Delivers Strong Q3 and a Clear Path to Growth

TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) reported its results for the third quarter of 2025 for the three and nine months ended May 31, 2025. Financial results are available on the Company’s website at www.TRXgold.com.

Stephen Mullowney, TRX CEO commented: “We’re pleased with the progress at Buckreef Gold this quarter, driven by the successful execution of our scheduled strip campaign to access higher-grade ore, combined with lower mining and processing cost per tonne. We have started to see the benefits of this work and since May 31^st, the Company’s adjusted working capital turned positive, improving from $3.3 million (negative) to approximately $3.9 million as of today. As a result, the Company’s current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 as of today, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short-term borrowings and has full access to its liquidity lines. Our stockpile has also grown from approximately 290 thousand (“k”) tonnes at an average grade of 1.00 g/t (“grams per tonne”) containing 9,275 ounces of contained gold at May 31st, to approximately 401 k tonnes grading 1.31 g/t with an estimated 16,876 ounces of contained gold currently, setting up strong cash flow generation going forward. Our short-to-medium term priorities are to continue to expand and upgrade processing capacity in line with our PEA, continue greenfield exploration, and strengthen our liquidity.”

Key highlights for Q3 and Year to Date 2025 include:

• PEA Demonstrates Scale and Compelling Growth Plan Economics:   During Q3 2025, the Company filed a robust Preliminary Economic Assessment for Buckreef Gold, reporting average annual production of approximately 62 thousand ounces of gold per year over a 17.6 year mine life, including an underground expansion, and an NPV_5% of $1.2 billion pre-tax, $0.8 billion after-tax at US$3,000 per ounce of gold. Growth capital to fund the expansion can be funded by internal cash flows from Buckreef Gold’s existing open pit operations.
• Increasing Revenue, Profitability and Cashflow in Record Gold Price Environment: During Q3 2025, Buckreef Gold poured 4,687 ounces of gold and recognized revenue of $12.5 million, gross profit of $4.4 million, net income of $1.1 million, operating cash flow of $3.4 million and Adjusted EBITDA¹ of $4.0 million, all of which reflect increases compared to the prior year comparative period. During Q3 2025 the Company sold 3,995 ounces of gold at a record average realized price (net)¹ of $3,114 per ounce and lower mining cost per tonne ($3.63 per tonne) and processing cost per tonne ($14.60 per tonne), contributing to an increase in gross margin compared to the prior year comparative period. Year to date, the Company poured 12,532 ounces of gold and recognized revenue of $34.1 million, gross profit of $11.4 million, net income of $1.3 million, operating cash flow of $7.8 million and Adjusted EBITDA¹ of $9.3 million. Revenue, gross profit, net income, and Adjusted EBITDA¹ all increased compared to the prior year comparative period mainly due to the impact of a higher average gold price realized on ounces of gold sold combined with lower mining cost per tonne ($3.82 per tonne) and processing cost per tonne ($14.20 per tonne). During the period, the Company continued to benefit from record gold price levels and sold 12,236 ounces of gold at an average realized price (net)¹ of $2,829 per ounce.
• Increasing Production Benefiting from Access to Higher Grade Ore:   Following substantial completion of the scheduled Stage 1 stripping campaign during the first half of fiscal 2025, the Company began to access higher grade ore blocks benefiting production later in Q3 and into Q4 2025. During Q3 2025, average daily production was approximately 50 ounces per day, an increase from approximately 30 ounces per day Q2 2025, and subsequent to May 31, 2025, average daily production has increased to approximately 75 ounces per day and is expected to continue over the remainder of Q4 2025.
• Strengthened Working Capital Position:   Subsequent to Q3 2025, the Company recapitalized its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile ore inventory. Beginning in June 2025, the Company’s adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company’s current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 as of today, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short-term borrowings and has full access to its liquidity lines.
• Established Domestic Gold Sales: Subsequent to Q3 2025, Buckreef Gold signed a Gold Sale Service Agreement with the Bank of Tanzania (“BoT”) to set aside a minimum of 20% of its local gold production for domestic sale through the central bank and local refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the Tanzanian Mining Act. As part of the Agreement, the Company benefits from a reduced royalty rate of 4% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.3% royalty. During Q3 2025 the Company set aside 646 ounces in inventory which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. The signing of this Agreement signals Buckreef’s long-term commitment to Tanzania and its growing role in driving local content, value addition, and the beneficiation strategy (including improving foreign exchange reserves) as championed by the government.

Figure 1: 2,000 tpd Processing Plant at Buckreef Gold, showing CIL tanks and conveyor feed to the ball mills

 Figure 2: Buckreef Gold expanded crushing circuit

 Figure 3: Buckreef Gold ore moving through crushing circuit

 Figure 4: Buckreef Gold’s 1,000 tpd ball mill

 Figure 5: Drilling Operations at Buckreef Gold

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 May 2025 Preliminary Economic Assessment (the “PEA”). The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and US$701 million pre-tax NPV_5% at average life of mine gold price of US$2,296/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 standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania.

Qualified Person

Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company’s in-house Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and has reviewed and assumes responsibility for the scientific and technical content in this press release.