Mr. Stephen Mullowney reports

TRX GOLD APPOINTS NEW CHIEF OPERATING OFFICER

TRX Gold Corp. has appointed Richard Boffey as chief operating officer, effective immediately. Mr. Boffey is a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and will be instrumental in the continued growth and development of Buckreef Gold.

TRX Gold's chief executive officer, Stephen Mullowney, stated: "We would like to welcome Richard to the team; he has an outstanding track record delivering growth and operational excellence globally. He brings to this position a strong reputation for managing open-pit and underground operations in a variety of jurisdictions and has a proven track record in enhancing production, reducing operating costs and improving capital effectiveness. We continue to strengthen our management team as we advance Buckreef Gold with the primary goal of enhancing shareholder value."

Mr. Boffey joins TRX Gold having previously held senior executive positions with other multinational mining companies. Most recently, he held the position of general/country manager at Tara Resources' Brskovo mine project in Montenegro, where he led the technical studies, engineering design, resource drilling, project financing and site preparation activities for the construction and development of a mining operation. Prior to this, he was the chief operating officer at the Matilda gold mine for Blackham Resources in Western Australia, where he recommenced open-pit and underground mining for a two-million-tonne-per-annum operation, including process plant commissioning, establishment of technical and operating teams, and development of policies, systems and processes to optimize operations. Mr. Boffey also held the roles of general manager at the Khoemacau copper mine in Botswana for Cupric Canyon Capital and general manager of the Efemcukuru gold mine in Turkey for Eldorado Gold Corp. Mr. Boffey previously spent 5.5 years at Barrick Gold Corp., serving 4.5 years as regional mining manager for the Barrick Africa regional business unit, overseeing three operations and one development project in Tanzania and one development project in South Africa. Prior to that, Mr. Boffey spent 10 years at Placer Dome Inc. Mr. Boffey holds a bachelor of mining engineering (honours) from the University of Auckland. He is a member of AusIMM (Australasian Institute of Mining and Metallurgy) and is a competent person (reserves) under JORC (Joint Ore Reserves Committee) and National Instrument 43-101.

TRX Gold also announced the departure of the company's current chief operating officer, Andrew Cheatle. Mr. Cheatle also resigned as a director of the company.

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 mineral resource base and advancing the larger project development, which represents 90 per cent of current mineral resources. TRX Gold's actions are led by the highest environmental, social and corporate governance (ESG) standards, evidenced by the relationships and programs that the company has developed during its nearly two decades of presence in the Geita region, Tanzania. Please refer to the company's updated mineral resources estimate for Buckreef gold project, dated May 15, 2020, and filed under the company's profile on SEDAR+ and with the U.S. Securities and Exchange Commission on June 23, 2020, for more information.

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