Trx Gold Corporation · AMEX:TRX
Trx Gold — Investor Presentation (March 2026)
27 slides from Trx Gold's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
CORPORATE PRESENTATION MARCH 2026 JULY 2024 Positioned for Next Phase of Growth NYSE-A: TRX / TSX: T RX TRXGOLD. COM
Slide 2: Disclaimer
DISCLAIMER TRX Gold Corporation (“TRX Gold” or the “Company”), has taken all reasonable care in “possible” and similar expressions, or statements that events, conditions or results “will”, producing and publishing information contained in this presentation. TRX Gold does not “may”, “could” or “shoul
Slide 3: Executive Team
EXECUTIVE TEAM STEPHEN MULLOWNEY - CEO RICHARD BOFFEY – COO MICHAEL P. LEONARD – CFO KHALAF RASHID – SVP, TANZANIA & MD ▶ Former Partner & Managing ▶ Held several senior executive ▶ Distinguished career in the Director at PwC, leading positions with multi-national gold industry with broad, mining co
Slide 4: TRX Gold at a Glance
TRX GOLD AT A GLANCE 18,935 oz Au $57.6M $22.0M Buckreef Is a Profitable Cash-Generating Mine with a F2025 Annual F2025 Annual F2025 Annual Production Revenue Adj. EBITDA Growing Production Profile and Exploration Upside Buckreef Gold Project – Snapshot ▪ TRX Gold is rapidly expanding the Buckreef G
Slide 5: Key Highlights of Preliminary Q2 2026
KEY HIGHLIGHTS OF PRELIMINARY Q2 2026 (ENDING FEBRUARY 28, 2026) (1) Record production, strengthened balance sheet, and continued progress towards 3,000+ tpd capacity Record Quarterly Production and Gold Price Realization 7,453 oz Au ▶ Record quarterly production: 7,453 oz gold (a 13% increase vs Q1
Slide 6: Key Highlights of Q1 2026
KEY HIGHLIGHTS OF Q1 2026 (ENDING NOVEMBER 30, 2025) Record Gold ▶ Achieved record quarterly ▶ On track to achieve its fiscal 2026 production of 6,597 oz and sales of guidance of 25,000 – 30,000 oz gold Production and 6,492 oz, representing a 35% at a total average cash cost of Sales increase over Q
Slide 7: Q1 2026 – Financial and Operating Overview
Q1 2026 – FINANCIAL AND OPERATING OVERVIEW Increase in Revenue, Gross Profit, and EBITDA1 Financial results in US$ Q1 2026 Q1 2025 (at Nov 30th of each year) Gold production & sales: Poured 6,597 oz and sold 6,492 oz, generating: ▶ Revenue of $25.1M, Gross profit of $14.2M, EBITDA1 of $13.2M. Gold o
Slide 8: Buckreef Gold Operational Growth Since 2021
BUCKREEF GOLD OPERATIONAL GROWTH SINCE 2021 Test Plant 1st Mill Expansion 2nd Mill Expansion 3rd Mill Expansion 4th Mill Expansion H1 2021 H1 2022 H1 2023 H2 2024 Current 2025 + Test plant to 120 tpd 120 tpd to 360 tpd 360 tpd to 1,000 tpd 1,000 tpd to 2,000 tpd 2,000 tpd to 3,000 tpd 600,000 25,000
Slide 9: Prudent Capital Management to Achieve Profitability
PRUDENT CAPITAL MANAGEMENT TO ACHIEVE PROFITABILITY $19.1M $48.3M $70.8M Capital Raised Operating Cash Flow Capital Invested (2021-Current) (2021-Current) (2021-Current) $70.0 Revenue (US$M) $57.6 $60.0 Adjusted EBITDA (US$M) $50.0 $41.2 US$ Millions $38.3 $40.0 $30.0 $25.1 $22.0 $20.0 $15.1 $13.7 $
Slide 10: Mined Ore in Fiscal 2025 & Mine Plan Fiscal 2026
MINED ORE IN FISCAL 2025 & MINE PLAN FISCAL 2026 Mined Ore (above line) Planned Mining F2026 (below line) Fiscal 2025 mining is highlighted H2 2025 mining was higher grade and more ore tonnes were mined due to Black spaces represent old mine above the line / Fiscal 2026 lower stripping workings / ol
Slide 11: Why TRX Gold?
WHY TRX GOLD? The Buckreef Gold Project is a High-Margin Scalable mine with Significant Exploration Potential Strong Cash Scalable Blue Sky Flow Today Growth Plan Potential ▪ High-margin, low-risk gold ▪ Straightforward expansion ▪ High-grade targets like production in safe plan to 3,000 – 4,000 tpd
Slide 12: Straight Forward Value Enhancing Business Plan
STRAIGHT FORWARD VALUE ENHANCING BUSINESS PLAN 01 02 03 04 ROBUST GOLD ASSET IN TRACK RECORD OF CAPITAL SUCCESSFUL RAMP-UP OF PROVEN MANAGEMENT TANZANIA EXPANSION EXECUTION OPERATIONS EXPERTISE ▶ Significant gold deposit: 893k ▶ 3 successful expansions on ▶ High margin, low-cost ▶ Successful turn ar
Slide 13: The Buckreef Gold Project Highlights
THE BUCKREEF GOLD PROJECT HIGHLIGHTS N ▪ Significant Gold Resource: 2025 Mineral Resource estimate of 893k oz of gold in Measured & Indicated Lake Victoria Resources and 726k oz in Inferred¹ BUCKREEF 2025 Resource Statement1 ▪ Fully-Permitted: Renewable Special Mining License 893k oz Au @ 2.57 g/t A
Slide 14: Buckreef Is Located in One of the Most Investable Jurisdictions in Africa
BUCKREEF IS LOCATED IN ONE OF THE MOST INVESTABLE JURISDICTIONS IN AFRICA Demonstrated support of Gold exports worth US$2.95B in foreign investment, 2023, up 39% from 2022, primarily particularly in the mining sector. generated by large scale mines. Well-established Mining Over US$2B in M&A and IPO
Slide 15: Robust PEA on Next Buckreef Gold Expansion
ROBUST PEA ON NEXT BUCKREEF GOLD EXPANSION Underground Expansion with Growth Capital Expenditure Funded by Existing Cash Flow Average Annual Average Annual Growth Capital Sustaining Capital Gold Production Free Cash Flow (1) (First4 Years) (LOM) 61,700 $63.7 $88.7 $184.4 Ounces Million Million Milli
Slide 16: Buckreef Gold – 2025 PEA – Key Metrics by Year
BUCKREEF GOLD – 2025 PEA – KEY METRICS BY YEAR Meaningful Production and Profitability Well in Excess of the Capital Requirements Annual Production (koz) Revenue @ Base Case PEA - Consensus Gold Prices (US$M) (1) Incremental Revenue @ $4,000/oz Gold Price (US$M) 160 EBITDA @ Base Case PEA - Consensu
Slide 17: Buckreef Gold – 2025 PEA – Cash Cost and AISC
BUCKREEF GOLD – 2025 PEA – CASH COST AND AISC Low-Cost Production from Underground Mining and the Processing Plant Expansion $2,000 Cash Cost per oz $1,879 All-In Sustaining Cost per oz $1,800 $1,786 $1,603 $1,573 $1,600 $1,399 $1,360 $1,400 US$ per oz $1,298 $1,273 $1,391 $1,194 $1,203 $1,146 $1,16
Slide 18: PEA Sensitivity Analysis
PEA SENSITIVITY ANALYSIS High Leverage to Gold Price Upside, and Resilient to Downside due to Low Capital Requirements Gold Price Operating Costs Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) Gold Price per Ounce Pre-tax NPV5% Post-tax NPV5% (US$/oz) (US$M) (US$M) Base Case (1) Upside Case Base Case (1
Slide 19: Drills Continue Turning in F2026
DRILLS CONTINUE TURNING IN F2026 Blue-Sky Potential Plentiful at Buckreef Gold Anfield Zone with All Significant Intercept Map Goal of Drilling is to Increase the Mineral Resource N North East Extension ▪ Recent discovery of the new Stamford Bridge Stamford shear zone demonstrating similar geology a
Slide 20: New Stamford Bridge Shear Zone Continues to Deliver Encouraging Drill Results
NEW STAMFORD BRIDGE SHEAR ZONE CONTINUES TO N DELIVER ENCOURAGING DRILL RESULTS BMDD320; 20.50m @ 5.14g/t Au from 125.5m Returning Best Drill Results EVER in Buckreef BMGT001; Gold’s History – Announced in 2024 11.39m @ 2.8g/t Au from 104m 22m @ 2.36g/t Au from 186.6m, 32.8m @ 1.70g/t Au from 393m.
Slide 21: Comparable Company Analysis
COMPARABLE COMPANY ANALYSIS Strengthening Trading Multiples for TRX Gold Reflect the Market Recognition of Operational Progress, Increased Confidence in the Expansion Plan, and an Improved Balance Sheet EV / EBITDA (2027E) (1) – Producers P / NAV (1) – Producers & Developers EV / oz Au Eq. (US$/oz)
Slide 22: Capital Structure
CAPITAL STRUCTURE Well-Positioned to Self-Fund Future Growth FINANCIAL SNAPSHOT (at Quarter end May 31, 2022) CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Volume (mm) Price (US$) Share Price (Feb 27, 2026) US$ 1.81 (C$ 2.48) $2.50 70 Share Price (US$/share) 52-week Tradi
Slide 23: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Self-Funded Production Growth with High-Grade Discoveries & Blue-Sky Potential Strong Growth & ▶ High-margin profitable gold mine ▶ US$22.0M Adjusted EBITDA in ▶ Continued growth from staged with ~19k oz production in F2025 F2025 → 41% gross margin mill expansions and explo
Slide 24: Appendix – Mineral Resource Estimate (April 2025)
APPENDIX – MINERAL RESOURCE ESTIMATE (APRIL 2025) 2025 Mineral Resource has a Meaningful Resource Base with Numerous High-Grade Deposits Delineated Mineral Resource Estimate (1) TRX 2020 to 2025 Mineral Resource Estimate Transition Zone Cut-off Au g/t Tonnes (k) Au g/t Au ozs (k) 2020 MRE 2025 MRE M
Slide 25: Appendix – Notes on Mineral Resource Estimate
APPENDIX – NOTES ON MINERAL RESOURCE ESTIMATE Mineral Resource Estimate Methodology Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve The Buckreef Gold and Stamford Bridge Mineral Reso
Slide 26: Endnotes
ENDNOTES 1. The company has included certain non-IFRS measures in this 2. Total cash costs are reflective of the cost of production. Total presentation. Refer to the Company’s November 30, 2025 cash costs reported in the PEA include mining costs, MD&A for an explanation, discussion and reconciliatio
Slide 27: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com