Trx Gold Corporation · AMEX:TRX
Trx Gold — Investor Presentation (June 2025)
27 slides from Trx Gold's investor presentation, June 2025
Slide 1: Corporate Presentation June 2025
CORPORATE PRESENTATION JUNE 2025 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: TRX Gold at a Glance
TRX GOLD AT A GLANCE Buckreef Gold Project Is a Unique Asset with a Meaningful Resource Base and Growing Production Profile ▶ TRX Gold is rapidly expanding the Buckreef Gold Project in Tanzania, consisting of 19,389 oz Au $41.2M $15.3M a low-risk, high-margin open-pit gold mining operation, establis
Slide 4: Straight Forward 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 5: The Buckreef Gold Project Highlights
THE BUCKREEF GOLD PROJECT HIGHLIGHTS ▶ Significant Gold Resource: 2025 Mineral Resource estimate of 893k oz of gold in Measured & Indicated Resources and 726k oz in Inferred¹ ▶ Fully-Permitted: Renewable Special Mining License (SML) secured through 2032, de-risking operations ▶ Superior Metallurgica
Slide 6: Mineral Resource Estimate (April 2025)
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 MAIN Classif
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: Drills Continue Turning in F2025
DRILLS CONTINUE TURNING IN F2025 Blue-sky potential plentiful at Buckreef Gold GOAL OF DRILLING IS TO INCREASE THE MINERAL RESOURCE ▶ Recent discovery of the new Stamford Bridge shear zone demonstrating similar geology as Buckreef Main. Stamford Bridge Zone ▶ Anfield & Eastern Porphyry: Multiple zon
Slide 9: New Stamford Bridge Shear Zone Continues to Deliver Encouraging Drill Results
NEW STAMFORD BRIDGE SHEAR ZONE CONTINUES TO DELIVER ENCOURAGING DRILL RESULTS Returning best drill results EVER in Buckreef Gold’s history – announced in 2024 STAMFORD BRIDGE SHEAR ZONE ▶ Best drill result ever, on a gram x tonne x meters (“gtm”) basis (2): 250 m from Buckreef ➢ BMDD315 intersected
Slide 10: 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 25,000 355,000 350,000 Tonnes Ore Milled (t) 20,759 Gold Produced (oz) 311
Slide 11: Prudent Capital Management to Achieve Profitability
PRUDENT CAPITAL MANAGEMENT TO ACHIEVE PROFITABILITY $19.1M $32.4M $50.8M Operating Cash Flow Capital Raised Capital Invested Generated (2021-Current) (2021-Current) (2021-Current) $50.0 Revenue (US$M) $41.2 $40.0 EBITDA (US$M) $38.3 US$ Millions $30.0 $21.6 $20.0 $15.1 $15.3 $13.7 $10.0 $5.3 $2.5 $3
Slide 12: Key Highlights – Q2 2025
KEY HIGHLIGHTS – Q2 2025 (Ending Feb 28, 2025) STAGE SET FOR NEXT PHASE OF GROWTH ▶ Revenue of $9.1M (+14% YoY) Strong Leverage ▶ Operating cash flow of $2.0M (+100% YoY) to Record Gold Prices ▶ Record average realized gold price of $2,739/oz ▶ Mining and processing costs fell to $3.90/t and $15.90/
Slide 13: Mine Plan – F2025 Stripping
MINE PLAN – F2025 STRIPPING March 2024 April 2025 H1 2025 Strip Campaign Predominantly Complete – Deeper and Wider South End 13
Slide 14: Mine Plan – F2025
MINE PLAN – F2025 H1 2025 mining is highlighted H2 2025 mining will be higher ▶ Black spaces represent old above the line / H2 2025 mining grade and more ore tonnes will mine workings / old highlighted below the line be mined due to lower stripping underground stopes In early Q2 2025 we have started
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 Gold Production Free Cash Flow (1) (First4 Years) Capital (LOM) 61,700 $63.7 $88.7 $184.4 Ounces Million Million Milli
Slide 16: Buckreef Gold – PEA Approach
BUCKREEF GOLD – PEA APPROACH Realistic costs based on actual figures from current operations ▶ Mine & Plant Expansion Open Pit and Underground Designs and Mining Areas ▶ Expansion of existing plant to 3,000 tpd ▶ Transition from open pit to underground mining by Year 3 ▶ Mine Plan ▶ Open pit from Ye
Slide 17: Buckreef Gold – 2025 PEA – Capital and Operating Costs
BUCKREEF GOLD – 2025 PEA – CAPITAL AND OPERATING COSTS Efficient capital requirements, leveraging existing process plant & infrastructure Growth Capital Expenditures – US$ 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 18: 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$3,000/oz Au Price EBITDA / OCF CAPEX Multip
Slide 19: PEA Sensitivity Analysis
PEA SENSITIVITY ANALYSIS High leverage to gold price upside, and resilient to downside due to low capital requirements Gold Price Operating Costs Gold Price per Ounce Pre-tax NPV5% Post-tax NPV5% Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) (US$/oz) (US$M) (US$M) Base Case Upside Case Base Case Upside
Slide 20: Fast-Paced Transformation and Growth
FAST-PACED TRANSFORMATION AND GROWTH ✓ More great drill results at ✓ Strengthened TRX ✓ Attains operational Stamford Bridge Gold and Buckreef Balance sheet is guidance; record annual extending strike length Gold Boards of gold production Complete 3rd mill another 25 m cleaned up; growth Directors be
Slide 21: 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 gold ▶ Distinguished career in Director at PwC, leading Deals positions with multi-nationa
Slide 22: 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: 3.4x Average: 0.69x Average: $93/oz Aya Gold & Silver 12.9x Thor Explorations 1.19x Montage Gold $260 Endeavour Mining 1.05x Andean Precious
Slide 23: Capital Structure
CAPITAL STRUCTURE Well-positioned to self-fund future growth FINANCIAL SNAPSHOT (at Quarter end May 31, 2022) CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Share Price (June 13, 2025) US$ 0.34 (C$ 0.46) $0.50 Volume (mm) Price (US$) 3.0 52-week Trading Range US$ 0.27 – 0.
Slide 24: 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 25: 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 26: Endnotes
ENDNOTES 1. The company has included certain non-IFRS measures in this presentation. Refer to the Company’s February 28, 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 Int
Slide 27: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com