Mr. Stephen Mullowney reports

TRX GOLD REPORTS ROBUST RECOVERY RATES FROM RECENT STUDY AND SIGNIFICANT INCREASE IN PLANT EXPANSION SCOPE

TRX Gold Corp. has released the results of continuing metallurgical testwork at the Buckreef gold project as part of its current flowsheet optimization and future expanded processing plant development. The company is in the process of planning and executing a much larger processing plant expansion than originally anticipated in the May, 2025, preliminary economic assessment (PEA) at Buckreef Gold.

Robust recovery rates achieved: Recovery rates between 89 per cent to 92 per cent were achieved from the additional testwork, which is in line with prior studies and above the 88-per-cent recovery rate assumed in the PEA. The testwork provided a more comprehensive understanding of optimal grind size for flotation and achievable mine feed from the mine plan, which has led the company to specify a semi autogenous grind (SAG)/ball mill combination of 3,500-plus tonnes per day (tpd), which is above the PEA processing plant size assumption of 3,000 tpd. Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026 with an initial estimated completion date of calendar Q2 2027.

Advancing existing processing plant upgrades and increased expansion: The existing 2,000 tpd processing plant is currently undergoing significant upgrades and will be available to continue operating in conjunction with the new 3,500-plus tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in the PEA. Notable upgrades to the existing processing plant include a preleach thickener, upgraded agitators and interstage screens, aachen reactor, oxygen plant, adsorption, desorption and recovery (ADR) plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Q4 2026.

Strategic mine planning to expand further: During Q2 2026, the company initiated a revision of the life-of-mine plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA reserve estimate assumption of $1,900 (U.S.)/ounce. Preliminary analysis indicates the potential for an expanded third cutback at the Main pit, which could extend open-pit operations, defer commencement of underground mining and enhance total recoverable ounces at Buckreef Gold. This is expected to improve the overall economics of the project. The company is also evaluating the potential for an earlier start to underground mining at the Stamford Bridge orebody, alongside accelerating mining of the expanded Eastern Porphyry pit. The company has hired P&E Mining Consultants Inc. to update the PEA, which is expected to be completed in Q4 2026.

Planning for expanded mill throughput: Mine planning and scheduling as part of updated PEA will incorporate throughput rates for the new 3,500-plus tpd plant and existing, upgraded 2,000 tpd processing plant, with the goal of maximizing throughput. Capital costs of the total plant expansion and plant upgrades are now expected to be $45-million to $50-million, and reflects an increase in overall processing capacity, decoupling of the new circuit from the existing processing circuit and a much larger tailings storage facility (TSF). This is approximately $10-million to $15-million above the initial PEA estimates which was for a smaller, 3,000 tpd processing plant and smaller TSF. The initial plan released in November, 2025, was also expected to utilize the existing large ball mill in the SAG processing plant, which reduced capacity of the existing processing plant to 1,000 tpd. The increase in throughput from the expanded processing capacity is expected to increase average annual gold production in excess of the 62,000 ounces of gold originally anticipated in the May, 2025, PEA.

Stephen Mullowney, TRX Gold's chief executive officer, stated: "The continued positive metallurgical results and recently improved recovery rates at our operations have provided us with a much better understanding of the deposit. This combined with the ability to develop a much larger processing plant alongside anticipated higher gold prices going forward, has led us to significantly increase the scope of the Buckreef gold expansion. When all is said and done, we anticipate higher gold production, which should lead to higher revenue and EBITDA, and a significantly more valuable mining project at Buckreef gold versus the May, 2025, PEA. With a strengthened balance sheet, robust cash position, minimal debt and strong financial results, we are really well positioned to execute on this larger expansion using internally generated cash flow."

A summary of the metallurgical process and testing is provided below:

Metallurgical results and continuing testwork

During Q2 2026 the company continued to focus on the following metallurgical testwork programs as part of its current flowsheet optimization and future expanded flowsheet development. Gold deportment testing was performed across the various geometallurgical domains within the Buckreef Mainzone, with samples from four distinct geographical areas being assessed for mineralogical variability and gold deportment. The following results were observed:

• Areas to the central west and south of the Buckreef Main zone (geological zones 1 and 2), named geometallurgical domain 1, contain comparatively higher quartz and free milling gold particles. Areas to the central east and north (geological zones 3 and 4), named geometallurgical domain 2, contain comparatively higher fine gold associated with pyrites/sulphides;
• Both geometallurgical domains demonstrate a good response to intense oxidation ahead of leaching, with domains 3 and 4 showing up to a 4-per-cent recovery increase. These results led to the inclusion of preoxidation plant, known as an Aachen reactor and oxygen plant feeding into the preleach tank as part of the planned upgrades.

Flotation and concentrate leach optimization testwork

Approximately 1.3 tonnes of core from holes across the strike and vertical extents of the Buckreef Main zone and Stamford Bridge were prepared and sent to Maelgwyn Mineral Services in South Africa for a large program of flotation and leach optimization (including vendor testing) as well as optimization testwork to advance the design of the flotation and fine-grind circuit.

The flotation optimization testwork identified an optimal preflotation particle size (p 80 of 75 micrometres) and reagent regime that produced high gold recoveries (88 per cent to 91.7 per cent) to a flotation concentrate at mass pulls of 10 per cent to 15 per cent. The flotation concentrate was then fine ground to four p 80 size distributions ranging from 38 to 15 micrometres. Energy expenditure was measured for these sizes to confirm power requirements for the fine-grind milling equipment. The leaching of the four finely ground size distributions led to an optimal p 80 particle size of 20 micrometres.

Various intensive leaching reagent regimes were evaluated leading to an optimal recommendation of multiple passes of leachate and then cyanide dosed leachate through intensive oxidation, leading to gold recoveries of the fine ground concentrate in excess of 93 per cent of the flotation concentrate. Leach testing of the flotation tails showed that conventional leaching would yield a further 4 per cent for domain 1 and 1 per cent for domain 2 leading to a combined recovery of 89 per cent to 92 per cent, above the PEA recovery assumption of 88 per cent.

SAG and ball mill circuit design

Additional comminution testwork was completed to determine work indices for both SAG and ball mill configurations. A more comprehensive understanding of optimal grind for flotation, which is now a p 80 grind size of 75 micrometres, and achievable mine feed from the mine plan has led the company to specify a SAG/ball mill combination at 3,500-plus tpd. Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026.

Similarly, the flotation and fine grind process is now specified for 155 tonnes per hour (tph), up to 15 per cent mass pull and a fine grind mill with capacity of 25 tph to reduce concentrate from p 80 75 micrometres to p 80 20 micrometres. The intensive leaching process will include two phases, one for intensive oxidation and a second for intensive cyanidation.

Thickener sizing

A second high-rate thickener will be required to ensure that ground concentrate is fed at a high density into the intensive leaching tanks. Settling tests and flocculant addition tests are now underway to inform the design for this preleach thickener.

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). The PEA outlines average gold production of 62,000 ounces per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a $1.9-billion (U.S.) to $2.6-billion (U.S.) pretax NPV (net present value) 5 per cent at average life of mine gold prices of $4,000 (U.S.) to $5,000 (U.S.)/oz. The Buckreef gold project hosts a measured and indicated mineral resource of 10.8 million tonnes (MT) at 2.57 grams per tonne (g/t) gold containing 893,000 ounces (oz) of gold and an inferred mineral resource of 9.1 MT at 2.47 g/t gold for 726,000 oz 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.

Qualified person

Richard Boffey, BE Mining (honours), F AusIMM, 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 (NI 43-101), and has reviewed and assumes responsibility for the scientific and technical content in this press release.

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