TRX Gold Advancing Processing Plant Expansion Throughput To Be Greater Than 3,000 TPD
PRESS RELEASE
For immediate release
TRX Gold Advancing Processing Plant Expansion
Throughput To Be Greater Than 3,000 TPD
TORONTO, Ontario, November 4, 2025 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company”
or “TRX Gold”) is pleased to provide an update on the processing plant expansion and upgrade project at the
Buckreef Gold Project (“Buckreef Gold”).
As outlined in the Company’s Preliminary Economic Assessment (“PEA”) 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 (“TPD”) 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 US$30 million 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 8 7+% 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 US$30 million, 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.
Stephen Mullowney, TRX Gold CEO says “The planning and execution of the expanded processing plant is well
underway, and it is now envisioned to be larger than anticipated in the PEA , which should lead to higher gold
production than was anticipated in the PEA. Our expansion will be rolled out over the next 18 -24 months with
operational improvements through out that period which are expected to positively impact financial
performance. Since our first gold pour in 2021, the Buckreef Gold processing plant has completed three
expansions, increasing its capacity from 360 TPD to 1,000 TPD and subsequently to 2,000 TPD. The forthcoming
improvements over the next 18-24 months will continue this growth trajectory. The overall project continues to
be on budget and in line with capital cost estimates in the PEA . The Company is currently paying for these
upgrades out of cash flow from operations and available liquidity lines , while a t the same time continuing to
improve overall working capital.”
3,000+ TPD Processing Circuit
The 3,000+ TPD Processing Circuit will consist of the following:
• A separate and new jaw crusher/apron feeder feeding a Semi Autogenous Grind (“SAG”) mill in closed
circuit utilizing the largest ball mill in current 2,000 TPD processing circuit;
• The installation of a new flotation and fine grind unit, which will concentrate 87%-90% of gold into less
than 15% of total mass, followed by ultra-fine grinding and intensive cyanide leaching;
• Adding two pre-leach thickeners for feeding high-density slurry to the carbon in leach (“CIL”) circuit; and
• The CIL circuit will utilize the existing large CIL tanks, with additional CIL tanks being added to this circuit.
1,000 TPD Processing Circuit
The 1,000 TPD Processing Circuit will consist of the following:
• The existing 3-stage crushing circuit, which will receive immediate upgrades to improve throughput in
the short term including: (i) replacing the apron feeder under the jaw crusher with a more robust unit;
(ii) strengthening foundations and reducing vibrations in secondary and tertiary cone crushers; (iii)
modifying screen deck for improved crushing circuit efficiency; and (iv) overhauling conveyor belts,
drives, alignment systems, cleaning systems, and upgrading electromagnet and weightometers; and
• The existing three smaller 360 TPD ball mills as well as smaller CIL tanks.
• This circuit can also be upgrade d to have similar specifications as the 3,000+ TPD processing circuit to
achieve similar recovery rates for sulphide material by integrating it into the floatation and fine grind
unit and adding a pre-leach thickener.
Overall Plant Upgrades
Overall Plant Upgrades include:
• The ball mills will receive a series of immediate upgrades including: (i) installation of new feeders; and
(ii) improvements in power draw and feed control, integrating advanced belt feeders and variable speed
mill motor drives with enhanced process controls.
• All CIL tanks will receive immediate upgrades including: (i) upgraded CIL agitators and inter-tank transfer
systems to manage increased flow and slurry density; (ii) upgraded pumps and screens; and (i ii)
enhanced reagent dosing and measurement systems. These upgrades are expected to allow for higher
throughput and more stable operating conditions.
• Installing high-purity oxygen injections using an oxygen plant and Aachen® reactor to increase oxidation
and recovery.
• Replacing four small electrowinning units with a larger, expandable cell and establishing a new
adsorption, desorption and refining (“ADR”) plant for elution, acid treatment and regenerating stripped
carbon. Carbon handling will become hands -off and automated, and a fines screening process will be
implemented to reduce gold solution losses. A new, secure gold smelting room will also be constructed
for the larger processing plant; and
• A cyanide destruction circuit will also be introduced for tailings management.
Expansion and Overall Plan Project Status
The integrated project comprises two primary tracks:
• Track 1: Overall Plant Upgrades, which will boost reliability and performance, scheduled for completion
in fiscal 2026. This phase includes plant efficiency improvements as detailed above along with
constructing the 18 meter diameter pre-leach thickener and installing new ADR & Gold Room facilities;
and
• Track 2: Complete 3,000+ TPD and 1,000 TPD processing circuits, with scheduled completion in fiscal
2027. Both throughput and recovery rates will gradually increase from now to the scheduled completion
date.
An owner's project team has been appointed and mobili zed onsite. The project schedule is being actively
managed and status by work stream is as follows:
• 3,000+ TPD Processing Circuit
o 18 meter Pre-leach Thickener: Manufacturing 95% complete, shipping in December 2025.
o Processing Circuit Flotation Plant and Ultra -Fine Grind Mill: Award manufacturing contracts in
November 2025.
o Processing Circuit SAG Mill: Award manufacturing contracts in January 2026.
• 1,000 TPD Processing Circuit
o Apron Feeder: Manufacturing 80% complete, shipping in November 2025
• Overall Plant Upgrade
o Aachen® Reactor: Manufacturing 100% complete, shipping in November 2025.
o Leach Tank Agitators and Inter-tank Screens: Manufacturing 50% complete, shipping in December
2025.
o Oxygen Plant: Manufacturing and assembly 75% complete, shipping in December 2025
o ADR Plant: Manufacturing contract a warded in November 2025, construction slated to begin in
April 2026.
Revised Process Flowsheet for the Upgraded and Expanded Plant
Figures 1a and 1b: 18 meter Diameter Pre-Leach Thickener
Figure 2: Pre-Leach Thickener Foundation Civils in progress
Figure 3: Aachen ® Reactor ready for shipment Figure 4: Vendor Testwork Flotation Cells
About TRX Gold Corporation
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 tonnes per day process plant with upside potential
demonstrated in the May 2025 Prelimina ry Economic Assessment (the “PEA”). The PEA outlines average gold
production of 62,000 oz per annum over 17.6 years, and US$ 1.2 billion pre-tax NPV5% at average life of mine
gold price of US$3,000/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 lead ership team is focused on
creating both near -term and long -term shareholder value by increasing gold production to generate positive
cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploratio n. 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
Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, 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.
For investor or shareholder inquiries, please contact:
Investor Relations
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com
Forward-Looking and Cautionary Statements
This press release contains certain forward- looking statements as defined in the applicable securities laws. All statements,
other than statements of historical facts, are forward -looking statements. Forward -looking statements are frequently, but
not always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”,
“possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur
or be achieved. Forward-looking statements relate to future events or future performance and reflect TRX Gold
management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect
to continued operating cash flow, expansion of its process plant, estimation of mineral resources, ability to develop value
creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing an d
amount of estimated future production, and capital expenditure.
Although TRX Gold believes the expectations expressed in such forward-looking statements included in this press release are
based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of
TRX Gold or other future events or conditions may differ materially from those reflected in the forward -looking statements
due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal,
economic, competitive, political, regulatory and social uncertainties; actual results from operations, exploration activities
and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other
minerals; mining method, production profile and mine plan; delays in exploration, development and construction activ ities;
changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner
or at all; contests over title to pr operties; employee relations and shortages of skilled personnel and contractors; the
speculative nature of, and the risks involved in, the exploration, development and mining business. These risks are set forth
in reports that TRX Gold files with the SEC and the various Canadian securities authorities. You can review and obtain copies
of these filings from the SEC's website at http://www.sec.gov/edgar.shtml and the Company’s profile on the System for
Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca.
The disclosure contained in this press release of a scientific or technical nature relating to the Company’s Buckreef Project
has been summarized or extracted from the technical report prepared in accordance with NI 43 -101 – Standards of
Disclosure for Mineral Projects on the Buckreef Gold Project (“Bu ckreef Gold”) titled Preliminary Economic Assessment and
Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania (“PEA”) with an effective date of April 15,
2025. The PEA was prepared in accordance with NI 43- 101 guidelines by P&E Mining Consultants Inc. (“P&E”). Input to this
PEA was also provided by D.E.N.M. Engineering Ltd. (“D.E.N.M.”). The information contained herein is subject to all of the
assumptions, qualifications and procedures set out in, and is qualified in its entirety by reference to the full text of, the PEA
and reference should be made to the full details of the PEA which has been filed with the applicable regulatory authorities
and is available on the Company’s profile at www.sedarplus.ca.
The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to update
such information.