TRX Gold provides update on Buckreef Gold Project

TRX Gold (TRX) is pleased to provide an update on the processing plant expansion and upgrade project at the Buckreef Gold Project. As outlined in the company’s Preliminary Economic Assessment filed on May 27, 2025, the company’s plan is to expand and upgrade the processing plant over the next two years to increase throughput and recoveries, followed by a transition from open pit to underground mining. The PEA initially contemplated a single 3,000 tonne per day processing circuit for sulphide ore that was expected to produce average annual gold production of approximately 62,000 ounces of gold over 17.6 years at a capital cost of approximately $30M for the processing plant expansion. The company is now planning and has begun executing on a larger processing facility than was initially contemplated in the PEA, consisting of a 3,000+ TPD processing circuit for sulphide material as well as a 1,000 TPD processing circuit for oxide and transition material, and tailings retreatment. The 1,000 TPD processing circuit is also expected to be capable of processing sulphide material at a reduced throughput level and lower recovery rates (approximately 80+% versus 87+% in the larger 3,000+ TPD circuit for sulphide material) and can be upgraded to have similar specifications to the 3,000+ TPD processing circuit. The newly designed processing plant expansion will consist of plant upgrades and new components being integrated into the existing 2,000 TPD processing plant at a capital cost of approximately $30M, in line with the PEA, and financed from internally generated cashflow over the next 18-24 months. The increase in expected throughput from the larger processing circuit is now expected to produce average annual gold production in excess of the 62,000 ounces of gold published in the PEA.