TRX GOLD (TRX)

• TRX Gold reported record results for the first quarter of 2026 (three months ended November 30, 2025), pouring 6,597 ounces of gold and selling 6,492 ounces of gold at an average realized price of $3,860 per ounce.
• For Q1 2026, the company generated revenue of $25.1 million, gross profit of $14.2 million, and EBITDA of $13.2 million.
• TRX Gold is advancing plans to upgrade and expand its processing plant, which will include a 3,000+ tpd processing circuit and a 1,000 tpd processing circuit, with expected average annual gold production exceeding 62,000 ounces.
• The company strengthened its working capital position, with the current ratio improving to approximately 1.7 at November 30, 2025, and remains on track to achieve its fiscal 2026 production guidance of 25,000 – 30,000 ounces of gold.

• TRX Gold Corporation reported record results for the first quarter of 2026 (Q1 2026), ended November 30, 2025, with revenue of $25.1 million, gross profit of $14.2 million, and EBITDA of $13.2 million.
• During Q1 2026, the company poured 6,597 ounces of gold and sold 6,492 ounces at a record average realized price of $3,860 per ounce.
• The company is on track to achieve its fiscal 2026 production guidance of 25,000 – 30,000 ounces of gold at a total average cash cost of $1,400 - $1,600 per ounce.
• Progress was made on the processing plant expansion, which is now expected to produce average annual gold production in excess of 62,000 ounces.
• TRX Gold strengthened its working capital position, with the current ratio improving to approximately 1.7 at November 30, 2025, and the run of mine (ROM) stockpile growing to an estimated 19,698 ounces of contained gold.

Selected Operating and Financial Data

• TRX Gold Corporation reported record revenue of $25.1 million and gross profit of $14.2 million for the three months ended November 30, 2025 (Q1 2026), significantly increasing from Q1 2025, driven by record gold sales of 6,492 ounces at an average realized price of $3,860 per ounce.
• Despite strong operational performance, the company recorded a net loss of $0.5 million and a net loss attributable to shareholders of $4.168 million for Q1 2026, primarily due to a $7.0 million loss on change in fair value of derivative financial instruments.
• The company improved its liquidity, ending Q1 2026 with $9.2 million in cash and $15.0 million in positive working capital (adjusted for non-cash liabilities), with the current ratio improving to 1.7 from 1.3 at August 31, 2025.
• TRX Gold is executing on an expansion of its processing facility to 3,000+ tpd, which is expected to produce greater than 62,000 ounces of gold annually, and anticipates fiscal 2026 gold production to be in the range of 25,000 - 30,000 ounces.
• A Preliminary Economic Assessment (PEA) for Buckreef Gold, filed in Q3 2025, indicated a pre-tax NPV5% of $701 million at consensus gold prices and $1,879 million at $4,000/oz gold, with average life of mine cash costs of $1,024/oz Au.

• TRX Gold Corporation achieved record Q4 fiscal 2025 results, selling 6,977 ounces of gold at an average realized price of $3,363 per ounce, leading to $23.5 million in revenue and $12.7 million in Adjusted EBITDA.
• For fiscal year 2025, the Buckreef Gold Project poured 18,935 ounces, resulting in record full-year revenue of $57.6 million and net income of $6.6 million.
• Production momentum continued into Q1 2026, with approximately 6,550 ounces produced, setting a new quarterly record.
• The company projects fiscal 2026 production of 25,000 to 30,000 ounces and plans to finance a significantly larger processing facility from internally generated cash flow over the next 18-24 months.

• TRX Gold achieved record financial results for Q4 and fiscal year 2025, with Q4 2025 revenue of $23.5 million and Adjusted EBITDA of $12.7 million, and fiscal year 2025 revenue of $57.6 million and Adjusted EBITDA of $22.0 million.
• The company significantly strengthened its working capital position in Q4 2025, with the current ratio improving to approximately 1.3 at August 31, 2025, and fully repaid $3.0 million in short-term borrowings.
• During fiscal 2025, TRX Gold filed a Preliminary Economic Assessment (PEA) for Buckreef Gold, outlining an NPV5% of $1.9 billion pre-tax at US$4,000/oz gold, and subsequently announced plans to execute a larger processing facility than initially contemplated, aiming for average annual gold production in excess of 62,000 ounces.
• For fiscal 2026, TRX Gold projects gold production at Buckreef Gold to be in the range of 25,000 - 30,000 ounces, with anticipated capital expenditures between $15 - $20 million and exploration expenditures between $3 - $5 million.

• TRX Gold Corporation achieved record revenue of $23.5 million in Q4 2025 and $57.6 million for the full fiscal year 2025, driven by a record average realized gold price of $3,363 per ounce in Q4 2025.
• The company strengthened its working capital position in Q4 2025, with the current ratio improving to approximately 1.3 at August 31, 2025, and fully repaid $3.0 million in short-term borrowings.
• For fiscal 2026, TRX Gold anticipates gold production between 25,000 and 30,000 ounces, an increase from 18,935 ounces in fiscal 2025, and has begun executing on a larger processing facility expansion to be financed by internally generated cash flow.
• A Preliminary Economic Assessment (PEA) for Buckreef Gold outlines a pre-tax NPV5% of $1.9 billion at US$4,000/oz gold, with plans to accelerate exploration on high-grade zones such as Stamford Bridge.

• TRX Gold Corporation is advancing the processing plant expansion and upgrade project at its Buckreef Gold Project, planning a larger facility than initially outlined in the May 2025 Preliminary Economic Assessment (PEA).
• The expanded plan now includes a 3,000+ TPD processing circuit for sulphide material and a 1,000 TPD processing circuit for oxide and transition material and tailings retreatment.
• The capital cost for this expansion is approximately US$30 million, consistent with the PEA, and will be financed from internally generated cashflow over the next 18-24 months.
• This increased throughput is expected to produce average annual gold production in excess of 62,000 ounces, exceeding the PEA's initial estimate.

• TRX Gold Corporation is advancing the expansion and upgrade of its processing plant at the Buckreef Gold Project, now planning a larger facility than initially outlined in the May 2025 Preliminary Economic Assessment (PEA).
• The expanded facility will feature a 3,000+ tonne per day (TPD) circuit for sulphide material and a 1,000 TPD circuit for oxide and transition material, projected to yield average annual gold production in excess of 62,000 ounces.
• The capital cost for this expansion is estimated at approximately US$30 million, in line with the PEA, and will be funded through internally generated cashflow over the next 18-24 months.
• Overall plant upgrades are slated for completion in fiscal 2026, with the full 3,000+ TPD and 1,000 TPD processing circuits expected to be completed in fiscal 2027.

• TRX Gold Corporation announced preliminary Q4 2025 results, reporting record quarterly gold production of 6,404 ounces and sales of 6,977 ounces, marking a 37% increase in production over Q3 2025.
• The company achieved a record average market gold price of approximately $3,350 per ounce in Q4 2025 and $2,973 for FY2025.
• TRX Gold significantly improved its adjusted working capital ratio to approximately 1.2 on August 31, 2025, from 0.8 on May 31, 2025, and increased its cash balance to approximately $7.8 million while fully repaying approximately $3.0 million in short-term borrowings.
• The company also reported a substantial increase in its Run of Mine stockpile to an estimated 15,162 ounces of contained gold as of August 31, 2025, and has commenced expansion and optimization efforts for its processing plant.

• TRX Gold Corporation reported record quarterly production of 6,404 ounces and sales of 6,977 ounces of gold in Q4 2025, marking a 37% increase in production over Q3 2025.
• The company achieved a record average market gold price realization of approximately $3,350 per ounce in Q4 2025.
• Financial health improved significantly, with the adjusted working capital ratio turning positive from approximately 0.8 to 1.2 between May 31 and August 31, 2025, and the cash balance increasing by approximately $1.2 million to $7.8 million.
• TRX Gold fully repaid approximately $3.0 million in short-term borrowings and expanded its Run of Mine (ROM) stockpile from approximately 9,275 ounces to an estimated 15,162 ounces of contained gold by August 31, 2025.
• The company has initiated the next phase of expansion and optimization, including procurement for near-term plant enhancements and planning for a longer-term expansion to 3,000+ tonnes per day.