Trx Gold Corporation · AMEX:TRX
Trx Gold — Tanzanian Gold — Investor Presentation (April 2021)
24 slides from Trx Gold's investor presentation, Apr 22, 2021
Slide 1: Tanzanian Gold - April 2021
April 2021 TANZANIAN GOLD
Slide 2: Disclaimer
Tanzanian Gold Corporation (“Tanzanian Gold” or the “Company”), has taken all reasonable care in producing and publishing information contained in this presentation. Tanzanian Gold does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any
Slide 3: Investment Proposition
Investment Proposition Proven Mining Belt High Grade Mineral Resource Permitted Experienced Management Attractive Valuation NYSE: TRX/TSX:TNX tangoldcorp.com World-class assets located in Lake Victoria Greenstone Belt Adjacent to Anglogold Ashanti's Geita mine and Barrick’s Bulyanhulu mine (which ha
Slide 4: Refreshed & Experienced Leadership
Refreshed & Experienced Leadership NYSE: TRX/TSX: TNX tangoldcorp.com Stephen Mullowney -CEO Former Partner & Managing Director at PricewaterhouseCoopers LLP (PwC) Led PwC Canada's Deals Mining Group Vast experience in advising mining companies and Governments on financings, M&A, and stakeholder iss
Slide 5: Capital Structure
Capital Structure NYSE: TRX/TSX:TNX tangoldcorp.com Tickers NYSE:TRX, TSX:TNX Management Share Price (April 16,2021) US$0.53 (C$0.66) Friends oe 52-Week Range US$0.50-US$1.70 (C$0.63-C$2. 13) Basic Shares Outstanding Options Warrants Market Capitalization (Basic) Cash US$20 M (C$25 M) Debt - Enterpr
Slide 6: Gold Exhibits Significant Trading Volume
Gold Exhibits Significant Trading Volume Trading Volume (millions) 7.34 Substantially Higher (~8x) That of its Next Closest Peer 2.32 0.94 0.95 072 0-81 0.74 ost 0.49 0.46 0.37 a 0.28 0300.25 947019 943 0.24 a || |_| = = Tanzanian Marathon Sabina Skeena Orla Ascot Orezone —_ Bluestone Rio2 eld = LTM
Slide 7: Located in Prolific Lake Victoria Greenstone Belt
Located in Prol Lake Victoria Greenstone Belt NYSE: TRX/TSX:TNX tangoldcorp.com LEGEND A simealoccrence 2 colttines | sa 04/07 Hound] ra
Slide 8: Buckreef Open Pit
Buckreef Open Pit February 3": 2021 - Buckreef Shear Zone Has Been Exposed NYSE: TRX/TSX: TNX tangoldcorp.com
Slide 9: De-risking via Oxide Test Plant
risking via Oxide Test Plant De-Risking Plant NYSE: TRX/TSX:TNX tangoldcorp.com 5 tph Test De-Risk Operations Start mining Plant production ramp-up Material handling Training employees Clay removal Grade control blending Confirm Flowsheet Expanded Oxide Plant Retention times, reagent 15,000 — 20,000
Slide 10: Buckreef Property
Buckreef Prope rty 1,200+ m of continuous mineralization at Buckreef Buckreef Main Zone open in all directions New Buckreef West Zone open at depth and along strike NYSE: TRX/TSX:TNX 0250 500 100m tangoldcorp.com ® a = = 9 2 2 ° Several surface targets for possible additional oxide mineral resources
Slide 11: Hole BMRCD308 cross section
; i i i : : ‘BMRCD308: 50.0m Open 6 bd @ 18g 2.000 ° * py zs ° ° © Open P ° te Y al Open at Depth, to the | | Northeast and South Near-surface Mid-clevation Hole BMRCD308 Pigere 141: Hard houndary istratons
Slide 12: Introducing Buckreef West - Potential Upgrade and Expansion of Resources
Introducing Buckreef West - Potential Upgrade and Expansion of Resources ‘swoor l2m@e.o29h trom 10 14g from 96.32 Ba. 46g rom 106.6 [enoor] iewoonrs) 1m @2.039h trom ea § © BUCKREEF GOLD COMPANY LIMITED INTERCEPT
Slide 13: Sulphide Mine
Sulphide Mine Feasibility Study has Started 2018 PFS Summary (USD$1,300 oz. Au) * Three diamond drill core samples taken from Buckreef deposit, the following intercepts and gold recovery rates were observed: + MCO1: 0.54 g/t over 78.88m — 94.1% + MCO02: 19.4 g/t over 27.99m — 95.4% + MCO3: 1.71 git
Slide 14: Buckreef compared with regional gold deposits
Mal M&l_— ‘Stripping Annual Beposit Tune Hiniowecoseny Meoes Resource Grade Ratio Production (Gold) (Gold) (Gold) a a Shear zone hosted — Mining: Open pit 2.04Moz 1.77 gt TBD? TBD? co) deposit in mafic Zz basalts/dolerites Recovery: 3 within greenstone Crush/Grind/Float/Cyanidation’ S belt Zz Zz Fy
Slide 15: New Management Achievements
New Management Achievements in Completed Initial Metallurgical Tests SGS has recommended standard flowsheet of crush/grind/flotation/cyanidation to recover the gold in sulphides Partnership with Reputable Technical Consultant for Project Development Appointing reputable consultant to manage EPC of o
Slide 16: Oxide Test Plant Expansion
@ Oxide Test Plant Expansion * Complete economic feasibility and required regulations to expand Stph test plant to 15 tph test plant, which would operate concurrently with expansion of oxide operations to 40 tph * De-risk larger operation and generate sufficient cash flow to sustain plant operation
Slide 17: Trading at Discount to Peer Group on P/NAV and EV/M&I
Trading at Discount to Peer Group on both P/NAV and EV/M&I multiples P/NAV 0.80x 0.68x 0.25x Bluestone Tanzanian Orezone Rio2 Ascot Sabina Skeena Marathon Orla Gold EV/M&l $140 $123 Peer Average: $77 salt _ $81 0 ary z= = $43 $47 $25 Rio2 Bluestone Orezone = Tanzanian Orla Sabina Skeena Marathon Asc
Slide 18: As Management Advances Buckreef, Multiple Can Expand More Than 5X
As Management Advances Buckreef, TanGold’s Mult Average EV / M&l ple Can Expand More Than 5X $378 evo 1 f 1 I 1 1 1 1 ~2x Higher €— f f f 1 1 $218 — ~ <--> i 1 1 t ' 1 . ! ~3x Higher ¢€— 1 t 1 ! 1 $61 ae Tanzanian Gold Pre-commercial / Ramp-up* Single Asset Producers? Sources: Company filings, Capit
Slide 19: Positioned in the Higher Grade Lower Cost Quadrant
ositioned in the Higher Grade Lower Cost satay GA Gut ie Buckreef iatives to further faze Median rami operating costs! Rosebel ' * Drilling to optimize grade Essakane 1 i * Examine viability of steeper pit $1,075 Tduapriem slopes (lower stripping ratio) * Consider higher throughput for economies of
Slide 20: ESG
NYSE: TRX/TSX:TNX tangoldcorp.com + Low carbon footprint by maximizing grid power and minimizing diesel usage + All sites and suppliers to be certified by International Cyanide Management Code + Dry stack tailing will minimize environmental risks Social + 45% ownership by Tanzania through STAMICO +
Slide 21: Safety is Our Top Priority
Safety is Our Top Priority NYSE: TRX/TSX:TNX tangoldcorp.com Daily COVID-19 briefing Formation of a Health/COVID-19 team under Senior Health Officer Mandatory daily screening of all personnel and contractors Enhanced sanitization and hand washing facilities across the project site Preparedness and p
Slide 22: Expand Oxide Production, Complete Sulphide Feasibility Study & Continue Exploration
Expand Oxide Production, Complete Sulphide Feasibility Study & Co inue Explorati 2014 2020 M&l: 23.1 MT @ 1.52 g/t Au for + M&l: 35.88MT @ 1.77g/t for 1.13 Moz 2.0 Moz Inferred: 8.7 MT @ 1.34 g/t Au + First Oxide Gold Pour for 0.34 Moz 2011 2018 PFS Completed — 51k oz per Buckreef Acquisition year a
Slide 23: Investor Relations
Investor Relations “ ™ TANZANIAN GOLD m=” CORPORATION Investor Relations Manager: Michael Martin Email: m.martin@tangoldcorp.com | Phone: 1-860-248-0999 | Website: wwwtangoldcorp.com
Slide 24: M&I Mineral Resources for the Buckreef Shear Zone
M&l Mineral Resources for the Buckreef ar Zone more NI 43-101 Resource Estimate for the Buckreef Shear Zone (June 2020 - 0.4 g/t Au cut-off)’ 2.50 z ° E 2.00 2 8 1.50 1.77 git 5 8 & 1.00 3 1.53 git 1.54 oft © 0.50 3 1.97 gft 0.00 2011 2014 2018 2020 NI 43-101 Compliant Resource Estimate for the Buck