Mr. Stephen Mullowney reports

TRX GOLD ACHIEVES SULPHIDE GOLD RECOVERY OF 88.7% FROM ITS EXISTING PROCESSING PLANT

TRX Gold Corp. has provided a significant operational update for Buckreef gold as well as a preview to the company's Q3 2023 financial results.

Significant operational update

The company is happy to announce important preliminary results from bulk sample testing at the Buckreef gold mine. Over 6,500 tonnes of sulphide ore have been successfully processed through Buckreef gold's existing milling facility, achieving an indicative gold recovery of 88.7 per cent. This is a significant achievement as approximately 90 per cent of Buckreef Gold's over two-million-ounce gold mineral resource is held in sulphide material, thus unlocking the significant economic potential of the project. This bulk sample test indicates that the company can process sulphide ore through its existing processing plant, thus minimizing capital expenditures for future plant expansions.

"The results from this bulk sample demonstrate that we can process sulphide material through our existing processing plant, which has been successfully processing oxide material for close to 24 months. We are excited at the optionality this creates for near term mine planning and the positive impact these results will have on project economics for future plant expansions, as we have been able to construct plants very cost-effectively compared to other plants elsewhere," noted TRX Gold chief executive officer Stephen Mullowney.

Concurrent with this bulk sample test, the company also recently completed an upgrade to the Buckreef gold crushing system contributing to the successful recovery rates from sulphide material using a simple, straightforward flowsheet consisting of crushing, grinding and carbon in leach.

The company continues to refine the existing circuit to improve both gold recovery and throughput, while the 18-hole metallurgical study undertaken by SGS (South Africa) is continuing. The bulk sample results along with continuing production data will be combined with the metallurgical variability study to help in identifying any further improvements or enhancements to the existing flowsheet.

Q3 2023 financial results preview

The company is also pleased to announce preliminary Q3 2023 results for the period from March, 2023, to May, 2023. Results include Q3 2023 production of 4,764 ounces of gold and sales of 4,810 ounces of gold.

The company continues to expect full-year fiscal 2023 production to be between 20,000 and 25,000 ounces of gold, which is unchanged from when it was originally estimated and released in November, 2022.

The average market price for gold in Q3 2023 was approximately $1,963 per ounce.

TRX Gold will provide additional discussion and analysis regarding its third quarter 2023 production and sales when the company reports its quarterly results in July, 2023.

About TRX Gold Corp.

TRX Gold is rapidly advancing the Buckreef gold project. Anchored by a mineral resource published in May, 2020, the project currently hosts a National Instrument 43-101 measured and indicated mineral resource of 35.88 million tonnes at 1.77 grams per tonne gold containing 2,036,280 ounces of gold and an inferred mineral resource of 17.8 million tonnes at 1.11 g/t gold for 635,540 ounces 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. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current gold resource base and advancing the sulphide ore project which represents 90 per cent of current gold resources. TRX Gold's actions are led by the highest ESG (environmental, social and governance) standards, evidenced by the relationships and programs that the company has developed during its nearly two decades of presence in Geita region, Tanzania.

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