TRX Gold Reports First Quarter 2026 Results Record Production and Strong Financial Performance Continue into 2026
PRESS RELEASE
For immediate release
TRX Gold Reports First Quarter 2026 Results
Record Production and Strong Financial Performance Continue into 2026
TORONTO, Ontario, January 15, 2026 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company”
or “TRX Gold”) reported its results for the first quarter of 2026 (“Q1 2026”) for the three months ended
November 30, 2025 . Financial results are available on the Company’s website a t www.TRXgold.com. Unless
otherwise noted, all references to currency in this press release refer to US dollars.
TRX Gold’s CEO, Stephen Mullowney commented: “In Q1, we once again delivered record results, in line with
guidance shared last quarter , pouring a record 6,597 ounces of gold and selling 6,492 ounces of gold at an
average realized price of $3, 860 per ounce, generating revenue of $2 5.1 million, gross profit of $1 4.2 million
(57% margin) and EBITDA 1 of $1 3.2 million (5 3% margin). The strong cash flow in a record gold price
environment has enabled us to meaningfully reinvest in TRX Gold’s growth. During the quarter, we strengthened
our working capital position, advanced plans to upgrade and expand our processing plant to improve our
production profile, and increased investment in exploration to further delineate resources at Buckreef Gold. The
Company is entering a new phase of growth, with improving production scale, stronger margins and a growing
resource base. We are very encouraged by the progress and excited about the year ahead.”
Key highlights for Q1 2026 include:
• Record Production, Revenue, and EBITDA: During Q1 2026, Buckreef Gold poured a record 6,597 ounces
of gold and sold 6,492 ounces of gold at a record average realized price1 of $3,860 per ounce, recognizing
revenue of $25.1 million, gross profit of $14.2 million, adjusted net income 1 of $7.7 million, operating
cash flow of $4.0 million and EBITDA1 of $13.2 million, all of which reflect significant increases compared
to the prior year comparative period, demonstrating the Company’s leverage to record gold prices
during Q1 2026. The Company remains on track to achieve its fiscal 2026 production guidance of 25,000
– 30,000 ounces of gold at a total average cash cost of $1,400 - $1,600 per ounce at Buckreef Gold.
• Process Plant Expansion and Upgrades Progressing: During Q1 2026, the Company announced it 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, while also being capable of processing sulphide
material. The newly designed processing plant expansion is now expected to produce average annual
gold production in excess of the 62,000 ounces of gold pub lished in the PEA and is expected to be
financed from internally generated cashflow over the next 18-24 months. During Q1 2026 the Company
made progress on upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant,
including finalization of procurement and accelerated manufacturing for several key components,
including the pre -leach thickene r, upgraded agitators & interstage screens, Aachen reactor, oxygen
plant, ADR plant and new gold room, and apron feeder & belt magnet. The plant upgrades are scheduled
for completion in fiscal 2026 and are expected to boost plant reliability and performance.
1 Refer to “Non-IFRS Performance Measures” section.
• Continued to Strengthen Working Capital and Expand Stockpile Inventory on ROM Pad: During Q1 2026,
the Company continued to strengthen its working capital position through increased production,
organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result,
the Company’s current ratio has improved from approximately 1.3 at August 31, 2025 to approximately
1.7 at November 30, 2025, after adjusting for non -cash liabilities. During Q1 2026, the Company
continued to invest in mine development, mill optimizations, and run of mine (ROM) stockpile inventory.
The ROM stockpile has grown from approximately 15,162 ounces of contained gold at August 31, 2025,
to an estimated 19,698 ounces of contained gold as at November 30, 2025. Subsequent to Q1 2026, the
ROM pad stockpile has increased further to an estimated 22,891 ounces of contained gold, an increase
of 3,193 ounces compared to November 30, 2025, as the Company continued to access higher grade
ore blocks in the pit and processed a higher proportion of high grade mined material.
• Exploration Plans Advancing: During Q1 2026, the Company began the first phase of the fiscal 2026
exploration program by completing a detailed 810 line -kilometer ground magnetic survey in October
2025. This high-resolution geophysical survey is designed to map subsurface magnetic variations across
the tenement area, helping to identify structural features, lithological contacts, and potential
mineralized zones with the goal of generating new drilling targets. A final geological interpretation is
expected in fiscal Q2 2026.
• Metallurgical Testwork Underway: During Q1 2026, the Company focused on metallurgical testwork
programs including (i) gold deportment testing across various geo -metallurgical domains within the
Buckreef Main Zone, (ii) flotation and concentrate leach optimization testwork, and (iii) SAG a nd Ball
Mill Circuit Design, as part of its current flowsheet optimization and future expanded flowsheet
development. Testwork was completed in the areas of flotation, fine -grinding and intensive leaching.
Flotation testwor k continued to deliver positive recoveries of 88% - 91.5% and fine grinding and
intensive leaching testwork indicated that positive recoveries of flotation concentrate are achieve at a
p80 of 20 microns. Final analysis of these results, along with fine gri nd concentrate settling rates, are
expected to be received in fiscal Q2 2026.
• Strong Health, Safety, and Environmental Track Record: The Company achieved zero lost time injuries
(“LTI”) and there were no reportable environmental incidents during Q1 2026.
Selected Operating and Financial Data
Select operating and financial information from the operation for the three months ended November 30, 2025,
follows below:
Unit Three months ended
November 30, 2025
Three months ended
November 30, 2024
Operating Data
Ore Mined k tonnes 227 103
Waste Mined k tonnes 1,129 821
Total Mined k tonnes 1,356 924
Strip Ratio w:o 5.0 8.0
Mining Rate tpd 14,903 10,154
Mining Cost US$/t $4.76 $4.00
Plant Ore Milled k tonnes 140 155
Head Grade g/t 1.88 1.29
Plant Utilization % 90 88
Plant Recovery Rate % 75 72
Processing Cost US$/t $19.75 $12.60
Plant Mill Throughput tpd 1,540 1,703
Gold Ounces Poured oz 6,597 4,841
Gold Ounces Sold oz 6,492 4,813
Financial Data
Revenue1 $ ('000s) 25,117 12,528
Gross Profit $ ('000s) 14,215 4,834
Net (loss) income $ ('000s) (496) 2,137
Adjusted net income2 $ ('000s) 7,732 1,872
Adjusted EBITDA2 $ ('000s) 13,211 4,394
Operating Cash Flow $ ('000s) 4,020 2,381
Adjusted working capital $ ('000s) 14,994 5,725
Average Realized Price (gross)2 $/oz 3,869 2,603
Average Realized Price (net)2,3,4 $/oz 3,860 2,653
Cash Cost2 $/oz 1,508 1,410
1 Revenue includes immaterial amounts from the sale of by-product silver and copper.
2 Refer to the "Non-IFRS Performance Measures" section.
3 Net of revenue and ounces of gold sold related to OCIM gold prepaid purchase agreement.
4 Net of interest related to Auramet gold prepaid purchase agreement.
Figure 1: Buckreef Gold’s Open Pit Mining Operations
Figure 2: Load and Haul Operations at Buckreef Gold
Figure 3: Load and Haul with New 374 Excavator and Haul Truck
Figure 4: Revised Process Flowsheet for the Upgraded and Expanded Plant
Figure 5: 18 Meter Diameter Pre-Leach Thickener
Figure 6: Pre-Leach Thickener Foundation Civils in progress
Figure 7: Aachen ® Reactor ready for shipment and Vendor Testwork Flotation Cells
Figure 8: Buckreef Gold fiscal 2026 Mine Plan (including Ore Mined to Date above line)
Q1 2026 Results Conference Call and Webcast Details
When: Monday, January 19th at 10:00 AM EST
Webcast link: https://www.c-meeting.com/web3/joinTo/MP9MKT3Z8WQC2Z/qOjpyfonjHbsPlv9iK5IQQ
Conference call numbers:
Canada/USA TF: 1-833-752-3900
International Toll: +1-647-849-3080
A replay will be made available for 30 days following the call on the Company’s website.
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 PEA. The PEA outlines average gold production of 62,000 oz per annum over
17.6 years at 3,000 tonnes per day of throughput capacity, and US$1.9 billion pre -tax NPV5% at average life of
mine gold price of US$4,000/oz2. 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 informed by the highest environmental, social and corporate governance (“ESG”) standards,
as 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 as sumes responsibility for the scientific and technical content in
this press release.
For investor or shareholder inquiries, please contact:
Investors:
Investor Relations
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com
2 Base case NPV5% of US$701.0 million pre-tax, or US$442.2 million after tax at consensus forecast case gold prices (US$2,707/oz year 1, US$2,646/oz
year 2, US$2,495/oz year 3, US$2,400/oz year 4, US$2,245/oz thereafter).