Trx Gold Corporation · AMEX:TRX
Trx Gold — Investor Presentation (April 2026)
22 slides from Trx Gold's investor presentation, April 2026
Slide 1: Corporate Presentation April 2026
CORPORATE PRESENTATION APRIL 2026 JULY 2024 Focused on Self-Funded 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 positions with multi-national ▶ Distinguished career in Director at PwC, leading gold indu
Slide 4: Mission Statement and High-Level Overview
MISSION STATEMENT AND HIGH- 25,141 oz Au $95.2M $50.1M LEVEL OVERVIEW LTM Annual LTM Annual LTM Annual Production Revenue Adj. EBITDA TRX Gold’s mission is to rapidly Buckreef Gold Project – Snapshot advance, scale, and unlock Geita District Tanzania, south of Lake value at the Buckreef Gold Locatio
Slide 5: Focused on Growing Underlying Valuation Metrics
FOCUSED ON GROWING UNDERLYING VALUATION METRICS Self-funded growth in EBITDA, NAV and Resource Base 1 Rapid EBITDA Growth 2 Significant NAV Expansion 3 Increasing Resource Base ▶ Processing plant expansion underway, ▶ Updated PEA in progress focusing on higher ▶ First in-depth geophysics program to
Slide 6: Q2 2026 – Financial and Operating Overview
Q2 2026 – FINANCIAL AND OPERATING OVERVIEW Increase in revenue, gross profit, and adjusted EBITDA1 Financial results in US$ Q2 2026 Q2 2025 (at Feb 28th of each year) Gold production & sales: Poured 7,453 oz and sold 7,314 oz, generating: ▶ Revenue of $34.1M, Gross profit of $21.1M, adjusted EBITDA1
Slide 7: Rapid EBITDA Growth – Mill Expansions and Production
1 RAPID EBITDA GROWTH Three expansions completed since 2021; expanding to 3,500+ tpd + existing, upgraded plant 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,
Slide 8: Rapid EBITDA Growth – Revenue and EBITDA
1 RAPID EBITDA GROWTH Revenue (LOM - 2025 PEA) Track record of profitability and prudent capital allocation Avg $247M/year (1) EBITDA (LOM - 2025 PEA) $90.0 Revenue (US$M) Avg $176M/year (1) Adjusted EBITDA (US$M) $70.0 $57.6 $59.2 US$ Millions $50.0 $41.2 $38.3 $33.5 $30.0 $22.0 $15.1 $13.7 $15.3 $
Slide 9: EBITDA Growth and NAV Expansion – 2025 PEA
1/2 EBITDA GROWTH AND NAV EXPANSION – 2025 PEA Growth capital expenditures funded by existing cash flow PEA Average Annual Average EBITDA & Average Annual Growth Capital Throughput Gold Production Peak EBITDA (1) Free Cash Flow (1) (First 4 Years) Capacity 61,700 3,000 $176.3 Million (Peak of $284.7
Slide 10: 2025 PEA Metrics by Year
1/2 EBITDA GROWTH AND NAV EXPANSION – 2025 PEA METRICS BY YEAR Meaningful production and profitability well in excess of capital requirements 160 $500 Annual Production (koz) Revenue @ Base Case PEA - Consensus Gold Prices (US$M) (1) $450 140 Incremental Revenue @ $4,000/oz Gold Price (US$M) EBITDA
Slide 11: Increasing Resource Base
3 INCREASING RESOURCE BASE N Gold ounces in prolific location Lake Victoria Buckreef Gold – Mineral Resource Estimate (April 2025) (1) BUCKREEF GOLD Cut-off Tonnes Au Au ozs • Producing open-pit gold mine (Au g/t) (k) (g/t) (k) with a 2,000 tpd CIL plant Measured 0.42/1.31 3,049.6 2.37 232.6 • 55% T
Slide 12: Increasing Resource Base – Drills Continue Turning in F2026
3 INCREASING RESOURCE BASE – 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 Recent discovery of the new Stamford Bridge shear zone demonstrating similar geology as
Slide 13: Stamford Bridge Shear Zone Delivering Encouraging Drill Results
3 INCREASING RESOURCE BASE – STAMFORD BRIDGE SHEAR N ZONE DELIVERING ENCOURAGING DRILL RESULTS BMDD320; 20.50m @ 5.14g/t Au from 125.5m Returning best drill results EVER in Buckreef Gold’s history BMGT001; 11.39m @ 2.8g/t Au from 104m 22m @ 2.36g/t Au from 186.6m, 32.8m @ 1.70g/t Au from 393m. Stamf
Slide 14: Growing Underlying Metrics Supports Improved Valuation
GROWING UNDERLYING METRICS SUPPORTS IMPROVED VALUATION 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 & Develope
Slide 15: Well-Positioned to Self-Fund Future Growth
WELL-POSITIONED TO SELF-FUND FUTURE GROWTH Funded balance sheet with $26M cash and minimal debt; strong capital markets presence CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Share Price (April 10, 2026) US$ 1.54 (C$ 2.11) $2.50 Volume (mm) Price (US$) 80 Share Price (US$
Slide 16: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Self-Funded Production Growth with High-Grade Discoveries & Blue-Sky Potential ▶ High-margin profitable gold mine ▶ US$50.1M Adjusted EBITDA in LTM ▶ Continued growth from improved Strong Growth & with ~25k oz production in LTM Q2 Q2 2026 53% margin recoveries, mill expan
Slide 17: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com
Slide 18: Appendix – Key Highlights of Q2 2026
APPENDIX – KEY HIGHLIGHTS OF Q2 2026 (ENDING FEB 28, 2026) Record Gold ▶ Another record quarterly production ▶ On track to achieve its fiscal 2026 of 7,453 oz and sales of 7,314 oz, guidance of 25,000 – 30,000 oz gold Production and representing a 115% increase over Q2 at a total average cash cost o
Slide 19: Appendix – Mineral Resource Estimate (April 2025)
APPENDIX – MINERAL RESOURCE ESTIMATE (APRIL 2025) 2025 Mineral Resource has a meaningful resource base with numerous high-grade deposits delineated Mineral Resource Estimate (1) TRX 2020 to 2025 Mineral Resource Estimate Transition Zone Cut-off Au g/t Tonnes (k) Au g/t Au ozs (k) 2020 MRE 2025 MRE M
Slide 20: EBITDA Growth and NAV Expansion – PEA Sensitivity Analysis
1/2 EBITDA GROWTH AND NAV EXPANSION – PEA SENSITIVITY ANALYSIS High leverage to gold price upside, and resilient to downside due to low capital requirements Gold Price Operating Costs Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) Gold Price per Ounce Pre-tax NPV5% Post-tax NPV5% (US$/oz) (US$M) (US$M)
Slide 21: 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 22: 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 February 28, 2026 MD&A cash costs reported in the PEA include mining costs, for an explanation, discussion and reconciliatio