Mr. Richard Boffey reports

TRX GOLD FILES NI 43-101 PRELIMINARY ECONOMIC ASSESSMENT FOR THE BUCKREEF GOLD PROJECT

TRX Gold Corp. has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, on the Buckreef gold project, titled "Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania." The PEA supports disclosure made by the company in its news release dated April 22, 2025. There are no material differences in the PEA from those results disclosed in the April 22, 2025, news release.

Buckreef PEA highlights:

• The PEA evaluated the following scenario: (i) an expansion and upgrade of the existing process plant at Buckreef to 3,000 tonnes per day; and (ii) a transition from open-pit mining to underground mining over the next two to three years;
• Base-case net present value (discounted at 5 per cent) of $701-million (U.S.) before tax, or $442-million (U.S.) after tax, at consensus forecast-case gold prices ($2,707 (U.S.) per ounce for Year 1, $2,646 (U.S.) per ounce for Year 2, $2,495 (U.S.) per ounce for Year 3, $2,400 (U.S.) per ounce for Year 4 and $2,245 (U.S.) per ounce thereafter) and net present value (discounted at 5 per cent) of $1,181-million before tax, or $766-million (U.S.) after tax, at an upside gold price sensitivity of $3,000 (U.S.) per ounce;
• The PEA demonstrates the company's ability to potentially finance the expansion from internally generated cash flow without an upfront capital requirement, thus there is no quoted internal rate of return;
• Over a 17.6-year period, the total process plant throughput is expected to be 18.1 million tonnes averaging 2.14 grams per tonne gold with average recovered gold production of approximately 62,000 ounces gold per annum; during the first five years of the underground operation, average recovered production is planned to be over 80,000 ounces gold per annum;
• Life-of-mine (LOM) cash costs average $1,024 (U.S.) per ounce gold and all-in sustaining costs (AISC) average of $1,206 (U.S.) per ounce gold;
• Growth capital of $89-million (U.S.) will be deployed over the next four-year period comprising: (i) $55-million (U.S.) in capital for the underground expansion; (ii) $30-million (U.S.) for process improvements, process plant throughput expansion and camp upgrades; and (iii) $3-million (U.S.) for tailings facility upgrades; LOM growth capital is estimated to be $175-million (U.S.) and is primarily for underground development; LOM sustaining capital cost of $87-million (U.S.) is estimated for site and process plant and $97-million (U.S.) for underground mining;
• The PEA mine plan was developed from measured and indicated mineral resources of 10.8 million tonnes grading 2.57 grams per tonne gold containing 893,000 ounces of gold and inferred mineral resources of 9.1 million tonnes grading 2.47 grams per tonne gold containing 726,000 ounces of gold;
• With the existing open-pit mine operating, the underground expansion plan benefits from the existing on-site process plant and mine infrastructure in place; the company anticipates gold production from the underground expansion could be achieved within three years.

The technical report was prepared in accordance with NI 43-101 guidelines by P&E Mining Consultants Inc. Input to this PEA was also provided by DENM Engineering Ltd. This technical report has an effective date of April 15, 2025, and can be found on the company's website, on SEDAR+ under the company's issuer profile and on the U.S. Securities and Exchange Commission's EDGAR system.

For readers to fully understand the information in this news release, they should read the PEA in its entirety, including all qualifications, assumptions, exclusions and risks. The PEA is intended to be read as a whole, and sections should not be read or relied upon out of context.

Qualified persons -- PEA authors

The PEA was prepared by consultants who are independent of TRX Gold, each of whom is a qualified person as defined by NI 43-101. Each of the qualified persons has reviewed and confirmed that this news release fairly and accurately reflects, in the form and context in which it appears, the information contained in the respective sections of the PEA for which he or she is responsible.

The following acted as Qualified Persons under NI 43-101 as Authors of the PEA:

• P&E Mining Consultants:
  • Eugene Puritch, PEng, FEC, CET -- mineral resources;
  • Andrew Bradfield, PEng -- PEA leader and open-pit mine design, scheduling and costs;
  • D. Gregory Robinson, PEng -- underground mine design, scheduling and costs;
  • D. Grant Feasby, PEng -- environmental;
  • Fred H. Brown, PGeo -- mineral resources;
  • Yungang Wu, PGeo -- mineral resources;
  • Dr. William Stone, PhD, PGeo -- tenure, geology, drilling;
  • Jarita Barry, PGeo -- data verification, quality assurance quality control;
• DENM Engineering:
  • David Salari, PEng -- process plant expansion and process plant costing.

Richard Boffey, BE, mining (honours) FAusIMM, the company's in-house qualified person under NI 43-101, and Mr. Puritch have reviewed and assume responsibility for the scientific and technical content in this press release. Mr. Boffey is the chief operating officer of TRX Gold and has 36 years of relevant industry experience. Mr. Puritch is the president and cofounder of P&E and has 45 years of relevant experience.

About TRX Gold Corp.

TRX Gold is a high-margin and growing gold company advancing the Buckreef gold project in Tanzania. Buckreef includes an established open-pit operation and a 2,000-tonne-per-day process plant with upside potential demonstrated in the May, 2025, PEA. The PEA outlines average gold production of 62,000 ounces per annum over 17.6 years, and $701-million (U.S.) pretax net present value (discounted at 5 per cent) at an average life-of-mine gold price of $2,296 (U.S.) per ounce. The project hosts a measured and indicated mineral resource of 10.8 million tonnes at 2.57 grams per tonne gold containing 893,000 ounces of gold and an inferred mineral resource of 9.1 million tonnes at 2.47 grams per tonne gold for 726,000 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 to finance the expansion as outlined in the PEA and grow mineral resources through exploration. 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.

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