TRX Gold Reports Q4 and Year-End 2025 Results Record 2025 Sets the Stage for Next Phase of Growth
PRESS RELEASE
For immediate release
TRX Gold Reports Q4 and Year-End 2025 Results
Record 2025 Sets the Stage for Next Phase of Growth
TORONTO, Ontario, December 2, 2025 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company”
or “TRX Gold”) reported its results for the fourth quarter (“Q4 2025”) and year end August 31, 2025 (“fiscal
2025”). Financial results are available on the Company’s website at www.TRXgold.com.
Stephen Mullowney, TRX CEO commented: “In Q4 we achieved a record 6,404 ounces of gold poured and 6,977
ounces of gold sold at an average realized price of $3,363 per ounce, recognizing revenue of $23.5 million, gross
profit of $12.6 million (54% margin) and Adjusted EBITDA 1 of $12.7 million (54% margin). This performance
continued into Q1 2026, with another quarterly production record of approximately 6,550 ounces of gold, sold
at higher record gold prices. The Company is recapitalizing the business with internally generated cash flow as
evidenced by working capital turning positive in Q4 2025 . We expect that working capital will continue to
improve and anticipate being fully recapitalized from a working capital perspective in Q2 2026. At the same time,
the processing plant expansion has commenced and exploration continues, again being funded by cash flow
from operations. We are set up well for fiscal 2026.”
Mr. Mullowney continued: “In 2025, our PEA on the Buckreef Gold expansion was a defining milestone, outlining
a long -life, scalable asset with an NPV 5% of $1.9 billion pre -tax ($1.2 billion after -tax) at US$4,000/oz gold.
Additionally, subsequent to year-end we announced that the processing facility will be significantly larger than
the 3,000 tonnes per day (“tpd”) plant as outlined in the PEA study . We will also be accelerating exploration
plans on high-grade zones such as Stamford Bridge in fiscal 2026, where we have seen our best drill results to
date, as well as other areas identified through our exploration program. Finally, over time we believe that the
higher processing capacity and p rospective new discoveries have the potential to significantly improve the
already robust results of the PEA.”
Key highlights for Q4 and Year-End 2025 include:
• Record Revenue, Profitability and Cash Generation : During Q4 2025, the Company poured a record
6,404 ounces of gold (Q4 2024: 5,767 ounces) and sold 6,977 (Q4 2024: 5,715) ounces of gold at an
record average realized price (net) 1 of $3,363 per ounce (Q4 2023: $2,412 per ounce), recognizing
revenue of $23.5 million, gross profit of $12.6 million, net income of $5.3 million, operating cash flow
of $8.5 million and Adjusted EBITDA 1 of $12.7 million, all of which reflect increases compared to the
prior year comparative period. For the year ended August 31, 2025, the Company poured 18,935 ounces
of gold (2024: 19,389 ounces) and sold 19,213 ounces of gold (2024: 19,075 ounces) at a full year record
average realized price (net) 1 of $3,033 per ounce, recognizing record revenue of $57.6 million, gross
profit of $23.9 million, net income of $6.6 million, operating cash flow of $16.3 million and Adjusted
EBITDA1 of $22.0 million, all of which reflect increases compared to the prior year comparative period.
1 Refer to “Non-IFRS Performance Measures” section.
• Strengthened Working Capital Position: During Q4 2025, the Company strengthened its working capital
position. The Company’s current ratio improved to approximately 1.3 at August 31, 2025 from 0.8 at
May 31, 2025, after adjusting for non -cash liabilities. Aged accounts payables continue to decrease in
amount and days outstanding , and the Company has continued to invest in supplies inventory by
restocking spare parts , consumables, reagents and grinding media. The Company also continued to
invest in run of mine (ROM) stockpile inventory. The ROM stockpile has grown from approximately 9,275
ounces of contained gold at May 31, 2025, to over 20,000 ounces of contained gold today. The Company
also fully repaid its short-term borrowings of approximately $3.0 million in Q4 2025 and has full access
to its liquidity lines.
• Delivered Positive PEA Demonstrating Significant Growth Potential at Buckreef Gold: During fiscal 2025,
the Company filed a robust PEA for Buckreef Gold, outlining average gold production of approximately
62,000 ounces per year over a 17.6 year mine life, including an underground expansion, and an NPV 5%
of $1.9 billion pre -tax ($1.2 billion after-tax) at US$4,000 per ounce of gold 2. As per the press release
on November 4th, 2025, the Company announced it is executing on a larger processing facility than was
initially contemplated in the PEA. The Company continues to explore plans to optimize the PEA.
• Higher Grade Ore Improved Production: Following finalization of the scheduled stripping campaign
during the first half of fiscal 2025, the Company began to access higher grade ore blocks, benefiting
production in Q4 2025 and into fiscal 2026. Illustratively, the Company achieved two record gold pours,
including 806 ounces at the end of August 2025, followed by subsequent record gold pours of 1,018 and
1,105 ounces of gold in September 2025 and November 2025, respectively. The Company expects to
continue accessing higher grade ore blocks in fiscal 2026 as demonstrated in Figure 8.
• Announced Discovery of New High-Grade Zone with Outstanding Exploration Results: During Q1 2025,
the Company announced the discovery of a promising new gold mineralization shear zone, named the
“Stamford Bridge Zone”, where results are beginning to form what may become a potential 1-kilometer
“bridge” between the Buckreef Gold Main Zone, where current operations are ongoing, with links to the
parallel, high-priority, gold mineralization zone known as the Eastern Porphyry, and the prospective
Anfield Zone to the southeast. The Company announced its two best drill results ever, on a gram x tonne
x meters (“gtm”) basis, intersecting 37 meters (“m”) @ 6.86 g/t Au (253.82 gtm) from 130 m (hole
BMDD315) and 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m, located along the Stamford Bridge Zone.
The Company expects to substantially increase exploration drilling in fiscal 2026, with a focus on high -
priority gold zones, such as Stamford Bridge, as well as Buckreef Main, Anfield and Eastern Porphyry.
• Established Domestic Gold Sales: Buckreef Gold signed an agreement with the Bank of Tanzania (“BoT”)
to set aside a minimum of 20% of gold doré production at site for domestic sale to the BoT, as required
by law for all mining companies in Tanzania. The Company benefits from a reduced royalty rate of 4.35%
for any domestic sales (compared to a 7.35% royalty rate for exported sales). This agreement signals
Buckreef Gold’s long-term commitment to Tanzania and its growing role in driving local content, value
addition, and the beneficiation strategy (including improving foreign exchange reserves) as championed
by the Government.
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).
• Strengthened Management Team and Board: During fiscal 2025, the Company appointed Richard Boffey
as Chief Operating Officer . Mr. Boffey is a seasoned executive, bringing more than 35 years of
operational experience to the TRX Gold team , and will be instrumental in the continued growth and
development of Buckreef Gold. The Company also appointed John McVey as a Director, an experienced
director with an extensive background in underground mine development, mine engineering and
construction, who will be a valuable resource in advising the Company on the next phase of expansion
and growth of Buckreef Gold.
Additional highlights subsequent to Year-End 2025:
• Growth Plan Beyond PEA Scope: 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 published in the PEA and is expected to be financed from internally generated cashflow
over the next 18 -24 months. Any new discoveries at Buckreef Gold will also be incorporated into the
Company’s business plan over time.
• Sustained Exploration Efforts: The Company began the first phase of the fiscal 2026 exploration program
by commencing 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 t enement
area, helping to identify structural features, lithological contacts, and potential mineralized zones with
the goal of generating new drilling targets and discoveries. This program is expected to be completed in
fiscal Q2 2026.
• Metallurgical Testwork in Progress: The Company is 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 and Ball Mill Circuit Design,
as part of its current flowsheet optimization and future expanded flowsheet development. This work is
expected to be completed in fiscal Q2 2026.
Fiscal 2026 Outlook – Expected increase in annual gold production and planning for more growth:
• Gold Production: Gold production at Buckreef Gold is expected to be in the range of 2 5,000 - 30,000
ounces for fiscal 2026, an increase compared to fiscal 2025 production of 18,935 ounces, as the
Company expects to continue accessing higher grade ore blocks follow ing completion of the Stage 1
stripping campaign in 2025. This production outlook and open pit mine plan are in line with Year 1 of
the PEA.
• Capital Expenditures: Total capital expenditures, excluding waste rock stripping, are expected to be in
the range of $15 - $20 million in fiscal 2026, compared with actual 2025 cash capital expenditures of
approximately $15.6 million. In fiscal 2026, capital expenditure s will be focused on the plant upgrade
and expansion aimed at increasing throughput and recoveries, and construction of significantly
expanded tailings storage facility, procurement of heavy (and mobile) equipment, dewatering pumps
and upgraded camp accommodation, all as part of the longer-term plan to expand the plant to 3,000+
tpd as outlined in the PEA.
• Exploration Program: Exploration expenditures are expected to be in the range of $3 - $5 million in fiscal
2026 and include a geophysics survey to identify additional drilling targets, underground resource
drilling on the Buckreef Main Zone, exploration drilling on the Stamford Bridge Zone and reverse
circulation drilling on the Eastern Porphyry. The Company has procured a reverse circulation drilling rig
and diamond drilling rig, which are expected to arrive shortly at Buckreef Gold and will significantly
reduce the Company’s drilling cost per meter.
Figure 1: Buckreef Gold’s Open Pit Mining Operations (Q4 2025)
Figure 2: Load and Haul Operations at Buckreef Gold (Q4 2025)
Figure 3: Load and Haul with New 350 Excavator and Haul Truck (Q4 2025)
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)
Q4 2025 and Full Year 2025 Results Conference Call and Webcast Details
When: Wednesday, December 10th at 9:30 AM EST
Webcast link: https://www.c-meeting.com/web3/joinTo/MP9MKT3Z8WQC2Z/TBb9d2RtzOcagkpAL_wb-w
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, and US$1.9 billion pre -tax NPV5% at average life of mine gold price of US$4,000/oz 3. 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
3 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).