# EDGAR Filing Document

**Accession Number:** 0001173643
**File Stem:** 0001171843-25-004456
**Filing Date:** 2025-7
**Character Count:** 237336
**Document Hash:** 26450c62ab80b7020fdac320daa373fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004456.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001171843-25-004456

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRX GOLD Corp
- **CENTRAL INDEX KEY:** 0001173643
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32500
- **FILM NUMBER:** 251122699

**BUSINESS ADDRESS:**
- **STREET 1:** 277 LAKESHORE ROAD EAST
- **STREET 2:** SUITE 403
- **CITY:** OAKVILLE
- **STATE:** A6
- **ZIP:** L6J 6J3
- **BUSINESS PHONE:** 416-315-0662

**MAIL ADDRESS:**
- **STREET 1:** 277 LAKESHORE ROAD EAST
- **STREET 2:** SUITE 403
- **CITY:** OAKVILLE
- **STATE:** A6
- **ZIP:** L6J 6J3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tanzanian Gold Corp
- **DATE OF NAME CHANGE:** 20220510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRX GOLD Corp
- **DATE OF NAME CHANGE:** 20220505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tanzanian Gold Corp
- **DATE OF NAME CHANGE:** 20190502

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of July 2025

Commission File No. 001-32500

TRX GOLD Corporation

(Translation of registrant's name into English)

277 Lakeshore Road East, Suite 403

Oakville, Ontario Canada L6J 1H9

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under the cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

**Explanatory Note**

TRX Gold Corp. (the "Company") is filing this Form 6-K to provide its financial information for the three and nine months ended May 31, 2025 and 2024, and to incorporate such financial information into the Company's registration statements referenced below.

Exhibits 99.1 and 99.2 attached hereto are hereby incorporated by reference into the Company's Registration Statements on Form F-10 (Registration Statement File Number 333-283907), Form F-3 (Registration Statement File Numbers 333-252876 and 333-255526) and on Form S-8 (Registration Statement File Number 333-234078) to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed.

**Press Release**

A news release announcing the Company's Third Quarter 2025 Results is attached as Exhibit 99.3. The news release referred to in this report and attached as an exhibit hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by the Company under the Securities Act, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

**Exhibits**

The following exhibits are filed as part of this Form 6-K:

---

| | |
|:---|:---|
| Exhibit | Description |
| [99.1](exh_991.htm) | [Unaudited financial statements for the three and nine months ended May 31, 2025 and 2024](exh_991.htm) |
| [99.2](exh_992.htm) | [Management's Discussion & Analysis for the three and nine months ended May 31, 2025 and 2024](exh_992.htm) |
| [99.3](exh_993.htm) | [News Release - TRX Gold Reports Third Quarter 2025 Results](exh_993.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104. | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | <u>TRX Gold Corporation</u> | <u>TRX Gold Corporation</u> |
|  | (Registrant) | (Registrant) |
|  | By: | <u>/s/ Michael P. Leonard</u> |
|  |  | Michael P. Leonard, |
|  |  | Chief Financial Officer |
| Date: July 14, 2025 |  |  |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

![](logofs.jpg)

**TRX Gold Corporation**

**Interim Condensed Consolidated** 

**Financial Statements** 

**(Unaudited)**

**For the three and nine months ended**

**May 31, 2025 and 2024**

**TRX Gold Corporation**

**Interim Condensed Consolidated Statements of Financial Position**

**(Unaudited)**

(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **May 31, 2025** | August 31, 2024 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $**6535** | $8331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | 4 | **2691** | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other assets | 5 | **681** | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 6 | **11833** | 6249 |
| &nbsp;&nbsp;&nbsp;**Total current assets** |  | **21740** | 17784 |
| &nbsp;&nbsp;&nbsp; Other long-term assets | 4 | **4935** | 3259 |
| &nbsp;&nbsp;&nbsp; Mineral property, plant and equipment | 7 | **85637** | 77817 |
| **Total assets** |  | $**112312** | $98860 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts payable and accrued liabilities |  | $**20114** | $15545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 8 | **751** | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 9 | **2281** | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 10 | **1169** | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of borrowings | 11 | **2980** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instrument liabilities | 12 | **812** | 2273 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** |  | **28107** | 21283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 10 | **1906** | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 8 | **12137** | 9505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for reclamation |  | **1197** | 1091 |
| **Total liabilities** |  | **43347** | 32821 |
| &nbsp;&nbsp;&nbsp;**Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital |  | **167086** | 165945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments reserve | 14 | **9635** | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants reserve | 15 | **1700** | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | **(123651)** | (121893) |
| **Equity attributable to shareholders** |  | **54770** | 54903 |
| Non-controlling interest | 16 | **14195** | 11136 |
| **Total equity** |  | **68965** | 66039 |
| **Total equity and liabilities** |  | $**112312** | $98860 |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**TRX Gold Corporation**

**Interim Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)**

**(Unaudited)**

(Expressed in Thousands of US Dollars, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended<br> May 31,** | **Three months ended<br> May 31,** | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| | **Note** | **2025** | 2024 | **2025** | 2024 |
| **Revenue** | 20 | $**12474** | $10148 | $**34109** | $27536 |
| **Cost of sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production costs |  | **(6227)** | (4484) | **(17863)** | (12673) |
| &nbsp;&nbsp;&nbsp;Royalty |  | **(1041)** | (777) | **(2576)** | (2075) |
| &nbsp;&nbsp;&nbsp;Depreciation |  | **(823)** | (534) | **(2309)** | (1446) |
| **Total cost of sales** |  | **(8091)** | (5795) | **(22748)** | (16194) |
| **Gross profit** |  | **4383** | 4353 | **11361** | 11342 |
| General and administrative expenses | 18 | **(1737)** | (1383) | **(6548)** | (5361) |
| Change in fair value of derivative financial instruments | 12 | **(197)** | (2724) | **1461** | (925) |
| Foreign exchange gains (losses) |  | **56** | 123 | **(97)** | 185 |
| Interest and other expenses |  | **(290)** | (311) | **(1931)** | (1229) |
| **Income before tax** |  | **2215** | 58 | **4246** | 4012 |
| Income tax expense | 8 | **(1110)** | (1714) | **(2945)** | (3786) |
| **Net income (loss) and comprehensive income (loss)** |  | $**1105** | $(1656) | $**1301** | $226 |
| **Net income (loss) and comprehensive income (loss) attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders |  | $**(218)** | $(2639) | $**(1758)** | $(2525) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  | **1323** | 983 | **3059** | 2751 |
| **Net income (loss) and comprehensive income (loss)** |  | $**1105** | $(1656) | $**1301** | $226 |
| Basic and diluted loss per share | 13 | $**(0.00)** | $(0.01) | $**(0.01)** | $(0.01) |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**TRX Gold Corporation**

**Interim Condensed Consolidated Statements of Changes in Equity**

**(Unaudited)**

(Expressed in Thousands of US Dollars, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Reserves** | **Reserves** | | | | |
| | **Number of Shares** | **Amount** | **Share-based payments** | **Warrants** |<br>**Accumulated deficit** |<br>**Shareholders' equity** |<br>**Non-controlling interests** |<br>**Total equity** |
| **Balance at August 31, 2023** | **277625317** | $**164816** | $**8807** | $**1700** | $**(121423)** | $**53900** | $**7156** | $**61056** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 1948110 | 846 | (836) |  |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 1695 |  |  | 1695 |  | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (438) |  |  | (438) |  | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income for the period |  |  |  |  | (2525) | (2525) | 2751 | 226 |
| **Balance at May 31, 2024** | **279573427** | $**165662** | $**9228** | $**1700** | $**(123948)** | $**52642** | $**9907** | $**62549** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 617309 | 283 | (285) |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 323 |  |  | 323 |  | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (115) |  |  | (115) |  | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income for the period |  |  |  |  | 2055 | 2055 | 1229 | 3284 |
| **Balance at August 31, 2024** | **280190736** | $**165945** | $**9151** | $**1700** | $**(121893)** | $**54903** | $**11136** | $**66039** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 2692686 | 1141 | (1141) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 2027 |  |  | 2027 |  | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (402) |  |  | (402) |  | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income for the period |  |  |  |  | (1758) | (1758) | 3059 | 1301 |
| **Balance at May 31, 2025** | **282883422** | $**167086** | $**9635** | $**1700** | $**(123651)** | $**54770** | $**14195** | $**68965** |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**TRX Gold Corporation**

**Interim Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| | **Note** | **2025** | 2024 |
| **Operating** |  |  |  |
| Net income |  | $**1301** | $226 |
| Adjustments for items not involving cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash items | 22 | **7605** | 7972 |
| Changes in non-cash working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in amounts receivable |  | **(726)** | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in inventories |  | **(5278)** | (1229) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets |  | **(10)** | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in amounts payable and accrued liabilities |  | **5614** | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in income tax payable |  | **(682)** | (463) |
| **Cash provided by operating activities** |  | $**7824** | $9282 |
| **Investing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets and expenditures |  | $**(754)** | $(288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of mineral property, plant and equipment |  | **(8523)** | (8090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other long-term assets |  | **(1676)** | (387) |
| **Cash used in investing activities** |  | $**(10953)** | $(8765) |
| **Financing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid |  | $**(378)** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes on settlement of share-based payments |  | **(402)** | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease payments | 10 | **(867)** | (42) |
| **Cash used in financing activities** |  | $**(1647)** | $(480) |
| Net (decrease) increase in cash and cash equivalents |  | $**(4776)** | $37 |
| Cash and cash equivalents at beginning of the period<sup>(1)</sup> |  | **8331** | 7629 |
| **Cash and cash equivalents at end of the period<sup>(1)</sup>** |  | $**3555** | $7666 |

---

<sup>(1)</sup> Cash and cash equivalents are net of bank overdrafts ($3.0 million at May 31, 2025; $nil at August 31, 2024; $nil at May 31, 2024 and $nil at August 31, 2023). See Note 11.

---

| | | | |
|:---|:---|:---|:---|
| **Taxes paid in cash** |  | $**994** | $1218 |
| **Interest paid on leases** | 10.0 | $**256** | $3.0 |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;1. Nature of operations

TRX Gold Corporation ("TRX Gold" or the "Company") was incorporated in the Province of Alberta on July 5, 1990 under the Business Corporations Act (Alberta). On March 27, 2025, the Company completed its continuance from the jurisdiction of the Province of Alberta into the Province of British Columbia under the *Business Corporations Act* (British Columbia) ("Continuance"). The Company's principal business activity is the exploration, development and production of mineral property interests in the United Republic of Tanzania ("Tanzania").

Subsequent to the Continuance, the Company's registered office is 550 Burrard Street, Suite 2501, Vancouver, British Columbia, V6C 2B5, Canada. The Company's principal place of business is 277 Lakeshore Road E, Suite 403, Oakville, Ontario, L6J 6J3, Canada.

The Company's common shares are listed on the Toronto Stock Exchange in Canada (TSX: TRX) and NYSE American in the United States of America (NYSE American: TRX).

The Company is primarily focused on development and mining operations, exploring, and evaluating its mineral properties. The business of exploring and mining for minerals involves a high degree of risk. The underlying value of the mineral properties is dependent upon the existence and economic recovery of mineral resources and reserves, the ability to raise long-term financing to complete the development of the properties, government policies and regulations, and upon future profitable production or, alternatively, upon the Company's ability to dispose of its interest on an advantageous basis; all of which are uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;2. Basis of preparation

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Statement of compliance** 

The Company's interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards 34, *Interim Financial Reporting*, as issued by the International Accounting Standards Board ("IASB"). The interim condensed consolidated financial statements do not include all disclosures required by International Financial Reporting Standards ("IFRS") Accounting Standards as issued by the IASB for annual financial statements and should be read in conjunction with the Company's consolidated financial statements for the year ended August 31, 2024.

These interim condensed consolidated financial statements were approved by the Board of Directors of the Company on July 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Basis of presentation and measurement** 

These interim condensed consolidated financial statements have been prepared on a going concern basis under the historical cost basis, except for certain financial assets and liabilities which are measured at fair value as disclosed in Note 19. All amounts in these interim condensed consolidated financial statements are presented in United States dollars with all amounts rounded to the nearest thousand, except for share and per share data, or as otherwise noted. Reference herein of $ or USD is to United States dollars and C$ or CAD is to Canadian dollars.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;3. Material accounting policies, judgements and estimates

The accounting policies, judgements and estimates applied in these interim condensed consolidated financial statements are consistent with those set out in Notes 3 and 4 of the Company's annual consolidated financial statements for the year ended August 31, 2024, except as described below:

**Cash and cash equivalents**

Cash and cash equivalents comprise cash at banks and on hand, and short-term deposits with an original maturity of three months or less, which are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value. Bank overdrafts which are repayable on demand and form an integral part of an entity's cash management are included as a component of cash and cash equivalents in the statements of cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;4. Amounts receivable

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| Sales tax receivable <sup>(1)</sup> | $**7186** | $5144 |
| Other | **440** | 73 |
| *Other receivable*  | **7626** | 5217 |
| Less: Long-term portion | **(4935)** | (3259) |
| **Total amounts receivable** | $**2691** | $1958 |

---

<sup>(1)</sup> Sales tax receivables consist of harmonized services tax and value added tax ("VAT") due from Canadian and Tanzanian tax authorities, respectively. Tanzanian tax regulations allow for VAT receivable to be refunded or set-off against other taxes due to the Tanzania Revenue Authority ("TRA"). The Company has historically experienced delays in receiving payment or confirmation of offset against other taxes. The Company is in communication with the TRA and there is an expectation for either cash payments or offsetting of VAT receivable against other taxes in the future. VAT which the Company does not expect to recover within the next 12 months has been classified as long-term assets.

The Company held no collateral for any receivables. During the three and nine months ended May 31, 2025, the Company recovered VAT refunds from the TRA of $nil and $1.8 million, respectively (2024 – $0.5 million and $3.1 million, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;5. Prepayments and other assets

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| Prepaid expenses | $**393** | $539 |
| Deferred financing costs | **288** | 707 |
| **Total prepayments and other assets** | $**681** | $1246 |

---

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;6. Inventories

---

| | | |
|:---|:---|:---|
| | <br>**May 31, 2025** | <br>August 31, 2024 |
| Ore stockpile | $**7067** | $4533 |
| Gold in circuit | **1253** | 837 |
| Gold doré | **962** | 55 |
| **Total precious metals inventories** | **9282** | 5425 |
| Supplies | **2551** | 824 |
| **Total inventories** | $**11833** | $6249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. Mineral property, plant and equipment

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exploration and evaluation expenditures<sup>(1)</sup>** | **Mineral properties** | **Processing plant and related infrastructure** | **Machinery and equipment<sup>(2)</sup>** | **Right-of-use assets** | **Other<sup>(3)</sup>** | **Total** |
| **Cost** |  |  |  |  |  |  |  |
| **As at August 31, 2024** | $**2281** | $**48161** | $**29948** | $**2041** | $**1721** | $**192** | $**84344** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 754 | 2742 | 3448 | 205 | 3326 |  | 10475 |
| **As at May 31, 2025** | **3035** | **50903** | **33396** | **2246** | **5047** | **192** | **94819** |
| **Accumulated depreciation** |  |  |  |  |  |  |  |
| **As at August 31, 2024** | $**—** | $**2876** | $**2465** | $**1067** | $**38** | $**81** | $**6527** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 1409 | 386 | 231 | 614 | 15 | 2655 |
| **As at May 31, 2025** | **—** | **4285** | **2851** | **1298** | **652** | **96** | **9182** |
| **Net book value** |  |  |  |  |  |  |  |
| **As at August 31, 2024** | $2281 | $45285 | $27483 | $974 | $1683 | $111 | $77817 |
| **As at May 31, 2025** | **3035** | **46618** | **30545** | **948** | **4395** | **96** | **85637** |

---

<sup>(1)</sup> Represents exploration and evaluation expenditures related to the Anfield and Stamford Bridge deposits on the Buckreef property.

<sup>(2)</sup> Includes automotive and computer equipment and software.

<sup>(3)</sup> Includes leasehold improvements.

&nbsp;&nbsp;&nbsp;&nbsp;8. Income tax

Income tax expense is recognized based on management's estimate of the weighted average annual income tax rate expected for the full financial year. The maximum amount of tax losses that a business can utilize in Tanzania is 60% (2024 - 70%) of its taxable profit for the current year. The remaining 40% (2024 - 30%) of taxable profit is subject to a statutory tax rate of 30%. As a result, Buckreef Gold Company Limited's ("Buckreef") current income tax is calculated at an effective tax rate of 12% (2024 - 9%) until Buckreef's tax loss carryforwards are fully utilized. Tax losses in Tanzania can only be utilized by the entity to which the tax losses relate to.

The carrying value of Buckreef's Mineral Property, Plant and Equipment is higher than their tax written down values due to historical mining incentives in Tanzania and accelerated depreciation for tax purposes. The taxable temporary difference between the carrying value of Mineral Property, Plant and Equipment and its tax basis in excess of available tax loss carryforwards resulted in a deferred tax liability.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

For the three months ended May 31, 2025, the Company recorded income tax expense of $1.1 million, comprised of current income tax expense of $0.2 million and deferred income tax expense of $0.9 million (2024 – $1.7 million income tax expense comprised of current income tax expense of $0.4 million and deferred income tax expense of $1.3 million). For the nine months ended May 31, 2025, the Company recorded income tax expense of $2.9 million, comprised of current income tax expense of $0.3 million and deferred income tax expense of $2.6 million (2024 – $3.8 million income tax expense comprised of current income tax expense of $0.8 million and deferred income tax expense of $3.0 million).

&nbsp;&nbsp;&nbsp;&nbsp;9. Deferred revenue

On August 11, 2022, the Company entered into a $5 million prepaid Gold Doré Purchase Agreement with OCIM Metals and Mining S.A. ("OCIM Agreement"). The OCIM Agreement required funds to be made available to the Company in two tranches. On May 6, 2024, the Company amended the terms of the OCIM Agreement to allow for additional prepayments and drew $1.0 million in exchange for delivering 40.85 ounces of gold per month, commencing June 2024, for a total of 490.2 ounces of gold over 12 months. On October 30, 2024, the Company drew an additional $0.5 million in exchange for delivering 17 ounces of gold per month, commencing November 2024, for a total of 204 ounces of gold over 12 months.

On January 7, 2025, the Company entered into a Gold Prepayment Facility with Auramet International, Inc. ("Auramet Gold Prepayment Facility") through which Buckreef may, at its discretion, sell up to an aggregate amount of 1,000 ounces of gold, up to 21 calendar days prior to deliver, on a revolving basis for a one-year term. On January 8, 2025, the Company sold 421.6 gold ounces under the Auramet Gold Prepayment Facility for proceeds of $1.1 million and concurrently purchased 421.6 gold ounces for $1.1 million to settle all outstanding gold ounces remaining under the OCIM Agreement. On January 10, 2025, the OCIM Agreement was terminated.

As at May 31, 2025, the Company had 695 gold ounces outstanding under the Auramet Gold Prepayment Facility.

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2024** | $**1653** |
| &nbsp;&nbsp;&nbsp;Drawdown | 16584 |
| &nbsp;&nbsp;&nbsp;Accretion of deferred revenue (Note 22) | 230 |
| &nbsp;&nbsp;&nbsp;Revenue recognized | (16186) |
| **As at May 31, 2025** | $**2281** |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. Lease liabilities

Lease liabilities are measured at the discounted value of future lease payments using the lease-specific incremental borrowing rate. Lease payments are apportioned between interest expense and the reduction of the liability. Interest expense is based on the lease-specific incremental borrowing rate at the commencement date of the lease. The incremental borrowing rate differs between each category of asset, location of asset and the duration of the lease. The Company's lease liabilities are primarily comprised of leases for 16 pieces of equipment for use in Buckreef's mining operations.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

The carrying amounts of lease liabilities and movements during the period were:

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2024** | $**1343** |
| &nbsp;&nbsp;&nbsp;Additions | 2344 |
| &nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Note 22) | 256 |
| &nbsp;&nbsp;&nbsp;Lease payments | (867) |
| &nbsp;&nbsp;&nbsp;Foreign exchange | (1) |
| **As at May 31, 2025** | $**3075** |

---

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities | $**1169** | $401 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | **1906** | 942 |
| **Balance at end of period** | $**3075** | $1343 |

---

The following amounts are recognized in the statement of income (loss) and comprehensive (loss) income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br> May 31,** | **Three months ended<br> May 31,** | **Nine months ended<br> May 31,** | **Nine months ended<br> May 31,** |
| | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;Depreciation expense for right-of-use assets (Note 7) | $**228** | $16 | $**614** | $43 |
| &nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Note 22) | **98** | 1 | **256** | 3 |
| **Total amount** | $**326** | $17 | $**870** | $46 |

---

As at May 31, 2025, the Company had the following lease commitments:

---

| | |
|:---|:---|
| | **Amount** |
| Not later than one month | $**123** |
| Later than one month and not later than three months | **246** |
| Later than three months and not later than one year | **1131** |
| Later than one year and not later than five years | **2058** |
| **Total undiscounted lease commitments** | $**3558** |

---

As at May 31, 2025, the carrying value of right-of-use assets amounted to $4.4 million (August 31, 2024 - $1.7 million). Mobile equipment under lease contracts are depreciated over their useful lives as the purchase prices at the end of the lease terms are immaterial.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;11. Borrowings

On December 5, 2024, Buckreef entered into a secured debt facility with Stanbic Bank Tanzania Limited ("Stanbic Facility"). The Stanbic Facility consists of a $5.0 million overdraft facility ("Overdraft Facility") to support working capital requirements and $4.0 million vehicle and asset financing facility ("VAF Facility") for purchase of machinery, equipment and vehicles for expansion of the processing plant. The Stanbic Facility is secured by all Buckreef assets, including the Special Mining License, in favour of Stanbic up to the facility limits.

The Overdraft Facility bears interest at the United States Federal Funds Target Rate Midpoint plus a margin within a range of 4.10% to 4.13% with a floor rate of 9.5%, payable on a monthly basis. The Overdraft Facility is repayable on demand with a maximum tenor of twelve months.

The VAF Facility bears interest at the three-month Secured Overnight Financing Rate plus a margin within a range of 4.10% to 4.9% with a floor rate of 9.5%, payable on a monthly basis. Principal repayments on the VAF Facility is generally repayable equally over 36 months from the date of drawdown.

As at May 31, 2025, $3.0 million (August 31, 2024 - $nil) s drawn on the Overdraft Facility and $nil (August 31, 2024 - $nil) was drawn on the VAF Facility.

&nbsp;&nbsp;&nbsp;&nbsp;12. Derivative financial instrument liabilities

---

| | | |
|:---|:---|:---|
| | <br>**May 31, 2025** | <br>August 31, 2024 |
| Derivative warrant liabilities | $**812** | $2273 |
| **Total derivative financial instrument liabilities** | $**812** | $2273 |

---

**a)** **Derivative warrant liabilities** 

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2024** | $**2273** |
| &nbsp;&nbsp;Change in fair value | (1461) |
| **As at May 31, 2025** | $**812** |

---

Derivative warrant liabilities of $0.8 million will only be settled by issuing equity of the Company. For the three and nine months ended May 31, 2025, fair value changes amounted to a loss of $0.2 million and a gain of $1.5 million, respectively (2024 – loss of $2.5 million and $0.7 million, respectively).

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

Fair values of derivative warrant liabilities were calculated using the Black-Scholes Option Pricing Model with the following assumptions:

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| Share price | $**0.33** | $0.39 |
| Risk-free interest rate | **3.93% - 4.21%** | 3.82% - 4.13% |
| Dividend yield | **0%** | 0% |
| Expected volatility | **41% - 43%** | 47% - 49% |
| Remaining term (in years) | **0.7 – 1.7** | 1.5 – 2.4 |

---

The fair value is classified as Level 3 as expected volatilities is determined using adjusted historical volatilities and were therefore not an observable input.

 

*<u>Sensitivity analysis</u>*

If expected volatility, the significant unobservable input, had been higher or lower by 10% and all other variables were held constant, net income and net assets for the three and nine months ended May 31, 2025, would increase or decrease by:

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | **May 31, 2025** |
| ****<br>**10% change in expected volatilities** | **Increase** | **Decrease** |
| (Loss) income | $**(325)** | $**301** |

---

**b)** **Gold zero-cost collars** 

In December 2023, the Company entered into a series of gold zero-cost collar contracts for 600 gold ounces per month for a total of 3,000 gold ounces to be settled from January 2024 to May 2024, at a maximum and minimum gold price of $2,150 and $1,850 per gold ounce, respectively.

During the three and nine months ended May 31, 2024, gold zero-cost collar contracts for a total of nil and 1,200 gold ounces, respectively, expired unexercised and 1,800 gold ounces and 1,800 gold ounces, respectively, were exercised. For the three and nine months ended May 31, 2024, realized losses on exercised contracts amounted to $0.2 million and $0.2 million, respectively.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;13. Loss per share

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended May 31,** | **Three months ended May 31,** | **Nine months ended May 31,** | **Nine months ended May 31,** |
| | **2025** | 2024 | **2025** | 2024 |
| Net loss attributable to shareholders | $**(218)** | $(2639) | $**(1758)** | $(2525) |
| Weighted average number of common shares for basic EPS<sup>(1)</sup> | **293920641** | 290792725 | **293040937** | 289148445 |
| Effect of dilutive stock options, warrants, restricted share units ("RSU") and share awards | **—** |  | **—** |  |
| Weighted average number of common shares for diluted EPS<sup>(1)</sup> | **293920641** | 290792725 | **293040937** | 289148445 |

---

<sup>(1)</sup> The weighted average number of common shares for basic and diluted EPS include 10.3 million of vested, but unissued, gross common shares relating to share-based compensation.

For the nine months ended May 31, 2025, the weighted average number of common shares for diluted EPS excluded 1.1 million share awards, 14.9 million stock options, 4.7 million RSUs, and 36.2 million warrants that were anti-dilutive for the period (2024 – 15.4 million stock options, 2.3 million RSUs and 36.2 million warrants).

&nbsp;&nbsp;&nbsp;&nbsp;14. Share-based payments reserve

Share-based compensation expense for the three and nine months ended May 31, 2025 totaled $0.5 million and $2.0 million, respectively (2024 – $0.3 million and $1.7 million, respectively).

As at May 31, 2025, the Company had 5,562,016 (August 31, 2024 - 5,997,632) share awards available for issuance under the Omnibus Equity Incentive Plan.

**a)** **Stock options** 

***Canadian Dollars denominated stock options***

 ****

---

| | | |
|:---|:---|:---|
| | **Number of stock <br>options** | **Weighted average <br>exercise price per <br>share** |
| **Balance – August 31, 2024** | **4986000** | **CAD $0.41** |
| Options exercised<sup>(1)</sup> | (562000) | CAD $0.42 |
| **Balance – May 31, 2025** | **4424000** | **CAD $0.41** |

---

<sup>(1)</sup> The weighted average share price at the time of the option exercise was C$0.53.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

Options to purchase common shares carry exercise prices and terms to maturity as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of options** | **Number of options** | | |
| <br>**Exercise price** | **Outstanding** | **Exercisable** |<br>**Expiry**<br>**Date** | **Remaining**<br>**contractual**<br>**life (years)** |
| C$0.40 | 2259000 | 2259000 | October 11, 2026 | 1.4 |
| C$0.43 | 2065000 | 2065000 | September 29, 2026 | 1.3 |
| C$0.35 | 100000 | 100000 | January 2, 2027 | 1.6 |
| **C$0.41<sup>(1)</sup>** | **4424000** | **4424000** |  | **1.4<sup>(1)</sup>** |

---

<sup>(1)</sup> Total represents weighted average.

***US Dollars denominated stock options***

 ****

---

| | | |
|:---|:---|:---|
| | **Number of stock options** | **Weighted average exercise price per share** |
| **Balance – August 31, 2024** | **10450000** | $**0.49** |
| Forfeited | (2550000) | $0.49 |
| Granted | 2600000 | $0.36 |
| **Balance – May 31, 2025** | **10500000** | $**0.45** |

---

Options to purchase common shares carry exercise prices and terms to maturity as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of options** | **Number of options** | | |
|<br>**Exercise price** | **Outstanding** | **Exercisable** |<br>**Expiry**<br>**Date** | **Remaining**<br>**contractual**<br>**life (years)** |
| USD $0.50 | 5500000 | 3300000 | August 17, 2027 | 2.2 |
| USD $0.45 | 2400000 | 960000 | August 28, 2028 | 3.2 |
| USD $0.36 | 2600000 | 520000 | December 24, 2029 | 4.6 |
| **USD $0.45<sup>(1)</sup>** | **10500000** | **4780000** |  | **3.0<sup>(1)</sup>** |

---

<sup>(1)</sup> Total represents weighted average.

For the three and nine months ended May 31, 2025, share-based compensation expense related to stock options totalled $0.1 million and $0.4 million, respectively (2024 – $0.2 million and $0.5 million, respectively).

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

**b)** **Restricted Share Units** 

The following table sets out activity with respect to outstanding RSUs:

---

| | |
|:---|:---|
| | **Number of RSUs** |
| **Balance – August 31, 2024** | **1498385** |
| Granted | 6922103 |
| Forfeited | (640074) |
| Exercised | (2000085) |
| **Balance – May 31, 2025** | **5780329** |

---

For the three and nine months ended May 31, 2025, share-based payment expenses related to RSUs totalled $0.2 million and $1.3 million, respectively (2024 – $0.1 million and $0.8 million, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;15. Warrants reserve

---

| | | | |
|:---|:---|:---|:---|
| **** | | | |
| | <br>**Number of<br> warrants**  | <br>**Weighted<br> average<br> exercise price<br> per share**  | <br>**Weighted average<br> remaining<br> contractual life<br> (years)**  |
| Balance – August 31, 2024 | 36190769 | $0.62 | 1.9 |
| **Balance – May 31, 2025** | **36190769** | $**0.62** | **1.2** |

---

As at May 31, 2025, the following warrants were outstanding:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>Warrants** | **Exercise price** | **Expiry date** |
| Private placement financing warrants - February 11, 2021 | 16461539 | $0.80 | February 11, 2026 |
| Private placement financing broker warrants - February 11, 2021 | 1152307 | $0.80 | February 11, 2026 |
| Private placement financing warrants - January 26, 2022 | 17948718 | $0.44 | January 26, 2027 |
| Private placement financing placement agent warrants - January 26, 2022 | 628205 | $0.44 | January 26, 2027 |
| **Balance – May 31, 2025** | **36190769** | $**0.62<sup>(1)</sup>** |  |

---

<sup>(1)</sup> Total represents weighted average.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;16. Non-controlling interest

Summarized financial information for Buckreef is disclosed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>May 31,** | **Three months ended <br>May 31,** | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| **Income Statement** | **2025** | 2024 | **2025** | 2024 |
| Revenue | $**12474** | $9938 | $**34109** | $27325 |
| Depreciation | **823** | 534 | **2309** | 1446 |
| Accretion expense | **190** | 146 | **615** | 443 |
| Income tax expense | **1110** | 1714 | **2945** | 3786 |
| Comprehensive income for the period | **2940** | 2184 | **6797** | 6113 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Financial Position** | **May 31, 2025** | August 31, 2024 |
| Current assets | $**17425** | $11297 |
| Non-current assets | **88506** | 78952 |
| Current liabilities | **(24925)** | (16973) |
| Non-current liabilities | **(15240)** | (11528) |
| Advances from parent, net | **(27354)** | (30210) |

---

---

| | | |
|:---|:---|:---|
| | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| **Statement of Cash Flows** | **2025** | 2024 |
| Cash provided by operating activities | $**12055** | $13178 |
| Cash used in investing activities | **(10917)** | (8760) |
| Cash used in financing activities | **(1135)** | (4807) |

---

&nbsp;&nbsp;&nbsp;&nbsp;17. Related party transactions

Related parties include the Board of Directors and officers, extended relatives and enterprises that are controlled by these individuals as well as certain consultants performing similar functions.

Remuneration of Directors and key management personnel of the Company was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended May 31,** | **Three months ended May 31,** | **Nine months ended May 31,** | **Nine months ended May 31,** |
| **Directors and key management personnel** | **2025** | 2024 | **2025** | 2024 |
| Remuneration | $**451** | $429 | $**1777** | $1293 |
| Share-based compensation expense | **374** | 185 | **1530** | 1173 |
| **Total directors and key management personnel** | $**825** | $614 | $**3307** | $2466 |

---

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

During the three and nine months ended May 31, 2025, $0.1 million and $0.4 million for stock options granted to key management personnel was expensed, respectively (2024 – $0.2 million and $0.5 million, respectively) and $0.1 million and $0.9 million for RSUs granted to directors and key management personnel was expensed, respectively (2024 – $nil and $0.4 million, respectively).

During the three and nine months ended May 31, 2025, $0.1 million and $0.3 million related to common share awards granted to key management personnel was expensed, respectively (2024 – $nil and $0.2 million, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;18. General and administrative expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br>May 31,** | **Three months ended <br>May 31,** | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| | **2025** | 2024 | **2025** | 2024 |
| Directors' fees (Note 17) | $**105** | $67 | $**248** | $196 |
| Insurance | **59** | 84 | **179** | 255 |
| Office and general | **46** | 80 | **174** | 225 |
| Shareholder information | **158** | 71 | **523** | 368 |
| Professional fees | **216** | 93 | **618** | 338 |
| Salaries and benefits (Note 17) | **515** | 534 | **2194** | 1788 |
| Consulting | **115** | 98 | **511** | 454 |
| Share-based compensation expense (Notes 14 and 17) | **453** | 280 | **1882** | 1493 |
| Travel and accommodation | **53** | 55 | **165** | 168 |
| Depreciation | **11** | 14 | **40** | 46 |
| Other | **6** | 7 | **14** | 30 |
| **Total general and administrative expenses** | $**1737** | $1383 | $**6548** | $5361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19. Financial instruments

**Fair value of financial instruments**

The following table sets out the classification of the Company's financial instruments as at May 31, 2025 and August 31, 2024:

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| **Financial Assets** |  |  |
| Measured at amortized cost |  |  |
| &nbsp;&nbsp;Amounts receivable | $**2691** | $1958 |
| Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;Cash | **6535** | 8331 |

---

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

---

| | | |
|:---|:---|:---|
| | **May 31, 2025** | August 31, 2024 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost |  |  |
| &nbsp;&nbsp;Amounts payables and accrued liabilities | $**20114** | $15545 |
| &nbsp;&nbsp;Borrowings | **2980** |  |
| Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;Derivative financial instrument liabilities | **812** | 2273 |

---

Cash and derivative warrant liabilities are classified as measured at fair value through profit and loss. Amounts receivable, amounts payable, and borrowings are classified as measured at amortized cost. The carrying value of the Company's amounts receivable, amounts payable, and borrowings approximate their fair value due to the relatively short-term nature of these instruments.

Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. These estimates are subject to and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The Company classifies its financial instruments carried at fair value according to a three-level hierarchy that reflects the significance of the inputs used in making the fair value measurements. The three levels of fair value hierarchy, giving the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs, are as follows:

· Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

· Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either
directly or indirectly; and

· Level 3 – Inputs for assets or liabilities that are not based on observable market data.

As at May 31, 2025 and August 31, 2024, cash was classified as Level 1 and derivative financial instruments (Note 12) were classified as Level 3 under the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;20. Segmented information

**Operating segments**

The Company's Chief Operating Decision Maker, its Chief Executive Officer, reviews the operating results, assesses the performance and makes capital allocation decisions of the Company viewed as a single operating segment engaged in mineral exploration and development in Tanzania. All amounts disclosed in the interim condensed consolidated financial statements represent this single reporting segment. The Company's corporate division only earns interest revenue that is considered incidental to the activities of the Company and does not meet the definition of an operating segment as defined in IFRS 8, *Operating Segments*.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

**Geographic segments**

The Company is in the business of mineral exploration and production in Tanzania. Information regarding the Company's geographic locations are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **** |  |  |  |  |
|  | **Three months ended <br>May 31,** | **Three months ended <br>May 31,** | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| **Revenue** | **2025** | 2024 | **2025** | 2024 |
| Tanzania | $**12474** | $10148 | $**34109** | $27536 |
| **Total revenue** | $**12474** | $10148 | $**34109** | $27536 |

---

During the three and nine months ended May 31, 2025, the Company generated 100% and 93%, respectively (2024 – 93% and 92%, respectively) of its revenue from one (2024 – one) customer totalling $12.5 million and $31.8 million, respectively (2024 – $9.5 million and $25.4 million, respectively).

---

| | | |
|:---|:---|:---|
| **Non-current assets** | **May 31, 2025** | August 31, 2024 |
| Canada | $**18** | $36 |
| Tanzania | **90554** | 81040 |
| **Total non-current assets** | $**90572** | $81076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21. Commitments and contingencies

***Commitments:***

 ****

In order to maintain its existing mining and exploration licenses, the Company is required to pay annual license fees. As at May 31, 2025 and August 31, 2024, these licenses remained in good standing and the Company is up to date on its license payments.

***Contingencies:***

 ****

The Company is involved in litigation and disputes arising in the normal course of operations. Management is of the opinion that the outcome of any potential litigation will not have a material adverse impact on the Company's financial position or results of operations. Accordingly, no provisions for the settlement of outstanding litigation and potential claims have been accrued as at May 31, 2025 and August 31, 2024.

**TRX Gold Corporation**

**Notes to the Interim Condensed Consolidated Financial Statements**

**For the three and nine months ended May 31, 2025 and 2024**

**(Unaudited)**

(Expressed in Thousands of US dollars, except for share and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;22. Non-cash items

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br>May 31,** | **Nine months ended <br>May 31,** |
| | **2025** | 2024 |
| Depreciation | $**2349** | $1493 |
| Change in fair value of derivative financial instruments (Note 12) | **(1461)** | 677 |
| Share-based compensation expense (Note 14) | **2027** | 1705 |
| Accretion of provision for reclamation | **106** | 81 |
| Deferred income tax expense (Note 8) | **2632** | 3027 |
| Accretion of lease liabilities (Note 10) | **256** | 3 |
| Deferred revenue (Note 9) | **398** | 410 |
| Accretion of deferred revenue (Note 9) | **230** | 360 |
| Foreign exchange losses | **95** | 216 |
| Financing costs expensed (Note 5) | **953** |  |
| VAT impaired | **20** |  |
| **Total non-cash items** | $**7605** | $7972 |

---

For the nine months ended May 31, 2025, a decrease in amounts payable and accrued liabilities related to purchase of mineral property, plant and equipment was $1.1 million (2024 – increase of $1.9 million).

 **

 ****

 

 **

## Exhibit 99.2

**Exhibit 99.2**

![](logofs.jpg)

**TRX GOLD CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three and nine month periods ended May 31, 2025

![](mdacover.jpg)

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

The following Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations for TRX Gold Corporation ("TRX Gold" or the "Company") should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and nine months ended May 31, 2025, as well as the Company's audited consolidated financial statements included in the Company's Annual Report on Form 40-F and Annual Information Form for the year ended August 31, 2024. The financial statements and related notes of TRX Gold have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Additional information, including our press releases, has been filed electronically on SEDAR+ and is available online under the Company's profile at www.sedarplus.ca and on our website at www.TRXGold.com.

This MD&A reports our activities to date, July 14, 2025, unless otherwise indicated. References to the 3<sup>rd</sup> quarter of 2025 or Q3 2025, and references to the 3<sup>rd</sup> quarter of 2024 or Q3 2024 mean the three months ended May 31, 2025, and May 31, 2024, respectively. References to F2025 or F2024 mean the twelve months ending August 31, 2025, and ended August 31, 2024, respectively. Unless otherwise noted, all references to currency in this MD&A refer to US dollars. Unless clearly otherwise referenced to a specific table, numbers referenced refer to numbered Endnotes on page 48.

**Disclosure and Cautionary Statement Regarding Forward Looking Information**

This MD&A contains certain forward-looking statements and forward-looking information, including without limitation statements about TRX Gold's future business, operations and production capabilities. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Although TRX Gold believes the expectations expressed in such forward-looking statements 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 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 of 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; and the speculative nature of, and the risks involved in, the exploration, development and mining business.

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 MD&A.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

The disclosure contained in this MD&A 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 ("Buckreef 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.

Certain information presented in this MD&A may constitute "forward-looking statements" and "forward looking information" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and under securities legislation applicable in Canada, respectively. Such forward-looking statements and information are based on numerous assumptions, and involve known and unknown risks, uncertainties, and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements and information. Investors are referred to our description of the risk factors affecting the Company, as contained in our U.S. Securities and Exchange Commission ("SEC") filings, including our Annual Report on Form 40-F and Report of Foreign Private Issuer on Form 6-K, and our Annual Information Form also posted on SEDAR+, for more information concerning these risks, uncertainties, and other factors.

**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$1.2 billion pre-tax NPV<sub>5%</sub> at average life of mine gold price of US$3,000/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.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Highlights – Third Quarter and Year to Date 2025**

The Company continued to demonstrate leverage to record gold spot prices during Q3 2025, recording higher revenue, gross profit, net income, operating cash flow and Adjusted EBITDA compared to the prior year comparative period, combined with lower mining and processing cost per tonne. Following substantial completion of the scheduled waste stripping campaign during the first half of F2025, the Company began to access higher grade ore blocks which benefited production later in Q3 and into Q4 2025. As a result, beginning in June 2025, the Company was able to recapitalize its working capital position through increased production, organically generated cashflow, improved liquidity, and an increase in stockpile ore inventory. Subsequent to May 31, 2025, the Company's adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 to date, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. During Q3 2025, the Company also filed a robust Preliminary Economic Assessment for Buckreef Gold, reporting average annual production of approximately 62 thousand ounces of gold per year over a 17.6 year mine life, including an underground expansion, and an NPV<sub>5% </sub>of $1.2 billion pre-tax ($0.8 billion after-tax) at US$3,000. These positive results continue to demonstrate the growth potential at Buckreef Gold and reflect successful execution of the Company's sustainable business plan where cash flow from operations funds value creating activities.

**Key highlights for Q3 and Year to Date 2025 include:** 

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, the Company filed a robust Preliminary Economic
Assessment for Buckreef Gold, reporting average annual production of approximately 62 thousand ounces of gold per year over a 17.6 year
mine life, including an underground expansion, and an NPV<sub>5% </sub>of $1.2 billion pre-tax ($0.8 billion after-tax) at US$3,000 per
ounce of gold.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, Buckreef Gold poured 4,687 ounces of gold and
recognized revenue of $12.5 million, gross profit of $4.4 million, net income of $1.1 million, operating cash flow of $3.4 million and
Adjusted EBITDA<sup>[1]</sup> of $4.0 million, all of which reflect increases compared to the prior year comparative period. During Q3
2025 the Company sold 3,995 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,114 per ounce and lower mining
cost per tonne ($3.63 per tonne) and processing cost per tonne ($14.60 per tonne), contributing to an increase in gross margin compared
to the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;· During June 2025, Buckreef Gold signed a Gold Sale Service Agreement
with the Bank of Tanzania ("BoT") to set aside a minimum of 20% of its local gold production for domestic sale through the
central bank and local refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the Tanzanian Mining
Act. As part of the Agreement, the Company benefits from a reduced royalty rate of 4% for any domestic sales made through the central
bank and local refineries, where exported sales are subject to a 7.3% royalty. During Q3 2025 the Company set aside 646 ounces in inventory
which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. The signing
of this Agreement signals Buckreef'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.

&nbsp;&nbsp;&nbsp;&nbsp;· Year to date, the Company poured 12,532 ounces of gold and recognized
revenue of $34.1 million, gross profit of $11.4 million, net income of $1.3 million, operating cash flow of $7.8 million and Adjusted
EBITDA<sup>1</sup> of $9.3 million. Revenue, gross profit, net income, and Adjusted EBITDA<sup>1</sup> all increased compared to the
prior year comparative period mainly due to the impact of a higher average gold price realized on ounces of gold sold combined with lower
mining cost per tonne ($3.82 per tonne) and processing cost per tonne ($14.20 per tonne). During the period, the Company continued to
benefit from record gold price levels and sold 12,236 ounces of gold at an average realized price (net)<sup>1</sup> of $2,829 per ounce.

___________________________

*Numerical annotations throughout the text of the remainder of this document refer to the endnotes found on page 48.*

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;· Following substantial completion of the scheduled stripping campaign
during the first half of F2025, the Company began to access higher grade ore blocks benefiting production later in Q3 and into Q4 2025.
During Q3 2025, average daily production was approximately 50 ounces per day, an increase from approximately 30 ounces per day Q2 2025,
and subsequent to May 31, 2025, average daily production has increased to approximately 75 ounces per day and is expected to continue
over the remainder of Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent to Q3 2025, the Company recapitalized its working capital position through increased production,
organically generated cashflow, improved liquidity and an increase in stockpile ore inventory. Subsequent to May 31, 2025, the Company's
adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date.
As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 to date, including
a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short
term borrowings and has full access to its liquidity lines.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q2 2025, the Company announced it had entered into its
first ever credit agreement with Stanbic Bank Tanzania Limited ("Stanbic") and a Gold Prepayment Facility with Auramet International,
Inc. ("Auramet"). The credit agreement with Stanbic consists of a $5 million revolving credit facility and a $4 million vehicle
and asset financing facility that may be used at the Company's discretion. The Gold Prepayment Facility with Auramet enables the
Company, at its discretion, to sell to Auramet up to a maximum, aggregate amount of 1,000 ounces of gold, up to a maximum of 21 calendar
days prior to delivery. The Auramet Gold Prepayment Facility replaces the Gold Doré Purchase Agreement with OCIM Metals and Mining
S.A.

&nbsp;&nbsp;&nbsp;&nbsp;· TRX Gold has also renewed its At The Market Offering Agreement
("ATM") with H.C. Wainwright & Co., LLC ("H.C. Wainwright") as Lead Agent and Roth Capital Partners, LLC
("Roth Capital") as Co-Agent. Under the renewed ATM agreement, the Company, at its discretion, may offer and sell, from time
to time, through the Lead Agent, common shares without par value (the "Shares") having an aggregate offering price of up
to $25 million (the "Offering"). The renewed ATM facility replaces a prior $10 million ATM facility with H.C. Wainwright
and Roth Capital and a $10 million purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park"), which expired
in mid-January 2025 pursuant to its terms. The combination of the credit agreement, prepayment facility and ATM Offering provides the
Company with access to supplementary capital, strengthened liquidity, and additional financial flexibility to help accelerate growth
in the short to medium term.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q1 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q2 2025, the Company announced three additional drill hole
results (BMDD319-321) providing further evidence of gold mineralization along the Stamford Bridge Zone.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q1 2025, the Company announced completion of the ongoing
metallurgical variability study at Buckreef Gold, with results confirming excellent gold recovery rates for the processing of sulphide
ore. Results demonstrate that a finer grind size leads to higher recovery rates, and the Company is currently in the process of developing
finer grinding initiatives to achieve higher gold recoveries. This is positive for both near term production potential and future Mineral
Resource development as the Company continues to focus on development of other high-priority gold zones, such as Stamford Bridge, Anfield
and Eastern Porphyry.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

· During Q3 2025, the Company announced the appointment of John McVey as the newest member of the Company's
Board of Directors. Mr. McVey is an experienced director with an extensive background in underground mine development, mine engineering
and construction, and will be a valuable resource in advising the Company on the next phase of expansion and growth of Buckreef Gold.

· During Q1 2025, the Company announced the appointment of Richard Boffey as Chief Operating Officer of
TRX Gold Corporation. 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 achieved zero lost time injuries ("LTI") and there were no reportable environmental
during the three and nine months ended May 31, 2025.

**TRX Gold Reports Robust NI 43-101 Preliminary Economic Assessment (PEA) for Buckreef Gold**

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, the Company filed a Technical Report prepared
in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects on Buckreef Gold, titled Preliminary Economic
Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania.

&nbsp;&nbsp;&nbsp;&nbsp;· The PEA evaluated the following scenario: (i) an expansion and
upgrade of the existing process plant at Buckreef Gold to 3,000 tonnes per day ("tpd"); and (ii) a transition from open pit
mining to underground mining over the next 2-3 years. Highlights from the PEA are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Base case NPV<sub>5%</sub> of US$701 million pre-tax, or US$442
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) and NPV<sub>5%</sub> of US$1,181 million pre-tax, or US$766 million after tax at an upside US$3,000/oz gold
price sensitivity;

&nbsp;&nbsp;&nbsp;&nbsp;· The PEA demonstrates the Company's ability to potentially
finance the expansion from internally generated cash flow without an upfront capital requirement, thus there is no quoted Internal Rate
of Return;

&nbsp;&nbsp;&nbsp;&nbsp;· Over a 17.6-year period, the total process plant throughput is
expected to be 18.1 million tonnes averaging 2.14 g/t Au with average recovered gold production of approximately 62,000 oz Au per annum.
During the first five years of the underground operation, average recovered production is planned to be over 80,000 oz Au per annum;

&nbsp;&nbsp;&nbsp;&nbsp;· Life of Mine ("LOM") cash costs average US$1,024/oz
Au and all-in sustaining costs ("AISC") average of US$1,206/oz Au;

&nbsp;&nbsp;&nbsp;&nbsp;· Growth capital of US$89 million will be deployed over the next
four-year period comprised of: (i) US$55 million in capital for the underground expansion; (ii) US$30 million for process improvements,
process plant throughput expansion, and camp upgrades; and (iii) US$3 million for tailings facility upgrades. Growth capital to fund
the expansion can be funded by internal cash flows from Buckreef Gold's existing open pit operations. LOM growth capital
is estimated to be US$175 million and is primarily for underground development. LOM sustaining capital cost of US$87 million is estimated
for site and process plant, and US$97 million for underground mining;

&nbsp;&nbsp;&nbsp;&nbsp;· The PEA mine plan was developed from Measured and Indicated Mineral
Resources of 10.8 million tonnes ("Mt") grading 2.57 grams per tonne ("g/t") gold containing 893,000 ounces of
gold and Inferred Mineral Resources of 9.1 Mt grading 2.47 g/t gold containing 726,000 ounces of gold; and

&nbsp;&nbsp;&nbsp;&nbsp;· With the existing open pit mine operating, the underground expansion
plan benefits from the existing on-site process plant and mine infrastructure in place. The Company anticipates gold production from
the underground expansion could be achieved within 3 years.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Operational and Financial Details – Third Quarter and Year to Date 2025**

*<u>Mining and Processing</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· During the three and nine months ended May 31, 2025, Buckreef
Gold reported zero LTI at site and recorded a safety incident frequency rate of 0 (per million hours), including contractors. During
Q3 2025, Buckreef Gold achieved 3 million hours of lost time injury free work.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, Buckreef Gold poured 4,687 ounces of gold (Q3
2024: 4,628 ounces) and sold 3,995 ounces of gold (Q3 2024: 4,515 ounces). Gold production in Q3 2025 was higher than the prior year
comparative period as higher mill throughput of 1,461 tpd (Q3 2024: 809 tpd) more than offset lower average head grade of 1.72 g/t (Q3
2024: 2.52 g/t) and a lower average recovery of 67% (Q3 2024: 79%). The lower average head grade was due to the mine sequence where the
open pit mine accessed lower grade ore blocks (in line with mine plan), concurrent with finalization of a scheduled stripping campaign
to access higher grade ore blocks. The lower average recovery in Q3 2025 was mainly due to a higher proportion of fresh, sulphidic ore
processed (25% oxide / 75% sulphide) compared to the prior year period where the mill processed oxide material at a higher average recovery.
During Q3 2025, the sulphide ore being fed to the mill contained more complex geometallurgical characteristics, which affected current
plant capacity to liberate gold from the sulphide rock efficiently, thus impacting recovery. To assist in optimizing recovery, the Company
has ordered a pre-leach thickener which is expected to improve viscosity, grade and density of ore being fed to the Carbon In Leach ("CIL")
tanks as well as improve grindability to enhance leach kinetics. The Company is also progressing with an elution (ADR) plant upgrade
project to improve carbon activity and reduce gold solution losses. It will also look to improve slurry oxidation rates and dispersion
through improved air blowers to upgrade overall plant recovery. It is expected that the thickener and ADR plant upgrades will be completed
in the next 4-6 months and improve recovery by approximately 10%. To further assist in optimizing recovery, the Company has engaged an
external metallurgical and comminution consulting firm to help analyze the processing circuit configuration to identify additional gaps
and optimization potential. The Company is currently analyzing the addition of a flotation circuit to improve mineral separation as well
as the addition of a high intensity grind mill to improve grind size and increase recovery. The study expects to improve grindability
(finer grind) and gold recovery consistent with the results announced upon completion of the metallurgical variability study.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, Buckreef Gold commenced discussions with the Bank
of Tanzania ("BoT") to develop an agreement to set aside a minimum of 20% of its local gold production for domestic sale
through the central bank and local refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the
Tanzanian Mining Act. While discussions were ongoing, Buckreef Gold was required to set aside 646 ounces in inventory as of May 31, 2025,
reflecting approximately 20% of production from April 1<sup>st</sup>, 2025, for future sale to the BoT. Subsequent to Q3 2025, the Company
signed a Gold Sale Service Agreement (the "Agreement") with the BoT, fully aligning with Section 59 of the Mining Act, and
sold the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. As
part of the Agreement, the Company benefits from a reduced royalty rate of 4% for any domestic sales made through the central bank and
local refineries, where exported sales are subject to a 7.3% royalty. Buckreef Gold incurs a substantial portion of its operating costs
in Tanzanian Shillings and intends to use the sales proceeds from the Agreement to fund local expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· For the nine months ended May 31, 2025, the Company produced 12,532
ounces of gold (2024: 13,622 ounces) and sold 12,236 ounces of gold (2024: 13,361 ounces), a decrease compared to the prior year due
to lower head grade of 1.38 g/t (2024: 2.53 g/t) and a lower average recovery of 71% (2024: 80%). The waste stripping campaign at the
north end of the Stage 1 pit and south end of the Main Zone is now substantially complete and higher grade ore blocks are being accessed,
benefiting production later in Q3 and into Q4 2025. Beginning in June 2025, average daily production has increased to approximately 75
ounces per day, an increase from approximately 50 ounces per day Q3 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;· Total ore tonnes mined of 147 kt in Q3 2025 were higher than the
prior year period (Q3 2024: 105 kt) and waste tonnes mined increased to 1,195 kt (2024: 677 kt) as stripping activities focused on accelerating
the pit expansion to the north and south end of the main zone to expose ore for Q3 and Q4 2025. As a result of the increased stripping
activity, the higher proportion of waste to ore tonnes contributed to a higher strip ratio of 8.1 (waste:ore tonnes) compared to the
prior year period (6.5 waste:ore tonnes). For the nine months ended May 31, 2025, the Company focused on waste stripping to gain access
to higher grade ore blocks, benefiting production later in Q3 and into Q4 2025. As a result of the increased stripping activity, the
higher proportion of waste to ore tonnes contributed to a higher strip ratio of 8.1 (waste:ore tonnes) compared to the prior year period
(5.4 waste:ore tonnes).

&nbsp;&nbsp;&nbsp;&nbsp;· During Q4 2024 the Company announced completion of the expanded
processing plant to 2,000 tpd of nameplate processing capacity. The expanded processing plant was fully commissioned in early Q1 2025
(September 2024) and achieved, on average, 1,461 tpd of mill throughput in Q3 2025, an 81% increase over the prior year comparative period
(Q3 2024), reaching a maximum of 2,125 tpd. During Q3 2025 the processing plant achieved the following statistics: (i) average throughput
of 1,461 tpd (Q3 2024: 809 tpd); (ii) plant availability of 91% (Q3 2024: 87%); and (iii) an average recovery rate of 67% (Q3 2024: 79%).
During Q3 2025 the Company focused on reducing the input size of the mill feed to help increase throughput at the required grind size.
Finer screens were installed in April 2025, which helped contribute to an increase in average daily throughput to 1,461 tpd in Q3 2025,
an increase from an average of 1,259 tpd in Q2 2025. While the Company benefited from an increase in average throughput compared to the
prior year comparative period, the mill processed a higher proportion of fresh, sulphidic material (25% oxide / 75% sulphide) in Q3 2025,
compared to mainly oxide material processed in Q2 2024, which impacted average recoveries. The Company is currently developing finer
grinding initiatives to achieve higher gold recoveries, consistent with the results announced upon completion of the metallurgical variability
study. For the nine months ended May 31, 2025, total ore tonnes processed was 1,474 tpd (2024: 779 tpd), an 89% increase in throughput
compared to the prior year period following completion of the expanded processing plant in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q4 2024, the Company entered into a finance lease agreement
for fifteen pieces of heavy equipment, including six excavators, one dozer, one motor grader, one backhoe, one compactor, and three loaders.
Half of this fleet replaced rented equipment previously operating in the plant, while the remaining equipment is being utilized in various
site development projects. During Q1 2025, the Company also entered into a purchase agreement to procure a fleet of eight haul trucks
to expand haulage capability and capacity. During Q1 2025, the Company received 13 pieces of equipment (of the 15 ordered), along with
the delivery of 8 trucks in December 2024. Each piece has been successfully commissioned and is currently being utilized in various capacities
across the site. During Q3 2025, the company continued to expand the utilization of its owner-managed fleet of equipment and trucks at
the site. Much of the fleet is engaged in processing plant operations, site development, roadway construction, and maintenance. Additionally,
the company has assembled a small mining crew capable of supporting and supplementing the contract mining fleet as necessary along with
performing high value work in difficult to access areas. During Q3 2025, the Company's owner operated fleet mined 308 kt of ore
and waste, supplementing the contract mining fleet during the quarter. The owner operated fleet focused on mining waste around the historical
voids in the main zone, which is expected to provide access to high grade ore and benefit production in Q4 2025. The arrival of this
equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated
fleet was approximately $1.80 to $1.90 per tonne for mining operations during Q3 2025. The company has also observed notable cost reductions
compared to contracted or rentals for site development work (including river training, TSF 2.2 phase II, and roadway maintenance) as
well as plant feed operations. The remaining two pieces of equipment, a telehandler and a skid steer, arrived on-site in April 2025.
Their arrival completed the initial equipment purchase and is anticipated to improve operating costs and enhance site development capabilities
through the remainder of fiscal year 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

*<u>F2025 Outlook</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· Following substantial completion of the scheduled waste stripping
campaign during the first half of F2025, the mine sequence began to access higher grade ore blocks benefiting production later in Q3
and into Q4 2025. During Q3 2025, average daily production was approximately 50 ounces per day, an increase from approximately 30 ounces
per day Q2 2025, and subsequent to May 31, 2025, average daily production has increased to approximately 75 ounces per day and is expected
to continue over the remainder of Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· The production outlook reflects a full year of operations from
the expanded 2,000 tpd processing plant, partially offset by a waste stripping campaign during the first half of the year to access high
grade ore blocks to deliver consistent higher grade ore feed to the mill. To maintain prudent capital management and an ability to fund
the plant expansion to 2,000 tpd, the Company had proactively deferred a portion of waste stripping originally scheduled for F2024, which
limited access to certain high grade ore blocks as scheduled in the initial mine sequence. Following commissioning of the 2,000 tpd plant
in Q4 2024, the Company scheduled a waste stripping campaign in F2025 to access the originally scheduled ore blocks. The mine sequence
began to access these high grade ore blocks in the second half of F2025 benefiting production later in Q3 and Q4 2025. The Company expects
full year cash cost per ounce to be slightly higher than F2024 levels, mainly due to the impact of higher waste tonnes mined and a decrease
in head grade concurrent with the scheduled waste stripping campaign, partially offset by lower mining and processing cost per tonne.

&nbsp;&nbsp;&nbsp;&nbsp;· While the Company performed some greenfield drilling during H1
2025, the Company now expects exploration spending to recommence in early F2026 and includes diamond drill and reverse circulation drilling
services provided by the State Mining Corporation ("STAMICO") for a program which includes brownfields drilling at Buckreef
Main Zone (NE and SW), Buckreef West, Eastern Porphyry, and greenfield drilling at Stamford Bridge and Anfield.

*<u>Inventory</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· As at May 31, 2025, the ROM pad stockpile contained 289,099 tonnes at an average grade of 1.00 g/t
with an estimated 9,275 ounces of contained gold. A further stockpile of crushed mill feed of 24,040 tonnes at 1.48 g/t containing an
estimated 1,144 ounces of gold has been accumulated between the crusher and mill. The fair market value of the ounces of gold on the ROM
pad stockpile and crushed ore stockpile is approximately $34.2 million using the London PM Fix gold price of $3,278 per ounce as at May
31, 2025. Since year-end August 31, 2024, the Company drew down on the ROM pad stockpile (274 ounces) and added to the crushed ore stockpile
(288 ounces) to support mill feed. These fluctuations in ROM pad inventory are anticipated throughout the course of the year and are designed
to ensure steady state processing. During the nine months ended May 31, 2025, the Company processed stockpiled and mined material through
the expanded 2,000 tpd processing plant and consequently reported gold in circuit, reflecting a buildup of metal inventory in the CIL
tanks. The Company reported 1,241 ounces of gold in circuit at May 31, 2025, which reflected an increase of 82 ounces from August 31,
2024, following gold elution and smelting activity during the year. Subsequent to Q3 2025, the ROM pad stockpile has increased significantly,
as the Company began to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. The
ROM pad stockpile now contains 401,294 tonnes at an average grade of 1.31 g/t with an estimated 16,876 ounces of contained gold, an increase
of 7,601 ounces compared to May 31, 2025.

*<u>Tailings Storage (TSF 2.2)</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· In Q3 2025, the Company successfully completed the first lift
of Phase II construction for TSF 2.2. The second and final lift is underway, involving excavation, embankment, compaction, slope finishing,
HDPE liner installation, erosion control, and access road construction. This work is on track for completion in Q4, providing storage
until Q3 2026. The Company is also progressing with engineering and regulatory preparations for TSF 3.0, a long-term storage solution.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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*<u>Environmental, Social and Corporate Governance ("ESG")</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· The Company is committed to working to high ESG standards and
is implementing several community programs, while continuing to develop a broader framework and policies. There were no reportable environmental
incidents during the three and nine months ended May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Buckreef Gold worked with Geita District Council and local wards
to collaboratively identify programs that focus on short to long term educational needs, which in turn is aligned with Buckreef Gold's
local hiring practices and includes Science, Technology, Engineering and Mathematics and gender goals.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, a new CSR plan for F2025 was approved by the Geita
District Council. Buckreef Gold and the Geita District Council are partnering to provide further support around education and health
assistance in the wards of Lwamgasa, Kaseme, Busanda, Butundwe and Butobela. A total of 420 million Tanzania Shillings (approximately
$180,000) was budgeted by Buckreef Gold for F2025 to support priority areas in agreement with the Geita District Council, with a focus
on outpatient buildings, road rehabilitation, classrooms and staff houses at the local health centers.

&nbsp;&nbsp;&nbsp;&nbsp;· During the nine months ended May 31, 2025, the Company completed
two construction projects on upgrades to the primary schools, secondary schools and health centers in the Busanda and Kaseme districts
and expects to complete the remaining construction projects in the Lwamgasa district over the remainder of F2025, in line with the approved
CSR plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Buckreef Gold's operations: (i) are connected to the Tanzanian
national electricity grid and utilize grid power which is significantly and increasingly sourced from hydroelectric facilities (in Tanzania);
(ii) recycle all water used in its operations; (iii) employ a workforce that comprises 100% Tanzanian citizens (218 full-time employees,
393 contract miners and project contractors, 155 part-time/casual employees); (iv) include development and building activities that are
focused on maximizing local content; and (v) exhibit a '100 mile diet' by procuring all food locally.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company supports local procurement in its activities by first
sourcing within the immediate wards, then out to district, region and nation. Only those items or services not available in Tanzania
are purchased externally, firstly prioritizing East Africa, Africa, then globally.

*<u>Financial</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, Buckreef Gold poured 4,687 ounces of gold (Q3
2024: 4,628) and sold 3,995 ounces of gold (Q3 2024: 4,515) at an average realized price<sup>1</sup> of $3,114 per ounce (Q3 2024: $2,270)
excluding the revenue and gold ounces sold related to the prepaid gold purchase agreement with OCIM Metals & Mining SA ("OCIM")
and interest related to the Auramet gold prepaid purchase agreement ("average realized price (net)<sup>1</sup>"). For the
nine months ended May 31, 2025, gold ounces poured and sold were 12,532 (2024: 13,622 ounces) and 12,236 (2024: 13,361 ounces) respectively,
at an average realized price (net)<sup>1</sup> of $2,829 per ounce (2024: $2,079 per ounce). During Q3 2025, Buckreef Gold commenced
discussions with the BoT to develop an agreement to set aside a minimum of 20% of its local gold production for domestic sale through
the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. While discussions were ongoing, Buckreef
Gold was required to set aside 646 ounces in inventory as of May 31, 2025, reflecting approximately 20% of production from April 1<sup>st</sup>,
2025, for future sale to the BoT. As a result, during the three months ended May 31, 2025, gold ounces sold were lower than gold ounces
produced, impacting Q3 2025 operating cashflow and working capital. Subsequent to Q3 2025, the Company signed a Gold Sale Service Agreement
with the BoT, fully aligning with Section 59 of the Mining Act, and sold the 646 ounces in inventory to the BoT at market rates, benefiting
revenue, operating cashflow and working capital in Q4 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, the Company recognized revenue of $12.5 million
(Q3 2024: $10.1 million), cost of sales of $8.1 million (Q3 2024: $5.8 million), and cash cost<sup>1</sup>of $1,819 per ounce (Q3 2024:
$1,165). The Company generated gross profit of $4.4 million (Q3 2024: $4.4 million), net income of $1.1 million (Q3 2024: net loss $1.7
million), operating cash flow of $3.4 million (Q3 2024: $3.1 million), and Adjusted EBITDA<sup>1</sup> of $4.0 million (Q3 2024: $3.9
million). The increase in revenue, gross profit, net income, operating cashflow and Adjusted EBITDA<sup>1</sup> is mainly related to
a higher average realized price (net)<sup>1</sup> of $3,114 per ounce (Q3 2024: $2,270), combined with lower mining cost per tonne ($3.63
per tonne) and processing cost per tonne ($14.60 per tonne) compared to the prior year comparative period (2024: $4.58 and $22.38 per
tonne, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;· The increase in cash cost compared to the prior year comparative
period was mainly due to an increase in waste tonnes mined concurrent with the scheduled waste stripping campaign, combined with a decrease
in head grade (Q3 2025: 1.72 g/t, Q3 2024: 2.52 g/t) and a decrease in recovery (Q3 2025: 67%, Q3 2024: 79%), partially offset by lower
mining cost per tonne (Q3 2025: $3.63, Q3 2024: $4.58), and processing cost per tonne (Q3 2025: $14.60, Q3 2024: $22.38). Mining costs
and head grade were impacted by the scheduled waste stripping campaign, which began to benefit production in Q3 2025 and into Q4 2025.
The scheduled Stage 1 waste stripping campaign is substantially complete, and cash cost are expected to be lower in Q4 2025 as the mine
sequence accesses higher grade ore blocks. Mining costs per tonne of $3.63 in Q3 2025 was lower than the prior year comparative period
(Q3 2024: $4.58) as owner operated equipment is being utilized to provide cost effective support for site development projects as well
as plant feed operations. During Q3 2025, the Company's owner operated fleet mined 308 kt of ore and waste, supplementing the contract
mining fleet during the quarter at a mining cost of $1.80 - $1.90 per tonne. Processing costs per tonne of $14.60 in Q3 2025 were significantly
lower (Q3 2024: $22.38 per tonne) predominantly due to greater economies of scale following final commissioning of the expanded 2,000
tpd processing facility. The higher processing plant throughput of 1,461 tpd in Q3 2025 (Q3 2024: 809 tpd) provided a higher proportion
of overhead cost absorption, thus benefiting processing cost per tonne in Q3 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· For the nine months ended May 31, 2025, the Company recognized
revenue of $34.1 million (2024: $27.5 million), cost of sales of $22.7 million (2024: $16.2 million), gross profit of $11.4 million (2024:
$11.3 million), net income of $1.3 million (2024: $0.2 million), operating cash flow of $7.8 million (2024: $9.3 million), and Adjusted
EBITDA<sup>1</sup> of $9.3 million (2024: $9.1 million). The increase in revenue, gross profit, net income and Adjusted EBITDA<sup>1</sup>
compared to the prior year comparative period is mainly due to the impact of a higher average gold price realized on ounces of gold sold
combined with lower mining cost per tonne ($3.82 per tonne) and processing cost per tonne ($14.20 per tonne) (2024: $4.30 and $24.62
per tonne, respectively). During the period, the Company sold 12,236 ounces of gold (2024: 13,361 ounces) at an average realized price
(net)<sup>1</sup> of $2,829 per ounce (2024: $2,079 per ounce). Following signing of the Gold Sale Service Agreement with the BoT subsequent
to Q3 2025, the Company sold 646 ounces of gold in inventory to the BoT at market rates, benefiting operating cash flow and working capital
in Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· As at May 31, 2025, the Company had cash of $6.5 million and working
capital of $3.3 million (negative) after adjusting for liabilities which will only be settled by issuing equity of the Company. Working
capital in Q3 2025 was impacted by a scheduled stripping campaign focused on accelerating the pit expansion to expose ore. As a result,
the Company mined a higher proportion of waste tonnes, which began to provide access to higher grade ore blocks, benefiting production
later in Q3 and into Q4 2025. Beginning in June 2025, the Company recapitalized its working capital position through increased production,
organically generated cashflow, improved liquidity and an increase in stockpile ore inventory. In addition to an increase in daily production
from approximately 50 ounces per day in Q3 2025 to approximately 75 ounces per day in Q4 2025, the Company sold 646 ounces in inventory
to the BoT following execution of the Gold Sale Service Agreement benefiting revenue, operating cashflow and working capital in Q4 2025.
The Company also recovered VAT refunds from the TRA of $0.9 million subsequent to Q3 2025. Beginning in June 2025, the Company's
adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 to date, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q4 2022 the Company entered into a $5 million prepaid Gold
Doré Purchase Agreement with OCIM Metals and Mining S.A. ("OCIM Agreement"). The OCIM Agreement required funds to
be made available to the Company in two tranches. On May 6, 2024, the Company amended the terms of the OCIM Agreement to allow for additional
prepayments and drew $1.0 million in exchange for delivering 40.85 ounces of gold per month, commencing June 2024, for a total of 490.2
ounces of gold over 12 months. On October 30, 2024, the Company drew an additional $0.5 million in exchange for delivering 17 ounces
of gold per month, commencing November 2024, for a total of 204 ounces of gold over 12 months. The $0.5 million drawdown in Q1 2025 was
used to help finance the procurement of heavy equipment and haul trucks to supplement the contractor-owned fleet with an owner's
operated fleet for Buckreef's mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;· On January 7, 2025, the Company entered into a Gold Prepayment
Facility with Auramet International, Inc. through which Buckreef may, at its discretion, sell to up to an aggregate amount of 1,000 ounces
of gold, up to 21 calendar days prior to deliver, on a revolving basis for a one-year term. On January 8, 2025, the Company sold 421.6
gold ounces under the Auramet Gold Prepayment Facility for proceeds of $1.1 million and concurrently purchased 421.6 gold ounces for
$1.1 million to settle all outstanding gold ounces remaining under the OCIM Agreement. On January 10, 2025, the OCIM Agreement was terminated.
As at May 31, 2025, the Company had 695 gold ounces outstanding under the Auramet Gold Prepayment Facility. Subsequent to May 31, 2025,
the Company repaid 220 ounces (net), benefiting working capital in Q4 2025, and currently has 475 ounces outstanding under the Auramet
Gold Prepayment Facility.

&nbsp;&nbsp;&nbsp;&nbsp;· During Q2 2025, the Company also entered into its first ever credit
agreement with Stanbic Bank Tanzania Limited ("Stanbic") and renewed it's At The Market Offering Agreement ("ATM")
with H.C. Wainwright & Co., LLC ("H.C. Wainwright") as Lead Agent and Roth Capital Partners, LLC ("Roth Capital")
as Co-Agent. The combination of these facilities provides the Company with access to supplementary capital, strengthened liquidity, and
additional financial flexibility to help accelerate growth in the short to medium term. The credit agreement with Stanbic consists of
a $5 million revolving credit facility and a $4 million vehicle and asset financing ("VAF") facility that may be used at
the Company's discretion. The $5 million revolving credit facility has a maximum tenor of twelve months and the $4 million VAF
facility has a maximum tenor of thirty-six months. The revolving credit facility provides the Company with access to supplementary liquidity
and may be used to support the working capital requirements of the business at the Company's discretion. This facility will allow
the Company to make cost effective decisions for deployment of capital across its operations to support continued expansion and growth.
The revolving credit facility and VAF facility include standard and customary financing terms and conditions, including those related
to security, fees, representations, warranties, covenants, and conditions. This is the first credit facility entered into by Buckreef
Gold. As at May 31, 2025, $3.0 million (August 31, 2024 - $nil) was drawn on the Overdraft Facility and $nil (August 31, 2024 - $nil)
was drawn on the VAF Facility. Subsequent to May 31, 2025, the Company repaid approximately $2.4 million on the Overdraft Facility, benefiting
working capital in Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company renewed it's ATM with H.C. Wainwright and Roth
Capital, pursuant to which the Company, at its discretion, may offer and sell, from time to time, common shares having an aggregate offering
price of up to $25 million. The renewed ATM facility replaces a prior $10 million ATM facility with H.C. Wainwright and Roth Capital
and a $10 million purchase agreement with Lincoln Park Capital Fund, LLC, which expired in mid-January 2025 pursuant to its terms. The
Company intends to use the ATM prudently based on prevailing market conditions. If TRX Gold chooses to sell shares under the ATM Offering,
the Company intends to use the net proceeds of this offering for drilling, exploration and technical work for the development of the
larger project, and for working capital and other general corporate purposes. To date, no shares have been sold under the ATM agreement.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;· As at May 31, 2025, the Company recognized $7.6 million of sales
tax receivable on the Consolidated Statements of Financial Position. Sales tax receivables consist of harmonized services tax and value
added tax ("VAT") due from Canadian and Tanzanian tax authorities, respectively. Tanzanian tax regulations allow for VAT
receivable to be refunded or set-off against other taxes due to the Tanzania Revenue Authority ("TRA"). During the three and
nine months ended May 31, 2025, the Company recovered VAT refunds from the TRA of $nil and $1.8 million, respectively. Subsequent to
May 31, 2025, the Company recovered VAT refunds from the TRA of $0.9 million, benefiting working capital in Q4 2025.

*<u>Other</u>*

&nbsp;&nbsp;&nbsp;&nbsp;· During Q3 2025, the Company announced the appointment of John
McVey as the newest member of the Company's Board of Directors. Mr. McVey was CEO of Procon Mining & Tunnelling, a prominent
underground development contractor, from 2015 – 2024. Mr. McVey has an extensive background in engineering and construction having
spent 15 years in the Bechtel organization in a variety of roles including Mining & Metals Country Manager for Canada and President
of Bantrel. Mr. McVey has B.A.Sc. and M.A.Sc. in Chemical Engineering from the University of Waterloo and is a licensed professional
engineer in Ontario and Alberta. He achieved the ICD.D designation from the Institute of Corporate Directors in 2017 and also serves
on the boards of Fortune Minerals and Arizona Gold & Silver.

&nbsp;&nbsp;&nbsp;&nbsp;· On December 6, 2024, the Company announced the appointment of
Richard Boffey as Chief Operating Officer ("COO"). 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. Mr. Boffey joins TRX
Gold, having previously held senior executive positions with several other multi-national mining companies. Most recently, he held
the position of General / Country Manager at the Tara Resources Brskovo Mine Project in Montenegro, where he led the technical studies,
engineering design, resource drilling, project financing, and site preparation activities for the construction and development of a mining
operation. Mr. Boffey holds a Bachelor of Mining Engineering (Hons) from the University of Auckland and is a Member of AusIMM, Competent
Person (Reserves) under JORC, NI 43-101.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Operational Overview**

**The Buckreef Gold Project**

The Company is focused on the Buckreef Gold Project located in the Geita District of the Geita Region south of Lake Victoria, approximately 110 km southwest of the City of Mwanza, Tanzania (Figure 1). The Buckreef Gold Project area can be accessed by ferry across Smiths Sound, via a paved national road and, thereafter, via well maintained unpaved regional roads. The Buckreef Gold Project comprises several prospects, namely Buckreef, Eastern Porphyry, Anfield and the newly discovered Stamford Bridge. The Buckreef Gold Project itself encompasses three main mineralized zones: Buckreef South, Buckreef Main and Buckreef North. The Buckreef Gold Project is fully licensed for mining and the extraction of gold.

The Buckreef Gold Project Updated Mineral Resource Estimate as of April 15, 2025, are as follows:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Inferred** | **Inferred** | **Inferred** | **Total (Measured + Indicated)** | **Total (Measured + Indicated)** | **Total (Measured + Indicated)** |
| <br>**Area** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** |
| Buckreef Main | 2982.8 | 2.36 | 226.4 | 6193.9 | 2.72 | 542.6 | 7549.3 | 2.37 | 576.0 | 9176.7 | 2.61 | 769.0 |
| Buckreef South | 23.6 | 1.68 | 1.3 | 35.3 | 1.95 | 2.2 | 53.8 | 1.70 | 2.9 | 58.9 | 1.84 | 3.5 |
| Buckreef West | 40.3 | 3.27 | 4.3 | 204.7 | 2.52 | 16.5 | 73.9 | 2.37 | 5.6 | 245.0 | 2.64 | 20.8 |
| Eastern Porphyry | 2.9 | 6.97 | 0.6 | 1306.4 | 2.35 | 98.8 | 1198.8 | 2.44 | 94.0 | 1309.3 | 2.36 | 99.4 |
| Stamford Bridge | - | - | - | - | - | - | 272.0 | 5.38 | 47.0 | - | - | - |
| Total | 3049.6 | 2.37 | 233 | 7740.3 | 2.65 | 660 | 9147.8 | 2.47 | 726 | 10789.9 | 2.57 | 893 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mineral Resources, which are not Mineral Reserves, may not have
demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Inferred Mineral Resource in this estimate has a lower level
of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Mineral Resources were estimated in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared
by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Gold price used is US$1,900/oz Au.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The pit constrained cut-off grade of 0.42 g/t Au was derived from
80% process recovery, US$21.04/tonne process and G&A cost, and a royalty of 7.3%. The constraining pit optimization parameters were
US$3.88/t mining cost and 45-degree pit slopes.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The out-of-pit cut-off grade of 1.31 g/t Au was derived from 80%
process recovery, US$21.04/tonne process and G&A cost, a US$40/tonne underground mining cost, and a royalty of 7.3%. The out-of-pit
Mineral Resource grade blocks were quantified below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit
Mineral Resources are restricted to areas which exhibit geological continuity and reasonable potential for extraction by cut and fill
and long hole mining methods.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Stamford Bridge cut-off grade of 1.20 g/t Au was derived from
80% process recovery, US$21.04/tonne process and G&A cost, a US$35/tonne underground mining cost, and a royalty of 7.3%. Mineral
Resources are restricted to areas which exhibit geological continuity and reasonable potential for extraction by cut and fill and long
hole underground mining methods.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 1: Location of Buckreef Gold Project Licences in the Lake Victoria Greenstone Belt**

![](fig1.jpg)

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Processing Plant and Operations**

Select operating, financial and stockpile information from the operation for the three and nine months ended May 31, 2025, follows below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Select Operating and Financial Data** | **Select Operating and Financial Data** | | | | |
|  | **Unit** | **Three months ended May 31, 2025** | Three months ended May 31, 2024 | **Nine months ended May 31, 2025** | Nine months ended May 31, 2024 |
| **Operating Data** |  |  |  |  |  |
| Ore Mined | k tonnes | **147** | 105 | **364** | 291 |
| Waste Mined | k tonnes | **1195** | 677 | **2937** | 1585 |
| Total Mined | k tonnes | **1342** | 781 | **3301** | 1876 |
| Strip Ratio | w:o | **8.1** | 6.5 | **8.1** | 5.4 |
| Mining Rate | tpd | **14588** | 8492 | **12091** | 6848 |
| Mining Cost | US$/t | $**3.63** | $4.58 | $**3.82** | $4.30 |
| Plant Ore Milled | k tonnes | **134** | 74 | **402** | 213 |
| Head Grade | g/t | **1.72** | 2.52 | **1.38** | 2.53 |
| Plant Utilization | % | **91** | 87 | **87** | 87 |
| Plant Recovery Rate | % | **67** | 79 | **71** | 80 |
| Processing Cost | US$/t | $**14.60** | $22.38 | $**14.20** | $24.62 |
| Plant Mill Throughput | tpd | **1461** | 809 | **1474** | 779 |
| Gold Ounces Poured | oz | **4687** | 4628 | **12532** | 13622 |
| Gold Ounces Sold | oz | **3995** | 4515 | **12236** | 13361 |
| **Financial Data** |  |  |  |  |  |
| Revenue1 | $('000s) | **12474** | 10148 | **34109** | 27536 |
| Gross Profit | $('000s) | **4383** | 4353 | **11361** | 11342 |
| Net income (loss) | $('000s) | **1105** | (1656) | **1301** | 226 |
| Adjusted EBITDA2 | $('000s) | **3979** | 3934 | **9338** | 9132 |
| Operating Cash Flow | $('000s) | **3421** | 3115 | **7824** | 9282 |
| Average Realized Price (gross)2 | $/oz | **3122** | 2248 | **2788** | 2061 |
| Average Realized Price (net)2,3,4 | $/oz | **3114** | 2270 | **2829** | 2079 |
| Cash Cost2 | $/oz | **1819** | 1165 | **1635** | 1104 |

---

<sup>1</sup> Revenue includes immaterial amounts from the sale of by-product silver and copper.

<sup>2</sup> Refer to the "Non-IFRS Performance Measures" section.

<sup>3</sup> Net of revenue and ounces of gold sold related to OCIM gold prepaid purchase agreement.

<sup>4</sup> Net of interest related to Auramet gold prepaid purchase agreement.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Gold Production and Sales**

During Q3 2025, Buckreef Gold poured 4,687 ounces of gold (Q3 2024: 4,628 ounces) and sold 3,995 ounces of gold (Q3 2024: 4,515 ounces). Gold production in Q3 2025 was higher than the prior year comparative period as higher mill throughput of 1,461 tpd (Q3 2024: 809 tpd) more than offset by lower average head grade of 1.72 g/t (Q3 2024: 2.52 g/t) and a lower average recovery of 67% (Q3 2024: 79%). The lower average head grade was due to the mine sequence where the scheduled mine plan is accessing lower grade ore blocks during Q3 2025 (in line with mine plan), concurrent with finalization of a scheduled stripping campaign to access higher grade ore blocks. The lower average recovery in Q3 2025 was mainly due to a higher proportion of fresh, sulphidic material processed (25% oxide / 75% sulphide) compared to the prior year period where the mill processed oxide material at a higher average recovery. The Company is currently developing finer grinding initiatives to achieve higher gold recoveries, consistent with the results announced upon completion of the metallurgical variability study.

During Q3 2025, gold ounces sold were lower than gold ounces produced as the Company commenced discussions with the BoT to develop an agreement to set aside a minimum of 20% of its local gold production for domestic sale through the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. While discussions were ongoing, Buckreef Gold was required to set aside 646 ounces in inventory as of May 31, 2025, reflecting approximately 20% of production from April 1<sup>st</sup>, 2025, for future sale to the BoT. Subsequent to Q3 2025, the Company signed a Gold Sale Service Agreement with the BoT, fully aligning with Section 59 of the Mining Act, and sold the 646 ounces in inventory to the BoT at market rates, benefiting operating cashflow and working capital in Q4 2025.

For the nine months ended May 31, 2025, the Company produced 12,532 ounces of gold (2024: 13,622 ounces) and sold 12,236 ounces of gold (2024: 13,361 ounces), a decrease compared to the prior year period due to lower head grade of 1.38 g/t (2024: 2.53 g/t) and a lower average recovery of 71% (2024: 80%). The waste stripping campaign at the north end of the Stage 1 pit and south end of the Main Zone is now substantially complete and higher grade ore blocks are being accessed, benefiting production later in Q3 and into Q4 2025. Subsequent to May 31, 2025, average daily production has increased to approximately 75 ounces per day in June 2025, an increase from approximately 50 ounces per day Q3 2025.

**Mining**

Total ore tonnes mined of 147 kt in Q3 2025 were higher than the prior year period (Q3 2024: 105 kt) and waste tonnes mined increased to 1,195 kt (2024: 677 kt) as stripping activities focused on accelerating the pit expansion to the north and south end of the main zone to expose ore for Q3 and Q4 2025. As a result of the increased stripping activity, the higher proportion of waste to ore tonnes contributed to a higher strip ratio of 8.1 (waste:ore tonnes) compared to the prior year period (6.5 waste:ore tonnes). For the nine months ended May 31, 2025, the Company focused on waste stripping to gain access to higher grade ore blocks, benefiting production later in Q3 and into Q4 2025. As a result of the increased stripping activity, the higher proportion of waste to ore tonnes contributed to a higher strip ratio of 8.1 (waste:ore tonnes) compared to the prior year period (5.4 waste:ore tonnes).

Mining costs per tonne primarily reflect contractor mining costs following the hiring of FEMA on a contract basis to mine ore, waste and to construct the TSF, and owner-operated mining costs from a fleet providing support and supplementing the contract mining fleet at Buckreef Gold. Mining costs per tonne of $3.63 in Q3 2025 and $3.82 in the nine months ended May 31, 2025 were lower than the prior year comparative periods (Q3 2024: $4.58 per tonne, nine months ended May 31, 2024: $4.30 per tonne) as owner operated equipment is being utilized to provide cost effective support for site development projects as well as plant feed operations. During Q3 2025, the Company's owner operated fleet mined 308 kt of ore and waste, supplementing the contract mining fleet during the quarter. The owner operated fleet focused on mining waste around the historical voids in the main zone, which is expected to provide access to high grade ore and benefit production in Q4 2025.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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The arrival of this equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated fleet was approximately $1.80 to $1.90 per tonne for mining operations during Q3 2025.

**Processing**

During Q4 2024 the Company announced completion of the expanded processing plant to 2,000 tpd of nameplate processing capacity. The expanded processing plant was fully commissioned in early Q1 2025 (September 2024) and achieved, on average, 1,461 tpd of mill throughput in Q3 2025, an 81% increase over the prior year comparative period (Q3 2024), reaching a maximum of 2,125 tpd. During Q3 2025 the processing plant achieved the following statistics: (i) average throughput of 1,461 tpd (Q3 2024: 809 tpd); (ii) plant availability of 91% (Q3 2024: 87%); and (iii) an average recovery rate of 67% (Q3 2024: 79%). During Q3 2025 the Company focused on reducing the input size of the mill feed to help increase throughput at the required grind size. Finer screens were installed in April 2025, which helped contribute to an increase in average daily throughput to 1,461 tpd in Q3 2025, an increase from an average of 1,259 tpd in Q2 2025. While the Company benefited from an increase in average throughput compared to the prior year comparative period, the mill processed a higher proportion of fresh, sulphidic material (25% oxide / 75% sulphide) in Q3 2025, compared to mainly oxide material processed in Q2 2024, which impacted average recoveries. The Company is currently developing finer grinding initiatives to achieve higher gold recoveries, consistent with the results announced upon completion of the metallurgical variability study. For the nine months ended May 31, 2025, total ore tonnes processed was 1,474 tpd (2024: 779 tpd), an 89% increase in throughput compared to the prior year period following completion of the expanded processing plant in Q1 2025.

Processing costs per tonne of $14.60 in Q3 2025 and $14.20 in the nine months ended May 31, 2025, were significantly lower than the prior year comparative periods (Q3 2024: $22.38 per tonne, nine months ended May 31, 2024: $24.62 per tonne) predominantly due to greater economies of scale following final commissioning of the expanded 2,000 tpd processing facility. The higher processing plant throughput of 1,461 tpd in Q3 2025 (Q3 2024: 809 tpd) and 1,474 tpd in the nine months ended May 31, 2025 (2024: 779 tpd) provided a higher proportion of overhead cost absorption, thus benefiting processing cost per tonne in Q3 2025 and year to date 2025.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Stockpile, Gold in Circuit (GIC) and Finished Goods Inventory**

As at May 31, 2025, the ROM pad stockpile contained 289,099 tonnes at an average grade of 1.00 g/t with an estimated 9,275 ounces of contained gold. A further stockpile of crushed mill feed of 24,040 tonnes at 1.48 g/t containing an estimated 1,144 ounces of gold has been accumulated between the crusher and mill. The fair market value of the ounces of gold on the ROM pad stockpile and crushed ore stockpile is approximately $34.2 million using the London PM Fix gold price of $3,278 per ounce as at May 31, 2025. Since year-end August 31, 2024, the Company drew down on the ROM pad stockpile (274 ounces) and added to the crushed ore stockpile (288 ounces) to support mill feed. These fluctuations in ROM pad inventory are anticipated throughout the course of the year and are designed to ensure steady state processing. During the nine months ended May 31, 2025, the Company processed stockpiled and mined material through the expanded 2,000 tpd processing plant and consequently reported gold in circuit, reflecting a buildup of metal inventory in the CIL tanks. The Company reported 1,241 ounces of gold in circuit at May 31, 2025, which reflected an increase of 82 ounces from August 31, 2024, following gold elution and smelting activity during the year. A summary of the ROM pad and crushed ore stockpile statistics are contained in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| Table: RoM Stockpile Summary (as at 31 May, 2025) | Table: RoM Stockpile Summary (as at 31 May, 2025) | Table: RoM Stockpile Summary (as at 31 May, 2025) | Table: RoM Stockpile Summary (as at 31 May, 2025) | Table: RoM Stockpile Summary (as at 31 May, 2025) |
| **Summary RoM Stockpile** | **Volume (m3)** | **Tonnes** | **Grade (g/t Au)** | **Metal (oz)** |
| Feed Grade Ore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50292 | 2.03 | 3290 |
| Low Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238807 | 0.78 | 5985 |
| Total (RoM) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289099 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 |
| Crushed Ore (COS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24040 | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
| **Total** | **219120** | **313139** | **1.03** | **10419** |

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Subsequent to Q3 2025, the ROM pad stockpile has increased significantly to date, as the Company began to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. The ROM pad stockpile now contains 401,294 tonnes at an average grade of 1.31 g/t with an estimated 16,876 ounces of contained gold, an increase of 7,601 ounces compared to May 31, 2025.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 2: 2,000 tpd Processing Plant at Buckreef Gold, showing CIL tanks and conveyor feed to the ball mills (Q1 2024)**![](fig2.jpg)

**Figure 3a: Buckreef Gold expanded crushing circuit (Q2 2024)**

![](fig3a.jpg)

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 3b: Buckreef Gold ore moving through crushing circuit (Q3 2024)**

![](fig3b.jpg)

**Figure 3c: Buckreef Gold's 1,000 tpd ball mill (Q3 2024)**

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 4: Buckreef Gold Tailings Storage Facility Expansion at TSF 2.2 (Q2 2024 – first lift completed and TSF is now fully operational)**![](fig4.jpg)

**Figure 5: Buckreef Gold's Open Pit Mining Operations (Q2 2025)**

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 6a: Drilling Operations at Buckreef Gold (Q2 2025)**

![](fig6.jpg)

**Figure 6b: New 350 Excavator and Haul Truck (Q2 2025)**

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Exploration & Mineral Resources** 

The Company continues to evaluate the full potential of the Buckreef Gold property and identify opportunities for the discovery of additional mineral resources and their conversion to mineral reserves. Successful exploration will also provide greater production flexibility and growth. To achieve this goal the Company, in conjunction with Buckreef Gold, has:

&nbsp;&nbsp;&nbsp;&nbsp;· Announced in F2025 its best drill results ever, on a gtm
basis with hole BMDD315 intersecting 37 m @ 6.86 g/t Au (253.82 gtm) from 130 m. This drill hole result is approximately 250
m east of the Buckreef Main Zone, host to Buckreef Gold's 2M+ ounce Au Mineral Resource<sup>1</sup> and where current operations
are ongoing in the Main Pit. This drill hole result comes following the Company's previous best drill hole result, with hole BMDD310 intersecting 35.5
m @ 5.48 g/t Au (194.54 gtm) from 64 m. This drill hole result is approximately 200 m east of the Buckreef Main Zone. These
drill holes led to the discovery of a promising new gold mineralization shear zone, named the "Stamford Bridge Zone" at
which current drill results are revealing geological characteristics and mineral alterations similar to that at Buckreef's
Main Zone. Holes BMDD315 and BMDD310, mentioned above, are located along the Stamford Bridge Zone. During Q1 2025, the Company drilled
2,420 meters along the Stamford Bridge Zone on newly defined, high-priority targets. Thus far, drilling has covered 150 m of this newly
identified mineralized structure and geological logging confirms the continuity of the structure. These results are beginning to form
what can become a potential 1-kilometer "bridge" between the Buckreef Gold Main Zone, where current operations are ongoing,
and the parallel, high-priority, gold mineralization zone known as the Eastern Porphyry. The latter also links to the Anfield Zone to
the southeast, discovered in 2022. The Company has planned a geophysical survey campaign, which will focus on the Stamford Bridge trend
line, as well as an area covering up to 500 meters to both the North and South sides of the trend line. Following the results of this
campaign, a strategic drill campaign will resume on newly defined, high-priority targets.

&nbsp;&nbsp;&nbsp;&nbsp;· Announced in F2023 near surface drilling results from the Anfield
and Eastern Porphyry Zones, with highlights of 14 m @ 3.5 g/t including 3.0 m @ 10.9 g/t from 47 m from the Eastern Porphyry, and 2.94
m grading at 13.74 g/t, from 43.00 m in the Anfield zone (full results provided in Table 3). The zones are located at the northern end
of a 3-kilometer-long zone of identified gold mineralization that is subparallel to the east of Buckreef Main Zone (Figure 7). The intercepts
confirm multiple zones of strong mineralization towards the south-west of the known Eastern Porphyry deposit and the first diamond drill
hole intersections on the Anfield Zone. Both mineralized zones are in close proximity to the Buckreef Main Zone and present an opportunity
(assuming exploration success) to host future mineral resources outside of the Buckreef Main Zone.

&nbsp;&nbsp;&nbsp;&nbsp;· Re-evaluated the Buckreef Main Zone for strike extensions, off-shoot
splays, and at depth potential. The deposit is open in all directions (See Figure 7). To date, the Company has tested the NE Extension
and successfully identified gold mineralization over an additional 300 meters. The deposit remains open along strike to the NE and future
infill drilling is warranted. The SW extension has also been tested with wide-spaced drilling and the exploration program has returned
encouraging results. The deposit now remains open along strike to the SW.

&nbsp;&nbsp;&nbsp;&nbsp;· Collectively, between the NE extension and SW drilling the known
strike extent of gold mineralization on the deposit structure has been expanded approximately 500 meters, or by nearly 30% since exploration
recommenced. The Company will continue to identify areas offering the best opportunity to add gold ounces to the mineral resource inventory
and commence an infill drilling program.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Best Drill Hole Results in History of Buckreef Gold – Announcement of Stamford Bridge Zone**

During Q1 2025, the Company announced its best drill results ever, on a gtm basis with hole BMDD315 intersecting 37 m @ 6.86 g/t Au (253.82 gtm) from 130 m. This drill hole result is approximately 250 m east of the Buckreef Main Zone, host to Buckreef Gold's 2M+ ounce Au Mineral Resource<sup>1</sup> and where current operations are ongoing in the Main Pit. This drill hole result comes following the previous best drill result, with hole BMDD310 intersecting 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m. This drill hole result is approximately 200 m east of the Buckreef Main Zone.

The Company also announced the discovery of a promising new gold mineralization shear zone, named the "Stamford Bridge Zone" at which current drill results are revealing geological characteristics and mineral alterations similar to that at Buckreef's Main Zone. Holes BMDD315 and BMDD310, mentioned above, are located along the Stamford Bridge Zone.

Stamford Bridge Shear Zone Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;1. Hole BMDD315 intersected 37 m @ 6.86 g/t Au from 130 m; including 23 m @ 9.31 g/t Au from 139 m.

&nbsp;&nbsp;&nbsp;&nbsp;2. Hole BMDD310 intersected 35.5 m @ 5.48 g/t Au from 64 m; including 13m @8.06g/t
Au.

&nbsp;&nbsp;&nbsp;&nbsp;3. Hole BMDD312 intersected 17.2 m @ 3.14 g/t Au from 164.6 m.

&nbsp;&nbsp;&nbsp;&nbsp;4. Geotechnical hole BMGT001 intersected 11.39 m @ 2.80 g/t Au from 104.0 m, and 22.0
m @ 2.36 g/t Au from 186.6 m. Both results are interpreted to be part of the Stamford Bridge Zone trend.

&nbsp;&nbsp;&nbsp;&nbsp;5. BMGT001 intersected the Buckreef Main Zone of 32.80 m @ 1.70 g/t Au (ending in mineralization)
from 393.0 m.

During Q2 2025, the Company announced three additional drill hole results (BMDD319-321) providing further evidence of gold mineralization along the Stamford Bridge Zone as follows:

&nbsp;&nbsp;&nbsp;&nbsp;6. Hole BMDD319 intersected 21.0 m @ 8.63 g/t Au from 81.0 m.

&nbsp;&nbsp;&nbsp;&nbsp;7. Hole BMDD320 intersected 20.5 m @ 5.14 g/t Au from 125.5 m.

&nbsp;&nbsp;&nbsp;&nbsp;8. Hole BMDD321 intersected 5.0 m @ 2.74 g/t Au from 157.0 m.

The Stamford Bridge Zone was discovered through detailed geological mapping of the Main Pit floor that identified a trend of high-grade mineralization on the eastern side of the Main Pit trending 070 East (Figure 7). This is an exceptional discovery at the Buckreef Gold Project, resulting in the most significant mineralization identified within Buckreef Gold's drill history.

The exploration team then identified that geotechnical hole BMGT001 (one of geotechnical holes drilled as part of the Buckreef Main Zone geotechnical study completed by Terrane Geoscience Inc.) located 160 m east of the Main Pit, drilled across the Stamford Bridge (Figure 7), and was subsequently relogged (Table 1). The logging confirmed the presence of three mineralization zones, including the Stamford Bridge Zone. The zones were sampled, and the assay results are summarized below (Table 1). To date, the new Stamford Bridge Zone has shown evidence of a sheared mineralized zone with similar geological characteristics to that found in the Main Zone, i.e., zones are measured as being near vertical with strong alteration.

Thus far, drilling has covered more than 150 m of this newly identified mineralized structure and geological logging confirms the continuity of the structure. These results are beginning to form what can become a potential 1-kilometer "bridge" between the Buckreef Gold Main Zone, where current operations are ongoing, and the parallel, high-priority, gold mineralization zone known as the Eastern Porphyry (see Figure 7). The latter also links to the Anfield Zone to the southeast, discovered in 2022.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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The Company has planned an expanded diamond drill program to test for further mineralization along this newly developing trend. Although these are early-stage results, and only two sections along the newly identified trend have been drilled, key interpretations include:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Stamford Bridge Zone is potentially a significant shear zone and geologically similar to the Buckreef
Main Zone. It bridges the gap between Buckreef Main Zone and the Eastern Porphyry deposit to the Southeast.

&nbsp;&nbsp;&nbsp;&nbsp;2. Pinching and swelling of the Stamford Bridge Zone has been observed in the first section drilled; 4m wide
in the first drillhole and over 17 m wide on the second drillhole down dip; and

&nbsp;&nbsp;&nbsp;&nbsp;3. The second section has intercepted a significant shear zone, over 35 m wide with distorted shear fabric
by alteration overprint. Therefore, a minimal number of follow-up drillholes will be required to understand geometry of this new discovery.

**Figure 7: Buckreef Gold Showing Location of Stamford Bridge Zone and Drill Hole Results**

![](fig7a.jpg)

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Figure 8. Drill sections - Stamford Bridge Zone (Drill Holes BMDD 310 – 312)**

![](fig8.jpg)

**Figure 9: Cross-section results for drill hole BMDD315 - Stamford Bridge Zone**

![](fig9.jpg)

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Table 1: Summary of Results – Stamford Bridge**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **BMGT001** **DD** | 391780 | 9658453 | 1218 | 270 | -50 | 105.0 | 115.4 | 10.4 | 3.03 | Msh | Stamford Bridge Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 186.6 | 208.0 | 21.4 | 2.42 | Msh |  |
|  |  |  |  |  |  | 393.0 | 425.8 | 32.8 | 1.70 | Msh | Buckreef main shearzone |
| **BMDD309** **DD** | 391676 | 9658400 | 1217 | 334 | -60 | 101.8 | 104.5 | 2.7 | 1.65 | Msh |  |
|  |  |  |  |  |  |  |  |  |  |  | Mineralised shear zone with strong alteration |
| **BMDD310** **DD** | 391723 | 9658418 | 1217 | 334 | -60 | 64.5 | 100.0 | 35.5 | 5.48 | Msh |  |
| **BMDD312** **DD** | 391685 | 9658382 | 1216 | 335 | -60 | 164.6 | 180.8 | 16.2 | 3.14 | Msh | Mineralised shear zone with strong alteration |
| **BMDD315** **DD** | 391770 | 9658435 | 1217 | 335 | -60 | 130.0 | 166.0 | 36.0 | 7.04 | Msh | Mineralised shear zone with strong alteration |
| **BMDD319** **DD** | 391729 | 9658404 | 1217 | 335 | -60 | 76.0 | 79.0 | 3.0 | 1.21 | Msh | Mineralised shear zone with strong alteration |
| **BMDD319** **DD** | 391729 | 9658404 | 1217 | 335 | -60 | 81.0 | 102.0 | 21.0 | 8.63 | Msh | Mineralised shear zone with strong alteration |
| **BMDD320** **DD** | 391765 | 9658447 | 1218 | 335 | -60 | 125.5 | 146.0 | 20.5 | 5.14 | Msh | Mineralised shear zone with strong alteration |
| **BMDD321** **DD** | 391790 | 9658441 | 1218 | 335 | -60 | 157.0 | 162.0 | 5.0 | 2.74 | Msh | Mineralised shear zone with strong alteration |

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Notes: Sample Protocol QA/QC – see endnote 2. Sampled widths are not true widths.

**Buckreef Gold Main Zone Drilling Results and Interpretation**

The significant mineralized intercepts of the Buckreef Main Zone are as shown in Figure 10. It is evident that the deposit remains open on trend to the NE and SW. As previously noted, the Company had initiated a drill program, specifically to explore potential mineralization extensions to the NE and SW.

During F2023, the Company received assay results from its exploration program which has provided another extension of known mineralization on the Buckreef Gold Main Zone to the south.

The results are positive and significant for the Company as they continue to demonstrate: (i) continuity of gold mineralization along strike to the southwest of the Main Zone deposit; and (ii) continued gold mineralization under the (historical) South Pit. The deposit, therefore, remains 'open at depth and on strike,' and in combination with the 300 meter extension of the NE (announced previously) represents approximately a 30% increase in the Main Zone deposit strike length to over 2.0 kms.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMDD250 intersected **34.8 m grading @ 1.26 g/t Au** from 87.2 m, including 10.0 m grading @ 3.08 g/t from 89.9 m; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMDD275 intersected **16.5 m grading @ 2.01 g/t Au** from 53.7 m, including 7.0 m grading @ 3.28 g/t from 56.0 m.

<br> Notes: Sample Protocol QA/QC – see endnotes. Sampled widths are not true widths.

**Extension of Buckreef Main Zone South by a further 200 meters**: Expansion of the gold deposit mineralization by 300 meters in the NE and 200 meters in the southwest (increases in the strike length of the Buckreef Main Zone deposit, or known gold mineralization, to over 2.0 kms) on the Buckreef Gold deposit which contains over 2.0 million ounces of gold in the Measured and Indicated Mineral Resources in the Buckreef Main Zone. The Company has drilled a total of 24 drill holes representing 4,255 meters in the southwest area, with full results provided in Table 2. The Buckreef Main Zone continues to be open further to the NE and extending to the Buckreef Special Mining License boundary and to the SW (see Figure 11). In the latter the trend is aligned to several historical artisanal scale miner pits.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Table 2: Buckreef Main Zone South Drill Hole Sample Results Summary** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** | **Buckreef South Assay Results** |
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **BMDD248** **DD** | 391071.5 | 9657427 | 1214.5 | 306 | -58 | 143 | 148 | 5 | 0.45 | Msz | Shear zone with Mild alteration |
|  |  |  |  |  |  | 192.5 | 198 | 5.5 | 0.38 | Msz | Shear zone with mild alteration |
| **BMDD249** | 391042 | 9657447.3 | 1215.5 | 306 | -54 | 120.4 | 128 | 7.6 | 0.41 | Msz | Shear zone with mild alteration |
| **BMDD250** | 391114.5 | 9658259 | 1227.8 | 306 | -60 | 30 | 33 | 3 | 0.42 | Msz | Shear zone with mild alteration |
|  |  |  |  |  |  | 87.2 | 122 | 34.8 | 1.26 | Msz | Mineralised shear zone with mild to strong alteration |
|  |  |  |  |  |  | 89 | 99 | 10 | 3.08 | Msz | Shear zone with strong alteration |
| **BMDD252** | 391061.7 | 9657528.7 | 1216.3 | 306 | -48 | 34 | 38.7 | 4.7 | 0.32 | Msz | Shear zone with mild alteration |
|  |  |  |  |  |  | 79.5 | 99 | 19.5 | 0.74 | Msz | Mineralised Shear zone with mild alteration |
| **BMDD253** | 390927.6 | 9657500 | 1218.1 | 126 | -51 | 82.1 | 85.5 | 3.4 | 0.96 | Msz | Mineralised shear zone with mild alteration |
| **BMDD254** | 391137.4 | 9657821 | 1220.2 | 306 | -57 | 56 | 59.8 | 3.8 | 1.3 | Msz | Mineralised shear zone with mild alteration |
| **BMDD256** | 391122.7 | 9657787 | 1219.6 | 306 | -57 | 27.9 | 30 | 2.1 | 1.21 | Msz | Mineralised shear zone with mild to strong alteration |
|  |  |  |  |  |  | 43.3 | 45 | 1.7 | 0.56 |  |  |
|  |  |  |  |  |  | 54 | 57.7 | 3.7 | 1.73 |  |  |
|  |  |  |  |  |  | 77 | 81 | 4 | 0.5 |  |  |
| **BMDD258** | 391078.9 | 9657620 | 1217.3 | 306 | -50 | 23 | 25 | 2 | 1.76 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 41 | 44 | 3 | 0.47 |  |  |
| **BMDD259** | 391156 | 9657714 | 1217.7 | 306 | -53 | 82 | 83.5 | 1.5 | 0.82 |  |  |
|  |  |  |  |  |  | 108 | 110 | 2 | 0.71 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 131 | 136 | 5 | 0.52 |  |  |
| **BMDD267** | 390966.4 | 9657379.9 | 1213.7 | 305 | -62 | 165 | 167 | 2 | 1.41 | Msz | Shear zone with mild alteration |
| **BMDD273** | 390969.4 | 9657256.9 | 1210.3 | 306 | -57 | 36.1 | 37.7 | 1.6 | 0.49 | Msz | Shear zone with mild alteration |
| **BMDD274** | 390918.3 | 9657289.7 | 1212 | 306 | -57 | 39.4 | 41 | 1.7 | 0.78 | Msz | Shear zone with mild alteration |
| **BMDD275** | 390940.4 | 9657216 | 1210 | 306 | -57 | 27.5 | 29.2 | 1.8 | 0.51 |  |  |
|  |  |  |  |  |  | 43 | 52.1 | 9.1 | 0.58 |  |  |
|  |  |  |  |  |  | 53.7 | 70.2 | 16.5 | 2.01 | Msz | Mineralised shear zone with mild to strong alteration |
|  |  |  |  |  |  | 56 | 63 | 7 | 3.27 |  |  |
|  |  |  |  |  |  | 80.3 | 84.6 | 4.3 | 0.96 |  |  |
| **BMDD278** | 390967.1 | 9657195.1 | 1209.2 | 306 | -57 | 63.6 | 71.6 | 8.1 | 0.65 |  |  |
|  |  |  |  |  |  | 83 | 89.3 | 6.3 | 1.00 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 128 | 131 | 3 | 0.74 |  |  |
| **BMDD279** | 390996.1 | 9657175.3 | 1208.9 | 306 | -57 | 41 | 46 | 5 | 1.13 |  |  |
|  |  |  |  |  |  | 48 | 51 | 3 | 0.63 |  |  |
|  |  |  |  |  |  | 140.6 | 142 | 1.4 | 2.72 | Msz | Mineralised shear zone with mild to strong alteration |
|  |  |  |  |  |  | 148.9 | 159.4 | 10.5 | 0.96 |  |  |

---

Notes: Sample Protocol QA/QC – see endnote 2. Sampled widths are not true widths.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Table 3: Buckreef Eastern Porphyry and Anfield Zone Sample Results Summary** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** | **Eastern Porphyry Significant Assay Results** |
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **BMDD297** **DD** | 391955 | 9657841 | 1223 | 126 | 55 | 12.90 | 19.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | FP | Oxidised Felsic pophyry with preserved shear fabric hosting quartz veins |
|  |  |  |  |  |  | 61.40 | 64.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | FP | Slightly sheared felsic porphyry with Quartz, Carbonate pyrite alterations. |
|  |  |  |  |  |  | 70.00 | 73.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | FP | Slightly sheared felsic porphyry with Quartz, Carbonate pyrite alterations. |
|  |  |  |  |  |  | 98.80 | 113.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | FP | Sheared unit of Felsic intrussive interfingering with mafic volanics. Quartz carbonate and pyrite altered. |
|  |  |  |  |  |  |  |  |  |  |  | Sheared unit of Felsic intrussive interfingering with mafic volanics. Quartz carbonate and pyrite altered. |
| **BMDD298** **DD** | 391997 | 9657844 | 1223 | 124 | 60 | 27.00 | 41.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | FP | Oxidised Felsic porphyry with preserved shear fabric hosting quartz veins |
|  |  |  | *Including* | *Including* | *Including* | *27.00* | *30.00* | *3.00* | *10.96* |  | Oxidised Felsic porphyry with preserved shear fabric hosting quartz veins |
|  |  |  |  |  |  | 47.00 | 72.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | FP | Weakly sheared felsic porphyry with moderate to strong Quatrz, Carbonate pyrite alterations. |
|  |  |  |  |  |  | 84.00 | 89.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | FP | Weakly sheared felsic porphyry with moderate to strong Quatrz, Carbonate pyrite alterations. |
| **BMDD299** **DD** | 391901 | 9657813 | 1223 | 126 | 60 | 21.61 | 28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | FP | Moderate to weakly oxidised Felsic pophyry with preserved shear fabric |
|  |  |  |  |  |  |  |  |  |  |  | Moderate to weakly oxidised Felsic pophyry with preserved shear fabric |
| **BMDD300** **DD** | 391989 | 9657821 | 1191 | 126 | 55 | 33.65 | 37.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 | FP | Moderately oxidised Felsic pophyry with preserved shear fabric and hosting quartz vein |
|  |  |  |  |  |  |  |  |  |  |  | Moderately oxidised Felsic pophyry with preserved shear fabric and hosting quartz vein |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** | **Anfield Prospect Significant Intercept Assay Results** |
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Comment** |
| **AFDD001** | 391180.90 | 9657185.00 | 1210.275 | 135 | -60 | 43 | 45.94 | 2.94 | 13.74 MB | Sheared mafic volcanic rock hosting quartz vein |
| **AFDD002** | 391164.50 | 9657169.00 | 1210.136 | 135 | -60 | 42.71 | 44.54 | 1.83 | 1.17 MB | Sheared mafic volcanic rock |
|  |  |  |  |  |  | 83.42 | 88.34 | 4.92 | 0.9 |  |
| **AFDD004** | 391209.40 | 9657173.00 | 1209.381 | 315 | -60 | 32.45 | 38.54 | 6.09 | 1.41 MB | Sheared mafic volcanic rock |
| **AFDD005** | 391191.90 | 9657155.00 | 1209.368 | 315 | -60 | 17.09 | 21.35 | 4.26 | 1.01 MB | Sheared mafic volcanic rock hosting quartz vein |
|  |  |  |  |  |  | 42.8 | 44.8 | 2.00 | 2.53 | Sheared mafic volcanic rock |
|  |  |  |  |  |  | 47.09 | 51.15 | 4.06 | 1.27 |  |
| **AFDD007** DD | 391108.36 | 9657186.36 | 1210.026 | 126 | -55 | 137.5 | 138.5 | 1.00 | 5.71 MB | Sheared mafic volcanic rock with strong quartz carbonate pyrite alteration |
| Sheared mafic volcanic rock with strong quartz carbonate pyrite alteration |  |  |  |  |  |  |  |  |  |  |

---

Notes: Sample Protocol QA/QC – see endnote 2. Sampled widths are not true widths.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Figure 10: NE Buckreef Main Zone and location of the Eastern Porphyry - Anfield Zone trend**

![](fig10.jpg)

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Figure 11: Map Showing Mineralization Extension and Location of Drill Results at Buckreef Main Zone Southwest Extension**

![](fig11.jpg)

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Metallurgical Results, Ongoing Test Work and Results of Metallurgical Variability Study**

The Company continues to work on its mid-to-long-term larger project and has received assay results from its 19-hole metallurgical variability sampling program on the Buckreef Main Zone. The samples were dispatched to SGS South Africa for the metallurgical test work.

The results are positive and significant for the Company because they continue to demonstrate: (i) continuity of mineralization down dip and along strike of the deposit; and (ii) excellent width and grade of mineralization.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMMT015 intersected **28.0 m grading @ 10.68 g/t Au** from 0 m;

&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMMT020 intersected **123.0 m grading @ 2.69 g/t Au** from 3 m;

&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMMT009 intersected **121.0 m grading @ 2.96 g/t Au** from 3 m;

&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMMT022 intersected **106.0 m grading @ 4.19 g/t Au** from 85 m, 77 m grading @ 3.09 g/t from
241 m; and

&nbsp;&nbsp;&nbsp;&nbsp;· Hole BMMT021 intersected **90.0 m grading @ 1.56 g/t Au** from 139 m.

Detailed results are shown in Table 4 and locations are shown in Figure 12.

**Figure 12: Map Showing Location of Metallurgical Drill Holes and Their Result Highlights**

![](fig12.jpg)

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Table 4: Metallurgy Drill Hole Sample Results Summary**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** | **Metallurgy Samples Assay Results** |
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay<br> Grade<br> (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay<br> Grade<br> (gpt)** | **Lithology** | **Comment** |
| **BMMT004** **DD** | 391096.8 | 9657894.8 | 1217.7 | 127 | -72 | 4.0 | 22.0 | 17.0 | 2.17 | Msz | Oxidised and Mineralised shear zone |
| **BMMT005** DD | 391134.7 | 9657947.9 | 1217.6 | 119 | -88 | 0.0 | 21.0 | 21.0 | 0.52 | Msz | Oxidised and Mineralised Shear zone |
| **BMMT006** DD | 391184.0 | 9658008.0 | 1217.7 | 303 | -77 | 4.0 | 15.6 | 11.6 | 0.68 | Msz | Oxidised and Mineralised Shear zone |
| **BMMT007** DD | 391223.8 | 9658080.1 | 1214.7 | 304 | -81 | 0.0 | 8.0 | 8.0 | 0.39 | Msz | Oxidised and Mineralised Shear zone |
| **BMMT008** DD | 391292.3 | 9658148.7 | 1220.1 | 306 | -77 | 2.0 | 94.0 | 89.0 | 1.72 | Msz | Mineralised shear zone with Quartz Veining |
| **BMMT009** DD | 391337.4 | 9658225.5 | 1222.1 | 303 | -82 | 3.0 | 124.0 | 121.0 | 2.96 | Msz | Oxidised and Mineralised shear zone |
|  |  |  |  |  |  | 127.0 | 148.0 | 21.0 | 0.79 | Msz | Shear zone with mild alteration |
|  |  |  |  |  |  | 152.0 | 157.0 | 5.0 | 0.2 | Msz | Shear zone with mild alteration |
| **BMMT010** DD | 391194.4 | 9658008.3 | 1217.5 | 329 | -87 | 69.0 | 86.0 | 17.0 | 3.82 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 87.0 | 97.0 | 10.0 | 0.82 | Msz | Shear zone with mild alteration |
|  |  |  |  |  |  | 100.0 | 129.0 | 29.0 | 3.28 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 144.0 | 170.0 | 26.0 | 3.59 | Msz | Mineralised shear zone with strong alteration |
| **BMMT011** DD | 391112.2 | 9657940.2 | 1217.5 | 136 | -67 | 20.0 | 84.0 | 64.0 | 1.17 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 85.0 | 114.0 | 29.0 | 0.37 | Msz | Shear zone with mild alteration |
|  |  |  |  |  |  | 127.0 | 137.0 | 10.0 | 2.08 | Msz | Mineralised shear zone with strong alteration |
| **BMMT012** DD | 391253.7 | 9658097.7 | 1215.1 | 242 | -75 | 4.0 | 28.0 | 24.0 | 2.28 | Msz | Mineralised shear zone with Quartz Veining |
| **BMMT014** DD | 391055.0 | 9657666.9 | 1218.3 | 90 | -78 | 27.0 | 42.0 | 15.0 | 0.59 | Msz | Mineralised shear zone with mild alteration |
| **BMMT015** DD | 391231.1 | 9658072.9 | 1215.3 | 310 | -80 | 0.0 | 28.0 | 28.0 | 10.68 | Msz | Mineralised shear zone with Quartz Veining |
| **BMMT016** DD | 391353.7 | 9658331.9 | 1223.4 | 306 | -81 | 7.0 | 41.0 | 34.0 | 2.03 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 49.0 | 76.0 | 27.0 | 1.45 |  | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 96.0 | 101.0 | 5.0 | 0.37 | Msz | Shear zone with mild alteration |
| **BMMT017** DD | 391469.3 | 9658387.0 | 1219.9 | 142 | -80 | 4.0 | 26.0 | 22.0 | 3.30 | Msz | Oxidised and Mineralised shear zone |
| **BMMT018** DD | 391521.8 | 9658681.8 | 1218.6 | 126 | -82 | 4.0 | 33.0 | 29.0 | 2.97 | Msz | Mineralised shear zone with Quartz Veining |
|  |  |  |  |  |  | 43.0 | 53.0 | 10.0 | 0.34 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 57.0 | 141.8 | 84.8 | 0.64 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 143.0 | 169.0 | 26.0 | 0.63 | Msz | Mineralised shear zone with mild alteration |
| **BMMT019** DD | 391464.1 | 9658771.4 | 1220.0 | 130 | -67 | 50.0 | 78.0 | 28.0 | 2.33 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 86.0 | 91.0 | 5.0 | 0.43 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 100.0 | 111.0 | 11.0 | 0.55 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 135.0 | 142.0 | 7.0 | 0.77 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 161.0 | 167.0 | 6.0 | 0.55 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 200.0 | 212.0 | 12.0 | 0.75 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 214.0 | 218.0 | 4.0 | 0.32 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 222.0 | 229.8 | 7.8 | 0.55 | Msz | Mineralised shear zone with mild alteration |
| **BMMT020** DD | 391519.4 | 9658607.6 | 1219.9 | 126 | -80 | 3.0 | 126.0 | 123.0 | 2.69 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 128.0 | 130.0 | 2.0 | 1.55 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 152.0 | 154.0 | 2.0 | 2.00 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 202.0 | 208.0 | 6.0 | 2.82 | Msz | Mineralised shear zone with strong alteration |
| **BMMT021** DD | 391493.7 | 9658549.5 | 1220.9 | 134 | -85 | 2.0 | 80.0 | 78.0 | 0.58 | Msz | Mineralised shear zone with quartz veining |
|  |  |  |  |  |  | 88.0 | 91.0 | 3.0 | 0.33 | Msz | Mineralised shear zone with quartz veining |
|  |  |  |  |  |  | 118.0 | 126.0 | 8.0 | 0.54 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 139.0 | 229.0 | 90.0 | 1.56 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 238.0 | 245.0 | 7.0 | 0.95 | Msz | Mineralised shear zone with mild alteration |
| **BMMT022** DD | 391467.7 | 9658451.6 | 1221.0 | 127 | -82 | 42.0 | 54.0 | 12.0 | 0.3 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 58.0 | 72.0 | 14.0 | 0.76 | Msz | Mineralised shear zone with mild alteration |
|  |  |  |  |  |  | 85.0 | 191.0 | 106.0 | 4.19 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 194.0 | 211.0 | 17.0 | 1.16 | Msz |  |
|  |  |  |  |  |  | 213.0 | 240.0 | 27.0 | 1.78 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 241.0 | 318.0 | 77.0 | 3.09 | Msz | Mineralised shear zone with strong alteration |
|  |  |  |  |  |  | 321.0 | 338.0 | 17.0 | 2.95 | Msz | Mineralised shear zone with strong alteration |

---

Notes: Sample Protocol QA/QC – see endnote 2. Sampled widths are not true widths. Of 19 holes drilled, 18 are reported, with the remaining hole unreported due to an incomplete intersection of the Main Zone.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

During Q1 2025, the Company announced completion of the ongoing metallurgical variability study<sup>3</sup> at the Buckreef Gold Project, with results confirming the potential for 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 Measured and Indicated Mineral Resources, 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. 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<sup>3</sup> reported on in October 2024, 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:

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **Potential for an increase in gold recovery:** 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 higher gold
recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Low cost expansion opportunities can continue:** The positive
grade recovery results and increased understanding of the metallurgy of the Buckreef Gold Project provide 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.
The Company is currently in the process of evaluating ways to expedite potential future plant expansions and optimizations.

&nbsp;&nbsp;&nbsp;&nbsp;· **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 Stamford Bridge, Anfield and Eastern Porphyry, where brownfield exploration programs returned very similar geologic and
mineralization characteristics as the Main Zone, to which similar milling processes could apply.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Financial Highlights – Third Quarter and Year to Date 2025**

For the three months ended May 31, 2025, Buckreef Gold poured 4,687 ounces of gold (Q3 2024: 4,628 ounces) and sold 3,995 ounces of gold (Q3 2024: 4,515 ounces) at an average realized price (net)<sup>1</sup> of $3,114 per ounce (Q3 2024: $2,270 per ounce), recognizing revenue of $12.5 million, an increase over the prior year comparative period (Q3 2024: $10.1 million). During Q3 2025, gold ounces sold were lower than gold ounces produced as the Company set aside 646 ounces in inventory (reflecting approximately 20% of production from April 1<sup>st</sup>, 2025), for domestic sale through the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. Subsequent to Q3 2025, the Company signed a Gold Sale Service Agreement with the BoT and sold the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025.

Cost of sales, which include production costs, royalties and depreciation, was $8.1 million (Q3 2024: $5.8 million), generating a gross profit of $4.4 million (Q3 2024: $4.4 million). Gross profit margins were impacted by a higher proportion of mining costs (waste tonnes mined) and a decrease in head grade during Q3 2025 (Q3 2025: 1.72 g/t, Q3 2024: 2.52 g/t) concurrent with the scheduled waste stripping campaign, which began to provide access to higher grade ore blocks benefiting production later in Q3 and into Q4 2025. The scheduled Stage 1 waste stripping campaign is substantially complete and gross profit margins are expected to improve over the remainder of fiscal 2025.

Mining costs per tonne primarily reflect contractor mining costs following the hiring of FEMA on a contract basis to mine ore, waste and to construct the TSF, and owner-operated mining costs from a fleet providing support and supplementing the contract mining fleet at Buckreef Gold. Mining costs per tonne of $3.63 in Q3 2025 and $3.82 in the nine months ended May 31, 2025 were lower than the prior year comparative periods (Q3 2024: $4.58 per tonne, nine months ended May 31, 2024: $4.30 per tonne) as owner operated equipment is being utilized to provide cost effective support for site development projects as well as plant feed operations. During Q3 2025, the Company's owner operated fleet mined 308 kt of ore and waste, supplementing the contract mining fleet during the quarter. The owner operated fleet focused on mining waste around the historical voids in the main zone, which is expected to provide access to high grade ore and benefit production in Q4 2025. The arrival of this equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated fleet was approximately $1.80 to $1.90 per tonne for mining operations during Q3 2025.

Processing costs per tonne of $14.60 in Q3 2025 were significantly lower than the prior year comparative period (Q3 2024: $22.38 per tonne) predominantly due to greater economies of scale following final commissioning of the expanded 2,000 tpd processing facility. The higher processing plant throughput of 1,461 tpd in Q3 2025 (Q3 2024: 809 tpd) provided a higher proportion of overhead cost absorption, thus benefiting processing cost per tonne in Q3 2025.

After general and administrative expenses, revaluation of derivative financial instruments, foreign exchange, interest and other expenses, and income taxes, the Company recorded net income of $1.1 million for Q3 2025 (Q3 2024: net loss of $1.7 million).

Q3 2025 ounces sold (3,995 ounces) generated positive operating cash flow of $3.4 million, an increase over the prior year comparative period (Q3 2024: $3.1 million). Q3 2025 operating cash flow was higher than the prior year comparative period mainly due to the impact of a higher average realized gold price during the quarter (Q3 2025: $3,114 per ounce, Q3 2024: $2,270 per ounce), partially offset by lower ounces of gold sold. Positive operating cash flow is being used to fund value creating activities, including plant expansions, exploration, and advancing the larger project as outlined in the PEA.

As at May 31, 2025, the Company had a cash balance of $6.5 million and working capital of $3.3 million (negative) after adjusting for liabilities which will only be settled by issuing equity of the Company. Working capital in Q3 2025 was impacted by a scheduled stripping campaign focused on accelerating the pit expansion to the north and south end of the main zone to expose ore. As a result of the increased stripping activity, the Company mined a higher proportion of waste tonnes, which began to provide access to higher grade ore blocks benefiting production later in Q3 and into Q4 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

Subsequent to Q3 2025, the Company recapitalized its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile ore inventory. In addition to an increase in daily production from approximately 50 ounces per day in Q3 2025 to approximately 75 ounces per day in Q4 2025, the Company sold 646 ounces in inventory to the BoT following execution of the Gold Sale Service Agreement benefiting revenue, operating cashflow and working capital in Q4 2025. The Company also recovered VAT refunds from the TRA of $0.9 million subsequent to Q3 2025. Beginning in June 2025, the Company's adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 to date, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short term borrowings and has full access to its liquidity lines.

For the nine months ended May 31, 2025, Buckreef Gold produced and sold 12,532 and 12,236 ounces of gold, respectively (2024: 13,622 and 13,361 ounces of gold, respectively). The Company recognized revenue of $34.1 million, an increase over the prior year comparative period (2024: $27.5 million) and cost of sales was $22.7 million (2024: $16.2 million) generating a gross profit of $11.4 million, in line with the nine months ended May 31, 2024 ($11.3 million). The Company recorded net income of $1.3 million (2024: $0.2 million) and generated positive operating cash flow of $7.8 million (2024: $9.3 million) which enabled further investment in the development and growth of Buckreef Gold.

**Capital Expenditures**

During the three months ended May 31, 2025, the Company incurred a total of $5.3 million in cash capital expenditures (including value added tax). Net additions increased as the Company continued to invest in infrastructure and development for the Buckreef Gold property during the quarter, including expenditures related to purchased and leased mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's mining operations, dewatering pumps to support mining activity during the wet season, processing plant security system upgrades, fuel management system enhancements, PEA study costs related to the larger project, pre-stripping mine development activity to access a greater extent of ore, including higher grade blocks, and construction of a significantly expanded TSF to provide storage until early Q3 2026.

For the nine months ended May 31, 2025, the Company incurred a total of $11.0 million in cash capital expenditures, mainly related to expenditures related to finalizing the process plant expansion to 2,000 tpd in Q1 2025, equipment purchases and leases for mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet, processing plant security system upgrades, PEA study costs related to the larger project, dewatering pumps to support mining activity during the wet season, pre-stripping mine development activity and construction of a significantly expanded TSF to provide storage until early Q3 2026.

**Selected Financial Information** 

The following information has been extracted from the Company's interim condensed consolidated financial statements for the three and nine months ended May 31, 2025, prepared in accordance with IFRS.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **$(000's)** | **As at and for the <br> three months ended <br> May 31, 2025** | **As at and for the <br> nine months ended<br> May 31, 2025** | As at and for the <br> three months ended<br> May 31, 2024 | As at and for the <br> nine months ended <br> May 31, 2024 |
| Net (loss) income and comprehensive (loss) income attributable to shareholders | **(218)** | **(1758)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2525) |
| Basic (loss) income per share | **(0.00)** | **(0.01)** | (0.01) | (0.01) |
| Total assets | **112312** | **112312** | 92614 | 92614 |
| Total long term financial liabilities | **15240** | **15240** | 8242 | 8242 |

---

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Financial Results**

**Three months ended May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Three months ended May 31,** | **Three months ended May 31,** |
|  | **Three months ended May 31,** | **Three months ended May 31,** |
|  | **2025** | 2024 |
| Revenue | $**12474** | $10148 |
| Cost of sales | **(8091)** | (5795) |
| Gross profit | **4383** | 4353 |
| General and administrative expense | **(1737)** | (1383) |
| Change in fair value of derivative financial instruments | **(197)** | (2724) |
| Foreign exchange | **56** | 123 |
| Interest, net and other expense | **(290)** | (311) |
| Income tax expense | **(1110)** | (1714) |
| Net income (loss) and comprehensive income (loss) | $**1105** | $(1656) |
| Net income and comprehensive income |  |  |
| attributable to non-controlling interests | **1323** | 983 |
| Net (loss) income and comprehensive (loss) income |  |  |
| attributable to shareholders | **(218)** | (2639) |

---

**Revenue**

For the three months ended May 31, 2025, the Company recognized revenue of $12.5 million (Q3 2024: $10.1 million). The increase in revenue is primarily related to a higher average realized gold price compared to the prior year comparative period, partially offset by lower ounces of gold sold. During the period, the Company sold 3,995 ounces of gold (Q3 2024: 4,515 ounces) at an average realized price (net)<sup>1</sup> of $3,114 per ounce (Q3 2024: $2,270 per ounce). During Q3 2025, gold ounces sold were lower than gold ounces produced as the Company set aside 646 ounces in inventory (reflecting approximately 20% of production from April 1<sup>st</sup>, 2025), for domestic sale through the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. Subsequent to Q3 2025, the Company signed a Gold Sale Service Agreement with the BoT and sold the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025.

**Cost of sales**

Cost of sales for the three months ended May 31, 2025, was $8.1 million (Q3 2024: $5.8 million) and is comprised of production costs (including mining, processing and site general and administrative costs), royalties and depreciation. Assets are depreciated on a straight-line basis over their useful life or depleted on a units-of-production basis over the reserves to which they relate.

For the three months ended May 31, 2025, the Company recorded production costs of $6.2 million (Q3 2024: $4.5 million) and royalties of $1.0 million (Q3 2024: $0.8 million) based on statutory royalty rates in Tanzania. As part of the Gold Sale Service Agreement with the BoT, the Company benefits from a reduced royalty rate of 4% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.3% royalty.

Cash cost<sup>1</sup> which includes production costs and royalties were $1,819 per ounce (Q3 2024: $1,165 per ounce). The increase in cost of sales and cash cost<sup>1</sup> compared to the prior year comparative period is primarily related to a higher proportion of mining costs (waste tonnes mined) and a decrease in head grade during Q3 2025 (Q3 2025: 1.72 g/t, Q3 2024: 2.52 g/t), partially offset by lower mining cost per tonne (Q3 2025: $3.63, Q3 2024: $4.58) and processing cost per tonne (Q3 2025: $14.60, Q3 2024: $22.38). Mining costs and head grade were impacted by the scheduled waste stripping campaign, which began to provide access to higher grade ore blocks benefiting production later in Q3 2025 and into Q4 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

The scheduled Stage 1 waste stripping campaign is substantially complete and gross profit margins are expected to improve over the remainder of fiscal 2025.

Following declaration of commercial production on November 1, 2022, capitalization of mine development costs ceased, and depreciation of capitalized mine development costs commenced. For the three months ended May 31, 2025, the Company recorded depreciation of $0.8 million (Q3 2024: $0.5 million).

**General and administrative expenses**

During the three months ended May 31, 2025, the Company recorded general and administrative expenses of $1.7 million compared to $1.4 million for the prior year period. The variance compared to the prior year period was mainly due to an increase in share based expense as a result of equity based compensation granted for certain key management personnel.

**Change in fair value of derivative financial instruments** 

During the three months ended May 31, 2025, the Company recorded a loss on change in fair value of derivative financial instruments of $0.2 million compared to a loss of $2.7 million in the prior year period. The loss on revaluation of derivative financial instruments is mainly related to revaluation of derivative warrant liabilities and was principally due to a quarterly increase in the Company's share price (Q3 2025: $0.33, Q2 2025: $0.29), a reduction in the remaining term of the warrants (due to the passage of time), and a decrease in the expected volatility assumption under the Black Scholes option pricing model.

**Interest and other expense**

During the three months ended May 31, 2025, the Company recorded interest and other expense of $0.3 million, in line with the prior year comparative period. Interest and other expense is primarily comprised of interest on equipment leases and accretion related to the gold prepayment facility and reclamation liability.

**Income tax expense**

Income tax expense is recognized based on management's estimate of the weighted average annual income tax rate expected for the full financial year. During the three months ended May 31, 2025, the Company recorded income tax expense of $1.1 million (Q3 2024: $1.7 million), comprised of a current income tax expense of $0.2 million (Q3 2024: $0.4 million) and deferred income tax expense of $0.9 million (Q3 2024: $1.3 million) based on current Tanzanian statutory tax rates.

**Net income (loss) and comprehensive income (loss)**

The Company reported net income for the three month period ended May 31, 2025, of $1.1 million ($0.2 million net loss attributable to shareholders, basic and diluted loss per share of $0.00) compared to a net loss of $1.7 million in the prior year period ($2.6 million net loss attributable to shareholders, basic and diluted loss per share of $0.01). The increase in net income compared to the prior year comparative period is primarily due to an increase in gross profit as the Company sold 3,995 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,114 per ounce combined with a lower loss on change in fair value of derivative financial instruments due to a smaller quarterly change in the Company's share price compared to the prior year period.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Nine months ended May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended May 31,** | **Nine months ended May 31,** |
|  | **Nine months ended May 31,** | **Nine months ended May 31,** |
|  | **2025** | 2024 |
| Revenue | $**34109** | $27536 |
| Cost of sales | **(22748)** | (16194) |
| Gross profit | **11361** | 11342 |
| General and administrative expense | **(6548)** | (5361) |
| Change in fair value of derivative financial instruments | **1461** | (925) |
| Foreign exchange | **(97)** | 185 |
| Interest, net and other expense | **(1931)** | (1229) |
| Income tax expense | **(2945)** | (3786) |
| Net income and comprehensive income | $**1301** | $226 |
| Net income and comprehensive income |  |  |
| attributable to non-controlling interests | **3059** | 2751 |
| Net (loss) income and comprehensive (loss) income |  |  |
| attributable to shareholders | **(1758)** | (2525) |

---

**Revenue**

For the nine months ended May 31, 2025, the Company recognized revenue of $34.1 million (2024: $27.5 million). The increase in revenue is primarily related to a higher average realized gold price compared to the prior year comparative period, partially offset by lower ounces of gold sold. During the period, the Company sold 12,236 ounces of gold (2024: 13,361 ounces) at an average realized price (net)<sup>1</sup> of $2,829 per ounce (2024: $2,079 per ounce).

**Cost of sales**

Cost of sales for the nine months ended May 31, 2025, was $22.7 million (2024: $16.2 million) and is comprised of production costs (including mining, processing and site general and administrative costs), royalties and depreciation. Assets are depreciated on a straight-line basis over their useful life or depleted on a units-of-production basis over the reserves to which they relate.

For the nine months ended May 31, 2025, the Company recorded production costs of $17.9 million (2024: $12.7 million) and royalties of $2.6 million (2024: $2.1 million) based on statutory royalty rates in Tanzania (4% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.3% royalty).

Cash cost<sup>1</sup> which includes production costs and royalties were $1,635 per ounce (2024: $1,104 per ounce). The increase in cost of sales and cash cost<sup>1</sup> compared to the prior year comparative period is primarily related to a higher proportion of mining costs (due to an increase in waste tonnes mined) and a decrease in head grade during the nine months ended May 31, 2025 (2025: 1.38 g/t, 2024: 2.53 g/t), partially offset by lower mining cost per tonne (2025: $3.82, 2024: $4.30) and processing cost per tonne (2025: $14.20, 2024: $24.62). Mining costs and head grade were impacted by the scheduled waste stripping campaign which began to provide access to higher grade ore blocks benefiting production later in Q3 2025 and into Q4 2025. The scheduled Stage 1 waste stripping campaign is substantially complete and gross profit margins are expected to improve over the remainder of fiscal 2025. Royalties were higher due to the impact of the statutory royalty rate on higher quarterly revenue as a result of a higher average realized price (net)<sup>1</sup> of $2,829 per ounce (2024: $2,079 per ounce). While cost of sales increased relative to the prior year comparative period, gross profit of $11.4 million was in line with the prior year comparative period (2024: $11.3 million) as the Company benefited from a higher average realized gold price.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

On November 1, 2022, the Company declared commercial production for the processing plant at Buckreef after successful construction, commissioning and ramp-up of processing to a steady state throughput at nameplate capacity. Upon declaration of commercial production, capitalization of mine development costs ceases, and depreciation of capitalized mine development costs commences. For the nine months ended May 31, 2025, the Company recorded depreciation of $2.3 million (2024: $1.5 million).

**General and administrative expenses**

During the nine months ended May 31, 2025, the Company recorded general and administrative expenses of $6.5 million compared to $5.4 million for the prior year period. The variance compared to the prior year period was mainly due to one-time legal and severance costs related to changes in employee personnel during Q2 2025, combined with timing of recognition of year-end incentives, including grants of equity based compensation.

**Change in fair value of derivative financial instruments** 

During the nine months ended May 31, 2025, the Company recorded a gain on change in fair value of derivative financial instruments of $1.5 million compared to a loss of $0.9 million in the prior year period. The gain on revaluation of derivative financial instruments is mainly related to revaluation of derivative warrant liabilities and was principally due to a decrease in the Company's share price (Q3 2025: $0.33, Q4 2024: $0.39), a reduction in the remaining term of the warrants (due to the passage of time), and a decrease in the expected volatility assumption under the Black Scholes option pricing model.

**Interest and other expense**

During the nine months ended May 31, 2025, the Company recorded interest and other expense of $1.9 million compared to $1.2 million in the prior year period. This is primarily due to previously capitalized deferred financing costs that were expensed upon expiry of the equity line of credit with Lincoln Park Capital Fund, LLC in mid-January 2025, and upon termination of the initial At The Market Offering Agreement with H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC, prior to subsequent renewal in Q2 2025.

**Income tax expense**

Income tax expense is recognized based on management's estimate of the weighted average annual income tax rate expected for the full financial year. During the nine months ended May 31, 2025, the Company recorded income tax expense of $2.9 million (2024: $3.8 million), comprised of a current income tax expense of $0.3 million (2024: $0.8 million) and deferred income tax expense of $2.6 million (2024: $3.0 million) based on current Tanzanian statutory tax rates.

**Net income (loss) and comprehensive income (loss)**

The Company reported net income for the nine month period ended May 31, 2025, of $1.3 million ($1.8 million net loss attributable to shareholders, basic and diluted loss per share of $0.01) compared to net income of $0.2 million in the prior year period ($2.5 million net loss attributable to shareholders, basic and diluted loss per share of $0.01). The increase in net income compared to the prior year comparative period is primarily due to an increase in gross profit as the Company sold 12,236 ounces of gold at a record average realized price (net)<sup>1</sup> of $2,829 per ounce, combined with a gain on change in fair value of derivative financial instruments due to a quarterly decrease in the Company's share price compared to the prior year period. This was partially offset by an increase in general and administrative expenses due to one-time legal and severance costs related to changes in employee personnel during Q2 2025, combined with timing of recognition of year-end incentives, and an increase in interest and other expense due to previously capitalized deferred financing costs that were expensed during Q2 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Summary of Quarterly Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($(000's), except per share amounts)** |  |  |  |  |  |  |  |  |
| US$ unless otherwise stated | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 |
| **Net income (loss) and comprehensive income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 |
| Net income (loss) and comprehensive income (loss) attributable to: |  |  |  |  |  |  |  |  |
| *Non-controlling interest* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 |
| *Shareholders* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
| **Net income (loss) and comprehensive income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 |

---

During the three months ended May 31, 2025, the Company reported net income of $1.1 million ($0.2 million net loss attributable to shareholders), compared to a net loss of $1.9 million ($2.5 million net loss attributable to shareholders) in the prior quarter (Q2 2025). The increase in net income compared to the prior quarter is primarily due to an increase in gross profit following higher ounces of gold sold (Q3 2025: 3,995 ounces, Q2 2025: 3,401 ounces) and an increase in average realized price (Q3 2025: $3,114, Q2 2025: $2,739). This, combined with lower general and administrative expenses due to one-time legal and severance costs related to changes in employee personnel recognized during Q2 2025, combined with an increase in interest and other expense due to previously capitalized deferred financing costs that were expensed during Q2 2025 led to the increase in net income in Q3 2025 compared to Q2 2025.

**Liquidity and Capital Resources** 

At May 31, 2025, the Company had $6.5 million of cash (August 31, 2024: $8.3 million) and working capital of $3.3 million (negative) after adjusting for derivative liabilities which will only be settled by issuing equity of the Company and for the current portion of deferred revenue related to the prepaid gold purchase agreement (non-cash) (August 31, 2024: $0.4 million). Working capital in Q3 2025 was impacted by a scheduled stripping campaign focused on accelerating the pit expansion to the north and south end of the main zone in the second layback to expose ore. As a result of the increased stripping activity, the Company mined a higher proportion of waste tonnes, which began to provide access to higher grade ore blocks benefiting production later in Q3 and into Q4 2025 Subsequent to Q3 2025, the Company recapitalized its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. In addition to an increase in daily production from approximately 50 ounces per day in Q3 2025 to approximately 75 ounces per day in Q4 2025, the Company sold 646 ounces in inventory to the BoT following execution of the Gold Sale Service Agreement benefiting revenue, operating cashflow and working capital in Q4 2025. The Company also recovered VAT refunds from the TRA of $0.9 million subsequent to Q3 2025. Beginning in June 2025, the Company's adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 to date, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short term borrowings and has full access to its liquidity lines.

The decrease in cash of $1.8 million over August 31, 2024, was primarily due to operating cash flow being more than offset by an increase in capital investment Buckreef Gold. During the nine months ended May 31, 2025, the Company poured 12,532 ounces of gold and sold 12,236 ounces of gold which contributed to positive operating cash flow of $7.8 million. The increase in operating cash flow was more than offset by an increase in capital expenditures during the nine months ended May 31, 2025. The Company incurred a total of $11.0 million in cash capital expenditures, mainly related to expenditures in finalizing the plant expansion to 2,000 tpd in Q1 2025, equipment purchases and leases for mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's mining operations, processing plant security system upgrades, PEA study costs related to the larger project, dewatering pumps to support mining activity during the wet season, pre-stripping mine development activity which has began to benefit production, and construction of a significantly expanded TSF to provide storage until early Q3 2026.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

To help supplement the Company's liquidity and to fund productivity enhancing purchases, during Q4 2022 the Company entered into a $5 million prepaid Gold Doré Purchase Agreement with OCIM Metals and Mining S.A. ("OCIM Agreement"). The OCIM Agreement required funds to be made available to the Company in two tranches. On May 6, 2024, the Company amended the terms of the OCIM Agreement to allow for additional prepayments and drew $1.0 million in exchange for delivering 40.85 ounces of gold per month, commencing June 2024, for a total of 490.2 ounces of gold over 12 months. On October 30, 2024, the Company drew an additional $0.5 million in exchange for delivering 17 ounces of gold per month, commencing November 2024, for a total of 204 ounces of gold over 12 months.

The $0.5 million drawdown in Q1 2025 was used to help finance the procurement of heavy equipment and haul trucks to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's mining operations.

To provide the Company with access to additional liquidity, on January 7, 2025, the Company entered into a Gold Prepayment Facility with Auramet International, Inc. ("Auramet Gold Prepayment Facility") through which Buckreef may, at its discretion, sell to up to an aggregate amount of 1,000 ounces of gold, up to 21 calendar days prior to deliver, on a revolving basis for a one-year term. At current gold spot prices, this facility can provide access to approximately $3.0 million for working capital purposes. This facility will help provide increased financial flexibility to help manage working capital fluctuations and to accelerate growth. On January 8, 2025, the Company sold 421.6 gold ounces under the Auramet Gold Prepayment Facility for proceeds of $1.1 million and concurrently purchased 421.6 gold ounces for $1.1 million to settle all outstanding gold ounces remaining under the OCIM Agreement. On January 10, 2025, the OCIM Agreement was terminated. As at May 31, 2025, the Company had 695 gold ounces outstanding under the Auramet Gold Prepayment Facility. Subsequent to May 31, 2025 the Company repaid 220 ounces (net) and currently has 475 ounces outstanding under the Auramet Gold Prepayment Facility.

During Q2 2025, the Company also entered into its first ever credit agreement with Stanbic Bank Tanzania Limited ("Stanbic") and renewed it's At The Market Offering Agreement ("ATM") with H.C. Wainwright & Co., LLC ("H.C. Wainwright") as Lead Agent and Roth Capital Partners, LLC ("Roth Capital") as Co-Agent. The combination of these facilities provides the Company with access to supplementary capital, strengthened liquidity, and additional financial flexibility to help accelerate growth in the short to medium term.

The credit agreement with Stanbic consists of a $5 million revolving credit facility and a $4 million vehicle and asset financing ("VAF") facility that may be used at the Company's discretion. The $5 million revolving credit facility has a maximum tenor of twelve months and the $4 million VAF facility has a maximum tenor of thirty-six months. The revolving credit facility provides the Company with access to supplementary liquidity and may be used to support the working capital requirements of the business at the Company's discretion. This facility will allow the Company to make cost effective decisions for deployment of capital across its operations to support continued expansion and growth. The revolving credit facility and VAF facility include standard and customary financing terms and conditions, including those related to security, fees, representations, warranties, covenants, and conditions. This is the first credit facility entered into by Buckreef Gold. As at May 31, 2025, $3.0 million (August 31, 2024 - $nil) was drawn on the Overdraft Facility and $nil (August 31, 2024 - $nil) was drawn on the VAF Facility. Subsequent to May 31, 2025, the Company repaid approximately $2.4 million on the Overdraft Facility, benefiting working capital in Q4 2025.

The Company renewed it's At The Market Offering Agreement with H.C. Wainwright & Co., LLC as Lead Agent and Roth Capital Partners, LLC as Co-Agent, pursuant to which the Company, at its discretion, may offer and sell, from time to time, common shares having an aggregate offering price of up to $25 million. The renewed ATM facility replaces a prior $10 million ATM facility with H.C. Wainwright and Roth Capital and a $10 million purchase agreement with Lincoln Park Capital Fund, LLC, which expired in mid-January 2025 pursuant to its terms.

The Company intends to use the ATM prudently based on prevailing market conditions. If TRX Gold chooses to sell shares under the ATM Offering, the Company intends to use the net proceeds of this offering for drilling, exploration and technical work for the development of the sulphide mineralized material at the Buckreef Gold Project, and for working capital and other general corporate purposes. To date, no shares have been sold under the ATM agreement.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

As of May 31, 2025, the Company has accumulated losses of $123.7 million since inception (August 31, 2024: $121.9 million).

**Commitments**

In order to maintain existing site mining and exploration licenses, the Company is required to pay annual license fees. As at May 31, 2025, these licenses remained in good standing and the Company is up to date on license payments.

**Contingencies**

The Company is involved in litigation and disputes arising in the normal course of operations. Management is of the opinion that the outcome of any potential litigation will not have a material adverse impact on the Company's financial position or results of operations. Accordingly, no provisions for the settlement of outstanding litigation and potential claims have been accrued.

**Off-Balance Sheet Arrangements**

The Company has no off-balance sheet arrangements.

**Transactions with Related Parties**

The Company may enter into related party transactions that are in the normal course of business. Transactions with Related Parties disclosure can be found in Note 17 of the Unaudited Interim Consolidated Financial Statements for the three and nine months ended May 31, 2025.

**Omnibus Equity Incentive Plan**

Effective June 26, 2019, the Company adopted the Omnibus Equity Incentive Plan dated June 26, 2019 (the "Omnibus Plan"), which was approved by the shareholders on August 16, 2019, and subsequently reapproved by the shareholders on February 25, 2022, and February 27, 2025.

The purposes of the Omnibus Plan are: (a) to advance the interests of the Company by enhancing the ability of the Company and its subsidiaries to attract, motivate and retain employees, officers, directors, and consultants, which either of directors or officers may be consultants or employees; (b) to reward such persons for their sustained contributions; and (c) to encourage such persons to consider the long-term corporate performance of the Company.

The Omnibus Plan provides for the grant of options, restricted share units ("RSUs"), deferred share units ("DSUs") and performance share units ("PSUs") (collectively, the "Omnibus Plan Awards"), all of which are described in detail in the Form 40-F Annual Report for the year ended August 31, 2024, and the Information Circular dated January 15, 2025, filed on SEDAR+ on January 28, 2025.

The Omnibus Plan provides for the grant of other share-based awards to participants ("Other Share-Based Awards"), which awards would include the grant of common shares. All Other Share-Based Awards will be granted by an agreement evidencing the Other Share-Based Awards granted under the Omnibus Plan.

Subject to adjustments as provided for under the Omnibus Plan, the maximum number of shares issuable pursuant to Omnibus Plan Awards outstanding at any time under the Omnibus Plan shall not exceed 10% of the aggregate number of common shares outstanding from time to time on a non-diluted basis; provided that the acquisition of common shares by the Company for cancellation shall not constitute non-compliance with the Omnibus Plan for any Omnibus Plan Awards outstanding prior to such purchase of common shares for cancellation.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

For more particulars about the Omnibus Plan, we refer you to the copy of the Omnibus Plan previously filed as an exhibit with the SEC and on SEDAR+. The Omnibus Plan replaces all previous equity compensation plans of the Company, including the Restricted Stock Unit Plan and Stock Option Plan.

**Changes in Accounting Polices and Critical Accounting Estimates and Judgements**

Material accounting policies as well as any changes in accounting policies are discussed in Note 3 "Material Accounting Policies" of the Company's Unaudited Interim Consolidated Financial Statements for the three and nine months ended May 31, 2025.

**Non-IFRS Performance Measures**

**Average realized price per ounce of gold sold**

Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by dividing revenue by ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>May 31, 2025 | Three Months Ended<br>May 31, 2024 | Nine Months Ended<br>May 31, 2025 | Nine Months Ended<br>May 31, 2024 |
| Revenue per financial statements | $12474 | $10148 | $34109 | $27536 |
| Interest recognized from Auramet prepaid gold purchase agreement | (34) | $— | (64) | $— |
| Revenue recognized from OCIM prepaid gold purchase agreement |  | (674) | (2319) | (2090) |
| Revenue from gold sales | 12440 | 9474 | 31726 | 25446 |
| Ounces of gold sold | 3995 | 4515 | 12236 | 13361 |
| Ounces of gold sold from OCIM prepaid gold purchase agreement |  | (342) | (1023) | (1122) |
| Ounces from gold sales (net of OCIM prepaid gold purchase agreement) | 3995 | 4173 | 11213 | 12239 |
| **Average realized price (gross)** | $**3122** | $2248 | $**2788** | $2061 |
| **Average realized price (net)** | $**3114** | $2270 | $**2829** | $2079 |

---

**Cash cost per ounce of gold sold**

Cash cost per ounce of gold sold is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Cash cost per ounce may not be comparable to information in other gold producers' reports and filings. The following table provides a reconciliation of total cash cost per ounce of gold sold to cost of goods sold per the financial statements for the three and nine months ended May 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>May 31, 2025 | Three Months Ended<br>May 31, 2024 | Nine Months Ended<br>May 31, 2025 | Nine Months Ended<br>May 31, 2024 |
| Cost of sales per financial statements | $8091 | $5795 | $22748 | $16194 |
| Less: |  |  |  |  |
| Depreciation | $(823) | $(534) | $(2309) | $(1446) |
| Costs related to settlement of OCIM gold purchase agreement | $— | $— | $1125 | $— |
| Total cash cost | $7268 | $5261 | $19314 | $14748 |
| Ounces of gold sold | 3995 | 4515 | 12236 | 13361 |
| Less: |  |  |  |  |
| Ounces related to settlement of OCIM gold purchase agreement |  |  | (422) |  |
| Total ounces of gold sold net of OCIM gold purchase agreement settlement | 3995 | 4515 | 11814 | 13361 |
| **Cash cost per ounce of gold sold** | $**1819** | $1165 | $**1635** | $1104 |

---

**Adjusted EBITDA**

Adjusted EBITDA is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Adjusted EBITDA may not be comparable to information in other gold producers' reports and filings. Adjusted EBITDA is presented as a supplemental measure of the Company's performance and ability to service its obligations. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

Issuers present Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet their obligations. Adjusted EBITDA represents net income (loss) before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance.

Certain items of expense are added, and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company's underlying operating results for the reporting periods presented or for future operating performance and consist of:

&nbsp;&nbsp;&nbsp;&nbsp;· One-time severance and legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;· Change in fair value of derivative financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;· Accretion related to the provision for reclamation; and

&nbsp;&nbsp;&nbsp;&nbsp;· Share-based compensation expense.

The following table provides a reconciliation of net income and comprehensive income to Adjusted EBITDA per the financial statements for the three and nine months ended May 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | May 31, 2025 | May 31, 2024 | May 31, 2025 | May 31, 2024 |
| Net income (loss) and comprehensive income (loss) per financial statements | 1105 | (1656) | 1301 | 226 |
| Add: |  |  |  |  |
| Depreciation | 823 | 534 | 2309 | 1446 |
| Interest, net and other expense | 290 | 311 | 1931 | 1229 |
| Non-recurring severance and legal expenses | 1 |  | 431 |  |
| Income tax expense | 1110 | 1714 | 2945 | 3786 |
| Change in fair value of derivative financial instruments | 197 | 2724 | (1461) | 925 |
| Share-based payment expense | 453 | 280 | 1882 | 1493 |
| **Adjusted EBITDA** | **3979** | 3907 | **9338** | 9105 |

---

The Company has included "average realized price per ounce of gold sold", "cash cost per ounce of gold sold" and "Adjusted EBITDA" as non-IFRS performance measures throughout this MD&A as TRX Gold believes that these generally accepted industry performance measures provide a useful indication of the Company's operational performance. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**Disclosure of Outstanding Share Data**

As at May 31, 2025, there were 282,883,422 common shares outstanding, 36,190,769 share purchase warrants outstanding, 5,780,329 RSUs outstanding, nil PSUs/DSUs outstanding, and 14,924,000 stock options outstanding.

**Risks Factors** 

The Company is subject to a number of extraneous risk factors over which it has no control. These factors are common to most mineral exploration and development companies and include, among others: project ownership, exploration and development risk, depressed equity markets and related financing risk, commodity price risk, fluctuating exchange rates, environmental risk, insurance risk, sovereign risk. For further details on the risk factors affecting the Company, please see the Company's Form 40-F Annual Report for the year ended August 31, 2024, filed with the SEC on November 29, 2024, and on SEDAR+ as the Company's Annual Information Form on November 29, 2024.

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| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

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**Internal Control Over Financial Reporting ("ICFR")** 

Management of the Company is responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR") for the Company as defined in Rule 13a-15(f) under the Securities and Exchange Act of 1934. The Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have conducted an evaluation of the design and effectiveness of the Company's ICFR as of August 31, 2024. In making this assessment, the Company's management used the criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO 2013"). This evaluation included review of the documentation of controls, evaluation of the design and operating effectiveness of controls, and a conclusion on this evaluation. Based on this evaluation, management concluded that ICFR were not effective for the year ended August 31, 2024, due to a material weakness relating to its information technology general controls ("ITGC"). The Company relies on a third-party service provider that manages its enterprise resource planning ("ERP") software. As at August 31, 2024, the vendor did not have an assurance audit report to confirm the appropriate ITGCs were in place. As a result, the Company was unable to assess the internal controls related to security, availability, processing integrity and confidentiality surrounding the ERP. The Company did not have appropriate controls to monitor the vendor's control environment and ITGCs as per the criteria established in the COSO 2013 Framework.

**Remediation of Material Weaknesses**

The control deficiency described immediately above was concluded on by management during the year ended August 31, 2024. The Company has prioritized the remediation of the material weakness and is working with its vendor to resolve the issue.

During the year ended August 31, 2024, the Company continued to strengthen its internal controls and is committed to ensuring that such controls are designed and operating effectively. The Company is implementing process and control improvements, and management made the following changes during the year to improve the internal control framework, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Continued working with a third-party service provider to implement and test the design and operating effectiveness
of key controls developed in the prior year period. Based on this work, the Company concluded that the majority of internal control deficiencies
previously identified have been substantially remediated, except for the material weakness described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Continued to build an experienced team at Buckreef Gold Company Limited, the Company's operating
subsidiary, including hiring a new site Supply Chain Superintendent and adding additional headcount to enhance controls over the procurement
process, document management, segregation of duties and optimization of the Company's financial reporting close process.

It is the Company's intention to remediate the material weakness by working closely with its vendor and, if required, designing and implementing additional compensating controls over ITGCs over the remainder of fiscal 2025.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Additional Information**

The Company is a Canadian public company listed on the Toronto Stock Exchange trading under the symbol "TRX" and also listed on the NYSE American trading under the symbol "TRX". Additional information about the Company and its business activities is available on SEDAR+ at www.sedarplus.ca; with the SEC at sec.gov; and the Company's website at www.TRXgold.com.

**Approval**

The Board of Directors of TRX Gold Corporation has approved the disclosure contained in this Q3 2025 MD&A. A copy of this Q3 2025 MD&A will be provided to anyone who requests it. It is also available on the SEDAR+ website at www.sedarplus.ca.

---

| | |
|:---|:---|
| ![](logofs.jpg) | **Management's Discussion and Analysis**<br>**May 31, 2025**<br>|

---

**Endnotes**

<sup>1</sup> Refer to "Non-IFRS Performance Measures" section.

<sup>2</sup> Notes Regarding Sample Protocol QA/QC: The sample chain of custody is managed by the Buckreef Gold geology team on site. Reported results are from diamond drilled core samples. Intervals of core to be analyzed are split into half using a mechanized core cutter, with one half sent to the Laboratory for geochemical analysis and the remaining half kept in storage for future reference and uses. Diamond drilled core has been HQ size and recoveries are consistently 100% across all drill hole intercepts reported.

Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QA/QC program involves insertion of duplicate samples, blanks and certified reference materials in the sample stream. Gold analyses are performed by standard fire assaying protocols using a 50-gram charge with atomic absorption (AAS) finish and a gravimetric finish performed for assays greater than 10 grams per tonne.

Sample Preparation and analysis are performed by independent SGS Laboratory in Mwanza, Tanzania. SGS Laboratory is ISO17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting.

The results summarized in this MD&A from the "Buckreef Main Zone NEE" prospect is an extension of the known Buckreef Main Zone. The intercepts confirm a continuity of over 200 m of known Buckreef main deposit to the Northeast. The intersections reported here are a down-hole length and may not represent true width, however the true width is estimated to be between 50% - 60% of the length.

The results summarized in this MD&A from the "Stamford Bridge" target show intercepts that confirm an interpreted mineralized shear zone trending 070 degrees (ENE) that is over a km long. The intersections reported only covers the first 100 m strike length, they are a down-hole length and may not represent true width, however the true width is estimated to be between 50% - 60% of the length.

<sup>3</sup> Notes Regarding Sample Protocol from Metallurgical Variability Test Results: 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.

## Exhibit 99.3

**EXHIBIT 99.3**

**TRX Gold Reports Third Quarter 2025 Results**

**Delivers Strong Q3 and a Clear Path to Growth**

TORONTO, July 15, 2025 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the "Company" or "TRX Gold") reported its results for the third quarter of 2025 ("Q3 2025") for the three and nine months ended May 31, 2025. Financial results are available on the Company's website at www.TRXgold.com.

Stephen Mullowney, TRX CEO commented: "We're pleased with the progress at Buckreef Gold this quarter, driven by the successful execution of our scheduled strip campaign to access higher-grade ore, combined with lower mining and processing cost per tonne. We have started to see the benefits of this work and since May 31<sup>st</sup>, the Company's adjusted working capital turned positive, improving from $3.3 million (negative) to approximately $3.9 million as of today. As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 as of today, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short-term borrowings and has full access to its liquidity lines. Our stockpile has also grown from approximately 290 thousand ("k") tonnes at an average grade of 1.00 g/t ("grams per tonne") containing 9,275 ounces of contained gold at May 31st, to approximately 401 k tonnes grading 1.31 g/t with an estimated 16,876 ounces of contained gold currently, setting up strong cash flow generation going forward. Our short-to-medium term priorities are to continue to expand and upgrade processing capacity in line with our PEA, continue greenfield exploration, and strengthen our liquidity."

**Key highlights for Q3 and Year to Date 2025 include:**

* **PEA Demonstrates Scale and Compelling Growth Plan Economics:** 
During Q3 2025, the Company filed a robust Preliminary Economic Assessment for Buckreef Gold, reporting average annual production of approximately
62 thousand ounces of gold per year over a 17.6 year mine life, including an underground expansion, and an NPV<sub>5%</sub> of $1.2 billion
pre-tax, $0.8 billion after-tax at US$3,000 per ounce of gold. Growth capital to fund the expansion can be funded by internal cash flows
from Buckreef Gold's existing open pit operations.

* **Increasing Revenue, Profitability and Cashflow in Record Gold Price Environment:**
During Q3 2025, Buckreef Gold poured 4,687 ounces of gold and recognized revenue of $12.5 million, gross profit of $4.4 million, net income
of $1.1 million, operating cash flow of $3.4 million and Adjusted EBITDA<sup>1</sup> of $4.0 million, all of which reflect increases compared
to the prior year comparative period. During Q3 2025 the Company sold 3,995 ounces of gold at a record average realized price (net)<sup>1</sup>
of $3,114 per ounce and lower mining cost per tonne ($3.63 per tonne) and processing cost per tonne ($14.60 per tonne), contributing to
an increase in gross margin compared to the prior year comparative period. Year to date, the Company poured 12,532 ounces of gold and
recognized revenue of $34.1 million, gross profit of $11.4 million, net income of $1.3 million, operating cash flow of $7.8 million and
Adjusted EBITDA<sup>1</sup> of $9.3 million. Revenue, gross profit, net income, and Adjusted EBITDA<sup>1</sup> all increased compared
to the prior year comparative period mainly due to the impact of a higher average gold price realized on ounces of gold sold combined
with lower mining cost per tonne ($3.82 per tonne) and processing cost per tonne ($14.20 per tonne). During the period, the Company continued
to benefit from record gold price levels and sold 12,236 ounces of gold at an average realized price (net)<sup>1</sup> of $2,829 per ounce.

* **Increasing Production Benefiting from Access to Higher Grade Ore:** 
Following substantial completion of the scheduled Stage 1 stripping campaign during the first half of fiscal 2025, the Company began to
access higher grade ore blocks benefiting production later in Q3 and into Q4 2025. During Q3 2025, average daily production was approximately
50 ounces per day, an increase from approximately 30 ounces per day Q2 2025, and subsequent to May 31, 2025, average daily production
has increased to approximately 75 ounces per day and is expected to continue over the remainder of Q4 2025.

* **Strengthened Working Capital Position:** Subsequent to Q3
2025, the Company recapitalized its working capital position through increased production, organically generated cashflow, improved liquidity
and an increase in stockpile ore inventory. Beginning in June 2025, the Company's adjusted working capital turned positive, improving
from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company's current ratio has
improved from approximately 0.8 at May 31, 2025 to approximately 1.1 as of today, including a reduction in accounts payable and accrued
liabilities of approximately $5.6 million. The Company has also substantially repaid its short-term borrowings and has full access to
its liquidity lines.

* **Established Domestic Gold Sales:** Subsequent to Q3 2025, Buckreef
Gold signed a Gold Sale Service Agreement with the Bank of Tanzania ("BoT") to set aside a minimum of 20% of its local gold
production for domestic sale through the central bank and local refineries, as required by law for all mining companies in Tanzania in
line with Section 59 of the Tanzanian Mining Act. As part of the Agreement, the Company benefits from a reduced royalty rate of 4% for
any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.3% royalty. During Q3 2025
the Company set aside 646 ounces in inventory which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow
and working capital in Q4 2025. The signing of this Agreement signals Buckreef'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.

**Figure 1: 2,000 tpd Processing Plant at Buckreef Gold, showing CIL tanks and conveyor feed to the ball mills**

![](exh993fig1.jpg)

**Figure 2: Buckreef Gold expanded crushing circuit**![](exh993fig2.jpg)

**Figure 3: Buckreef Gold ore moving through crushing circuit**![](exh993fig3.jpg)

**Figure 4: Buckreef Gold's 1,000 tpd ball mill**![](exh993fig4.jpg)

**Figure 5: Drilling Operations at Buckreef Gold**![](exh993fig5.jpg)

**Q3 2025 Results Conference Call and Webcast Details**

When: Wednesday, July 16 at 9:30 AM EST

Webcast link: https://www.c-meeting.com/web3/joinTo/MP9MKT3Z8WQC2Z/VhlDaclk0e9_oaufJqxtgw

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 Preliminary 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 NPV<sub>5%</sub> 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:**

**Investors:**

Investor Relations

TRX Gold Corporation

IR@TRXgold.com

+1-437-224-5241

www.TRXgold.com

**Non-IFRS Performance Measures**

The company has included certain non-IFRS measures in this news release. The following non-IFRS measures should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and nine months ended May 31, 2025 filed on SEDAR+ and with the Securities and Exchange Commission ("SEC"), as well as the Company's audited consolidated financial statements included in the Company's Annual Report on Form 40-F and Annual Information Form for the year ended August 31, 2024. The financial statements and related notes of TRX Gold have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Additional information has been filed electronically on SEDAR+ and with the SEC and is available online under the Company's profile at www.sedarplus.ca and the Company's filings with the SEC at www.sec.gov and on our website at www.TRXgold.com.

**Adjusted EBITDA**

Adjusted EBITDA is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Adjusted EBITDA may not be comparable to information in other gold producers' reports and filings. Adjusted EBITDA is presented as a supplemental measure of the Company's performance and ability to service its obligations. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results. Issuers present Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet their obligations. Adjusted EBITDA represents net income before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance.

The following table provides a reconciliation of net income (loss) and comprehensive income (loss) to Adjusted EBITDA per the financial statements for the three and nine months ended May 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>May 31, 2025 | Three Months Ended<br>May 31, 2024 | Nine Months Ended<br>May 31, 2025 | Nine Months Ended<br>May 31, 2024 |
| Net income (loss) and comprehensive income (loss) per financial statements | 1105 | (1656) | 1301 | 226 |
| Add: |  |  |  |  |
| Depreciation | 823 | 534 | 2309 | 1446 |
| Interest, net and other expense | 290 | 311 | 1931 | 1229 |
| Non-recurring severance and legal expenses | 1 |  | 431 |  |
| Income tax expense | 1110 | 1714 | 2945 | 3786 |
| Change in fair value of derivative financial instruments | 197 | 2724 | (1461) | 925 |
| Share-based payment expense | 453 | 280 | 1882 | 1493 |
| **Adjusted EBITDA** | **3979** | 3907 | **9338** | 9105 |

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**Average realized price per ounce gold sold**

Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by dividing revenue by ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>May 31, 2025 | Three Months Ended<br>May 31, 2024 | Nine Months Ended<br>May 31, 2025 | Nine Months Ended<br>May 31, 2024 |
| Revenue per financial statements | $12474 | $10148 | $34109 | $27536 |
| Interest recognized from Auramet prepaid gold purchase agreement | (34) | $- | (64) | $- |
| Revenue recognized from OCIM prepaid gold purchase agreement |  | (674) | (2319) | (2090) |
| Revenue from gold sales | 12440 | 9474 | 31726 | 25446 |
| Ounces of gold sold | 3995 | 4515 | 12236 | 13361 |
| Ounces of gold sold from OCIM prepaid gold purchase agreement |  | (342) | (1023) | (1122) |
| Ounces from gold sales (net of OCIM prepaid gold purchase agreement) | 3995 | 4173 | 11213 | 12239 |
| **Average realized price (gross)** | $**3122** | $2248 | $**2788** | $2061 |
| **Average realized price (net)** | $**3114** | $2270 | $**2829** | $2079 |

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The Company has included "average realized price per ounce of gold sold" and "Adjusted EBITDA" as non-IFRS performance measures throughout this news release as TRX Gold believes that these generally accepted industry performance measures provide a useful indication of the Company's operational performance. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

***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 and amount of estimated future production, and capital expenditure.*

*Although TRX Gold believes the expectations expressed in such forward-looking statements 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 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 of 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 ("Buckreef 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.*

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<sup>1</sup> Refer to "Non-IFRS Performance Measures" section.

Photos accompanying this announcement are available at

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https://www.globenewswire.com/NewsRoom/AttachmentNg/9a98eb42-c331-4ff4-ae79-9952dfba2afe

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