TRX Gold Announces Preliminary Q4 2025 Results Record Q4 Sets the Stage for Next Phase of Growth
PRESS RELEASE
For immediate release
TRX Gold Announces Preliminary Q4 2025 Results
Record Q4 Sets the Stage for Next Phase of Growth
TORONTO, Ontario, October 8, 2025 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company”
or “TRX Gold”) is pleased to announce preliminary results for Q4 20251.
• 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% increase in production over Q3 2025.
• Record gold price realization: Benefited from an average market price for gold of approximately $3,350 per
ounce in Q4 2025 and $2,973 for F2025.
• Record gold pours and continued strong production: 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 August 31, 2025. As
of August 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 $3.0 million.
• Significant Increase in Run of Mine Stockpile: The Company continued to invest in mine infrastructure and
development, mill optimizations, tailings storage facility expansions, supplies inventory and run of mine
(ROM) stockpile inventory. T he 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 August 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 downpayments for the addition of a thickener (to
improve gold concentration), upgrade s 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 ongoing 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 3,000+ tonnes
per day as outlined in the PEA.
1 TRX Gold will provide additional discussion and analysis regarding its Q4 2025 and F2025 production, sales and financial resu lts when
the Company reports its audited financial statements and Management’s Discussion and Analysis in late November 2025. Financial figures
quoted throughout are preliminary in nature, unaudited and subject to change.
Stephen Mullowney, TRX Gold CEO 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 F2025 production, sales and
financial results when the Company reports its audited financial statements and Management’s Discussion and
Analysis in late November 2025. Financial figures quoted throughout this press release are preliminary in nature,
unaudited and subject to change.
Endnotes
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 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$701 million pre -tax NPV5% at average life of mine
gold price of US$2,296/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 fund 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
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 and the preliminary data
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 preliminary data and 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 soci al
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 activities; 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 properties; employee relations
and shortages of skilled personnel and contractors; t he 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 o f 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.