TRX Gold (TNX) investor relations material

Executive summary

• Q3 2025 delivered strong financial results with increased gold production, revenue, and profitability, driven by higher-grade ore, lower costs, and record gold prices.

• The Buckreef Gold Project in Tanzania is expanding, with a robust resource base, a 17.6-year mine life, and a PEA outlining a $1.2B NPV at $3,000 gold and 62,000 oz/year production.

• Operational improvements, plant expansions, and cost reductions are underway, with a proven management team and disciplined capital management.

• Working capital normalization, prudent capital management, and improved liquidity position the company for future growth.

• Favorable agreement with the Bank of Tanzania reduces royalty rates and supports local currency needs.

Financial highlights

• Q3 2025 revenue was $12.5M, gross profit $4.4M (35% margin), net income $1.1M, operating cash flow $3.4M, and adjusted EBITDA $4.0M, all up year-over-year.

• Sold 3,995 ounces of gold at a record average realized price of $3,114/oz in Q3 2025; some sales at $3,300/oz.

• Mining cost per tonne reduced to $3.63 in Q3; processing cost per tonne $14.60 in Q3.

• Adjusted working capital improved from a deficit of $3.3M at May 31, 2025 to positive $3.9M post-Q3.

• Cash position at May 31, 2025 was $6.5M, with borrowings of $3.0M.

Outlook and guidance

• Revenue and EBITDA are expected to increase as higher-grade ore is accessed and plant optimizations take effect.

• Plant recovery rates targeted to improve to low 80% by year-end and high 80s/low 90s within 18 months as upgrades are completed.

• PEA projects average annual production of 62,000 oz gold over 17.6 years, with $89M growth capital over four years expected to be self-funded.

• Average daily gold production increased to 75 oz/day post-Q3, expected to continue through Q4 2025.

• Exploration spending will increase in fiscal 2026 to support resource expansion.