuges, shops and powder magazines are not explicitly included in the design, however, have been accounted for in the development schedule, with associated costs in the project financial model.

Tailings and Waste Rock Management

In Q2 2025, the Company started TSF 2.2 Phase II construction. Lift 1 is essentially complete with some minor clean up and earthwork finish grading required. Lift 2 is now in progress, which will provide tailings until Q1 2026 and will achieve a final approved elevation of 1,240 m. This work includes, embankment, compaction, slope finishing, HDPE liner installation, erosion control, and access road construction.

The Company is now working on the engineering design and regulatory work required prior to starting construction of the future TSF 3.0, the Company’s next long-term tailings storage solution that will be adequate for the remaining LOM.

A significant portion of tailings produced during the underground mining life will be placed in stopes as cemented paste backfill.

Closure Plan

An updated closure and rehabilitation plan for the land affected by Buckreef Gold will be prepared and submitted for authorization. Progressive reclamation estimated at US$3.4 million is planned at the open pit areas since they will be completed after the first four years of the LOM plan. The preliminary concept for final site closure cost is estimated at US$10 million, net of credit for equipment salvage value.

Qualified Persons – PEA Authors

The PEA was prepared by consultants who are independent of TRX Gold, each of whom are Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Each of the QPs have reviewed and confirmed that this news release fairly and accurately reflects, in the form and context in which it appears, the information contained in the respective sections of the PEA for which they are responsible.

The following acted as Qualified Persons under NI 43-101 as authors of the PEA:

P&E Mining Consultants Inc.
Eugene Puritch, P.Eng., FEC, CET – Mineral Resources
Andrew Bradfield, P.Eng. – Study leader and open pit mine design, scheduling and costs
D. Gregory Robinson, P.Eng. – Underground mine design, scheduling and costs
D. Grant Feasby, P.Eng. – Environmental
Fred H. Brown, P.Geo. – Mineral Resources
Yungang Wu, P.Geo. – Mineral Resources
William Stone, Ph.D., P.Geo. – Tenure, geology, drilling
Jarita Barry, P.Geo. – Data verification, QA/QC

D.E.N.M. Engineering Ltd.
David Salari, P.Eng. – Process plant expansion and process plant costing

Mr. William van Breugel, P.Eng, BASc (Hons), Technical Advisor to TRX Gold Corporation, is the Company’s Qualified Person under NI 43-101 and has reviewed and assumes responsibility for the scientific and technical content in this press release.

About TRX Gold Corporation

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 April 2025 Preliminary Economic Assessment. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and US$701 million pre-tax NPV5% at average life of mine gold price of US$2,296/oz. The project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 grams per tonne gold containing 893,000 ounces 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 nearterm 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 standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania.