Mr. Stephen Mullowney reports

TRX GOLD ADVANCES MILL EXPANSION TO INCREASE GOLD PRODUCTION

TRX Gold Corp.'s new 1,000-tonne-per-day (tpd) capacity ball mill has arrived on site at the Buckreef gold project. Over the last few months, technical teams on site have commenced preparatory works in anticipation of receiving key equipment for this mill expansion. Targeting an expected commercial production delivery date in the second half of fiscal 2024, TRX Gold's management team is on schedule and on budget toward delivering its third mill expansion within a 24-month period.

Mill expansion highlights:

• Significant increase in gold production: The mill expansion is expected to increase processing capacity from 1,000 tpd to 2,000 tpd and, on an average annual basis, increase ore throughput from 75 per cent to 100 per cent. The near doubling of milling capacity is expected to enable Buckreef gold to increase gold production beyond the company's fiscal 2023 annual guidance of 20,000 ounces to 25,000 oz of gold.
• Expansion is fully financed: The capital expenditures required for the expanded 2,000-plus tpd processing plant are estimated to be approximately $6-million (U.S.). The mill expansion is expected to be financed from a combination of existing cash resources, cash flow from operations, ore stockpiles, gold forward sales and bank financing. Buckreef gold is currently in advanced discussions with Tanzanian banks for both operating and term loan facilities. The management team continues to demonstrate superior capital management capabilities, internally financing growth activities in a high-cost-of-capital market.
• A proven milling process: The newly expanded mill is expected to process both oxide and sulphide ore from the Buckreef gold deposit. As previously outlined in the June 15, 2023, press release, following a bulk sample test of 6,500 tonnes of sulphide ore, and the continued processing of sulphide ore from current operations, the deposit's overall metallurgy allows the milling operation to benefit from a simple, straightforward flowsheet consisting of crushing, grinding and carbon in leach. This allows for operational flexibility and advantageous mine planning. As part of the mill expansion, the crushing circuit will also be upgraded to process sulphide ore more efficiently.
• Locally built: The manpower, material and equipment involved in this third expansion are predominantly locally sourced, benefiting regional communities and economies, while reinforcing a local supply chain, and avoiding delays and cost overruns.

Stephen Mullowney, TRX Gold's chief executive officer, states: "We are very pleased with the on-time arrival of the new ball mill at Buckreef gold. Other long-lead items have also been ordered and we will be focused on getting the 2,000 tpd operation on-line as soon as possible so that we can reap the benefits of increased gold production. The market can expect updated production guidance as this expansion approaches commercial operation."

Qualified person

Andrew M. Cheatle, PGeo, is the company's qualified person as defined by National Instrument 43-101, who has reviewed and assumes responsibility for the technical content of this press release.

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 an NI 43-101 measured and indicated mineral resource of 35.88 million tonnes at 1.77 g/t gold containing 2,036,280 ounces of gold and an inferred mineral resource of 17.8 Mt 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, governance) standards, evidenced by the relationships and programs that the company has developed during its nearly two decades of presence in Geita region, Tanzania.

Please refer to the company's updated mineral resource estimate for Buckreef gold project, dated May 15, 2020, and filed under the company's profile on SEDAR+ and with the SEC (Securities and Exchange Commission) on June 23, 2020, for more information.

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