Record Throughput and Plant Expansion Drive Strong Performance and the Next Phase of Growth

TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) reported its results for the third quarter of 2026 for the three and nine months ended May 31, 2026. Financial results are available on the Company’s website at www.TRXgold.com. Unless otherwise noted, all references to currency in this press release refer to US dollars.

TRX Gold’s CEO, Stephen Mullowney commented: “Our Q3 2026 results demonstrate that our investments in plant optimization are delivering measurable improvements and further reinforce the strength and scalability of our asset. Over the last twelve months (“LTM”) we have generated $115.5 million in revenues, adjusted EBITDA¹ of $66.8 million and operating cash flow of $28.9 million – in Q3 alone we achieved adjusted EBITDA¹ of $20.7 million. Over the same LTM time period we have made $46.4 million in investments at Buckreef Gold, including $27.1 million in capital assets and $19.3 million in working capital. With a current adjusted EBITDA run rate higher than the LTM period, cash on hand of $26.8 million, working capital investment having already been made, significant undrawn credit lines, and essentially being debt free, we are currently well positioned to fund our capital program over time. Our accelerated plant expansion is laying the foundation for the next stage of growth, which will include both a 3,500 tpd SAG mill circuit and significant upgrades to our existing 2,000 tpd plant – with a combined processing capacity which is well beyond the 3,000 tpd plant capacity as outlined in our PEA last year, unlocking significant value. As an added bonus, we have already achieved our full year guidance as of today, having produced over 25,000 ounces of gold fiscal year to date.”

Key highlights for Q3 2026 and Year to Date in 2026 include:

• Record Throughput Drives Strong Production Momentum, Cash Flow and Profitability: During Q3 2026, Buckreef Gold achieved record processing plant throughput, and poured 7,426 ounces of gold, an increase of 58% from the prior year, and sold 6,983 ounces, an increase of 75% from the prior year, at a record average realized price¹ of $4,703 per ounce. The Company recognized revenue of $32.9 million, gross profit of $19.5 million, gross profit margin of 59%, adjusted net income¹ of $10.1 million, operating cash flow of $8.8 million and record adjusted EBITDA¹ of $20.7 million, all of which reflect increases compared to the prior year comparative period, demonstrating the Company’s leverage to high gold prices during Q3 2026.
• Year-to-Date Results Reinforce Full-Year Guidance: Year to date, the Company poured 21,476 ounces of gold and recognized revenue of $92.0 million, gross profit of $54.7 million, adjusted net income¹ of $29.5 million, operating cash flow of $20.5 million and adjusted EBITDA¹ of $54.1 million. Revenue, gross profit, adjusted net income, and adjusted EBITDA¹ were all year-to-date records for the Company, and reflected increases compared to the prior year comparative period mainly due to the impact of a higher average gold price realized on higher ounces of gold sold. During the period, the Company continued to demonstrate leverage to high gold price levels and sold 20,789 ounces of gold at an average realized price¹ of $4,423 per ounce. The Company is on track to meet its full-year production guidance of 25,000 to 30,000 ounces at an average cash cost per ounce of gold sold of between $1,400 to $1,600 per ounce.
• Plant Upgrades Leading to Better Throughput and Recovery: During Q3 2026 the Company continued to make progress on upgrades to the 2,000 tpd processing plant, including accelerated manufacturing for several key components, including installation of the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, apron feeder and belt magnet. The plant upgrades are in various stages of completion and have already begun to boost plant reliability and performance as evidenced by an increase in plant throughput (1,690 tpd) and an improvement in recovery (84.9%) in Q3 2026.
• High Recovery Rates Confirmed Through Additional Metallurgical Test Work: During Q3 2026, the Company reported results of ongoing metallurgical testwork as part of its current flowsheet optimisation and future expanded processing plant development. Recovery rates between 89% – 92% were achieved from metallurgical test work, which is above the 88% recovery rate assumed in the PEA. Testwork has led the Company to specify a Semi Autogenous Grind (“SAG”) / Ball mill combination of 3,500 tpd. A letter of award for the new SAG / Ball mill was initiated, final contract execution was completed in early Q4 2026, initial downpayments have been made, and estimated completion is expected over the next 12 – 18 months. The existing, upgraded 2,000 tpd processing plant will be available to continue operating in conjunction with the new 3,500 tpd SAG / Ball mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in the PEA. The increase in throughput from the expanded processing plant is expected to produce average annual gold production in excess of the 62,000 ounces of gold originally anticipated in the PEA.
• Mine Plan Optimization Expected to Enhance Project Economics: During Q3 2026 the Company also initiated a revision of the life-of-mine plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA reserve estimate. Preliminary analysis indicates the potential for an expanded open pit, which could extend open pit operations, defer commencement of underground mining in the Main Zone and enhance total recoverable ounces. The Company is also evaluating the potential for an earlier start to underground mining of Stamford Bridge, alongside accelerating mining of the Eastern Porphyry. This is expected to improve the overall economics of the project. Throughput rates for the updated PEA will be determined by the revised mine plan, which will feed the new 3,500 tpd processing plant and existing, upgraded 2,000 tpd processing plant.
• Working Capital, Liquidity and Gold Inventory Continue to Strengthen: During Q3 2026 the Company continued to strengthen its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result, the Company’s current ratio has improved to a ratio of approximately 2.2 at May 31, 2026, including a cash balance of $26.8 million, an increase in net cash of approximately $19.1 million from year-end. Additionally, the run of mine (“ROM”) stockpile inventory grew to an estimated 19,373 ounces of contained gold as at May 31, 2026, as the Company continued to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. The ROM stockpile inventory has a fair market value of approximately $89.0 million at current market prices.
• Exploration Plans Underway Aimed at Upgrading Mineral Resource: During Q3 2026, the Company completed its 3-stage geophysical survey that commenced in Q4 2025. From this dipole-dipole survey, a total of 13 drill holes covering 1,850 meters has been identified for initial drill-testing across 9 sections as a preliminary test pattern. These holes, which are outside current known resources, are expected to be drilled in Q4 2026. Concurrently, in Q3 2026, approximately 50% of the fourteen-kilometer Eastern Porphyry drill program was completed with the Company’s newly commissioned Reverse Circulation (“RC”) drill rig with the goal of upgrading the Mineral Resource at the Eastern Porphyry.
• Strong Health, Safety, and Environmental Track Record: The Company achieved zero lost time injuries (“LTI”), achieving the outstanding achievement of exceeding 6,000,000 manhours LTI-free.

Selected Operating and Financial Data

Select operating and financial information from the operation for the three and nine months ended May 31, 2026, follows below:

Figure 1: Buckreef Gold Open Pit Main Zone Aerial View

Figure 2: Buckreef Gold Mining Fleet

 Figure 3: Buckreef Gold’s Ball Milling Circuit

 Figure 4: Installation of Oxygen Plant to Improve Slurry Oxidation

 Figure 5: Installation of Pre-Leach Thickener

Figure 6: Aachen ® Reactor Installed and Commissioned to Improve Processing Efficiency

Figure 7: Buckreef Gold Inventory Stockpile

 Figure 8: Reverse Circulation Drilling at Eastern Porphyry

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 outlines average gold production of 62,000 oz per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9 –US$2.6 billion pre-tax NPV_5% at average life of mine gold prices of US$4,000-US$5,000/oz². The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes  at 2.57 grams per tonne (“g/t”) 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 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, grow Mineral Resources through exploration, and update the PEA with a larger capacity beyond 3,000 tpd. 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.

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.