TRX Gold (TRX) The ThinkEquity Conference summary

Self-funded growth and expansion

• Three expansions lifted capacity to 2,000 tons per day, funded from free cash flow; a further expansion is underway.

• A new 3,500-ton-per-day plant alongside the existing 2,000-ton-per-day plant is designed for total capacity of 5,500 tons per day.

• Throughput in the updated mine plan will exceed the prior study’s 3,000 tons per day but is expected to remain below 5,500 tons per day.

• Higher production is the main driver of revenue and EBITDA growth; growth to date has been funded from free cash flow.

Project economics and outlook

• The May 2025 PEA outlined an 18-year mine life, roughly 62,000 ounces of annual production, and an initial 2–3 years of open-pit mining followed by underground mining.

• At $4,000 gold, the PEA indicated nearly $2 billion in net asset value, $1,000/oz cash costs and $1,200/oz all-in sustaining costs.

• Current run-rate production is ~30,000 oz, with last-12-month run-rate EBITDA of ~ $80 million; the updated plan is expected to increase both.

• At $4,000 gold, the prior study projected EBITDA above $200 million in years three through five; the updated plan covers a larger project and plant.

• The mine plan and PEA update were in progress, with completion targeted for year-end or early the following year.

Resource growth and exploration

• The project has 1.5 million oz in measured, indicated and inferred resources at ~2.5 g/t; exploration is intended to expand resources and support future cash flow.

• Four or five drill rigs were on site or expected shortly; drilling includes 10 geophysical targets identified in the prior year and infill work around existing resources.

• Stamford Bridge and Anfield have the strongest drill results cited; Stamford Bridge returned a best-ever result of 200 g·m, with increased drilling focus planned for the next year.