Trx Gold Corporation · AMEX:TRX
Trx Gold — Investor Presentation (September 2026)
22 slides from Trx Gold's investor presentation, September 2026
Slide 1: Corporate Presentation September 2026
CORPORATE PRESENTATION SEPTEMBER JULY 2024 2026 Rapid 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: Mission Statement and High-Level Overview
MISSION STATEMENT AND HIGH- 27,880 oz Au $115.5M $66.8M 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 Locati
Slide 4: 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 5: Rapid EBITDA Growth
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 Underway Test plant to 120 tpd 120 tpd to 360 tpd 360 tpd to 1,000 tp
Slide 6: Rapid EBITDA Growth
1 RAPID EBITDA GROWTH Revenue (LOM - 2025 PEA) Track record of profitability and prudent capital allocation Avg $247M/year (1) $92.0 EBITDA (LOM - 2025 PEA) $90.0 Revenue (US$M) Avg $176M/year (1) Adjusted EBITDA (US$M) $70.0 $57.6 US$ Millions $54.1 $50.0 $41.2 $38.3 $30.0 $22.0 $15.1 $13.7 $15.3 $
Slide 7: 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 8: EBITDA Growth and NAV Expansion – 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 9: 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 10: 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 11: 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 12: Stakeholder Engagement and Communication
STAKEHOLDER ENGAGEMENT AND COMMUNICATION Building trusted relationships that enable sustainable long-term growth 1 Community Development 2 Government Engagement 3 Communication CSR Projects Commercial Negotiations Maintaining Presence ▶ Active community initiatives delivered in ▶ Progress on the mee
Slide 13: Growing Underlying Metrics Supports Improved Valuation
GROWING UNDERLYING METRICS SUPPORTS IMPROVED VALUATION Strengthened 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 & Developer
Slide 14: Well-Positioned to Self-Fund Future Growth
WELL-POSITIONED TO SELF-FUND FUTURE GROWTH Funded balance sheet with $27M cash and minimal debt; strong capital markets presence CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Share Price (Sept 4, 2026) US$ 1.15 (C$ 1.59) $2.50 Volume (mm) Price (US$) 80 Share Price (US$)
Slide 15: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Self-Funded Production Growth with High-Grade Discoveries & Blue-Sky Potential ▶ High-margin profitable gold mine ▶ US$66.8M Adjusted EBITDA in ▶ Continued growth from improved Strong Growth & with ~28k oz production in LTM LTM Q3 2026 58% margin recoveries, mill expansio
Slide 16: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com
Slide 17: Appendix – Mineral Resource Estimate (April 2025)
APPENDIX – MINERAL RESOURCE ESTIMATE (APRIL 2025) 2025 Mineral Resource has a meaningful resource base with numerous high-grade deposits delineated Mineral Resource Estimate (1) TRX 2020 to 2025 Mineral Resource Estimate Transition Zone Cut-off Au g/t Tonnes (k) Au g/t Au ozs (k) 2020 MRE 2025 MRE M
Slide 18: Executive Team
EXECUTIVE TEAM STEPHEN MULLOWNEY - CEO RICHARD BOFFEY – COO MICHAEL P. LEONARD – CFO KHALAF RASHID – SVP, TANZANIA & MD ▶ Former Partner & Managing ▶ Held several senior executive ▶ Distinguished career in the positions with multi-national ▶ Distinguished career in Director at PwC, leading gold indu
Slide 19: Q3 2026 – Financial Overview
Q3 2026 – FINANCIAL OVERVIEW Well positioned to fund growth - record net income and adjusted EBITDA1 ▶ Record quarterly throughput of 1,690 tpd in Q3 2026, a 16% increase from Q3 Financial results in 2025 (1,461 tpd) Q3 2026 Q3 2025 Record US$ (at May 31st) Throughput & ▶ Gold recovery improved to 8
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 May 31, 2026 MD&A for cash costs reported in the PEA include mining costs, an explanation, discussion and reconciliation of