Trx Gold Corporation · AMEX:TRX
Trx Gold — Investor Presentation (October 2025)
25 slides from Trx Gold's investor presentation, October 2025
Slide 1: Corporate Presentation October 2025
CORPORATE PRESENTATION OCTOBER JULY 2024 2025 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: TRX Gold at a Glance
TRX GOLD AT A GLANCE 19,389 oz Au $41.2M $15.3M Buckreef Gold Project Is a Unique Asset with a Meaningful F2024 Annual F2024 Annual F2024 Annual Production Revenue Adj. EBITDA Resource Base and Growing Production Profile Buckreef Gold Project – Snapshot • TRX Gold is rapidly expanding the Buckreef G
Slide 4: Why TRX Gold? Strong Cash Flow Today
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 plan • High-grade targets like production in safe jurisdiction to 3,00
Slide 5: Straightforward Value Enhancing Business Plan
STRAIGHT FORWARD VALUE ENHANCING BUSINESS PLAN 1 Robust Gold Asset in 2 Track Record of Capital 3 Successful Ramp-Up 4 Proven Management Tanzania Expansion Execution of Operations Expertise ▶ Significant gold deposit: 893k ▶ 3 successful expansions on ▶ High margin, low-cost ▶ Successful turn around
Slide 6: 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 Resources and 726k oz in Inferred¹ Lake Victoria • Fully-Permitted: Renewable Special Mining License BUCKREEF (SML) secured through 2032, de-risking operation
Slide 7: Buckreef Is Located in One of the Most Investable Jurisdictions in Africa
BUCKREEF IS LOCATED IN ONE OF THE MOST INVESTABLE JURISDICTIONS IN AFRICA Gold exports worth US$2.95B in Demonstrated support of 2023, up 39% from 2022, foreign investment, primarily generated by large particularly in the mining sector. scale mines. Over US$2B in M&A and IPO Well-established Mining
Slide 8: Buckreef Gold Operational Growth Since 2021
BUCKREEF GOLD OPERATIONAL GROWTH SINCE 2021 1st Mill Expansion 2nd Mill Expansion 3rd Mill Expansion H1 2021 H1 2022 H1 2023 H2 2024 Test plant to 120 tpd 120 tpd to 360 tpd 360 tpd to 1,000 tpd 1,000 tpd to 2,000 tpd 400,000 25,000 355,000 359,000 350,000 20,759 Tonnes Ore Milled (t) 311,000 19,389
Slide 9: Prudent Capital Management to Achieve Profitability
PRUDENT CAPITAL MANAGEMENT TO ACHIEVE PROFITABILITY $19.1M $35.8M $52.3M Operating Cash Flow Capital Raised Capital Invested Generated (2021-Current) (2021-Current) (2021-Current) $50.0 Revenue (US$M) EBITDA (US$M) $41.2 $38.3 $40.0 $34.1 US$ Millions $30.0 $20.0 $15.1 $15.3 $13.7 $9.3 $10.0 $2.5 $3
Slide 10: Key Highlights of Preliminary Q4 2025
KEY HIGHLIGHTS OF PRELIMINARY Q4 2025 (ENDING AUGUST 31, 2025) (1) ▶ Achieved record quarterly production of 6,404 oz and sales of 6,977 oz, Record Gold representing a 37% increase over Q3 2025 Production and ▶ Two record gold pours in Q4: 806 oz (August) and 1,018 oz (September) Sales ▶ September p
Slide 11: Mine Plan – F2025
MINE PLAN – F2025 H1 2025 mining is highlighted above the H2 2025 mining was higher grade and H2 2025 momentum continued into line / H2 2025 mining highlighted below more ore tonnes were mined due to September with 2,510 oz produced (1) the line lower stripping H1 2025 mining was lower grade and Ach
Slide 12: 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 Gold Production Free Cash Flow (1) (First4 Years) Capital (LOM) 61,700 $63.7 $88.7 $184.4 Ounces Million Million Milli
Slide 13: Buckreef Gold – 2025 PEA – Capital and Operating Costs
BUCKREEF GOLD – 2025 PEA – CAPITAL AND OPERATING COSTS Efficient capital requirements, leveraging existing process plant & infrastructure Growth Capital Expenditures – US$ millions Year LOM Cost Element 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Total Process Plant Expansion 3.2 9.6 -- -- -- -- --
Slide 14: Buckreef Gold – 2025 PEA – Annual EBITDA
BUCKREEF GOLD – 2025 PEA – ANNUAL EBITDA Significant EBITDA generation can potentially fund capital expenditures requirements First 4 Years EBITDA EBITDA & Cash Flow Coverage of Growth Capital (First 4 Years) Total Growth Coverage US$373M (~US$93M/yr) @ US$3,000/oz Au Price EBITDA / OCF CAPEX Multip
Slide 15: PEA Sensitivity Analysis
PEA SENSITIVITY ANALYSIS High leverage to gold price upside, and resilient to downside due to low capital requirements Gold Price Operating Costs Gold Price per Ounce Pre-tax NPV5% Post-tax NPV5% Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) (US$/oz) (US$M) (US$M) Base Case Upside Case Base Case Upside
Slide 16: Drills Continue Turning in F2025
DRILLS CONTINUE TURNING IN F2025 Anfield Zone with All Significant Intercept Map Blue-sky potential plentiful at Buckreef Gold N North East Extension GOAL OF DRILLING IS TO INCREASE Stamford THE MINERAL RESOURCE BR West Bridge Zone Main Zone • Recent discovery of the new Stamford Bridge Eastern shea
Slide 17: New Stamford Bridge Shear Zone Continues to Deliver Encouraging Drill Results
NEW STAMFORD BRIDGE SHEAR ZONE CONTINUES N TO DELIVER ENCOURAGING DRILL RESULTS BMDD320; 20.50m @ 5.14g/t Au from 125.5m Returning best drill results EVER in Buckreef Gold’s history – announced in 2024 BMGT001; 11.39m @ 2.8g/t Au from 104m 22m @ 2.36g/t Au from 186.6m, STAMFORD BRIDGE SHEAR ZONE 32.
Slide 18: Comparable Company Analysis
COMPARABLE COMPANY ANALYSIS EV / EBITDA (2027E) (1) – Producers P / NAV (1) – Producers & Developers EV / oz Au Eq. (US$/oz) – Producers & Developers Average: 3.7x Average: 0.66x Average: $151/oz Pan African Resources Andean Precious $704 Aya Gold & Silver 14.6x 1.11x Montage Gold $419 Thor Explorat
Slide 19: Capital Structure
CAPITAL STRUCTURE Well-positioned to self-fund future growth FINANCIAL SNAPSHOT (at Quarter end May 31, 2022) CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Volume (mm) Price (US$) Share Price (Oct 17, 2025) US$ 0.72 (C$ 1.01) $1.00 30.0 52-week Trading Range US$ 0.27 – 0.
Slide 20: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS A straightforward de-risked growth plan with high-grade discoveries & blue-sky potential ▶ 19.3k oz gold produced in F2024 Strong Growth & ▶ US$15.3M Adjusted EBITDA in F2024 → 44% gross margins Sustained Profitability ▶ Growth driven by ongoing successive mill expansions a
Slide 21: Appendix – Executive Team
APPENDIX – 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 gold ▶ Distinguished career in Director at PwC, leading Deals positions with mu
Slide 22: 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 23: Appendix – Notes on Mineral Resource Estimate
APPENDIX – NOTES ON MINERAL RESOURCE ESTIMATE 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
Slide 24: Endnotes
ENDNOTES 1. The company has included certain non-IFRS measures in this presentation. Refer to the Company’s May 31, 2025 MD&A for an explanation, discussion and reconciliation of non-IFRS measures. The Company believes that these measures, in addition to measures prepared in accordance with Internat
Slide 25: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com