TRX Gold Reports Second Quarter 2026 Results

TRX Gold’s CEO, Stephen Mullowney commented: “We yet again delivered a record quarter, with 7,453 ounces of gold poured and 7,314 ounces sold during Q2 2026. With an average realized price of $4,655 per ounce of gold, we generated outstanding financial results with revenue of $34.1 million, gross profit of $21.1 million (61% margin) and adjusted EBITDA¹ of $20.2 million (59% margin). This was a direct result of running a low cost gold mine operation combined with increased production, which has provided the Company with leverage to the gold price. With a cash balance of $26.0 million, undrawn revolving credit lines of over $12.0 million, minimal debt and significant run rate adjusted EBITDA (Q2 2026: $20.2 million), we are well positioned to execute on our next plant expansion, which as detailed last week, will incorporate throughput rates for the new 3,500+ tonne per day plant and existing, upgraded process plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in the PEA last year. Finally, given all these positive factors, we’re reviewing the life-of-mine plan at Buckreef and intend to update the PEA study with an expanded scale. The updated PEA is expected to have vastly improved economics versus last year’s PEA which had average annual production of 62,000 ounces over an 18+ year mine life. We look forward to what’s ahead for TRX Gold.”

Key highlights for Q2 2026 and Year to Date in 2026 include:

• Reported Record Quarterly Production, Revenue, and Adjusted EBITDA: During Q2 2026, Buckreef Gold poured a record 7,453 ounces of gold and sold 7,314 ounces of gold at a record average realized price (net)¹ of $4,655 per ounce, recognizing record revenue of $34.1 million, record gross profit of $21.1 million, gross profit margin of 62%, record adjusted net income¹ of $11.7 million, operating cash flow of $8.9 million and record adjusted EBITDA¹ of $20.2 million, all of which reflect increases compared to the prior year comparative period. The record quarterly results demonstrate the Company’s ability to increase production while maintaining a low cost operation, which has provided leverage to record gold prices during Q2 2026.

• Continued to Deliver Strong Financial Performance Year to Date in 2026: Year to date, the Company poured 14,050 ounces of gold and recognized revenue of $59.2 million, gross profit of $35.3 million, adjusted net income¹ of $19.4 million, operating cash flow of $12.9 million and adjusted EBITDA¹ of $33.5 million. Revenue, gross profit, adjusted net income, and adjusted EBITDA¹ were all half year records for the Company.

• Robust Recovery Rates Achieved: As reported last week, recovery rates between 89% – 92% were achieved from additional metallurgical test work, which is in line with prior studies and above the 88% recovery rate assumed in the PEA. The test work provided a more comprehensive understanding of optimal grind size for flotation and achievable mine feed from the mine plan, which has led the Company to specify a Semi Autogenous Grind / Ball mill combination of 3,500+ tpd, which is above the PEA processing plant size assumption of 3,000 tpd. Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026 and an initial estimated completion date of calendar Q2 2027.

• Advancing Existing Processing Plant Upgrades and Increased Expansion: The existing processing plant is currently undergoing significant upgrades and will be available to continue operating in conjunction with the new 3,500+ tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in the PEA. Notable upgrades to the existing processing plant include a pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Q4 2026.

• Strategic Mine Planning to Expand Further: During Q2 2026, the Company initiated a revision of the life-of-mine plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA reserve estimate assumption of US$1,900/oz. Preliminary analysis indicates the potential for an expanded third cutback at the Main Pit, which could extend open-pit operations, defer commencement of underground mining and enhance total recoverable ounces at Buckreef Gold. This is expected to improve the overall economics of the project. The Company is also evaluating the potential for an earlier start to underground mining at the Stamford Bridge orebody, alongside accelerating mining of the expanded Eastern Porphyry pit. The increase in throughput from the expanded processing capacity is expected to increase average annual gold production in excess of the 62,000 ounces of gold originally anticipated in the May 2025 PEA. The Company has hired P&E Mining Consultants Inc. to update the PEA, which is expected to be completed in Q4 2026.

• Working Capital Significantly Strengthened: In Q2 2026, the Company continued to increase its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. The ROM and crushed ore stockpile has grown to an estimated 20,147 ounces of contained gold as at February 28, 2026 (representing a fair market value of approximately $107.5 million at current market prices), as the Company continued to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. As a result, the Company’s current ratio has improved to a ratio of approximately 2.4 at February 28, 2026.

• Advancing Exploration Plans with Drilling to Commence: During Q2 2026, the Company processed all of the detailed ground magnetic data collected from the 810 line-kilometer ground magnetic survey that commenced in Q1 2026. This high-resolution geophysical survey mapped subsurface magnetic variations across the tenement area and resulted in the identification of ten exploration targets. The Company initiated a Gradient Array Resistivity and Induced Polarisation survey to identify the areas of highest potential and prioritize drilling campaigns. Concurrently, the Company commissioned its first drill rig with the goal of upgrading the Mineral Resource at the Eastern Porphyry.

• Strong Health, Safety, and Environmental Track Record: The Company achieved zero lost time injuries and there were no reportable environmental incidents during Q2 2026.

Figure 1: Buckreef Gold Open Pit Main Zone Aerial View 

Figure 2: Buckreef Gold Crushing and Conveyor Circuit  

Figure 3: Buckreef Gold Ore Moving Through Crushing Circuit  

Figure 4: Buckreef Gold’s 1,000 tpd ball mill 

Figure 5: Buckreef Gold Stage One Drilling

Figure 6: Stage 2 Expansion at Buckreef Gold 

Figure 7: Revised Process Flowsheet for the Upgraded and Expanded Plant 

Figure 8: Installation of New Belt Magnet

Figure 9: Pre-Leach Thickener Erection in Progress

Figure 10: Aachen ® Reactor Installed and Commissioned to Improve Processing Efficiency 

Q2 2026 Results Conference Call and Webcast Details

When: Wednesday, April 15^th at 9:00 AM EDT
Webcast link:
https://www.renmarkfinancial.com/live-registration/second-quarter-2026-results-virtual-conference-call-tsx-trx-nyse-american-trx-iyRLSBi2dF
Conference call numbers:
Canada/USA TF: 1-833-752-3900
International Toll: +1-647-849-3080
A replay will be made available for 30 days following the call on the Company’s website.

About TRX Gold Corporation

TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 Preliminary Economic Assessment. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9 –US$2.6 billion pre-tax NPV_5% at average life of mine gold prices of US$4,000-US$5,000/oz². The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 grams per tonne gold containing 893,000 ounces of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and corporate governance standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania.

Qualified Person

Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company’s in-house Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and has reviewed and assumes responsibility for the scientific and technical content in this press release.

For investor or shareholder inquiries, please contact:

Investors:
Investor Relations
IR@TRXgold.com
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com