Mr. Andrew Cheatle reports

TANZANIAN GOLD ANNOUNCES NAME CHANGE TO TRX GOLD CORPORATION & STRENGTHENS MANAGEMENT TEAM

Tanzanian Gold Corp. will change its name from Tanzanian Gold to TRX Gold Corp. The name change was approved by way of special resolution at the company's annual general and special meeting of shareholders held on Feb. 25, 2022. The company expects the name change to take effect at market open on May 27, 2022.

The company's common shares will continue trading on the Toronto Stock Exchange under its current ticker symbol, TNX, and on the New York Stock Exchange under its current ticker symbol, TRX. The new Cusip of the common shares is 87283P109 and the new ISIN is CA87283P1099.

Completion of the name change is subject to the receipt of all required regulatory approvals, including approval by the TSX and NYSE. Shareholders of the company are not required to exchange their existing share certificates for new certificates bearing the company's new name. The name change does not affect the company's share structure or the rights of the company's shareholders .

In addition, the company is pleased to announce the appointment of Christina Lalli as vice-president of investor relations (IR).

Ms. Lalli has close to 20 years of investor relations and capital markets experience, having spent most of that time in the mining sector. Having held several senior-level investor relations positions within that time frame, Ms. Lalli's contribution has been instrumental in building robust IR programs, establishing new contacts, and developing important relationships within the Canadian, United States and European investment communities. Prior to joining TRX Gold, Ms. Lalli worked for several Canadian junior mining companies focused on EV (electric vehicle) metals and materials, where her efforts resulted in increased market awareness and share price growth. Prior to that, she worked with the Osisko group, notably for Osisko Mining Corp. Ms. Lalli is a seasoned professional with a BA in psychology/human relations, a graduate diploma in HR from McGill University and a graduate of the Ivey School of Business, University of Western Ontario, designated as certified professional in investor relations (CPIR). She is also a long-time member of the Canadian Investor Relations Institute.

About Tanzanian Gold Corp.

Tanzanian, along with its joint venture partner, STAMICO, is advancing a significant gold project at Buckreef in Tanzania. Buckreef is anchored by an expanded mineral resource published in May, 2020. Measured mineral resource is 19.98 million tonnes (MT) at 1.99 grams per tonne (g/t) gold (Au) containing 1,281,161 ounces (oz) of gold and indicated mineral resource is 15.89 MT at 1.48 g/t gold containing 755,119 oz of gold for a combined tonnage of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold. The Buckreef gold project also contains an inferred mineral resource of 17.8 MT at 1.11 g/t gold for contained gold of 635,540 oz of gold. The company is actively investigating and assessing multiple exploration targets on its property.

Andrew M. Cheatle, PGeo, the company's chief operating officer and a director, is the qualified person as defined by National Instrument 43-101 who has reviewed and assumes responsibility for the technical content of this press release.

We seek Safe Harbor.