Trx Gold Corporation · AMEX:TRX
Trx Gold — Q3 2025 Earnings Presentation
22 slides from Trx Gold's earnings presentation, July 2025
Slide 1: Corporate Presentation – Third Quarter Results Ending May 31, 2025
CORPORATE PRESENTATION JULY 2024 2025 Third Quarter Results – Ending May 31, 2025 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 gold ▶ Distinguished career in Director at PwC, leading Deals positions with multi-nationa
Slide 4: 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 5: 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 6: 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 7: Key Highlights – Q3 2025 (Ending May 31, 2025)
KEY HIGHLIGHTS – Q3 2025 (Ending May 31, 2025) PEA Demonstrates Scale ▶ Filed positive PEA for Buckreef Gold and Compelling Growth ▶ Shows expanded scale – avg production 62,000 oz/yr for 17.6 years Plan Economics ▶ Pre-tax NPV5% of $1.2 billion at US$3,000 per ounce of gold ▶ Q3 revenue of $12.5M,
Slide 8: Q3 2025 – Financial Overview
Q3 2025 – FINANCIAL OVERVIEW Increase in Revenue, Gross Profit, and Adjusted EBITDA1 Financial results US$ Q3 2025 Q3 2024 (at May 31st of each year) ▶ Poured 4,687 oz gold and sold 3,995 oz gold resulting in: Gold ounces poured 4,687 4,628 ▶ Increased YoY Revenue of $12.5M, Gross profit of $4.4M, A
Slide 9: 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 10: 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 11: 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 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$3,000/oz Au Price EBITDA / OCF CAPEX Multip
Slide 15: Drills Continue Turning in F2025
DRILLS CONTINUE TURNING IN F2025 Blue-sky potential plentiful at Buckreef Gold GOAL OF DRILLING IS TO INCREASE THE MINERAL RESOURCE ▶ Recent discovery of the new Stamford Bridge shear zone demonstrating similar geology as Buckreef Main. Stamford Bridge Zone ▶ Anfield & Eastern Porphyry: Multiple zon
Slide 16: New Stamford Bridge Shear Zone Continues to Deliver Encouraging Drill Results
NEW STAMFORD BRIDGE SHEAR ZONE CONTINUES TO DELIVER ENCOURAGING DRILL RESULTS Returning best drill results EVER in Buckreef Gold’s history – announced in 2024 STAMFORD BRIDGE SHEAR ZONE ▶ Best drill result ever, on a gram x tonne x meters (“gtm”) basis (2): 250 m from Buckreef ➢ BMDD315 intersected
Slide 17: Comparable Company Analysis
COMPARABLE COMPANY ANALYSIS EV / EBITDA (2027E) (1) – Producers P / NAV (1) – Producers & Developers EV / oz Au Eq. (US$/oz) – Producers & Developers Average: 3.3x Average: 0.57x Average: $93/oz Thor Explorations 0.86x Andean Precious $307 Aya Gold & Silver 14.7x Montage Gold $266 Andean Precious 0.
Slide 18: Capital Structure
CAPITAL STRUCTURE Well-positioned to self-fund future growth FINANCIAL SNAPSHOT (at Quarter end May 31, 2022) CAPITALIZATION SUMMARY SHARE PRICE & VOLUME Tickers NYSE-A: TRX; TSX: TRX Share Price (July 11, 2025) US$ 0.34 (C$ 0.47) Volume (mm) Price (US$) $0.50 3.0 52-week Trading Range US$ 0.27 – 0.
Slide 19: 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 20: 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 21: 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 22: Investor Relations Contact
INVESTOR RELATIONS CONTACT IR@TRXgold.com www.TRXgold.com