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NYSE-A: TRX / T SX: TRX TRXGOLD.COM JULY 2024 NYSE-A: TRX / T SX: TRX TRXGOLD.COM JUNE 2025 CORPORATE PRESENTATION Positioned for Next Phase of Growth
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TRX Gold Corporation (“TRX Gold” or the “Company”), has taken all reasonable care in producing and publishing information contained in this presentation. TRX Gold does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information in this presentation. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise any information in this presentation. References to the Preliminary Economic Assessment (“PEA”) and updates to the Mineral Resource Estimate were prepared by consultants who are independent of TRX Gold, each of whom are Qualified Persons (“QP”) as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”). Each of the QPs have reviewed and confirmed that the information referenced fairly and accurately reflects, in the form and context in which it appears, the information contained in the respective sections of the PEA for which they are responsible. The following acted as Qualified Persons under NI 43-101 as authors of the PEA: P&E Mining Consultants Inc. Eugene Puritch, P.Eng., FEC, CET – Mineral Resources Andrew Bradfield, P.Eng. – Study leader and open pit mine design, scheduling and costs D. Gregory Robinson, P.Eng. – Underground mine design, scheduling and costs D. Grant Feasby, P.Eng. – Environmental Fred H. Brown, P.Geo. – Mineral Resources Yungang Wu, P.Geo. – Mineral Resources William Stone, Ph.D., P.Geo. – Tenure, geology, drilling Jarita Barry, P.Geo. – Data verification, QA/QC D.E.N.M. Engineering Ltd. David Salari, P.Eng. – Process plant expansion and process plant costing Mr. William van Breugel, P.Eng, BASc (Hons), Technical Advisor to TRX Gold Corporation, is the Company’s Qualified Person under NI 43-101 and has reviewed and assumes responsibility for the scientific and technical content in this presentation. The Toronto Stock Exchange and NYSE American have not reviewed the information on our website and do not accept responsibility for the adequacy or accuracy of it. Forward -Looking Statements This presentation contains certain forward-looking statements as defined in the applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements relate to future events or future performance and reflect TRX Gold management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to results set forth in the PEA, continued operating cash flow, expansion of its process plant under the terms, exploration and conditions set forth in the PEA, expanding its open pit mining and initiating underground mining, current and anticipated price of gold, mine development plans, estimation of Mineral Resources, ability to develop value creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditure. Although TRX Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business. These risks are set forth in reports that TRX Gold files with the SEC and the various Canadian securities authorities. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml and the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. Technical information contained in this presentation is as of the date of the presentation and TRX Gold assumes no duty to update such information. Note to U.S. Investors US investors are advised that the mineral resource and mineral reserve estimated disclosed in this presentation have been calculated pursuant to Canadian standards which use terminology consistent with the requirements CRIRSCO reporting standards. For its fiscal year ending August 31, 2021, and thereafter, the Company will follow new SEC regulations which uses a CRIRSCO based template for mineral resources and mineral reserves, that includes definitions for inferred, indicated, and measured mineral resources. DISCLAIMER
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TRX GOLD AT A GLANCE Buckreef Gold Project Is a Unique Asset with a Meaningful Resource Base and Growing Production Profile 3 ▶ TRX Gold is rapidly expanding the Buckreef Gold Project in Tanzania, consisting of a low-risk, high-margin open-pit gold mining operation, established multi-million oz gold resource, located within a 16 km 2 license area ▶ Robust 2025 PEA: Underground expansion with avg ~62k oz Au per year over 17.6 years, and NPV 5% of US$1,181M pre-tax / US$766M after-tax at US$3,000/oz Au ▶ Blue-sky exploration upside with new high-grade discoveries ▶ Highest CSR and ESG standards ▶ Two-decade history in the Geita Region, Tanzania Buckreef Gold Project – Snapshot Location Geita District Tanzania, south of Lake Victoria, ~110 km SW of Mwanza (pop. 1.1M) Commodity Gold Mineralization Type Shear zone hosted (orogenic gold) License Size 16 km2 JV Structure 55% TRX Gold / 45% STAMICO (government of Tanzania) Stage Production Mine Type Open Pit Processing Rate 2,000 tpd CIL plant M&I Resources (1) 893k oz Au @ 2.57 g/t Au Inferred Resources (1) 726k oz Au @ 2.47 g/t Au PEA (April 2025) (1) Avg annual production: 62,000 oz Au Mine life: 17.6 years LOM Cash cost & AISC: $1,024/oz & $1,206/oz Growth capital: $89M over next 4 years Pre-tax NPV 5% : $1,181M at $3,000/oz Au Post-tax NPV 5% : $766M at $3,000/oz Au 1 See Disclaimer Figures in US dollars, unless otherwise indicated. 19,389 oz Au F2024 Annual Production Corporate Information Trading Symbols NYSE American, TSX: TRX Shares Out. (Basic) 282.1M Market Cap. (Basic) US$ 90M (C$ 124M) Cash (2/28/25) US$7.0M Borrowings (2/28/25) US$1.0M $41.2M F2024 Annual Revenue $15.3M F2024 Annual Adj. EBITDA Senior Management Team Stephen Mullowney CEO, Director Richard Boffey COO Michael P. Leonard CFO Khalaf Rashid Senior Vice President, Tanzania
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STRAIGHT FORWARD VALUE ENHANCING BUSINESS PLAN 4 ▶ 3 successful expansions on time and on-budget to 2,000 tpd ▶ Managed as a self build successfully ▶ Next stage growth plans to 3,000 – 4,000 tpd ▶ Engineered by reputable international firms ▶ Executed in a cost-effective manner ▶ Supplier and logistics has been learned, managed and successfully executed ▶ Costs have been decreasing with each expansion Track Record of Capital Expansion Execution ▶ Significant gold deposit: 893k oz M&I (at 2.57 gpt Au) and 726k oz inferred (at 2.47 gpt) ▶ Special Mining License, renewable every 10 years with expiry at end of life-of-mine ▶ Straightforward flowsheet and metallurgy ▶ Connected to local infrastructure including road and power ▶ Significant blue-sky exploration potential with the discovery of new zones including Anfield and Stamford Bridge ▶ Ample human capital availability due to long history of mining ▶ Long mining history in region Robust Gold Asset in Tanzania ▶ High margin, low-cost operating profile ▶ Successful ramp-up of throughput and gold production ▶ Established cost profile which forms the basis for costs in the PEA ▶ Still significant cost reduction opportunities ▶ Both near-term and long- term growth catalysts ▶ Integrated local content plan ▶ Operating profile successful reinvested into exploration and expansions ▶ PEA sets a pathway for continued growth Successful Ramp -Up of Operations ▶ Successful turn around of operational level ▶ Upgraded management at corporate and at asset level ▶ Led three expansions and development of short-term and long-term operating plans ▶ Prudent managers of capital who identify and execute on quick returning projects Proven Management Expertise The Recently Released PEA Lays Out a Road Map For Significant Value Creation on Undervalued Company Relative to Peers + + + 1 2 3 4
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▶ Significant Gold Resource: 2025 Mineral Resource estiamte of 893k oz of gold in Measured & Indicated Resources and 726k oz in Inferred¹ ▶ Fully-Permitted: Renewable Special Mining License (SML) secured through 2032, de-risking operations ▶ Superior Metallurgical Recoveries: “Easy metallurgy” with 90%+ recovery in oxide ore and 88%+ from sulphide ore potential ▶ Shallow High-Quality Deposit: Near-surface deposit with widths exceeding 20 meters, offering consistent and broad gold mineralization ▶ Established Infrastructure: Supported by reliable, mature physical and social infrastructure ▶ Environmentally-Responsible: Minimal footprint with a closed water circuit, hydroelectric-powered operations, and proper tailings management ▶ Exploration Upside: Several high-priority known-gold zones offer exceptional potential for resource expansion ▶ Robust PEA: NPV5% of US$1,181M pre-tax and US$766M after-tax at US$3,000/oz Au; 62,000 oz annual production for 17.6 years¹ 2025 Resource Statement1 Buckreef: 893k oz Au @ 2.57 g/t Au (M&I) and726k oz Au @ 2.47 g/t Au (Inferred) THE BUCKREEF GOLD PROJECT HIGHLIGHTS 5 1 See Disclaimer
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MINERAL RESOURCE ESTIMATE (APRIL 2025) 6 2025 Mineral Resource has a Meaningful Resource Base with Numerous High-Grade Deposits Delineated Mineral Resource Estimate (1) Zone Cut-off Au g/t Tonnes (k) Au g/t Au ozs (k) MAIN Measured 0.42/1.31 2,982.8 2.36 226.4 Indicated 0.42/1.31 6,193.9 2.72 542.6 Measured & Indicated 0.42/1.31 9,176.7 2.61 769.0 Inferred 0.42/1.31 7,549.3 2.37 576.0 SOUTH Measured 0.42/1.31 23.6 1.68 1.3 Indicated 0.42/1.31 35.3 1.95 2.2 Measured & Indicated 0.42/1.31 58.9 1.84 3.5 Inferred 0.42/1.31 53.8 1.70 2.9 WEST Measured 0.42/1.31 40.3 3.27 4.3 Indicated 0.42/1.31 204.7 2.52 16.5 Measured & Indicated 0.42/1.31 245.0 2.64 20.8 Inferred 0.42/1.31 73.9 2.37 5.6 EASTERN PORPHYRY Measured 0.42/1.31 2.9 6.97 0.6 Indicated 0.42/1.31 1,306.4 2.35 98.8 Measured & Indicated 0.42/1.31 1,309.3 2.36 99.4 Inferred 0.42/1.31 1,198.8 2.44 94.0 STAMFORD BRIDGE Inferred 1.20 272 5.38 47.0 TOTAL Measured 0.42/1.31 3,049.6 2.37 232.6 Indicated 0.42/1.31 7,740.3 2.65 660.1 Measured & Indicated 0.42/1.31 10,789.9 2.57 892.7 Inferred 0.42/1.20/1.31 9,147.8 2.47 725.5 1 See Appendix for notes and assumptions. TRX 2020 to 2025 Mineral Resource Estimate Transition 2020 MRE 2025 MRE Classification Tonnes (M) Au (g/t) Au oz (k) Tonnes (M) Au (g/t) Au oz (k) Measured & Indicated 38.6 1.77 2,195 10.8 2.57 893 Inferred 19.6 1.14 718 9.1 2.47 726 ▶ The major sources of differences between the 2020 Mineral Resource Estimate (“MRE “) and 2025 MRE are as follows: ▶ The 2025 MRE utilized a constrained optimized pit shell and underground workings which resulted in a reduction in volume for material to the 450 m EL level (which is the maximum depth of the underground workings in the PEA) as well as the exclusion of certain footwall and hanging wall low grade material (combined, this resulted in a reduction of ~10 Mt of material grading ~1.50 g/t Au containing ~500 koz); ▶ The 2025 MRE utilized a cut-off grade of 1.3 g/t Au for underground mining versus a 0.4 g/t Au cut-off grade in 2020 MRE (this resulted in a reduction of ~25 Mt grading ~0.70 g/t Au containing ~500 koz); ▶ Removal of ~ 4.5 years of production to date (this resulted in a reduction of 1.35 Mt grading 1.95 g/t Au containing 85 koz Au); and ▶ Removal of Tembo and Bingwa deposits from 2025 MRE due to unquantifiable small scale mining activity by local residents (this resulted in a reduction of 2.1 Mt grading 2.12 g/t Au containing 143 koz).
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BUCKREEF IS LOCATED IN ONE OF THE MOST INVESTABLE JURISDICTIONS IN AFRICA Demonstrated support of foreign investment, particularly in the mining sector. Over US$2B in M&A and IPO transactions in country in the last 24 months. A mature mining sector substantially contributes to the country’s GDP; over 10% targeted by 2025. Gold exports worth US$2.95B in 2023, up 39% from 2022, primarily generated by large scale mines. Well-established Mining Ministries and Environmental Council for proper oversight and governance. An efficient local supply chain of providing high quality goods at competitive pricing. Well-developed and reliable infrastructure including power resources allows the Buckreef Gold Project to be supported by renewable hydroelectricity. The Julius Nyerere Hydropower Station in Tanzania 7 Amble human capital expertise due to long mining history and large mines in the country. Educational institutions have mining programs.
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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. ▶ Anfield & Eastern Porphyry: Multiple zones of strong mineralization running sub-parallel and in close proximity to the Buckreef Main Zone. ▶ Eastern Porphyry: Hole BMDD298 intersected 14.0 m grading 3.48 g/t, including 3.0 m grading at 10.96 g/t from 27.0 m, and 25.23 m grading @ 1.62 g/t Au from 47 m. ▶ Anfield: Hole AFDD001 intersected 2.94 m grading at 13.74 g/t, from 43.00 m. ▶ Wide zones of mineralization under the historical pit showed continuity over 200m. ▶ 1 kilometer SW from the South Pit, historical and shallow artisanal mine workings demonstrate further size potential of the known deposit. High priority gold zones with exceptional potential, the focus of F2025 drilling. 8 Stamford Bridge Zone
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NEW STAMFORD BRIDGE SHEAR ZONE CONTINUES TO DELIVER ENCOURAGING DRILL RESULTS Returning best drill results EVER in Buckreef Gold’s history 9 1 See Disclaimer STAMFORD BRIDGE SHEAR ZONE ▶ Best drill result ever, on a gram x tonne x meters (“gtm”) basis: ➢ BMDD315 intersected 37 m @ 6.86 g/t Au (253.82 gtm) from 130 m. ➢ BMDD310 intersected 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m. ➢ BMDD319 intersected 21 m @ 8.63 g/t Au (181.23 gtm) from 81 m. ➢ BMDD320 intersecting 20.50 m @ 5.14 g/t Au (105.37 gtm) from 125.5 m. ▶ Shear zone trending 070 East Northeast, forming a “bridge” between the Main Zone and Eastern Porphyry deposit and Anfield Zone to the Southeast. ▶ Stamford Bridge has the potential to reach 1 km in strike length and to become a significant shear structure. ▶ Follow up geophysics and targeted drilling will be carried out over next few months. 250 m from Buckreef Main Pit
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28,600 104,800 311,000 355,000 212,000 1,836 8,874 20,759 19,389 7,845 0 5,000 10,000 15,000 20,000 25,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 FY2021 FY2022 FY2023 FY2024 H1 FY2025 Gold Produced (oz) Tonnes Processed (tonnes) From test plant of 120 tpd to 2,000 tpd 3 successful low-cost mill expansions Self-funded; on time and on budget BUCKREEF GOLD OPERATIONAL GROWTH SINCE 2021 10 H1 2021 Test plant to 120 tpd H1 2022 120 tpd to 360 tpd H1 2023 360 tpd to 1,000 tpd H2 2024 1,000 tpd to 2,000 tpd Avg Head Grade (g/t) 2.22 g/t 2.89 g/t 2.38 g/t 2.19 g/t 1.22 g/t Mining Cost (US$/t rock) $2.22/t $3.19/t $3.32/t $3.86/t $3.95/t Processing Cost (US$/t ore) $11.22/t $15.32/t $21.81/t $20.07/t $13.99/t Fiscal years ending August 31. 1st Mill Expansion Tonnes Ore Milled (t) Gold Produced (oz) 2nd Mill Expansion 3rd Mill Expansion PEA sets the pathway for future expansions
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11 $2.5 $15.1 $38.3 $41.2 $21.6 -$7.3 $3.5 $13.7 $15.3 $5.3 -$10.0 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 FY2021 FY2022 FY2023 FY2024 H1 FY2025 US$ Millions Revenue (US$M) EBITDA (US$M) $19.1M Capital Raised (2021-Current) $50.8M Capital Invested (2021-Current) $32.4M Operating Cash Flow Generated (2021-Current) $5.8 $5.8 $5.0 $5.1 $3.4G&A Expenses (US$M) PRUDENT CAPITAL MANAGEMENT TO ACHIEVE PROFITABILITY
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KEY HIGHLIGHTS – Q2 2025 STAGE SET FOR NEXT PHASE OF GROWTH 12 Strong Leverage to Record Gold Prices ▶ Revenue of $9.1M (+14% YoY) ▶ Operating cash flow of $2.0M (+100% YoY) ▶ Record average realized gold price of $2,739/oz Operating Cost Reductions ▶ Mining and processing costs fell to $3.90/t and $15.90/t (from $4.10 and $24.97, respectively) ▶ Benefiting from scale and owner-operated equipment Production Growth Expected in H2 2025 ▶ Higher grade ore expected in H2 with March/April production rising to 50+ oz/day (vs. ~30 oz/day in Q2) ▶ Following planned waste stripping campaign Larger -Scale Operation Underway ▶ Advancing a larger Buckreef Gold operation with improved economics, targeting higher mill throughput, recovery rates, and integration of underground and high-grade zones ▶ Subsequent to Q2, released positive PEA in May 2025 Exploration Success at Stamford Bridge Zone ▶ Best-ever drill results support discovery of new mineralized shear zone, quickly becoming a top priority with further drilling and geophysics underway Buckreef Gold new and expanded crushing circuit Open Pit Main Zone (Stripped with Higher Grade Ore)
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MINE PLAN – F2025 STRIPPING 13 March 2024 April 2025 H1 2025 Strip Campaign Predominantly Complete – Deeper and Wider South End
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MINE PLAN – F2025 14 H1 2025 mining is highlighted above the line / H2 2025 mining highlighted below the line H1 2025 mining is lower grade and lower ore tonnes as stripping was greater in H1 2025 ▶ Black spaces represent old mine workings / old underground stopes H2 2025 mining will be higher grade and more ore tonnes will be mined due to lower stripping In early Q2 2025 we have started to see the higher-grade ore in the mill, in March 2025 the Company poured 1,500+ ounces of gold
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ROBUST PEA ON NEXT BUCKREEF GOLD EXPANSION 15 Underground expansion with growth capital expenditure funded by existing cash flow Average Annual Gold Production 61,700 Ounces Cash Costs (2) (LOM average) $1,017 US$/oz Average Annual Free Cash Flow (1) $63.7 Million AISC (2) (LOM average) $1,199 US$/oz Growth Capital (First4 Years) $88.7 Million Pre-Tax NPV 5% (1) $1,180.5 Million Sustaining Capital (LOM) $184.4 Million After-Tax NPV 5% (1) $766.4 Million 1 At $3,000/oz gold price. 2 See Endnotes
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BUCKREEF GOLD – PEA APPROACH 16 Realistic costs based on actual figures from current operations Open Pit and Underground Designs and Mining Areas▶ Mine & Plant Expansion ▶ Expansion of existing plant to 3,000 tpd ▶ Transition from open pit to underground mining by Year 3 ▶ Mine Plan ▶ Open pit from Years 1-3 ▶ Underground starts in Year 3 ▶ 14.4Mt at 2.22 g/t from 5 mining areas ▶ Longhole mining method (contractor-operated) ▶ Processing and Recovery ▶ Total throughput over 17.6 years: 18.1 Mt @ 2.14 g/t Au ▶ Avg. gold production: 61,000 oz/year ▶ First 5 years UG: 80,000+ oz/year ▶ Base recovery (at 75 µm): 78.6%, and with upgraded recovery with flotation/regrind: ~88% ▶ Capex Phasing ▶ Phase 1 (Year 1-2): Maintain 1,750 tpd (636,738 tpa) ▶ Phase 2 (by Year 2): Ramp up to 3,000 tpd (1.08 Mtpa) ▶ Plant Configuration ▶ Two trains of 3-stage crushing ▶ Four closed-circuit ball mills ▶ Eleven carbon-in-leach (“CIL”) tanks + elution, electrowinning & carbon reactivation ▶ Expansion includes: New flotation & regrind circuit, additional CIL capacity & thickening, elution circuit expansion
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BUCKREEF GOLD – 2025 PEA – CAPITAL AND OPERATING COSTS 17 Efficient capital requirements, leveraging existing process plant & infrastructure 1 Per tonne of ore processed from open pit only. 2 Per tonne of ore processed from underground only. 3 See Endnotes. Growth Capital Expenditures – US$ millions Year Cost Element 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 LOM Total Process Plant Expansion 3.2 9.6 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 12.7 Process Improvements 4.4 13.1 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 17.5 Underground -- -- 46.5 8.6 11.1 10.4 6.2 14.7 5.1 4.3 5.6 4.4 6.5 9.0 6.4 0.8 -- -- 139.5 Tailings Expansion 0.6 1.4 0.7 0.7 0.7 0.7 -- -- -- -- -- -- -- -- -- -- -- -- 4.8 Total Growth Capital 8.2 24.1 47.2 9.3 11.8 11.1 6.2 14.7 5.1 4.3 5.6 4.4 6.5 9.0 6.4 0.8 -- -- 174.5 First 4 Years = US$89M Sustaining Capital – US$ millions Cost Element LOM Total Site and Process Plant – US$5M per year $87.5 Underground $96.9 Total Sustaining Capital $184.4 Total Cash Cost3 and AISC3 Cost Element LOM Total (US$M) Average LOM ($/tonne processed) Average LOM (US$/oz) Mining (Open Pit) 91.7 26.6 (1) 84.5 Mining (Underground) 475.0 33.1 (2) 437.7 Processing 229.2 12.7 211.2 General & Admin. 117.5 6.5 108.3 Royalty & Selling Cost 197.5 10.9 182.0 Total Cash Cost 1,110.8 61.4 1,023.7 Sustaining Capital 184.4 10.2 169.9 Reclamation 13.4 0.7 12.4 Total AISC 1,308.7 72.4 1,206.0
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PEA SENSITIVITY ANALYSIS 18 High leverage to gold price upside, and resilient to downside due to low capital requirements Gold Price Gold Price per Ounce (US$/oz) Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) $3,000 1,180.5 766.4 $2,800 1,040.9 672.0 $2,600 901.2 577.6 $2,400 761.6 483.1 Base Case (avg $2,296) 701.0 442.2 $2,200 622.0 388.7 $2,000 482.4 294.2 $1,800 342.8 199.3 Operating Costs Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) Operating Cost Base Case (avg. US$2,296) Upside Case @ US$3,000 Base Case (avg. US$2,296) Upside Case @ US$3,000 Base case -25% 858.9 1,338.3 552.6 876.9 Base case -10% 764.2 1,243.6 486.4 810.6 Base case 0% 701.0 1,180.5 442.2 766.4 Base case +10% 637.9 1,117.3 398.0 722.2 Base case +25% 543.2 1,022.6 331.6 656.0 Growth Capital Costs Pre-tax NPV5% (US$M) Post-tax NPV5% (US$M) Growth Capital Cost Base Case (avg. US$2,296) Upside Case @ US$3,000 Base Case (avg. US$2,296) Upside Case @ US$3,000 Base case -25% 735.9 1,215.4 468.7 792.9 Base case -10% 715.0 1,194.4 452.8 777.0 Base case 0% 701.0 1,180.5 442.2 766.4 Base case +10% 687.1 1,166.5 431.6 755.8 Base case +25% 666.2 1,145.6 415.6 739.9
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2021 2022 2023 2025 2024 ✓ Strengthened TRX Gold and Buckreef Gold Boards of Directors ✓ Improved relations with all Tanzanian government levels Refreshed management team (CEO, CFO, COO) joins the Company ✓ More great drill results at Stamford Bridge extending strike length another 25 m ✓ Deliver PEA2 with $1.2B pre-tax NPV5% ✓ Process plant expansion & optimization underway ✓ Exploration drilling on high-priority gold zones ✓ From test plant to 360 tonnes per day (“tpd”) operation ✓ Exploration adds 30% in strike length to Buckreef Main Zone ✓ Attains operational guidance; record annual gold production ✓ Record annual gross profit margin, net income, Adjusted EBITDA1 and operating cash flow ✓ F2024 results: record revenue, EBITDA1 ✓ Discovery of new Stamford Bridge Shear Zone ✓ Best drill hole results EVER: BMDD310: 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m. BMDD315 : 37 m @ 6.86 g/t Au (253.82 gtm) from 130 m. Balance sheet is cleaned up; growth begins Mill expansion from 360 tpd to 1,000 tpd Complete 3rd mill expansion to 2,000 tpd FAST-PACED TRANSFORMATION AND GROWTH 19 Expected increase in future annual production 1 See Endnotes 2 See Disclaimer
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EXECUTIVE TEAM ▶ Former Partner & Managing Director at PwC, leading Deals Mining Group ▶ Vast experience in advising mining companies and Governments on operational improvements, financings, M&A, and stakeholder issues ▶ CPA, CA, CFA and BBA STEPHEN MULLOWNEY - CEO 20 ▶ Held several senior executive positions with multi-national mining companies ▶ 35+ years experience in open-pit and underground mining, including areas such as process plant commissioning, establishment of technical and operating teams, development of policies, and systems and process optimization RICHARD BOFFEY– COO ▶ Distinguished career in the gold industry with broad, progressive experience in investor relations and corporate finance with over 17+ years in financial leadership at Barrick ▶ Renowned for gold industry knowledge, and results oriented mindset ▶ CPA, CA MICHAEL P. LEONARD – CFO ▶ Distinguished career in Tanzanian business, politics and Government ▶ Vastly experienced in advising the Government of Tanzania and well versed in Government policy ▶ Extensive leadership experience KHALAF RASHID – SVP, TANZANIA & MD
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0.25x 0.31x 0.34x 0.38x 0.38x 0.38x 0.46x 0.51x 0.52x 0.55x 0.55x 0.56x 0.59x 0.67x 0.68x 0.70x 0.74x 0.87x 0.88x 0.93x 0.95x 0.95x Minera Alamos Asante Gold TRX Gold Galiano Gold Newcore Gold Orezone Gold Allied Gold Serabi Gold Predictive Discovery Jaguar Mining Turaco Gold Robex Resources Montage Gold Andean Precious Aya Gold & Silver West African Resources K92 Mining Perseus Mining Pan African Resources Thor Explorations Resolute Mining Endeavour Mining $3 $7 $15 $16 $18 $43 $45 $49 $53 $56 $56 $58 $59 $66 $68 $73 $77 $79 $95 $106 $122 $135 $137 $145 $158 $167 $228 Sarama Resources Marvel Gold Roscan Gold Toubani Resources Loncor Gold Jaguar Mining KEFI Gold & Copper Xtra-Gold Galiano Gold Newcore Gold Cora Gold TRX Gold Monument Mining Caledonia Mining Turaco Gold Asante Gold Minera Alamos WIA Gold Orezone Gold Robex Resources Predictive Discovery Serabi Gold Mako Mining Lion One Metals Thor Explorations Andean Precious Montage Gold 0.6x 1.0x 1.1x 1.2x 1.3x 1.5x 2.1x 2.2x 2.2x 2.3x 2.8x 3.5x 3.7x 3.8x 4.0x 4.2x 11.0x Minera Alamos TRX Gold Galiano Gold Robex Resources Orezone Gold Allied Gold Serabi Gold Resolute Mining West African Resources Andean Precious Pan African Resources Thor Explorations Perseus Mining K92 Mining Endeavour Mining Caledonia Mining Aya Gold & Silver COMPARABLE COMPANY ANALYSIS Undervalued among producer and developer peers 21 EV / EBITDA (2027E) (1) – Producers P / NAV (1) – Producers & Developers EV / oz Au Eq. (US$/oz) – Producers & Developers Producer Developer Producer Developer 1 Consensus EBITDA and NAV estimates, except TRX which is calculated based on PEAusing base case (consensus) gold prices, and adjusted for Buckreef JV ownership. Source: Factset, broker research, company disclosure. Prices as of May 22, 2025. Average: 3.0x Average: 0.61x Average: $80/oz
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CAPITAL STRUCTURE Well-positioned to self-fund future growth FINANCIAL SNAPSHOT (at Quarter end May 31, 2022) CAPITALIZATION SUMMARY Tickers NYSE-A: TRX; TSX: TRX Share Price (May 23, 2025) US$ 0.32 (C$ 0.44) 52-week Trading Range US$ 0.27 – 0.48 (C$ 0.37 – 0.66) Shares Outstanding (Basic) (1) 282,100,664 Options, Warrants, RSU’s (1) 59,268,551 Shares Outstanding (Fully Diluted) (1) 341,369,215 Market Capitalization (Basic) US$ 90M (C$ 124M) Cash Balance (1) US$ 7.0M Supplemental Liquidity US$37M ($25M ATM, $11.75M credit facility and gold pre-payment facility) Borrowings (1) US$ 1.0M ~70% ~15% ~15%Retail Institutions Management, Friends and Family 22 SHARE PRICE & VOLUME ANALYST COVERAGEOWNERSHIP Target Price US$1.75 Jake Sekelsky Metals & Mining Target Price US$1.00 Mike Niehuser Metals & Mining Target Price US$1.00 Heiko F. Ihle, CFA Metals & Mining 1 Balance as of February 28, 2025. 0.0 0.5 1.0 1.5 2.0 2.5 3.0 $0.20 $0.30 $0.40 $0.50 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Volume (mm) Share Price (US$/share) Volume (mm) Price (US$)
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KEY INVESTMENT HIGHLIGHTS A straightforward de-risked growth plan with high-grade discoveries & blue-sky potential Strong Growth & Sustained Profitability ▶ 19.3k oz gold produced in F2024 ▶ US$15.3M Adjusted EBITDA in F2024 → 44% gross margins ▶ Growth driven by ongoing successive mill expansions and exploration upside 23 Proven Operational Track Record ▶ Mill expansion to 2,000 tpd completed on time and on budget ▶ Disciplined capital management and largely self-funded ▶ Additional expansions and optimization initiatives underway Robust PEA & Exploration Potential ▶ April 2025 PEA: NPV5% of $1,181M pre-tax and $766M after-tax at $3,000/oz Au, 1.1 M oz produced over 17.6-year life, cash costs1 $1,024/oz Au, AISC1 of $1,206/oz Au, only $89M in growth capital over first four years2 ▶ High-grade Stamford Bridge Zone discovery 250m from Buckreef Main Zone, best drill results to date Prolific Tier -1 Mining Jurisdiction ▶ Tanzania host to majors such as Barrick Gold and AngloGold Ashanti ▶ Mining >10% country’s GDP in 2025 ▶ Exceptional geology shown to yield world-class gold discoveries and producing mines Experienced Leadership with Technical Expertise ▶ Led by CEO Stephen Mullowney, formerly Partner and Managing Director at PwC, and CFO Michael P. Leonard, with over 17 years at Barrick Gold, together bring deep mining sector and financial expertise ▶ New COO Richard Boffey in December 2024, previously in senior roles at several multinational mining companies including in Africa 1 See Endnotes 2 See Disclaimer
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APPENDIX – NOTES ON MINERAL RESOURCE ESTIMATE 24 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 utilized 884 drill holes while Stamford Bridge utilized eight. Wireframes were developed from an open pit cut-off of 0.40 g/t Au while underground was 1.20 g/t Au. Both Mineral Resource models utilized 1.0 m capped composites ranging from no capping to 60 g/t Au. Block models were set up with 2.5 m x 5.0 m x 5.0 m blocks rotated 30 degrees clockwise and used a bulk density of 2.70 t/m3. Grade interpolation was done with inverse distance cubed estimation. Based on variography, Measured Mineral Resources were those blocks classified within 20 m of three drill holes while Indicated Mineral Resources were classified within 40 m of three drill holes. All other wireframe constrained grade blocks were classified as Inferred Mineral Resources. Pit-constrained and out-of-pit Mineral Resources were reported above respective 0.42 g/t and 1.31 g/t Au cut-offs. Notes (1) Mineral Resources, which are not Mineral Reserves, may not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. (2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. (3) The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. (4) Gold price used is US$1,900/oz Au. (5) The pit constrained cut-off grade of 0.42 g/t Au was derived from 80% process recovery, US$21.04/tonne process and G&A cost, and a royalty of 7.3%. The constraining pit optimization parameters were US$3.88/t mining cost and 45-degree pit slopes. (6) The out-of-pit cut-off grade of 1.31 g/t Au was derived from 80% process recovery, US$21.04/tonne process and G&A cost, a US$40/tonne underground mining cost, and a royalty of 7.3%. The out-of-pit Mineral Resource grade blocks were quantified below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to areas which exhibit geological continuity and reasonable potential for extraction by cut and fill and long hole mining methods. (7) The Stamford Bridge cut-off grade of 1.20 g/t Au was derived from 80% process recovery, US$21.04/tonne process and G&A cost, a US$35/tonne underground mining cost, and a royalty of 7.3%. Mineral Resources are restricted to areas which exhibit geological continuity and reasonable potential for extraction by cut and fill and long hole underground mining methods
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ENDNOTES 1. The company has included certain non-IFRS measures in this presentation. Refer to the Company’s February 28, 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 International Financial Reporting Standards (“IFRS”), provide readers with an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers. 2. Total cash costs are reflective of the cost of production. Total cash costs reported in the PEA include mining costs, processing and water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total cash costs per ounce is calculated as total cash costs divided by payable gold ounces. 3. AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs. AISC per ounce is calculated as AISC divided by payable gold ounces. 25
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