TRX Gold (TNX) Corporate Presentation summary

Strategic positioning and project overview

• Buckreef Gold Project in Tanzania features a large, high-margin open-pit gold mine with a 16 km² license and a multi-million ounce resource base.

• 2025 PEA outlines an underground expansion with average annual production of 62,000 oz over 17.6 years and a post-tax NPV5% of $766M at $3,000/oz gold.

• The project is fully permitted with a renewable Special Mining License through 2032, and is supported by established infrastructure and a strong local workforce.

• The operation is a 55/45 joint venture with the Tanzanian government (STAMICO), ensuring alignment with national interests.

• Tanzania is a top mining jurisdiction with robust infrastructure, a mature mining sector, and strong government support for foreign investment.

Operational and financial performance

• Gold production reached 19,389 oz in F2024, generating $41.2M in revenue and $15.3M in adjusted EBITDA, with a 44% gross margin.

• Q4 2025 saw record production of 6,404 oz, a 37% increase over Q3, and record realized gold prices averaging $3,350/oz.

• The company has executed three successful mill expansions since 2021, increasing capacity from 120 tpd to 2,000 tpd, all self-funded and on budget.

• Operating cash flow and prudent capital management have enabled $52.3M in capital investment since 2021, with no outstanding borrowings.

• Working capital and cash position improved in Q4 2025, with a cash balance of $7.8M and short-term borrowings fully repaid.

Growth plan and project economics

• The 2025 PEA projects a mine life of 17.6 years, with LOM cash costs of $1,024/oz and AISC of $1,206/oz.

• Growth capital of $89M is planned over the next four years, funded by internally generated cash flow.

• Annual EBITDA is expected to average $93M at $3,000/oz gold, providing 4.2x coverage of growth capital requirements.

• Sensitivity analysis shows strong leverage to gold price upside, with post-tax NPV5% rising to $1.24B at $4,000/oz.

• Expansion to 3,000–4,000 tpd is underway, with procurement for plant upgrades and process improvements in progress.