Announcement • Apr 08

+ 1 more update

TRX Gold Corporation Reports Robust Recovery Rates And Significant Plant Expansion Scope At Buckreef Gold Project

TRX Gold Corporation announced results of ongoing metallurgical test work at the Buckreef Gold Project as part of its current flowsheet optimisation and future expanded processing plant development. Robust 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 Preliminary Economic Assessment. 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 Grind /Ball mill combination of 3,500+ tonnes per day, which is above the Preliminary Economic Assessment processing plant size assumption of 3,000 tonnes per day. Tendering for the Semi Autogenous Grind mill has commenced with orders expected to be placed in Third Quarter 2026 with an initial estimated completion date of calendar Second Quarter 2027. The existing 2,000 tonnes per day processing plant is currently undergoing significant upgrades and will be available to continue operating in conjunction with the new 3,500+ tonnes per day Semi Autogenous Grind mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tonnes per day assumed in the Preliminary Economic Assessment. Notable upgrades to the existing processing plant include a pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Fourth Quarter 2026. During Second Quarter 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 Preliminary Economic Assessment reserve estimate assumption of USD 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. 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 Preliminary Economic Assessment, which is expected to be completed in Fourth Quarter 2026. Mine planning and scheduling as part of updated Preliminary Economic Assessment will incorporate throughput rates for the new 3,500+ tonnes per day plant and existing, upgraded 2,000 tonnes per day processing plant, with the goal of maximizing throughput. Capital costs of the total plant expansion and plant upgrades are now expected to be USD 45 - USD 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. This is approximately USD 10 - USD 15 million above the initial Preliminary Economic Assessment estimates which was for a smaller, 3,000 tonnes per day processing plant and smaller tailings storage facility. The initial plan released in November 2025 was also expected to utilize the existing large ball mill in the Semi Autogenous Grind processing plant, which reduced capacity of the existing processing plant to 1,000 tonnes per day. 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 Preliminary Economic Assessment. During Second Quarter 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. Areas to the central west and south of the Buckreef Main Zone (Geological 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 (Geological Zones 3 and 4), named Geo-metallurgical Domain 2, contain comparatively higher fine gold associated with pyrites/sulphides. 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. 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 of 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 Preliminary Economic Assessment recovery assumption of 88%. Additional comminution testwork was completed to determine work indices for both Semi Autogenous Grind and Ball mill configurations.

Announcement • Oct 01

Metallurgical Study Confirms Higher Gold Recoveries Attainable At Buckreef Gold

TRX Gold Corporation announce completion of the ongoing metallurgical variability study at the Buckreef Gold Project, with results confirming excellent gold recovery rates for the processing of sulphide ore. Metallurgical test work on the sulphide ore portion of the project, which encompasses approximately 90% of the Buckreef Main Zone’s 2M+ ounce Au Measured and Indicated Mineral Resources1, has been an important area of focus for the Company, as it continues to grow the project in a low-risk, low-cost, value accretive manner. To date, the Buckreef Gold team has successfully delivered 3 mill expansions within 36 months, on time and on budget. As a key value driver for the Company, metallurgical testing began at the Buckreef Main Zone in June of 2021, whereby a straightforward flowsheet comprising of crush, grind, flotation, regrind and CIL was developed by SGS Canada. In a laboratory, bulk sample testing returned gold recoveries between 85.3% to 95.4%. In June 2023, a 6,500-tonne bulk sample of sulphide ore was tested on site at Buckreef Gold’s existing milling facility. This successful test reported gold recoveries from sulphide ore of 88.7%. The recent and much larger metallurgical variability study reported on today, reiterates results from past test work and is now of greater importance as Buckreef Gold is processing a higher proportion of sulphide ore (80% sulphides to 20% oxides) at its newly expanded milling facility. As part of this recent phase of test work, drill core from a total of 18 metallurgical holes (2,367 meters) along the entire strike of the Buckreef Main deposit, were blended into samples that were then processed and tested against variable benchmarks within a processing flowsheet. Highlights from the results demonstrate: A finer grind size leads to a higher gold recovery: Batch samples were each milled at a specific grind size, incrementally finer in nature, resulting in incrementally improved gold recovery grades. The gold recovery rate increased from 81.2% to 92.5% as the grind became finer from 80% - 53 µm to 80% - 5 µm. Results in line with current operational performance: For the 15 composites tested in the most recent study, recovery rates ranged from 79.9% to 87.0% in a gravity + floatation + leaching test at a grind size of 80% - 75 µm, which is consistent with what is being experienced in current operations. Buckreef Gold is also experiencing a relatively consistent tailings grade, regardless of head grade, at a grind size of 80% - 75 µm, further supporting the fact that increased grinding will lead to higher recovery rates. Increasing gold recovery in current operations: Test results showed that the gold is finely disseminated in the pyrite and improved recoveries can be achieved by grinding finer below 25µm. An upgrade of the existing Buckreef Process Plant flowsheet to include rougher flotation and subsequent regrinding of the flotation concentrate, by using the regrind ball mill, is expected to achieve the targeted grind size (gold liberation) with minimum energy consumption. The Company is currently developing finer grinding initiatives to achieve gold recoveries above 90% for the sulphide ore. Low cost, self-funded expansion opportunities can continue: The positive grade recovery results and increased understanding of the metallurgy of the Buckreef Gold Project, confirm the direction of TRX Gold’s current business strategy, by providing the Company with the optionality for near term mine planning of the sulphide ore. The results also speak to the robust project economics of the Buckreef Gold Project and the potential for future plant expansions and optimizations. Positive outlook for additional Mineral Resources: This also bodes well for future Mineral Resource development, as the Company continues to focus on development of other high-priority gold zones, such as Anfield and Eastern Porphyry, where a 2023 brownfield exploration program returned very similar geologic and mineralization characteristics as the Main Zone, to which similar milling processes could apply. Sample Protocol: A 1 kg aliquot of each of Composite 3 to Composite 14 at a crush size of 100% - 1.18 mm were blended to form the master composite. The master composite was split into 1 kg aliquots using a rotary splitter. Three 1 kg aliquots from the master composite were milled in a rod mill to target grinds of 80% - 53 µm, 80% - 38 µm and 80% -25 µm. A 200 g aliquot was split from the 80% - 53 µm and wet milled in a ceramic charged ball mill to a target grind of 80% - 5 µm. The grinds were checked by screening the milled material on the specific screens and weighing the oversize material. A 20 g aliquot of the 80% - 5 µm was submitted to an external laboratory for particle size distribution. One 500 g aliquot of the milled sample was submitted for the head chemical analysis.

Metals and Mining earnings growth	14.8%
Revenue growth rate	24.8%
Future return on equity	n/a
Analyst coverage	Low
Last updated	15 Sep 2026

Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
8/31/2029	488	N/A	236	N/A	1
8/31/2028	426	N/A	191	N/A	1
8/31/2027	170	N/A	81	N/A	3
8/31/2026	129	102	34	N/A	3
5/31/2026	116	-19	3	31	N/A
2/28/2026	95	-22	1	25	N/A
11/30/2025	70	-4	4	18	N/A
8/31/2025	58	1	3	16	N/A
5/31/2025	48	0	-2	12	N/A
2/28/2025	45	-2	-1	14	N/A
11/30/2024	44	1	-1	13	N/A
8/31/2024	41	0	2	15	N/A
5/31/2024	37	-1	1	12	N/A
2/29/2024	36	0	-1	12	N/A
11/30/2023	38	-2	0	16	N/A
8/31/2023	38	2	0	17	N/A
5/31/2023	35	-3	0	17	N/A
2/28/2023	32	0	0	16	N/A
11/30/2022	25	-1	-2	13	N/A
8/31/2022	15	-6	-10	3	N/A
5/31/2022	9	-5	-15	-2	N/A
2/28/2022	3	-7	-17	-6	N/A
11/30/2021	N/A	-5	-19	-9	N/A
8/31/2021	N/A	-4	-17	-8	N/A
5/31/2021	N/A	-2	-15	-8	N/A
2/28/2021	N/A	-10	-15	-8	N/A
11/30/2020	N/A	-12	-15	-7	N/A
8/31/2020	N/A	-11	-14	-7	N/A
5/31/2020	N/A	-27	-11	-5	N/A
2/29/2020	N/A	-23	N/A	-4	N/A
11/30/2019	N/A	-23	N/A	-4	N/A
9/1/2019	N/A	-23	N/A	-4	N/A
5/31/2019	N/A	-5	N/A	-2	N/A
2/28/2019	N/A	-5	N/A	-2	N/A
11/30/2018	N/A	-5	N/A	-2	N/A
8/31/2018	N/A	-5	N/A	-2	N/A
5/31/2018	N/A	-4	N/A	-2	N/A
2/28/2018	N/A	-4	N/A	-3	N/A
11/30/2017	N/A	-4	N/A	-3	N/A
8/31/2017	N/A	-5	N/A	-3	N/A
5/31/2017	N/A	-8	N/A	-3	N/A
2/28/2017	N/A	-7	N/A	-2	N/A
11/30/2016	N/A	-10	N/A	-2	N/A
8/31/2016	N/A	-10	N/A	-1	N/A
5/31/2016	N/A	-7	N/A	-1	N/A
2/29/2016	N/A	-11	N/A	-1	N/A

Data	Last Updated (UTC time)
Company Analysis	2026/09/18 06:37
End of Day Share Price	2026/09/18 00:00
Earnings	2026/05/31
Annual Earnings	2025/08/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jacob Sekelsky	Alliance Global Partners
Heiko Ihle	H.C. Wainwright & Co.
Richard Niehuser	Roth Capital Partners

TRX Gold Future Growth

Future criteria checks 2/6

Key information

Recent future growth updates

Trx Gold Corporation Provides Revenue Guidance for the Full Year 2026

TRX Gold Corporation Provides Revenue Guidance for the Third Quarter of 2026 and Reaffirms Production Guidance for the Full Year 2026

Trx Gold Corporation Provides Production Guidance for the Year 2026

TRX Gold Corporation Provides Production Guidance for the Third Quarter and Fourth Quarter 2025

TRX Gold Corporation Provides Production Guidance for the Fiscal 2025

TRX Gold Corporation Provides Production Guidance for the First Half, Second Half and Full Year of Fiscal Year 2025

Recent updates

Trx Gold Corporation Provides Revenue Guidance for the Full Year 2026

CEO & Director exercised options to buy CA$720k worth of stock.

A Case for TRX Gold to reach US$30 by 2030 (CAD$41.57) (USD$1 - CAD$1 = CAD$1.39)

Third quarter 2026 earnings: EPS and revenues miss analyst expectations

New major risk - Revenue and earnings growth

TRX Gold Corporation to Report Q3, 2026 Results on Jul 15, 2026

TRX Gold Corporation Provides Revenue Guidance for the Third Quarter of 2026 and Reaffirms Production Guidance for the Full Year 2026

TRX Gold Reports Up To 92% Recovery And Plans Plant Expansion At Buckreef Project

CEO & Director exercised options to buy CA$990k worth of stock.

Senior Vice President of Tanzania recently sold CA$177k worth of stock

Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

TRX Gold Corporation Reports Robust Recovery Rates And Significant Plant Expansion Scope At Buckreef Gold Project

New minor risk - Shareholder dilution

Even With A 70% Surge, Cautious Investors Are Not Rewarding TRX Gold Corporation's (TSE:TRX) Performance Completely

New minor risk - Share price stability

Independent Director recently sold CA$87k worth of stock

First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

Trx Gold Corporation Provides Production Guidance for the Year 2026

TRX Gold Corporation to Report Q1, 2026 Results on Jan 15, 2026

The Market Lifts TRX Gold Corporation (TSE:TRX) Shares 51% But It Can Do More

TRX Gold Corporation, Annual General Meeting, Feb 25, 2026

Full year 2025 earnings released

Investors Don't See Light At End Of TRX Gold Corporation's (TSE:TRX) Tunnel And Push Stock Down 26%

TRX Gold Corporation Advancing Processing Plant Expansion Throughput to Be Greater Than 3,000 TPD

TRX Gold (TSE:TRX) Shareholders Will Want The ROCE Trajectory To Continue

Does TRX Gold (TSE:TRX) Have A Healthy Balance Sheet?

The Market Lifts TRX Gold Corporation (TSE:TRX) Shares 25% But It Can Do More

Third quarter 2025 earnings released

TRX Gold Corporation Files NI 43-101 Preliminary Economic Assessment for the Buckreef Gold Project

Second quarter 2025 earnings released: US$0.009 loss per share (vs US$0.004 profit in 2Q 2024)

TRX Gold Corporation Provides Production Guidance for the Third Quarter and Fourth Quarter 2025

CEO & Director recently bought CA$92k worth of stock

TRX Gold Corporation to Report Q3, 2025 Results on Jul 15, 2025

Insufficient new directors

First quarter 2025 earnings released

TRX Gold Corporation Provides Production Guidance for the Fiscal 2025

TRX Gold Corporation Announces Executive Changes

Take Care Before Diving Into The Deep End On TRX Gold Corporation (TSE:TRX)

Independent Director exercised options to buy CA$55k worth of stock.

TRX Gold Corporation, Annual General Meeting, Feb 27, 2025

TRX Gold Corporation Announces Executive Changes

TRX Gold Corporation Provides Production Guidance for the First Half, Second Half and Full Year of Fiscal Year 2025

Full year 2024 earnings released

New minor risk - Market cap size

TRX Gold Corporation Announces New Stamford Bridge Shear Zone Extended Another 50 Meters

TRX Gold Corporation Announces Discovery of New Gold Mineralization Shear Zone, Named the Stamford Bridge Zone

Metallurgical Study Confirms Higher Gold Recoveries Attainable At Buckreef Gold

Investors Holding Back On TRX Gold Corporation (TSE:TRX)

TRX Gold Corporation Revises Production Guidance for the Fiscal Year 2024

Third quarter 2024 earnings released: US$0.01 loss per share (vs US$0.004 loss in 3Q 2023)

Senior Vice President of Tanzania exercised options to buy CA$65k worth of stock.

Second quarter 2024 earnings released

TRX Gold's (TSE:TRX) Returns On Capital Are Heading Higher

Chief Financial Officer exercised options to buy CA$78k worth of stock.

Here's Why We're Not At All Concerned With TRX Gold's (TSE:TRX) Cash Burn Situation

First quarter 2024 earnings released

Trx Gold Corporation Provides Production Guidance for the Fiscal Year 2024

TRX Gold Corporation, Annual General Meeting, Feb 29, 2024

Full year 2023 earnings released: EPS: US$0.008 (vs US$0.023 loss in FY 2022)

TRX Gold Corporation Provides Production Guidance for the Fiscal Year 2024

TRX Gold Corporation Appoints Shubo Rakhit as Chairman of the Board

High number of new directors

TRX Gold Corporation Announces Passing of Its Founder and Chairman James E. Sinclair

TRX Gold's (TSE:TNX) Returns On Capital Are Heading Higher

Founder & Independent Chairman exercised options to buy CA$64k worth of stock.

Third quarter 2023 earnings released

TRX Gold (TSE:TNX) Might Have The Makings Of A Multi-Bagger

Trx Gold Corporation Provides Production Guidance for the Full Year Fiscal 2023

TRX Gold Corporation's (TSE:TNX) Price In Tune With Revenues