TRX Gold Reports Robust Recovery Rates from Recent Study and Significant Increase in Plant Expansion Scope
PRESS RELEASE
For immediate release
TRX Gold Reports Robust Recovery Rates from Recent Study and
Significant Increase in Plant Expansion Scope
TORONTO, Ontario, April 8, 2026 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or
“TRX Gold”) is pleased to announce results of ongoing metallurgical test work at the Buckreef Gold Project
(“Buckreef Gold”) as part of its current flowsheet optimisation and future expanded processing plant
development. The Company is in the process of planning and executing a much larger processing plant expansion
than originally anticipated in the May 2025 Preliminary Economic Assessment (“PEA”) at Buckreef Gold.
Robust Recovery Rates Achieved: Recovery rates between 89% - 92% were achieved from the additional test
work, which is in line with prior studies and above the 88% recovery rate assumed in the PEA . The test work
provided a more comprehensive understanding of optimal grind size for flotation and achievable mine feed from
the mine plan, which has led the Company to specify a Semi Autogenous Grin d (“SAG”) / Ball mill combination
of 3,500+ tonnes per day (“tpd”), which is above the PEA processing plant size assumption of 3,000 tpd.
Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026 with an initial
estimated completion date of calendar Q2 2027.
Advancing Existing Processing Plant Upgrades and Increased Expansion: The existing 2,000 tpd processing plant
is currently undergoing significant upgrades and will be available to continue operating in conjunction with the
new 3,500+ tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000
tpd assumed in the PEA. Notable upgrades to the existing processing plant include a pre-leach thickener,
upgraded agitators & interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery
(“ADR”) plant, new gold room, apron feeder , belt magnet , and new t ertiary crusher. These upgrades are
currently in progress and are expected to be completed by calendar Q4 2026.
Strategic Mine Planning to Expand Further: During Q2 2026, the Company initiated a revision of the life-of-mine
plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA
reserve estimate assumption of US$1,900/oz. Preliminary analysis indicates the potential for an expanded third
cutback at the Main Pit, which could extend open-pit operations, defer commencement of underground mining
and enhance total recoverable ounces at Buckreef Gold. This is expected to improve the overal l economics of
the pr oject. The Company is also evaluating the potential for an earlier start to underground mining at the
Stamford Bridge orebody, alongside accelerating mining of the expanded Eastern Porphyry pit . The Company
has hired P&E Mining Consultants Inc. to update the PEA, which is expected to be completed in Q4 2026.
Planning for Expanded Mill Throughput: Mine planning and scheduling as part of updated PEA will incorporate
throughput rates for the new 3,500+ tpd plant and existing, upgraded 2,000 tpd processing plant, with the goal
of maximizing throughput. Capital costs of the total plant expansion and plant upgrades are now expected to be
$45 - $50 million, and reflects an increase in overall processing capacity, decoupling of the new circuit from the
existing processing circuit , and a much larger tailings storage facility (“TSF”). This is approximately $10 - $15
million above the initial PEA estimates which was for a smaller, 3,000 tpd processing plant and smaller TSF. The
initial plan released in November 2025 was also expected to utilize the existing large ball mill in the SAG
processing plant, which reduced capacity of t he existing processing plant to 1, 000 tpd. The increase in
throughput from the expanded processing capacity is expected to increase average annual gold production in
excess of the 62,000 ounces of gold originally anticipated in the May 2025 PEA.
Stephen Mullowney, TRX Gold’s Chief Executive Officer, stated: “The continued positive metallurgical results and
recently improved recovery rates at our operations have provided us with a much better understanding of the
deposit. This combined with the ability to develop a much larger processing plant alongside anticipated higher
gold prices going forward, has led us to significantly increase the scope of the Buckreef Gold expansion . When
all is said and done, we anticipate higher gold production, which should lead to higher revenue and EBITDA, and
a significantly more valuable mining project at Buckreef Gold versus the May 2025 PEA. With a strengthened
balance sheet, robust cash position, minimal debt and strong financial results, we are really well positioned to
execute on this larger expansion using internally generated cashflow.”
A summary of the metallurgical process and testing is provided below:
Metallurgical Results and Ongoing Test Work
During Q2 2026 the Company continued to focus on the following metallurgical testwork programs as part of its
current flowsheet optimisation and future expanded flowsheet development . Gold deportment testing was
performed across the various geo-metallurgical domains within the Buckreef Main Zone , with samples from 4
distinct geographical areas being assessed for mineralogical variability and gold deportment. The following
results were observed:
• Areas to the central west and south of the Buckreef Main Zone (Geo logical Zones 1 and 2) , named Geo-
metallurgical Domain 1, contain comparatively higher quartz and free milling gold particles. Areas to the
central east and north (Geo logical Zones 3 and 4) , named Geo -metallurgical Dom ain 2, contain
comparatively higher fine gold associated with pyrites/sulphides; and
• Both geo-metallurgical domains demonstrate a good response to intense oxidation ahead of leaching, with
Domains 3 and 4 showing up to a 4% recovery increase. These results led to the inclusion of pre -oxidation
plant, known as an Aachen® Reactor and Oxygen plant feeding into the pre-leach tank as part of the planned
upgrades.
Flotation and Concentrate Leach Optimization Test Work
Approximately 1.3t of core from holes across the strike and vertical extents of the Buckreef Main Zone and
Stamford Bridge were prepared and sent to Maelgwyn Mineral Services in South Africa for a large program of
flotation and leach optimization (including vendor testing) as well as optimization testwork to advance the design
of the flotation and fine-grind circuit.
The flotation optimisation testwork identified an optimal pre -flotation particle size (p80 of 75 microns) and
reagent regime that produced high gold recoveries (88% - 91.7%) to a flotation concentrate at mass pulls of 10%
- 15%. The flotation concentrate was then fine ground to four p80 size distributions ranging from 38 to 15
microns. Energy expenditure was measured for these sizes to confirm power requirements for the fine- grind
milling equipment. The leaching of the four finely ground size distributions led to an optimal p80 particle size of
20 microns.
Various intensive leaching reagent regimes were evaluated leading to an optimal recommendation of multiple
passes of leachate and then cyanide dosed leachate through intensive oxidation, leading to gold recoveries of
the fine ground concentrate in excess o f 93% of the flotation concentrate. Leach testing of the flotation tails
showed that conventional leaching would yield a further 4% for Domain 1 and 1% for Domain 2 leading to a
combined recovery of 89% - 92%, above the PEA recovery assumption of 88%.
SAG and Ball Mill Circuit Design
Additional comminution testwork was completed to determine work indices for both SAG and Ball mill
configurations. A more comprehensive understanding of optimal grind for flotation , which is now a p80 grind
size of 75 microns, and achievable mine feed from the mine plan has led the Company to specify a SAG / Ball
mill combination at 3,500+ tpd. Tendering for the SAG mill has commenced with orders expected to be placed
in Q3 2026.
Similarly, the flotation and fine grind process is now specified for 155 tonnes per hour (“tph”), up to 15% mass
pull and a fine grind mill with capacity of 25tph to reduce concentrate from p80 75 microns to p80 20 microns.
The intensive leaching process will include two phases, one for intensive oxidation and a second for intensive
cyanidation.
Thickener Sizing
A second high-rate thickener will be required to ensure that ground concentrate is fed at a high density into the
intensive leaching tanks. Settling tests and flocculant addition tests are now underway to inform the design for
this pre-leach thickener.
Figure 1: Process Flowsheet for the Upgraded and Expanded Plant
Figure 2: GeoMet Domains
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 at 3,000 tonnes per day of throughput capacity, and a US$1.9
–US$2.6 billion pre-tax NPV5% at average life of mine gold prices of US$4,000-US$5,000/oz1. 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 exploration. TRX Gold’s actions a re 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.
1 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).
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 future gold prices, 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 and 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 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 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; 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.