TRX Gold (TRX) John Tumazos Very Independent Research Virtual Conference summary

Production and expansion

• Production over the prior 12 months was nearly 28,000 oz; revenue was nearly $115m and EBITDA exceeded $66m, with results benefiting from gold prices above $4,000/oz.

• Mill capacity grew from 360 t/d in 2022 to 1,000 t/d in 2023 and 2,000 t/d in the latest expansion; a fourth expansion adds a 3,500 t/d SAG/Ball mill for combined capacity of 5,500 t/d.

• The SAG mill is intended to process harder sulfide ore using a crush-grind-CIL circuit, targeting 75 microns with 80% passing; pressure oxidation and bioleaching are not required.

• About 80% of the 1.6m oz resource is sulfide and 20% oxide; the PEA cites a ~6:1 strip ratio and life-of-mine average cash cost of $1,000/oz.

PEA and growth funding

• The May 2025 PEA outlines an 18-year mine life, average annual production of ~62,000 oz based on 3,000 t/d throughput, and pre-tax NPV of ~$1.9bn at $4,000/oz gold.

• An updated PEA is targeted for year-end 2026, potentially early 2027; the revised mine plan may extend open-pit mining from three to five years and defer underground development.

• The new study is expected to exceed the prior study's operating and financial metrics, with production expected to rise from the prior 62,000 oz average as throughput expands to 5,500 t/d.

• The prior study estimated >$100m average annual free cash flow and ~$90m growth capital over four to five years; projected CapEx coverage was 3x–7x, with average annual EBITDA above $100m and a peak above $300m at $4,000/oz gold.

• Growth has been funded through operating cash flow; >$90m has been invested in Buckreef against an initial 2021 capital raise of ~$19m.

Resource and exploration

• Buckreef has 1.6m oz of measured and indicated resources at ~2.5 g/t; the resource is concentrated in the Main Zone, a small part of the 16 sq km land package.

• The drill database contains ~125,000 m; parallel shear zones and splays show mineralization similar to the Main Zone, with resource growth and mine-life extension as exploration objectives.

• Anfield Zone lies 500 m east of the Main Zone; historical workings yielded grab samples above 28 g/t, and drilling is needed to assess the target.

• Stamford Bridge produced the highest-grade drill results to date and may connect the Main Zone with prospective eastern satellite deposits; targeted drilling is planned for the upcoming fiscal year.

• Geophysics identified 10 prospective targets; initial results were expected the following week, with market updates planned as results arrive.