Mr. Stephen Mullowney reports

METALLURGICAL STUDY CONFIRMS HIGHER GOLD RECOVERIES ATTAINABLE AT BUCKREEF GOLD

TRX Gold Corp. has completed continuing metallurgical variability study at the Buckreef gold project, with results confirming excellent gold recovery rates for the processing of sulphide ore.

Metallurgical test work on the sulphide ore portion of the project, which encompasses approximately 90 per cent of the Buckreef Main zone's greater-than-two-million-ounce-gold measured and indicated mineral resources, has been an important area of focus for the company as it continues to grow the project in a low-risk, low-cost, value-accretive manner. To date, the Buckreef gold project team has successfully delivered three mill expansions within 36 months, on time and on budget, thanks to careful planning, budgeting and execution.

As a key value driver for the company, metallurgical testing began at the Buckreef Main zone in June, 2021, whereby a straightforward flow sheet comprising crush, grind, flotation, regrind and CIL (carbon in leach) was developed by SGS Canada. In a laboratory, bulk sample testing returned gold recoveries between 85.3 per cent to 95.4 per cent. In June, 2023, a 6,500-tonne bulk sample of sulphide ore was tested on site at the Buckreef gold project's existing milling facility. This successful test reported gold recoveries from sulphide ore of 88.7 per cent.

The recent and much larger metallurgical variability study reported on today reiterates results from past test work and is now of greater importance as the Buckreef gold project is processing a higher proportion of sulphide ore (80 per cent sulphides to 20 per cent oxides) at its newly expanded milling facility. As part of this recent phase of test work, drill core from a total of 18 metallurgical holes (2,367 metres) along the entire strike of the Buckreef Main deposit was blended into samples that were then processed and tested against variable benchmarks within a processing flow sheet.

Highlights from the results demonstrate:

• A finer grind size leads to a higher gold recovery: Batch samples were each milled at a specific grind size, incrementally finer in nature, resulting in incrementally improved gold recovery grades. The gold recovery rate increased from 81.2 per cent to 92.5 per cent as the grind became finer from 80 per cent passing 53 micrometres to 80 per cent passing five micrometres.
• Results in line with current operational performance: For the 15 composites tested in the most recent study, recovery rates ranged from 79.9 per cent to 87 per cent in a gravity-plus-flotation-plus-leaching test at a grind size of 80 per cent under 75 micrometres, which is consistent with what is being experienced in current operations. The Buckreef gold project is also experiencing a relatively consistent tailings grade, regardless of head grade, at a grind size of 80 per cent passing 75 micrometres, further supporting the fact that increased grinding will lead to higher recovery rates.
• Increasing gold recovery in current operations: Test results showed that the gold is finely disseminated in the pyrite and improved recoveries can be achieved by grinding finer below 25 micrometres. An upgrade of the existing Buckreef process plant flow sheet to include rougher flotation and subsequent regrinding of the flotation concentrate, by using the regrind ball mill, is expected to achieve the targeted grind size (gold liberation) with minimum energy consumption. The company is currently developing finer grinding initiatives to achieve gold recoveries above 90 per cent for the sulphide ore.
• Low-cost, self-financed expansion opportunities can continue: The positive grade recovery results and increased understanding of the metallurgy of the Buckreef gold project confirm the direction of TRX Gold's current business strategy by providing the company with the optionality for near-term mine planning of the sulphide ore. The results also speak to the robust project economics of the Buckreef gold project and the potential for future plant expansions and optimizations.
• Positive outlook for additional mineral resources: This also bodes well for future mineral resource development as the company continues to focus on development of other high-priority gold zones such as Anfield and Eastern Porphyry, where a 2023 brownfield exploration program returned very similar geologic and mineralization characteristics as the Main zone, to which similar milling processes could apply.

Stephen Mullowney, TRX Gold's chief executive officer, stated: "I am pleased to report the results of the met study, which we have been anxiously awaiting. We have just unlocked a key value driver to the Buckreef gold project. These results allow us to increase the profitability of the Buckreef gold mining operation, an already-high-margin operation, by means of simple milling circuit optimization and equipment redundancy. The finer you grind, the more gold you're going to recover. Currently, the grind size is being maintained at 80 per cent passing 75 microns, but, as we improve on this, our recoveries from the sulphides should increase considerably. Consequently, further plant expansions will consider potential efficiencies to increase recovery rates. The key is to strike that optimal balance between recovery rates and profitability."

Sample protocol

One-kilogram aliquots of each of composite 3 to composite 14 at a crush size of 100 per cent passing 1.18 millimetres were blended to form the master composite. The master composite was split into one-kilogram aliquots using a rotary splitter. Three one-kilogram aliquots from the master composite were milled in a rod mill to target grinds of 80 per cent passing 53 micrometres, 80 per cent passing 38 micrometres and 80 per cent passing 25 micrometres. A 200-gram aliquot was split from the 80 per cent passing 53 micrometres and wet milled in a ceramic charged ball mill to a target grind of 80 per cent passing five micrometres. The grinds were checked by screening the milled material on the specific screens and weighing the oversize material. A 20-gram aliquot of the 80 per cent passing five micrometres was submitted to an external laboratory for particle size distribution. One 500-gram aliquot of the milled sample was submitted for the head chemical analysis.

Qualified person

William van Breugel, PEng, BASc (honours), technical adviser to TRX Gold, is the company's 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.

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 grams per tonne gold containing 2,036,280 ounces of gold and an inferred mineral resource of 17.8 million tonnes at 1.11 grams per tonne 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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