Mr. Stephen Mullowney reports

TRX GOLD REPORTS FIRST QUARTER 2024 RESULTS

TRX Gold Corp. has released its results for the first quarter of 2024 for the three months ended Nov. 30, 2023. Financial results are available on the Company's website at www.TRXgold.com.

Key highlights for Q1 2024 include:

Positive operating cash flow: The Company poured 4,927 ounces of gold and sold 4,895 ounces of gold, resulting in positive operating cash flow of $5.1 million.

Strong gross profit margins: The Company recognized revenue of $9.4 million and cost of sales of $5.7 million, generating gross profit of $3.7 million, gross profit margin of 40%, and Adjusted EBITDA1 of $2.6 million.

Growth through prudent capital management: The Company continues to demonstrate its ability to manage capital and use cash flow from mining operations to fund additional growth at Buckreef Gold, as it reinvested $3.8 million during the quarter to advance its 3rd consecutive mill expansion to 2,000+ tonnes per day ("tpd") and to advance construction on a significantly expanded tailings storage facility ("TSF") to accommodate higher production volumes and support the long-term growth of Buckreef Gold.

Fiscal 2024 production guidance unchanged: The Company continues to expect gold production for 2024 to be between 25,000 - 30,000 ounces at total average cash cost1 of $800 - 900 per ounce.

Expansion to 2,000+ tpd continues to progress on schedule: The new 1,000 tpd ball mill arrived on site in early October 2023 and earthworks have commenced for the ball mill plinth, tank line foundation and bund wall, which will support the additional leach tanks. In-depth engineering reviews and construction work have begun, including concrete construction and steel fabrication on the new crushing circuit which commenced in November 2023. The process plant expansion aimed at expanding throughput by 75-100% has a targeted completion date in the second half of fiscal 2024 and is expected to benefit production in Q4 2024.

Expanded crushing circuit construction underway: The initial phase of the new crushing circuit arrived on site in January 2024 and is configured to produce a finely crushed ore 'product' suitable for the existing and future ball mills. It is expected that the new crushing circuit will help drive increased throughput and recovery percentages and will provide capacity for increased production. It is also expected to improve options for material handling, provide equipment redundancy to eliminate or reduce plant downtime, and improve grind size allowing for more efficient, cost-effective processing of sulphide ore. Concrete construction has been completed and is curing. Steel design, fabrication and construction of the new crushing circuit continues at a rapid pace, and completion is expected in Q2 2024.

Exploration, a key area of focus: The Company expects to continue to build on past exploration successes through a drill program that is expected to begin in the second half of fiscal 2024. While the Company primarily focused on grade control drilling to support mining activity during Q1 2024, exploration drilling for 2024 will focus on infill and expansion drilling at Eastern Porphyry, Buckreef West, Inferred Mineral Resources and strike extensions, both to the NE and SW of the Main Zone - which, if successful, has the potential to increase tonnes to higher Mineral Resource categories.

Health & Safety remains top of mind: The Company achieved zero lost time injuries ("LTI") and there were no reportable environmental or community related incidents during Q1 2024. Subsequent to Q1 2024, Buckreef Gold achieved, for a second time, 1 million hours LTI free work.

TRX Gold's CEO, Stephen Mullowney comments: "Q1 2024 has been an exceptionally busy quarter at Buckreef Gold as our team continues to work hard on our next growth phase, including another expansion in processing capacity at the mill. We are very pleased with the exceptional progress that has been made over the last few months in advancing construction for the plant expansion, including commencement of concrete and steel works related to the new crushing circuit. We continue to be impressed with the excellent and efficient work being done by our 100% Tanzanian staff, consultants and by the quality of locally sourced materials and equipment. We look forward to completing the plant expansion later this year and utilizing the expected increase in cashflow to unlock value through a larger exploration program in the future."

Figure 1: 1,000+ tpd Processing Plant at Buckreef Gold Mine, showing new CIL tanks and conveyor feed to the new ball mills (Q1 2024)

Figure 2: Buckreef Gold Tailings Storage Facility Expansion at TSF 2.2 (Q1 2024 - first lift completed and TSF is now operational)

Figure 3: Buckreef Gold's new and expanded crushing circuit under construction (Q1 2024)

Figure 4: Buckreef Gold's new cone crusher and site construction underway (Q1 2024)

Figure 5: Buckreef Gold's new jaw crusher and site construction underway (Q1 2024)

Qualified Person

Mr. Andrew Mark Cheatle, P.Geo., MBA, ARSM, is the Company's Qualified Person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101") and has reviewed and assumes responsibility for the scientific and technical content in this press release. Q1 2024 Results Conference Call and Webcast Details

When: Thursday, January 18 at 11:00 AM EST

Webcast URL: https://shorturl.at/movwM

Conference call numbers:

Canada/USA TF: 1-844-763-8274

International Toll: +1-647-484-8814

A replay will be made available for 30 days following the call on the Company's website.

About TRX Gold Corporation

TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 20202, the project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 MT 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% of current gold Resources. TRX Gold's actions are led by the highest ESG standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in Geita Region, Tanzania.

We seek Safe Harbor.