Mr. Stephen Mullowney reports

TRX GOLD ANNOUNCES PRELIMINARY Q4 2025 RESULTS

TRX Gold Corp. has released preliminary results for Q4 2025:

• Record quarterly production and sales: In Q4 2025, the company achieved record production and sales of 6,404 and 6,977 ounces of gold respectively, a 37-per-cent increase in production over Q3 2025.
• Record gold price realization: The company benefited from an average market price for gold of approximately $3,350 per ounce in Q4 2025 and $2,973 for fiscal 2025.
• Record gold pours and continued strong production: The company achieved two record gold pours, including 806 ounces at the end of August, 2025, followed by another record gold pour of 1,018 ounces of gold in September, 2025. Strong production continued into September, 2025, with monthly production of 2,510 ounces of gold.
• Significantly improved working capital ratio: The company's adjusted working capital ratio has turned positive, improving from approximately 0.8 on May 31, 2025, to approximately 1.2 on Aug. 31, 2025. As of Aug. 31, 2025, the company's cash balance was approximately $7.8-million, an increase in net cash of approximately $1.2-million from Q3 2025. The company also fully repaid its short-term borrowings of approximately $3-million.
• Significant increase in run-of-mine (ROM) stockpile: The company continued to invest in mine infrastructure and development, mill optimizations, tailings storage facility expansions, supplies inventory and ROM stockpile inventory. The ROM stockpile has grown from approximately 9,275 ounces of contained gold at May 31, 2025, to an estimated 15,162 ounces of contained gold as at Aug. 31, 2025.
• Next expansion and optimization have commenced: The company is currently in the process of optimizing and expanding the processing plant in line with the robust preliminary economic assessment (PEA) filed in Q3 2025. During Q4 2025, the company commenced the procurement process on several near-term plant enhancements to improve gold recoveries, including down payments for the addition of a thickener (to improve gold concentration), upgrades to the elution plant/gold room (to improve carbon activity and to reduce gold solution losses), and added slurry oxidation capacity through improved air blowers and oxygen dispersion. The company is also performing continuing analytical and metallurgical test work to finalize the addition of a flotation circuit (to improve mineral separation to facilitate higher recovery) as well as the addition of a semi-autogenous grind mill and new crushing circuit (including a new jaw crusher, conveyor and ancillary carbon-in-leach tanks) as part of the longer-term plan to expand the plant to more than 3,000 tonnes per day as outlined in the PEA.

Stephen Mullowney, chief executive officer of TRX Gold, commented: "We're very pleased with the positive trajectory and record gold production achieved at Buckreef Gold this quarter as the company benefited from access to higher-grade ore following successful completion of our scheduled strip campaign earlier in the year. The production rate improved over the course of the year as planned and the company demonstrated leverage to record gold price levels, significantly improving its working capital position in Q4 2025 while continuing to invest in the future growth and development of Buckreef Gold. Our short-to-medium-term priorities remain the same -- continue to expand and upgrade processing capacity in line with our PEA, continue advancing exploration in key areas, and strengthen our liquidity. Importantly, as organically funded growth continues at Buckreef, we are feeling confident where the business is positioned during this point in the commodity cycle."

TRX Gold will provide additional discussion and analysis regarding its Q4 2025 and fiscal 2025 production, sales and financial results when the company reports its audited financial statements and management discussion and analysis in late November, 2025. Financial figures quoted throughout this press release are preliminary in nature, unaudited and subject to change.

Notes

Adjusted working capital ratio is defined as current assets divided by current liabilities after adjusting for derivative liabilities, which will only be settled by issuing equity of the company and for the current portion of deferred revenue.

About TRX Gold Corp.

TRX Gold is a high-margin and growing gold company advancing the Buckreef gold project in Tanzania. Buckreef Gold includes an established open-pit operation and 2,000-tonne-per-day process plant with upside potential demonstrated in the May, 2025, preliminary economic assessment. The PEA outlines average gold production of 62,000 ounces per annum over 17.6 years and a $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 Buckreef gold 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 in Tanzania.

Qualified person

Richard Boffey, BE (mining) (honours), FAusIMM, chief operating officer of TRX Gold, is the company's in-house 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.

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