# EDGAR Filing Document

**Accession Number:** 0001173643
**File Stem:** 0001171843-26-000263
**Filing Date:** 2026-1
**Character Count:** 193606
**Document Hash:** d464690dd57cd3e32d178db484c6ee3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-000263.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001171843-26-000263

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 127

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**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:** 26533999

**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 January 2026

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 months ended November 30, 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: 333-250146; 333-252876 and 333-255526) and on Form S-8 (Registration Statement File Numbers: 333-234078 and 333-291126) 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.

**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 months ended November 30, 2025 and 2024](exh_991.htm) |
| [99.2](exh_992.htm) | [Management's Discussion & Analysis for the three months ended November 30, 2025 and 2024](exh_992.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: January 14, 2026

## Exhibit 99.1

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

**Exhibit 99.1**

![](logo.jpg)

**TRX Gold Corporation**

#### Interim Condensed Consolidated

#### Financial Statements
(Unaudited)

#### For the three months ended

#### November 30, 2025 and 2024
**TRX Gold Corporation**

#### Interim Condensed Consolidated Statements of Financial Position
(Unaudited)

(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **November 30, 2025** | August 31, 2025 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $**9162** | $7770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | 4 | **7736** | 3818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other assets | 5 | **1654** | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 6 | **17330** | 13018 |
| **Total current assets** |  | **35882** | 25843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 4 | **4359** | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral property, plant and equipment | 7 | **89312** | 87493 |
| **Total assets** |  | $**129553** | $117252 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts payable and accrued liabilities |  | $**15194** | $18164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 8 | **3945** | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 9 | **4131** | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 10 | **1417** | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of borrowings | 24 | **332** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instrument liabilities | 11 | **8011** | 1011 |
| **Total current liabilities** |  | **33030** | 24537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 10 | **1814** | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability |  | **18029** | 15670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 24 | **997** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for reclamation |  | **1186** | 1151 |
| **Total liabilities** |  | **55056** | 42964 |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 13 | **169112** | 168001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments reserve | 14 | **8417** | 8778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants reserve | 15 | **1655** | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | **(125374)** | (121206) |
| **Equity attributable to shareholders** |  | **53810** | 57273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 16 | **20687** | 17015 |
| **Total equity** |  | **74497** | 74288 |
| **Total equity and liabilities** |  | $**129553** | $117252 |

---

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

#### Interim Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
(Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three months ended<br>November 30,** | **Three months ended<br>November 30,** |
| | <br>**Note** | **2025** | 2024 |
| **Revenue** | 21 | $**25117** | $12528 |
| **Cost of sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production costs |  | **(8024)** | (5846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty |  | **(1769)** | (942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | **(1109)** | (906) |
| **Total cost of sales** |  | **(10902)** | (7694) |
| **Gross profit** |  | **14215** | 4834 |
| General and administrative expenses | 18 | **(1691)** | (1425) |
| Change in fair value of derivative financial instruments | 11 | **(7000)** | 819 |
| Foreign exchange losses |  | **(658)** | (77) |
| Interest and other expenses | 19 | **(334)** | (321) |
| **Income before tax** |  | **4532** | 3830 |
| Income tax expense | 8 | **(5028)** | (1693) |
| **Net (loss) income and comprehensive (loss) income** |  | $**(496)** | $2137 |
| **Net (loss) income and comprehensive (loss) income attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders | 12 | $**(4168)** | $981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 16 | **3672** | 1156 |
| **Net (loss) income and comprehensive (loss) income** |  | $**(496)** | $2137 |
| **(Loss) earnings per share attributable to shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted (loss) earnings per share | 12 | $**(0.01)** | $0.00 |

---

*The accompanying notes are an integral part of these unaudited 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 <br> Shares** | **Amount** | **Share-based <br> payments** | **Warrants** | <br>**Accumulated <br> deficit** | <br>**Shareholders' <br> equity** | <br>**Non-<br> controlling <br> interest** | <br>**Total <br> equity** |
| **Balance at August 31, 2024** | **280190736** | $**165945** | $**9151** | $**1700** | $**(121893)** | $**54903** | $**11136** | $**66039** |
| &nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 519215 | 368 | (370) |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 189 |  |  | 189 |  | 189 |
| &nbsp;&nbsp;&nbsp;Net income for the period | - | - | - | - | 981 | 981 | 1156 | 2137 |
| **Balance at November 30, 2024** | **280709951** | $**166313** | $**8970** | $**1700** | $**(120912)** | $**56071** | $**12292** | $**68363** |
| &nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 4151944 | 1688 | (1686) |  |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 2272 |  |  | 2272 |  | 2272 |
| &nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (778) |  |  | (778) |  | (778) |
| &nbsp;&nbsp;&nbsp;Net (loss) income for the period | - | - | - | - | (294) | (294) | 4723 | 4429 |
| **Balance at August 31, 2025** | **284861895** | $**168001** | $**8778** | $**1700** | $**(121206)** | $**57273** | $**17015** | $**74288** |
| &nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 14) | 351571 | 142 | (115) |  |  | 27 |  | 27 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 14) |  |  | 258 |  |  | 258 |  | 258 |
| &nbsp;&nbsp;&nbsp;Shares issued for cash (Notes 13 and 14) | 19408 | 16 |  |  |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;Stock options exercised (Notes 13 and 14) | 1422223 | 775 | (363) |  |  | 412 |  | 412 |
| &nbsp;&nbsp;&nbsp;Warrants exercised (Notes 13 and 14) | 301538 | 178 |  | (45) |  | 133 |  | 133 |
| &nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (141) |  |  | (141) |  | (141) |
| &nbsp;&nbsp;&nbsp;Net (loss) income for the period | - | - | - | - | (4168) | (4168) | 3672 | (496) |
| **Balance at November 30, 2025** | **286956635** | $**169112** | $**8417** | $**1655** | $**(125374)** | $**53810** | $**20687** | $**74497** |

---

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

 

 

**TRX Gold Corporation**

#### Interim Condensed Consolidated Statements of Cash Flows
(Unaudited)

(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| | <br>**Note** | **2025** | 2024 |
| **Operating** |  |  |  |
| Net (loss) income |  | $**(496)** | $2137 |
| Adjustments for items not involving cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash items | 23 | **11863** | 1547 |
| Changes in non-cash working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in amounts receivable |  | **(3744)** | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in inventories |  | **(3877)** | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets |  | **(418)** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in amounts payable and accrued liabilities |  | **(2432)** | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in income tax payable |  | **3124** | (592) |
| **Cash provided by operating activities** |  | $**4020** | $2381 |
| **Investing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets and expenditures |  | $**(112)** | $(431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of mineral property, plant and equipment |  | **(3468)** | (3155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other long-term assets |  | **(443)** | (114) |
| **Cash used in investing activities** |  | $**(4023)** | $(3700) |
| **Financing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  | $**1329** | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock options and warrants exercised |  | **572** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued for cash | 13 | **16** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes on settlement of share-based payments |  | **(141)** | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments | 10 | **(381)** | (223) |
| **Cash provided (used) in financing activities** |  | $**1395** | $(225) |
| Net increase (decrease) in cash |  | $**1392** | $(1544) |
| Cash at beginning of the period |  | **7770** | 8331 |
| **Cash at end of the period** |  | $**9162** | $6787 |
| **Taxes paid in cash** | 8 | $**-** | $994 |
| **Interest paid on leases** | 10 | $**88** | $70 |

---

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

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

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

The Company's unaudited interim condensed consolidated financial statements have been prepared in accordance with IFRS Accounting Standards 34, *Interim Financial Reporting ("IAS 34"),* as issued by the International Accounting Standards Board ("IASB"). These interim condensed consolidated financial statements follow the same accounting policies and methods of application as the Company's most recent annual consolidated financial statements. Accordingly, they do not include all disclosures required by the IFRS for financial statements and should be read in conjunction with the Company's consolidated financial statements for the year ended August 31, 2025.

These unaudited interim condensed consolidated financial statements were approved by the Board of Directors of the Company on January 12, 2026.

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

All amounts in these consolidated financial statements are presented in United States dollars and rounded to the nearest thousand unless otherwise stated. Reference herein of $ or USD is to United States dollars and C$ or CAD is to Canadian dollars. These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for certain financial assets and liabilities which are measured at fair value as disclosed in Note 20.

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

The accounting policies, judgements, and estimates applied in these unaudited 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, 2025.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

**Future changes in accounting policies not yet effective in the current period**

***Presentation and Disclosure in Financial Statements (IFRS 18)***

On April 9, 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements ("IFRS 18") to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. IFRS 18 introduces significant changes to the structure of a company's income statement and transparency in the presentation of management's non-IFRS performance measures and less aggregation of items into large and single numbers. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company will adopt the amendment on the date it becomes effective and based on the currently available information. The Company is currently evaluating the impact of the amendment on its consolidated financial statements.

***Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)***

In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures. The amendments clarify the date of recognition and derecognition of financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion, add new disclosures for financial instruments with contractual terms that can change cash flows, and update the disclosure for equity investments designated at FVOCI. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. The Company is currently assessing the impact of the amendments.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Receivable from precious metal sales | $**2530** | $20 |
| Sales tax receivable <sup>(1)</sup> | **9083** | 7246 |
| Other | **482** | 468 |
| Other receivable | **12095** | 7734 |
| Less: Long-term portion of Sales tax receivable <sup>(1)</sup> | **(4359)** | (3916) |
| **Total amounts receivable** | $**7736** | $3818 |

---

<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 months ended November 30, 2025, the Company recovered $nil (2024 - $0.9 million) of VAT from the TRA in cash or offsets against other taxes.

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

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Prepaid expenses and deposits | $**1436** | $1019 |
| Deferred financing costs | **218** | 218 |
| **Total prepayments and other assets** | $**1654** | $1237 |

---

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

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Ore stockpile | $**12860** | $9088 |
| Gold in-circuit | **872** | 988 |
| Gold doré | **24** | 11 |
| **Total precious metals inventories** | **13756** | 10087 |
| Supplies | **3574** | 2931 |
| **Total inventories** | $**17330** | $13018 |

---

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **<br>Exploration and <br> evaluation <br> expenditures<sup>(1)</sup>** | **Mineral <br> properties** | **Processing <br> plant and <br> related <br> infrastructure<sup>(2)</sup>** | **Machinery <br> and <br> equipment<sup>(3)</sup>** | **Right-of-use <br> assets** | **Other<sup>(4)</sup>** | **Total** |
| **Cost** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As at August 31, 2025** | $**3194** | $**52918** | $**34510** | $**3044** | $**5047** | $**353** | $**99066** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 112 | - | 3105 | 38 | 108 | 14 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As at November 30, 2025** | $**3306** | $**52918** | $**37615** | $**3082** | $**5155** | $**367** | $**102443** |
| **Accumulated depreciation** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As at August 31, 2025** | $**-** | $**6143** | $**2923** | $**1509** | $**896** | $**102** | $**11573** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | - | 1000 | 174 | 137 | 242 | 5 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As at November 30, 2025** | $**-** | $**7143** | $**3097** | $**1646** | $**1138** | $**107** | $**13131** |
| **Net book value** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at August 31, 2025 | $3194 | $46775 | $31587 | $1535 | $4151 | $251 | $87493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As at November 30, 2025** | **3306** | **45775** | **34518** | **1436** | **4017** | **260** | **89312** |

---

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

<sup>(2)</sup> Includes construction in progress of $6.1 million (August 31, 2025 - $3.7 million).

<sup>(3)</sup> Includes automotive and computer equipment and software.

<sup>(4)</sup> Includes leasehold improvements.

As at November 30, 2025, the Company had contractual commitments for capital expenditures of $0.7 million (August 31, 2025 - $2.2 million).

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

Taxation on income comprises current and deferred income tax. Current income tax is generally the expected tax payable on the taxable income for the year calculated using rates enacted or substantively enacted at the statements of financial position date in the countries where the Company's subsidiaries operate and generate taxable income.

The corporate income tax rate in Tanzania remained unchanged from the prior year at 30%. Under Tanzanian tax legislation, a company may utilize tax loss carry forwards to offset up to 60% (2024 – 60%) of taxable income in a given year, with the remaining 40% (2024 – 40%) subject to income tax at the statutory rate of 30%. Accordingly, until tax loss carry forwards are fully utilized, Buckreef Gold Company Limited ("Buckreef") is subject to an effective income tax rate of approximately 12% (2024 – 12%).

During the three months ended November 30, 2025, Buckreef fully utilized its remaining Tanzanian tax loss carry forwards of approximately $1.9 million.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

Deferred income tax is recognized using the liability method, based on temporary differences between consolidated financial statements carrying amounts of assets and liabilities and their respective income tax bases. 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.

The components of income tax expenses recorded are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended <br>November 30,** | **For the three months ended <br>November 30,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | $**3124** | $402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | **1904** | 1291 |
| **Net income tax expense** | $**5028** | $1693 |

---

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

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 September 25, 2025, the Company amended the terms of the Auramet Gold Prepayment Facility to sell up to an aggregate amount of 1,500 ounces of gold for three months.

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2025** | $**3408** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawdown | 16471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of deferred revenue (Notes 19 and 23) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized | (15807) |
| **As at November 30, 2025** | $**4131** |

---

As at November 30, 2025, the Company had 987 gold ounces outstanding under the Auramet Gold Prepayment Facility.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 primarily comprise of leases of mobile and other equipment for use in Buckreef's mining operations.

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

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2025** | $**2807** |
| &nbsp;&nbsp;&nbsp;Additions | 720 |
| &nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Notes 19 and 23) | 88 |
| &nbsp;&nbsp;&nbsp;Lease payments | (381) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | (3) |
| **As at November 30, 2025** | $**3231** |

---

---

| | | |
|:---|:---|:---|
| | <br>**November 30, 2025** | August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities | $**1417** | $1201 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | **1814** | 1606 |
| **Balance at end of period** | $**3231** | $2807 |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the three months ended <br>November 30,** | **For the three months ended <br>November 30,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;Depreciation expense for right-of-use assets (Note 7) | $**242** | $162 |
| &nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Notes 19 and 23) | **88** | 70 |
| **Total amount** | $**330** | $232 |

---

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

As at November 30, 2025, the Company had the following lease commitments:

---

| | |
|:---|:---|
| | **Amount** |
| Not later than one month | $**143** |
| Later than one month and not later than three months | **285** |
| Later than three months and not later than one year | **1300** |
| Later than one year and not later than five years | **1903** |
| **Total undiscounted lease commitments** | $**3631** |

---

As at November 30, 2025, the carrying value of right-of-use assets amounted to $4.0 million (August 31, 2025 - $4.2 million). Equipment under lease contracts are depreciated over their useful lives as the purchase price at the end of the lease term is immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Derivative financial instrument liabilities

---

| | | |
|:---|:---|:---|
| | <br>**November 30, 2025** | <br>August 31, 2025 |
| Derivative warrant liabilities | $**8011** | $1011 |
| **Total derivative financial instrument liabilities** | $**8011** | $1011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Derivative warrant liabilities

---

| | |
|:---|:---|
| | **Amount** |
| **As at August 31, 2025** | $**1011** |
| &nbsp;&nbsp;&nbsp;Change in fair value (Note 23) | 7000 |
| **As at November 30, 2025** | $**8011** |

---

Derivative warrant liabilities of $8.0 million will only be settled by issuing equity of the Company. For the three months ended November 30, 2025, fair value changes amounted to a loss of $7.0 million (2024 – gain of $0.8 million).

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

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Share price | **$0.74** | $0.37 |
| Risk-free interest rate | **3.56% - 3.89%** | 3.70% - 4.01% |
| Dividend yield | **0%** | 0% |
| Expected volatility | **56% - 97%** | 42% - 44% |
| Remaining term (in years) | **0.2 - 1.2** | 0.5 - 1.4 |

---

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

 

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

 

*<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 (loss) income and net assets for the three months ended November 30, 2025 would increase or decrease by:

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | **November 30, 2025** |
| ****<br>**10% change in expected volatilities** | **Increase** | **Decrease** |
| (Loss) income | $**(495)** | $**457** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. (Loss) earnings per share

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| | **2025** | 2024 |
| Net (loss) income attributable to shareholders | $**(4168)** | $981 |
| Weighted average number of common shares for basic EPS<sup>(1)</sup> | **294905664** | 291668469 |
| Effect of dilutive stock options, warrants, RSUs and share awards | **-** | 1826542 |
| Weighted average number of common shares for EPS<sup>(1)</sup> | **294905664** | 293495011 |

---

<sup>(1)</sup> The weighted average number of common shares for basic and diluted EPS include the effect of 9.2 million gross number of vested, but unissued, common shares relating to common share awards and RSUs.

For the three months ended November 30, 2025 all outstanding options to purchase shares of common stock warrants and restricted share units were excluded from the respective computations of diluted loss per share, as the Company was in a loss position, and all potentially dilutive instruments were anti-dilutive and therefore not included in the calculation of diluted net loss per share.

For the three months ended November 30, 2025, the weighted average number of common shares for diluted EPS excluded 13.4 million stock options, 36.0 million warrants, 5.2 million restricted share units, and 0.2 million common share awards that were anti-dilutive (November 30, 2024 – 10.5 million stock options, and 36.2 million warrants respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Share Capital

The Company's authorized capital stock includes an unlimited number of common shares having no par value and preferred shares issuable in series (issued - nil). The Company does not currently pay dividends, and entitlement will only arise upon declaration.

As at November 2025, there were 286,956,635 issued and outstanding shares (August 31, 2025 – 284,861,895).

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Balance at beginning of period | $**8778** | $9151 |
| Share-based compensation expense | **258** | 2461 |
| Transfer on exercise of options and other share-based awards | **(619)** | (2834) |
| **Balance at end of period** | $**8417** | $8778 |

---

**Omnibus Equity Incentive Plan**

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. The Omnibus Plan was subsequently updated and approved by the shareholders on 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 take into account the long-term corporate performance of the Company.

The Omnibus Plan provides for the grant of options, restricted share units, deferred share units and performance share units (collectively, the "Omnibus Plan Awards").

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.

Share-based compensation expense for the three months ended November 30, 2025 totaled $0.3 million (2024: $0.2 million).

As of November 30, 2025, the Company had 8,933,899 (August 31, 2025 – 6,742,580) share awards available for issuance under the Omnibus Equity Incentive Plan.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;a) Stock options

#### Canadian Dollar denominated stock options
 ****

---

| | | |
|:---|:---|:---|
| | **Number of stock <br> options** | **Weighted average <br> exercise price per <br>share** |
| **Balance – August 31, 2025** | **4424000** | **CAD $0.41** |
| Options exercised<sup>(1)</sup> | (1437500) | CAD $0.41 |
| **Balance – November 30, 2025** | **2986500** | **CAD $0.41** |

---

<sup>(1)</sup> The weighted average share price at the time of the option exercise was C$0.91.

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 date** | **Remaining<br> contractual**<br>**life (years)** |
| &nbsp;&nbsp;&nbsp;&nbsp;C$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359000 | October 11, 2026 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;C$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527500 | September 29, 2026 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;C$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | January 2, 2027 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**C$0.41<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2986500** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2986500** |  | &nbsp;&nbsp;&nbsp;**0.9<sup>(1)</sup>** |

---

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

#### US Dollar denominated stock options
 ****

---

| | | |
|:---|:---|:---|
| | **Number of stock <br> options** | **Weighted average <br>exercise price per <br> share** |
| **Balance – August 31, 2025** | **10500000** | **$0.45** |
| Options forfeited | (120000) | $0.36 |
| **Balance – November 30, 2025** | **10380000** | **$0.38** |

---

 ****

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** | **Expiry**<br>**date** | **Remaining <br>contractual**<br>**life (years)** |
| &nbsp;&nbsp;&nbsp;&nbsp;USD $0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | 40000 | February 28, 2026 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;USD $0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | 4400000 | August 17, 2027 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;USD $0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | 1440000 | August 28, 2028 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;USD $0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440000 | 520000 | December 24, 2029 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**USD $0.45<sup>(1)</sup>** | **10380000** | **6400000** |  | **2.5<sup>(1)</sup>** |

---

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

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

For the three months ended November 30, 2025, share-based payment expenses related to stock options totaled $0.1 million (2024 – $0.1 million).

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Restricted Share Units:** 

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

---

| | |
|:---|:---|
| | **Number of RSUs** |
| **Balance – August 31, 2025** | **5407926** |
| Forfeited | (252957) |
| **Balance – November 30, 2025** | **5154969** |

---

For the three months ended November 30, 2025, share-based payment expenses related to RSUs totaled $0.1 million (2024 - $0.1 million).

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

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br> warrants** | **Weighted <br> average <br> exercise price <br>per share** | **Weighted average <br> remaining <br> contractual life <br>(years)** |
| **Balance – August 31, 2025** | **36190769** | **$0.62** | **0.9** |
| Warrants exercised | (301538) | $0.44 |  |
| **Balance – November 30, 2025** | **35889231** | **$0.62** | **0.7** |

---

As at November 30, 2025, the following warrants were outstanding:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>Warrants** | **Exercise price** | **Expiry date** |
| Private placement financing warrants - February 11, 2021 | 16461539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.80 | February 11, 2026 |
| Private placement financing broker warrants - February 11, 2021 | 1152307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.80 | February 11, 2026 |
| Private placement financing warrants - January 26, 2022 | 17948718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | January 26, 2027 |
| Private placement financing placement agent warrants - January 26, 2022 | 326667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | January 26, 2027 |
| **Balance – November 30, 2025** | **35889231** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$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 months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

The changes to non-controlling interest are as follows:

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| Balance at beginning of period | $**17015** | 11136 |
| Non-controlling interest's 45% share of Buckreef's comprehensive income | **3672** | 5879 |
| **Balance at end of period** | $**20687** | 17015 |

---

Summarized financial information for Buckreef is disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| **Income Statement** | **2025** | 2024 |
| Revenue | $**25117** | $12528 |
| Depreciation | **1109** | 906 |
| Accretion expense | **211** | 188 |
| Income tax expense | **5028** | 1693 |
| Comprehensive income for the period | **8159** | 2568 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Financial Position** | **November 30, 2025** | August 31, 2025 |
| Current assets | $**30737** | $21223 |
| Non-current assets | **91547** | 89368 |
| Current liabilities | **(23126)** | (21398) |
| Non-current liabilities | **(21934)** | (18428) |
| Advances from parent, net | **(24941)** | (26567) |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| **Statement of Cash Flows** | **2025** | 2024 |
| Cash provided by operating activities | $**5843** | $3572 |
| Cash used in investing activities | **(4125)** | (3675) |
| Cash used in financing activities | **(886)** | (1090) |

---

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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

The Company's key management personnel consist of its Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Senior Vice President, Tanzania and directors of the Company. Related parties include the key management personnel, extended relatives and enterprises that are controlled by these individuals as well as certain consultants performing similar functions.

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| **Key management personnel** | **2025** | 2024 |
| Remuneration | $**451** | $366 |
| Share-based compensation expense | **166** | 93 |
| **Total key management personnel** | $**617** | $459 |

---

During the three months ended November 30, 2025, $0.1 million for stock options granted to key management personnel was expensed (2024 - $0.1 million) and $0.1 million for RSUs granted to directors and key management personnel was expensed (2024 - $nil).

During the three months ended November 30, 2025, $nil related to common share awards granted to directors and key management personnel pursuant to their employment contracts was expensed (2024 - $nil).

As of November 30, 2025, 6.4 million common shares vested from share-based compensation have yet to be issued.

During the three months ended November 30, 2025, Buckreef recognized expenses of $0.1 million (2024: $0.1 million) related to loans provided by its parent.

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| | **2025** | 2024 |
| Directors' fees (Note 17) | $**91** | $64 |
| Insurance | **52** | 61 |
| Office and general | **48** | 60 |
| Shareholder information | **219** | 151 |
| Professional fees | **246** | 169 |
| Salaries and benefits (Note 17) | **548** | 477 |
| Consulting | **176** | 215 |
| Share-based compensation expense (Notes 14 and 17) | **236** | 156 |
| Travel and accommodation | **56** | 52 |
| Depreciation | **14** | 15 |
| Other | **5** | 5 |
| **Total general and administrative expenses** | $**1691** | $1425 |

---

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Interest and other expenses

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br>November 30,** | **Three months ended <br>November 30,** |
| | **2025** | 2024 |
| Accretion of provision for reclamation (Note 23) | $**35** | $35 |
| Accretion of lease liabilities (Notes 10 and 23) | **88** | 70 |
| Accretion of deferred revenue (Notes 9 and 23) | **59** | 84 |
| Interest on borrowings | **21** |  |
| Financing costs expensed | **67** |  |
| Other | **64** | 132 |
| **Total interest and other expenses** | $**334** | $321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Financial instruments

#### Fair value of financial instruments
The following table sets out the classification of the Company's financial instruments as at November 30, 2025 and August 31, 2025:

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| **Financial Assets** |  |  |
| Measured at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;Amounts receivable | $**7736** | $3818 |
| Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;Cash | **9162** | 7770 |

---

---

| | | |
|:---|:---|:---|
| | **November 30, 2025** | August 31, 2025 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;Amounts payables and accrued liabilities | **15194** | 18164 |
| &nbsp;&nbsp;&nbsp;Borrowings | **1329** |  |
| Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;Derivative financial instrument liabilities | **8011** | 1011 |

---

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.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

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:

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

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

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

As at November 30, 2025 and August 31, 2025, cash was classified as Level 1 and derivative financial instruments (Note 11) were classified as Level 3 under the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. 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 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*.

#### 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 November 30,** | **Three months ended November 30,** |
| **Revenue** | **2025** | 2024 |
| Tanzania | $**25117** | $12528 |
| **Total revenue** | $**25117** | $12528 |

---

During the three months ended November 30, 2025, the Company recognized 10% or more of total revenue from two customers (2024 – one) who contributed $19.5 million (2024 – $11.6 million) and $5.6 million (2024 – $nil).

---

| | | |
|:---|:---|:---|
| **Non-current assets** | **November 30, 2025** | August 31, 2025 |
| Canada | $**115** | $12 |
| Tanzania | **93556** | 91397 |
| **Total non-current assets** | $**93671** | $91409 |

---

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. 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 November 30, 2025 and August 31, 2025, 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 November 30, 2025 and August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Non-cash items

---

| | | |
|:---|:---|:---|
|  | **Three months ended November 30,** | **Three months ended November 30,** |
| | **2025** | **2024** |
| Depreciation | $**1123** | $921 |
| Change in fair value of derivative financial instruments (Note 11) | **7000** | (819) |
| Share-based compensation expense (Note 14) | **258** | 189 |
| Accretion of provision for reclamation (Note 19) | **35** | 36 |
| Deferred income tax expense (Note 8) | **1904** | 1291 |
| Accretion of lease liabilities (Notes 10 and 19) | **88** | 70 |
| Deferred revenue (Note 9) | **664** | (415) |
| Accretion of deferred revenue (Notes 9 and 19) | **59** | 84 |
| Foreign exchange losses | **731** | 190 |
| Financing costs expensed | **1** | - |
| **Total non-cash items** | $**11863** | $1547 |

---

For the three months ended November 30, 2025, a decrease in amounts payable and accrued liabilities of $0.1 million (2024 – increase of $0.1 million) was related to purchase of mineral property, plant and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Borrowings

During the first quarter 2026, the secured debt facility with Stanbic Bank Tanzania Limited ("Stanbic Facility") , which consists of $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 was amended by reducing the $5.0 million overdraft facility to $4.0 million and increase $4.0 million VAF facility to $5.0 million.

The Overdraft Facility bears interest on any outstanding drawings 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.

**TRX Gold Corporation**

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

**For the three months ended November 30, 2025 and 2024**

**(Unaudited)**

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

The VAF Facility bears interest on any outstanding drawings at the three-month Secured Overnight Financing Rate ("SOFR") 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 of November 30, 2025, $1.3 million of the VAF facility was drawn. The VAF facility is secured by the underlying asset.

## Exhibit 99.2

**Exhibit 99.2**

![](logo.jpg)

**TRX GOLD CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three month period ended November 30, 2025

![](mdacover.jpg)

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

---

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 Condensed Consolidated Financial Statements for the three months ended November 30, 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, 2025. 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, on EDGAR at www.sec.gov/edgar, and on our website at www.TRXGold.com.

This MD&A reports our activities to date, January 14, 2026, unless otherwise indicated. References to the 1<sup>st</sup> quarter of 2026 or Q1 2026, and references to the 1<sup>st</sup> quarter of 2025 or Q1 2025 mean the three months ended November 30, 2025, and November 30, 2024, respectively. References to fiscal 2026 and fiscal 2025 mean the twelve months ended August 31, 2026 and August 31, 2025, 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 45.

**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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

---

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+ and EDGAR, 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 at 3,000 tonnes per day of throughput capacity, and $1.9 billion pre-tax NPV<sub>5%</sub> at average life of mine gold price of $4,000/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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Highlights – First Quarter 2026**

The Company continued its positive trajectory by achieving record gold production during Q1 2026 as the Company benefited from access to higher grade ore following successful completion of the scheduled Stage 1 stripping campaign in fiscal 2025. The production rate improved in Q1 2026 as planned, and the Company continued to demonstrate leverage to record gold spot prices during Q1 2026, recording higher revenue, gross profit, adjusted net income, operating cash flow and EBITDA compared to the prior year comparative period. As a result, the Company was able to continue to improve its working capital position while continuing to invest in the future growth and development of Buckreef Gold. During fiscal 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 $1.9 billion pre-tax ($1.2 billion after-tax) at $4,000 per ounce of gold. During Q1 2026, the Company announced it would upgrade and expand processing capacity to a larger processing facility than was initially contemplated in the PEA. The expanded plant is now expected to produce greater than 62 thousand ounces of average annual gold as published in the PEA and will be funded from cashflow from operations. The Company's short-to-medium term priorities are to continue to expand and upgrade processing capacity as outlined or above the PEA, continue advancing exploration in key areas, and continue to strengthen liquidity. 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 Q1 2026 Financial and Operational Highlights:** 

· During Q1 2026, the Company announced it has begun executing on a larger processing facility than was initially contemplated in the PEA, consisting of a 3,000+ tpd processing circuit for sulphide material as well as a 1,000 tpd processing circuit for oxide and transition material, and tailings retreatment, while also being capable of processing sulphide material. The newly designed processing plant expansion is now expected to produce average annual gold production in excess of the 62,000 ounces of gold published in the PEA and is expected to be financed from internally generated cashflow over the next 18-24 months.

· During Q1 2026 the Company made progress on upgrades to the 2,000 tpd plant and the expansion to a 3,000+
tpd processing plant, including finalization of procurement and accelerated manufacturing for several key components, including the pre-leach
thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant and new gold room, and apron feeder &
belt magnet. The plant upgrades are scheduled for completion in fiscal 2026 and are expected to boost plant reliability and performance.

· During Q1 2026, Buckreef Gold poured a record 6,597 ounces of gold and sold 6,492 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,860 per ounce, recognizing revenue of $25.1 million, gross profit of $14.2 million, adjusted net income<sup>1</sup> of $7.7 million, operating cash flow of $4.0 million and EBITDA<sup>1</sup> of $13.2 million, all of which reflect increases compared to the prior year comparative period, demonstrating the Company's leverage to record gold prices during Q1 2026.

· During Q1 2026, the Company continued to strengthen its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result, the Company's current ratio has improved from approximately 1.3 at August 31, 2025 to approximately 1.7 at November 30, 2025, after adjusting for non-cash liabilities.

*Numerical annotations throughout the text of the remainder of this document refer to the endnotes found on page 45.* 

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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· During Q1 2026, the Company continued to invest in mine development, mill optimizations, and run of mine (ROM) stockpile inventory. The ROM stockpile has grown from approximately 15,162 ounces of contained gold at August 31, 2025, to an estimated 19,698 ounces of contained gold as at November 30, 2025. Subsequent to Q1 2026, the ROM pad stockpile has increased further to an estimated 22,891 ounces of contained gold, an increase of 3,193 ounces compared to November 30, 2025, as the Company continued to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material.

· During Q1 2026, the Company began the first phase of the fiscal 2026 exploration program by completing a detailed 810 line-kilometer ground magnetic survey in October 2025. This high-resolution geophysical survey is designed to map subsurface magnetic variations across the tenement area, helping to identify structural features, lithological contacts, and potential mineralized zones with the goal of generating new drilling targets. A final geological interpretation is expected in fiscal Q2 2026.

· During Q1 2026, the Company focused on metallurgical testwork programs including (i) gold deportment testing across various geo-metallurgical domains within the Buckreef Main Zone, (ii) flotation and concentrate leach optimization testwork, and (iii) SAG and Ball Mill Circuit Design, as part of its current flowsheet optimization and future expanded flowsheet development. Testwork was completed in the areas of flotation, fine-grinding and intensive leaching. Flotation testwork continued to deliver positive recoveries of 88% - 91.5% and fine grinding and intensive leaching testwork indicated that positive recoveries of flotation concentrate are achieve at a p80 of 20 microns. Final analysis of these results, along with fine grind concentrate settling rates, are expected to be received in fiscal Q2 2026.

· The Company achieved zero lost time injuries ("LTI") and there were no reportable environmental incidents during Q1 2026.

**Recent Developments:**

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

· 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.

· 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:

· Base case NPV<sub>5%</sub> of $701 million pre-tax, or $442 million after tax at consensus forecast case gold prices ($2,707/oz year 1, $2,646/oz year 2, $2,495/oz year 3, $2,400/oz year 4, $2,245/oz thereafter) and NPV<sub>5%</sub> of $1,879 million pre-tax, or $1,239 million after tax at an upside $4,000/oz gold price sensitivity;

· 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;

· 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 ounces of gold per annum. During the first five years of the underground operation, average recovered production is planned to be over 80,000 ounces of gold per annum;

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

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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· The PEA assumes that growth capital of $89 million will be deployed over the next four-year period comprised of: (i) $55 million in capital for the underground expansion; (ii) $30 million for process improvements, process plant throughput expansion, and camp upgrades; and (iii) $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 $175 million and is primarily for underground development. LOM sustaining capital cost of $87 million is estimated for site and process plant, and $97 million for underground mining;

· 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

· 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.

**Advancing Processing Plant Expansion –Throughput Now Expected to be Greater Than 3,000 tpd**

· As outlined in the PEA filed on May 27, 2025, the Company's plan is to expand and upgrade the processing plant over the next two years to increase throughput and recoveries, followed by a transition from open pit to underground mining. The PEA initially contemplated a single 3,000 tpd processing circuit for sulphide ore that was expected to produce average annual gold production of approximately 62,000 ounces of gold over 17.6 years at a capital cost of approximately $30 million for the processing plant expansion. The Company has begun executing on a larger processing facility than was initially contemplated in the PEA, consisting of a 3,000+ tpd processing circuit for sulphide material as well as a 1,000 tpd processing circuit for tailings retreatment, lower grade stockpiled material and additional ores identified through exploration or revised mining plans. The newly designed processing plant expansion will consist of plant upgrades and new
 components being integrated into the existing 2,000 tpd processing plant at a capital cost of approximately $30 million, in line with the PEA, and financed from internally generated cashflow over the next 18-24 months. The increase in expected throughput from the larger processing circuit is now expected to produce average annual gold production in excess of the 62,000 ounces of gold published in the PEA.

· Overall plant upgrades, including plant efficiency improvements (ball mill upgrades, CIL tank upgrades, increased oxidation capacity through improved air blowers and oxygen dispersion) along with construction of an 18 meter diameter pre-leach thickener and installation of a new adsorption, desorption and refining ("ADR") plant & Gold Room facilities are scheduled for commissioning in early fiscal 2027 and are expected to boost plant reliability and performance of the existing 2,000 tpd plant.

· During Q4 2025, the Company initiated the procurement process on certain plant upgrades, including downpayments on the pre-leach thickener to improve gold concentration (including upgraded interstage screens and agitators), upgrades to the elution plant/gold room (to improve carbon activity and to reduce gold solution losses), added slurry oxidation capacity through improved air blowers and oxygen dispersion (including Aachen reactor and oxygen plant) and crushing circuit upgrades (including apron feeder, belt magnet, conveyor belt, secondary and tertiary crusher improvements).

· The Company also finalized plans for the addition of a flotation circuit (to improve mineral separation to facilitate higher recovery) as well as the addition of a Semi Autogenous Grind Mill ("SAG") and new crushing circuit (including a new jaw crusher, conveyor and ancillary Carbon-in-Leach tanks) as part of the longer-term plan to expand the plant to 3,000+ tpd as outlined in the PEA.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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· During Q1 2026 the Company continued to make progress on upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant. Procurement has been finalized and manufacturing accelerated for several key components, including (i) the pre-leach thickener (manufacturing complete and assembly to commence mid-January 2026); (ii) upgraded agitators & interstage screens (production 95% complete with shipment scheduled for January 2026); (iii) Aachen reactor (reactor has arrived on-site with installation set to begin mid-January 2026); (iv) oxygen plant (shipment is scheduled for mid-January 2026 with installation anticipated in March 2026); (v) ADR plant and new gold room (procurement of long-lead items commenced with site work and civils construction anticipated in April 2026 followed by installation and commissioning expected in early fiscal 2027); and (vi) apron feeder & belt magnet (arrived on site with fabrication and installation
 expected in February 2026).

· During Q1 2026 the Company also advanced plans for the addition of a (i) flotation circuit (samples provided for metallurgical testwork, manufacturer bidding expected to conclude in March 2026 followed by procurement and then construction); (ii) SAG mill (collaboration with comminution firm on crushing/milling components, manufacturer bidding expected to conclude in March 2026 followed by procurement and then construction in 2027) and (iii) new jaw-crushing circuit (preliminary design work underway).

· These projects are in various stages of project development and are expected to progressively increase throughput and recovery rates from now until their respective scheduled completion dates.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Operational and Financial Details – First Quarter 2026**

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

· During the Q1 2026, Buckreef Gold reported zero LTI at site, recorded a safety incident frequency rate of zero (per million hours), including contractors, and achieved 4.6 million hours of LTI free work.

· During Q1 2026, Buckreef Gold poured a record 6,597 ounces of gold (Q1 2025: 4,841 ounces) and sold 6,492 ounces of gold (Q1 2025: 4,813 ounces). Gold production in Q1 2026 was higher than the prior year comparative period as higher average head grade of 1.88 g/t (Q1 2025: 1.29 g/t) and a higher average recovery of 75% (Q1 2025: 72%) more than offset lower mill throughput of 1,540 tpd (Q1 2025: 1,703 tpd). The higher average head grade was due to the mine sequence where the open pit mine accessed higher grade ore blocks in Q1 2026 (in line with mine plan), following completion of the scheduled Stage 1 stripping campaign during the first half of fiscal 2025. The higher average recovery in Q1 2026 was mainly due to a series of plant optimization initiatives, including (i) increasing carbon inventory in the Carbon in Leach (CIL) circuit to improve gold adsorption and reduce gold loss in the solution tails; (ii) increasing pH in the CIL circuit by adding
 additional lime to improve leaching kinetics and reduce cyanide consumption; and (iii) increasing dissolved oxygen levels to improve leaching kinetics by reducing the solid tails. During Q1 2026, the Company continued to advance on several near-term plant enhancements to further improve gold recoveries, including the addition of a pre-leach thickener (to improve consistency of leaching density), upgrades to the elution plant and new ADR plant (to improve carbon activity and to reduce gold solution losses), and added slurry oxidation capacity through improved air blowers and oxygen injection. The Company expects recovery to improve consistently over the year as these plant enhancements are completed. During Q1 2026 the processing plant achieved, on average, slightly lower throughput than the prior year comparative period, mainly due to timing of maintenance of the crushing and milling circuits, coupled with an increase in the proportion of fresh rock (75%) versus soft rock (25%) processed
 in Q1 2026. Throughput is expected to improve over the year as the Company is focused on reducing mill feed size, maximising mill power and reducing unplanned downtime. Throughput is also expected to benefit as the Company continues to advance on upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant.

· Total ore tonnes mined of 227 kt in Q1 2026 were higher than the prior year period (Q1 2025: 103 kt) as stripping activities during Q1 2025 focused on accelerating the pit expansion to the north and south end of the Stage 1 pit to expose ore in late fiscal 2025 and into fiscal 2026. Waste tonnes mined of 1,129 kt during Q1 2026 were higher than the prior year period (Q1 2025: 821 kt) primarily due to the commencement of Stage 2 stripping of the Main Pit which will allow for mill feed in fiscal 2027-2029, coupled with an increase in contractor and owner managed fleet capacity in Q1 2026. The lower proportion of waste to ore tonnes contributed to a lower strip ratio of 5.0 (waste:ore tonnes) compared to the prior year period (8.0 waste:ore tonnes).

· During Q1 2026, the Company's owner operated fleet continued to supplement the contract fleet by mining 329 kt of waste, 31 kt of TSF material, 33 kt of rehandled ROM material, and 108 kt of topsoil removal. The owner operated fleet also contributed to earthworks for several site projects, including the stage one upgrade of the ROM Pad and the maintenance of local community roads. These activities played a critical role in maintaining mining continuity, improving ore access, and supporting ongoing infrastructure development at Buckreef Gold. This equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated fleet for Q1 2026, was approximately $1.50 per tonne for mining and project support activities. As the Company further supplements the contract fleet with its owner managed fleet for mining operations, site development work, roadway construction and maintenance, it
 is anticipated that operating costs will continue to improve over fiscal 2026.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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*<u>Fiscal 2026 Outlook</u>*

· The Company continues to expect gold production to be in the range of 25,000 - 30,000 ounces for fiscal 2026, an increase compared to actual 2025 production of 18,935 ounces, as the Company expects to continue accessing higher grade ore blocks in 2026 following completion of the Stage 1 stripping campaign during the first half of 2025. Across the four quarters of 2026, the Company's gold production is expected to be the lowest in Q1 2026, and highest in Q4 2026 due to the timing of scheduled plant maintenance, mine sequencing and completion of plant upgrades and enhancements which are expected to improve recoveries. This is expected to result in an approximate 45% / 55% split of the Company's total gold production between the first half and second half of the year, respectively. The Company continues to expect total average cash cost<sup>1</sup> to be in the range of $1,400 - $1,600 per ounce for fiscal 2026, compared with actual 2025 total
 average cash cost<sup>1</sup> of $1,530 per ounce. The Company expects cash cost to be slightly higher in the first half of the year and lower in the second half of the year in line with the production weighting.

· Operating cash flow will be predominantly reinvested in the Company with a focus on value enhancing activities, including: (i) exploration and drilling with a focus on potential mineral resource expansion at the Buckreef Main Zone (underground resource drilling), Stamford Bridge (exploration drilling), and Eastern Porphyry (grade control / resource drilling); (ii) capital programs focused on further plant upgrades and expansions to improve throughput and recoveries; and (iii) additional mining and drilling equipment to improve operating efficiency and lower mining cost per tonne and drilling cost per meter.

· The Company continues to expect total capital expenditures, excluding waste rock stripping, to be in the range of $15 - $20 million, compared with actual 2025 cash capital expenditures (including VAT) of approximately $15.6 million. Capital expenditures include initiatives related to the long-term growth of Buckreef Gold, including the plant upgrade and expansion project aimed at increasing average annual throughput and recoveries at Buckreef Gold. This includes the addition of a pre-leach thickener, combined with upgrades to the elution plant, new ADR plant, improved air blowers and oxygen dispersion. Capital expenditures also include downpayments for the addition of a flotation circuit as well as the addition of a Semi Autogenous Grind Mill and new crushing circuit (including a new jaw crusher, conveyor and ancillary Carbon-in-Leach tanks) as part of the longer-term plan to expand the plant to 3,000+ tpd as outlined in the PEA. The Company is also
 planning expenditures related to the construction of a significantly expanded TSF, and procurement of heavy (and mobile) equipment, dewatering pumps and upgraded camp accommodation during fiscal 2026.

· Capitalized waste rock stripping will be expensed or capitalized based on the actual quarterly stripping ratio versus the expected life of mine stripping ratio and may be variable quarter over quarter and year over year. In fiscal 2026, capitalized stripping is expected to be lowest in Q1 2026 and then incurred evenly over Q2-Q4 2026 based on the expected mine plan.

· The Company continues to expect exploration expenditures to be in the range of $3 - $5 million, and includes a geophysics survey to identify additional drilling targets, underground resource drilling on the Buckreef Main Zone, exploration drilling on the Stamford Bridge Zone, reverse circulation drilling on the Eastern Porphyry and the addition of an owner operated reverse circulation drilling rig and diamond drilling rig, which are expected to improve the Company's drilling cost per meter.

 

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

---

 

*<u>Inventory</u>*

· As at November 30, 2025, the ROM pad stockpile contained 487,321 tonnes at an average grade of 1.26 g/t with an estimated 19,698 ounces of contained gold. A further stockpile of crushed mill feed of 17,055 tonnes at 1.96 g/t containing an estimated 1,073 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 $87.7 million using the London PM Fix gold price of approximately $4,220 per ounce as at November 30, 2025. Since year-end August 31, 2025, the Company added 4,536 ounces to the ROM pad stockpile 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 Q1 2026, the Company processed stockpiled and mined material through the 2,000 tpd processing plant and consequently reported gold in circuit, reflecting a buildup
 of metal inventory in the CIL tanks. The Company reported 831 ounces of gold in circuit at November 30, 2025, which reflected a decrease of 216 ounces from August 31, 2025, following gold elution and smelting activity during Q1 2026. Subsequent to Q1 2026, the ROM pad stockpile has continued to increase as the Company accessed higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. The ROM pad stockpile now contains 520,974 tonnes at an average grade of 1.37 g/t with an estimated 22,891 ounces of contained gold, an increase of 3,193 ounces compared to November 30, 2025.

*<u>Exploration</u>*

· During Q1 2026, the Company began the first phase of the fiscal 2026 exploration program by completing a detailed 810 line-kilometer ground magnetic survey using advanced magnetometers. This high-resolution geophysical survey is designed to map subsurface magnetic variations across the tenement area, helping to identify structural features, lithological contacts, and potential mineralized zones. Key objectives of this survey include Phase (i) delineating magnetic anomalies associated with alteration zones or structural lineaments and Phase (ii) refining geological interpretations ahead of Induced Polarisation surveys and drilling. The field data was collected by a local geophysics company while quality assurance, quality control and data processing was done by Terra Resources NL from Australia. Data collection, finalization of geologic interpretation and processing of Phase (i) is expected to be completed by the end of January 2026, with Phase (ii)
 planned for completion in February and March 2026.

· Following completion of the survey and its interpretation, exploration and resource diamond drilling is expected to commence in April 2026 at the Stamford Bridge Zone, while resource development drilling using Reverse Circulation methods is expected to begin at the Eastern Porphyry in February 2026, with the goal of upgrading inferred resources to indicated and measured categories.

*<u>Tailings Storage (TSF 2.2 and TSF 3.0)</u>*

· In Q4 2025, the Company successfully completed Phase II construction for TSF 2.2 providing Buckreef Gold with tailings storage through Q3 2026. During Q1 2026, design work commenced for an additional, final lift of TSF2.2. This lift is expected to add an additional four months of filling capacity, extending its useful life into Q1 2027. Materials movement commenced in Q2 2026 and construction is anticipated to be completed in Q3 2026. Concurrently, during Q1 2026, the Company continued to progress with TSF 3.0 for a long-term life of mine storage solution. During Q1 2026, a preliminary Environmental and Social Impact Assessment report was drafted for review by the state environmental regulators, and detailed design work, geotechnical and hydrogeological testwork commenced with an expected completion date in Q2 2026. Initial expressions of interest were received by prospective contractors for construction of TSF 3.0 with a tender and award expected
 in Q2 2026. Construction of TSF 3.0 is expected to begin in Q3 2026 and is expected to be completed in Q4 2026.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

· 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 months ended November 30, 2025.

· 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.

· During Q3 2025, a new CSR plan 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 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.

· During Q1 2026, the Company continued to advance construction projects on upgrades to the primary schools, secondary schools, health centers and road rehabilitation in the Busanda, Kaseme, Lwamgasa, Butundwe and Butobela districts, in line with the approved CSR plan. The Company has presented a CSR plan budget of 600 million Tanzania Shillings (approximately $250,000) to the Geita District Council for approval for fiscal 2026.

· 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 (234 full-time employees, 352 contract miners and project contractors, 173 part-time/casual employees and interns); (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.

· 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>*

· During Q1 2026, Buckreef Gold poured a record 6,597 ounces of gold (Q1 2025: 4,841) and sold 6,492 ounces of gold (Q1 2025: 4,813) at a record average realized price<sup>1</sup> of $3,860 per ounce (Q1 2025: $2,653) excluding the revenue and gold ounces sold related to the prepaid gold purchase agreement with OCIM Metals & Mining SA ("OCIM") in Q1 2025 and interest costs related to the Auramet gold prepaid purchase agreement ("average realized price (net)<sup>1</sup>").

· During Q1 2026, the Company recognized record revenue of $25.1 million (Q1 2025: $12.5 million), cost of sales of $10.9 million (Q1 2025: $7.7 million), and cash cost<sup>1</sup>of $1,508 per ounce (Q1 2025: $1,410). The Company generated gross profit of $14.2 million (Q1 2025: $4.8 million), Adjusted net income<sup>1</sup> of $7.7 million (Q1 2025: $1.9 million), operating cash flow of $4.0 million (Q1 2025: $2.4 million), and EBITDA<sup>1</sup> of $13.2 million (Q1 2025: $4.4 million). The increase in revenue, gross profit, Adjusted net income, operating cashflow and EBITDA<sup>1</sup> is mainly related to higher ounces of gold sold of 6,492 ounces (Q1 2025: 4,813 ounces) and a higher average realized price (net)<sup>1</sup> of $3,860 per ounce (Q1 2025: $2,653).

· Mining costs per tonne of $4.76 in Q1 2026 were higher than the prior year comparative period (Q1 2025: $4.00) mainly due to an increase in contractor haulage and fuel cost as a result of an extended hauling distance for waste material to the Eastern Porphyry waste dump, combined with an increase drilling and blasting required to access fresh (sulphide) rock compared to the prior period which was a higher proportion of free dig material. Additionally, the Company incurred higher grade control drilling costs following an increase in drilled meters in Q1 2026, to better define the ore grades and ore blocks in the pit for enhanced predictability around mine planning and blasting. The Company is currently in the process of renegotiating lower contractor mining rates and is evaluating shorter haul distances for the remaining waste. Owner operated equipment is also being utilized to provide cost effective support for site development projects as well as
 plant feed operations. During Q1 2026, the Company's owner operated fleet mined 329 kt of waste, 31 kt of TSF material, 33 kt of rehandled ROM material, and 108 kt of topsoil removal. Mining cost per tonne for the owner operated fleet for Q1 2026 was approximately $1.50 per tonne for mining and project support activities. Mining costs per tonne are expected to improve over fiscal 2026 as the Company realizes economies of scale by further supplementing the contract mining fleet with the Company's owner operated fleet. Processing costs per tonne of $19.75 in Q1 2026 were higher than the prior year comparative period (Q1 2025: $12.60 per tonne) mainly due to an increase in carbon, grinding media and hydrogen peroxide consumption which was used to enhance the grindability of fresh ore and improve leaching kinetics across the tanks. Additionally, an increase in consumption of other reagents and chemicals was used to wash barren carbon to enhance carbon activity by removing calcium;
 and improve dissolved oxygen levels across the CIL tanks, enhancing overall plant recovery.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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· As at November 30, 2025, the Company had $9.2 million of cash, an increase in net cash of approximately $1.4 million from Q4 2025 (August 31, 2025: $7.8 million) and positive working capital of $15.0 million after adjusting for non-cash liabilities (August 31, 2025: $5.7 million). During Q1 2026, the Company continued to recapitalize its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result, the Company's current ratio has improved from approximately 1.3 at August 31, 2025, to approximately 1.7 at November 30, 2025, after adjusting for non-cash liabilities.

· During fiscal 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. As at November 30, 2025, the Company had 987 gold ounces outstanding under the Auramet Gold Prepayment Facility. During Q1 2026, the Company amended the terms of the Auramet Gold Prepayment Facility to sell up to an aggregate amount of 1,500 ounces of gold. Subsequent to November 30, 2025, the Company fully repaid the 987 gold ounces outstanding and has full access to the Auramet Gold Prepayment Facility.

· During fiscal 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. In Q1 2026, the credit limits under the Stanbic Facility were amended to $4.0 million for the overdraft and short-term revolving credit facility and $5.0 million for the VAF Facility. As at November 30, 2025, the Company had drawn $1.3 million on the Stanbic facility (August 31, 2025: $nil) to fund downpayments on upgrades related to the 2,000 tpd plant and the expansion to a 3,000+ tpd
 processing plant, including payments on the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant and new gold room, and apron feeder & belt magnet.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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· During fiscal 2025, the Company renewed its 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. As at November 30, 2025, the Company sold 19,408 shares for net proceeds of approximately $15,255 under the ATM agreement to
 gain market intelligence around trading activity during the quarter.

· As at November 30, 2025, the Company recognized $9.1 million of sales tax receivable on the interim condensed 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").

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Key Operating Information**

Select operating and financial information from the operation for the three months ended November 30, 2025, follows below:

#### Select Operating and Financial Data

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| | | | |
|:---|:---|:---|:---|
| | **Unit** | **Three months ended November 30, 2025** | Three months ended November 30, 2024 |
| **Operating Data** |  |  |  |
| Ore Mined | k tonnes | **227** | 103 |
| Waste Mined | k tonnes | **1129** | 821 |
| Total Mined | k tonnes | **1356** | 924 |
| Strip Ratio | w:o | **5.0** | 8.0 |
| Mining Rate | tpd | **14903** | 10154 |
| Mining Cost | US$/t | **$4.76** | $4.00 |
| Plant Ore Milled | k tonnes | **140** | 155 |
| Head Grade | g/t | **1.88** | 1.29 |
| Plant Utilization | % | **90** | 88 |
| Plant Recovery Rate | % | **75** | 72 |
| Processing Cost | US$/t | **$19.75** | $12.60 |
| Plant Mill Throughput | tpd | **1540** | 1703 |
| Gold Ounces Poured | oz | **6597** | 4841 |
| Gold Ounces Sold | oz | **6492** | 4813 |
| **Financial Data** |  |  |  |
| Revenue<sup>1</sup> | $('000s) | **25117** | 12528 |
| Gross Profit | $('000s) | **14215** | 4834 |
| Net (loss) income | $('000s) | **(496)** | 2137 |
| Adjusted net income<sup>2</sup> | $('000s) | **7732** | 1872 |
| Adjusted EBITDA<sup>2</sup> | $('000s) | **13211** | 4394 |
| Operating Cash Flow | $('000s) | **4020** | 2381 |
| Adjusted working capital | $('000s) | **14994** | 5725 |
| Average Realized Price (gross)<sup>2</sup> | $/oz | **3869** | 2603 |
| Average Realized Price (net)<sup>2,3,4</sup> | $/oz | **3860** | 2653 |
| Cash Cost<sup>2</sup> | $/oz | **1508** | 1410 |

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<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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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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 via a paved national road and, thereafter, via 17 kilometers of well maintained unpaved regional roads. The Buckreef Gold Project comprises several deposits, namely Buckreef, Eastern Porphyry, Anfield and the newly discovered Stamford Bridge. The Buckreef pit 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)** |
|  | **Tonnes** | **Grade** | **Au** | **Tonnes** | **Grade** | **Au** | **Tonnes** | **Grade** | **Au** | **Tonnes** | **Grade** | **Au** |
| **Area** | **MT** | **g/t** | **Koz** | **MT** | **g/t** | **Koz** | **MT** | **g/t** | **Koz** | **MT** | **g/t** | **Koz** |
| Buckreef Main | &nbsp;&nbsp;&nbsp;&nbsp;2982.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.4 | &nbsp;&nbsp;&nbsp;&nbsp;6193.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542.6 | &nbsp;&nbsp;&nbsp;&nbsp;7549.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576.0 | &nbsp;&nbsp;&nbsp;&nbsp;9176.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769.0 |
| Buckreef South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &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;3.5 |
| Buckreef West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8 |
| Eastern Porphyry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;1306.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.8 | &nbsp;&nbsp;&nbsp;&nbsp;1198.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.0 | &nbsp;&nbsp;&nbsp;&nbsp;1309.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4 |
| Stamford Bridge | &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;&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;&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;272.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.0 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;3049.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;7740.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;9147.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | 10789.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &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;893 |

---

Notes:

(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.

(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.

(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.

(4) Gold price used is $1,900/oz Au.

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

(6) The out-of-pit cut-off grade of 1.31 g/t Au was derived from 80% process recovery, $21.04/tonne process and G&A cost, a $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.

(7) The Stamford Bridge cut-off grade of 1.20 g/t Au was derived from 80% process recovery, $21.04/tonne process and G&A cost, a $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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

![](fig1.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Figure 3a: Buckreef Gold expanded crushing circuit**![](fig3a.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 3b: Buckreef Gold ore moving through crushing circuit**![](fig3b.jpg)

**Figure 3c: Buckreef Gold's 1,000 tpd ball mill**![](fig3c.jpg)

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Figure 5: Buckreef Gold's Open Pit Mining Operations**![](fig5.jpg)

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 6a: Load and Haul Operations at Buckreef Gold**![](fig6.jpg)

**Figure 6b: Load and Haul with New 374 Excavator and Haul Truck**

![](fig6b.jpg)

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 7: Revised Process Flowsheet for the Upgraded and Expanded Plant**

![](fig7.jpg)

**Figure 8: 18 Meter Diameter Pre-Leach Thickener**

![](fig8.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 9: Pre-Leach Thickener Foundation Civils in progress**

![](fig9.jpg)

**Figure 10: Aachen® Reactor ready for shipment Figure 11: Vendor Testwork Flotation Cells**

![](fig10.jpg)

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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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:

· Announced in fiscal 2025 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.

· Announced in fiscal 2023 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 12). 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.

· 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 12). 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.

· 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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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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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 12). 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 12), 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 12). The latter also links to the Anfield Zone to the southeast, discovered in 2022.

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

![](fig12.jpg)

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 13: Drill sections - Stamford Bridge Zone (Drill Holes BMDD 310 – 312)**

![](fig13.jpg)

**Figure 14: Cross-section results for drill hole BMDD315 - Stamford Bridge Zone**![](fig14.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Stamford Bridge Assay Results**

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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 |

---

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 15. 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;· 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;· 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.

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 16). In the latter the trend is aligned to several historical artisanal scale miner pits.

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Buckreef South Assay Results**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | | | | |
| **Hole**<br>**ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | <br>**Width (m)** | **Assay** <br> **Grade**<br>**(gpt)** | <br>**Lithology** | <br>**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 |  |  |

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

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Eastern Porphyry Significant Assay Results**

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

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#### Anfield Prospect Significant Intercept Assay Results

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | | | |
| **Hole**<br>**ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | <br>**Width (m)** | **Assay** <br> **Grade**<br>**(gpt)** | <br>**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** | 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 |

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

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 15: NE Buckreef Main Zone and location of the Eastern Porphyry - Anfield Zone trend**

![](fig15.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Figure 16: Map Showing Mineralization Extension and Location of Drill Results at Buckreef Main Zone Southwest Extension**

![](fig16.jpg)

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**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 17.

**Figure 17: Map Showing Location of Metallurgical Drill Holes and Their Result Highlights**

![](fig17.jpg)

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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

**Metallurgy Samples Assay Results**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | | | | |
| **Hole**<br>**ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | <br>**Width (m)** | **Assay** <br> **Grade**<br>**(gpt)** | <br>**Lithology** | <br>**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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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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:

· **A finer grind size leads to a higher gold recovery:** Batch samples were each milled at a specific grind size, incrementally finer in nature, resulting in incrementally improved gold recovery grades. The gold recovery rate increased from 81.2% to 92.5% as the grind became finer from 80% - 53 μm to 80% - 5 μm.

· **Results in line with current operational performance:** For the 15 composites tested in the most recent study, recovery rates ranged from 79.9% to 87.0% in a gravity + floatation + leaching test at a grind size of 80% - 75 μm, which is consistent with what is being experienced in current operations. Buckreef Gold is also experiencing a relatively consistent tailings grade, regardless of head grade, at a grind size of 80% - 75 μm, further supporting the fact that increased grinding will lead to lower tails grades and higher recovery rates.

· **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 testing finer grinding initiatives to achieve these higher gold recoveries.

· **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.

· **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.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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During the second half of fiscal 2025, the Company focused on the following metallurgical testwork programs as part of its current flowsheet optimisation and future expanded flowsheet development:

**Gold deportment testing across various geo-metallurgical domains within the Buckreef Main Zone:** 

Samples from 4 distinct geographical areas were assessed for mineralogical variability and gold deportment with the following broad results:

Areas to the central west and south of the Main Zone (Geo-metallurgical Domains 1 and 2) contain comparatively higher quartz and free milling gold particles. Areas to the central east and north (Geo-metallurgical Domains 3 and 4) contain comparatively higher fine gold associated with pyrites/sulphides.

Both geo-metallurgical domains demonstrate a good response to intense oxidation ahead of leaching, with Domains 3 and 4 showing up to a 4% recovery increase. These results led to the inclusion of pre-oxidation plant, known as an Aachen® Reactor and Oxygen plant feeding into the pre-leach tank.

**Flotation and Concentrate Leach Optimization Testwork:**

Approximately 1.3t of core from holes across the strike and vertical extents of the Main Zone and Stamford Bridge were prepared and sent to South Africa for a large program of flotation and leach optimization (including vendor testing) as well as optimization testwork to advance the design of the flotation and fine-grind circuit. Additional comminution testwork was also completed to advance the SAG and Ball Mill ("SABM") circuit design.

The flotation optimisation testwork identified an optimal pre-flotation particle size (p80 of 75 microns) and reagent regime that produced high gold recoveries (88% - 91.7%) to a flotation concentrate at mass pulls of 10% - 15%.

Vendor testing has been conducted for tendering purposes and intensive leaching testwork is continuing with various sizes of fine-ground concentrate.

**SAG and Ball Mill Circuit Design:**

The recent comminution testwork includes developing indices for the SAG and Ball Mill, as well as abrasivity for wear estimates.

Following completion of the flotation size optimization testwork, modelling for the SABM circuit is now underway and is expected to be completed in December 2025, which will then allow the SAG Mill tender process to commence.

**Key Q1 2026 Metallurgical Highlights:** 

During Q1 2026, testwork was completed in the areas of flotation, fine-grinding and intensive leaching. Flotation testwork continued to deliver excellent recoveries of 88% - 91.5% with mass pulls between 11% and 17%. Fine grinding and intensive leaching testwork indicated that very good recoveries of flotation concentrate are achieved at a p80 of 20 microns, which requires considerably less energy that the earlier planned p80 of 15 microns. The leaching testwork is enhanced with extra intensive oxidation. Final analysis of these results are expected to be received in Q2 2026.

One Original Equipment Manufacturer (OEM) has completed pilot plant testwork for flotation and fine grinding and has delivered detailed quotations and performance guarantees for this plant. Another OEM is currently discussing a test program for flotation and fine grinding of Buckreef Gold's ore.

Remodelling of the planned SAG / Ball mill comminution circuit was completed, with preliminary results recommending a straight SAG mill circuit and confirming the size and ratio of the SAG mill. Tendering for the SAG mill will commence in Q2 2026 with orders expected to be placed in Q3 2026.

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Financial Highlights – First Quarter 2026**

For the three months ended November 30, 2025, Buckreef Gold poured a record 6,597 ounces of gold (Q1 2025: 4,841 ounces) and sold 6,492 ounces of gold (Q1 2025: 4,813 ounces) at an average realized price (net)<sup>1</sup> of $3,860 per ounce (Q1 2025: $2,653 per ounce), recognizing record revenue of $25.1 million, an increase over the prior year comparative period (Q1 2025: $12.5 million).

Cost of sales, which include production costs, royalties and depreciation, was $10.9 million (Q1 2025: $7.7 million), generating a record gross profit of $14.2 million, an increase over the prior year comparative period (Q1 2025: $4.8 million). Gross profit margins benefited from an increase in head grade during Q1 2026 (Q1 2026: 1.88 g/t, Q1 2025: 1.29 g/t) following completion of the Stage 1 waste stripping campaign in fiscal 2025, which provided access to higher grade ore blocks benefiting production in Q1 2026.

Q1 2026 ounces sold (6,492 ounces) generated positive operating cash flow of $4.0 million, an increase over the prior year comparative period (Q1 2025: $2.4 million). Q1 2026 operating cash flow was higher than the prior year comparative period mainly due to the impact of higher ounces of gold sold (Q1 2026: 6,492 ounces, Q1 2025: 4,813 ounces) and a higher average realized gold price during the quarter (Q1 2026: $3,860 per ounce, Q1 2025: $2,653 per ounce). 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 November 30, 2025, the Company had a cash balance of $9.2 million and positive working capital of $15.0 million after adjusting for non-cash liabilities. During Q1 2026, the Company recapitalized its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result, the Company's current ratio has improved from approximately 1.3 at August 31, 2025 to approximately 1.7 at November 30, 2025, after adjusting for non-cash liabilities.

**Capital Expenditures**

During the Q1 2026, the Company incurred a total of $4.0 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 upgrades related to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant, including payments on the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant and new gold room, and apron feeder & belt magnet. During Q1 2026 the Company also progressed with design work for an additional lift of TSF2.2. This lift is expected to add an additional four months of filling capacity, extending its useful life into Q1 2027. Concurrently, during Q1 2026, the Company continued to progress with TSF 3.0 for a long-term life of mine storage solution, including preparation of a preliminary Environmental and Social Impact Assessment report, and detailed design work, geotechnical and hydrogeological testwork.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Selected Financial Information** 

The following information has been extracted from the Company's Unaudited Interim Condensed Consolidated Financial Statements for the three months ended November 30, 2025, prepared in accordance with IFRS.

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| | | |
|:---|:---|:---|
| **$(000's)** | **As at and for the <br> three months ended November 30, 2025** | As at and for the <br> three months ended November 30, 2024 |
| Net (loss) income and comprehensive (loss) income attributable to shareholders | **(4168)** | 981 |
| Basic (loss) income per share | **(0.01)** | 0.00 |
| Total assets | **129553** | 102632 |
| Total long term financial liabilities | **22026** | 13874 |

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**Financial Results**

**Three months ended November 30, 2025**

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| | | |
|:---|:---|:---|
| | **Three months ended November 30,** | **Three months ended November 30,** |
| | **2025** | 2024 |
| Revenue | **25117** | 12528 |
| Cost of sales | **(10902)** | (7694) |
| Gross profit | **14215** | 4834 |
| General and administrative expense | **(1691)** | (1425) |
| Change in fair value of derivative financial instruments | **(7000)** | 819 |
| Foreign exchange | **(658)** | (77) |
| Interest, net and other expense | **(334)** | (321) |
| Income tax expense | **(5028)** | (1693) |
| Net (loss) income and comprehensive (loss) income | **(496)** | 2137 |
| Net income and comprehensive income |  |  |
| attributable to non-controlling interests | **3672** | 1156 |
| Net (loss) income and comprehensive (loss) income |  |  |
| attributable to shareholders | **(4168)** | 981 |

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**Revenue**

For the three months ended November 30, 2025, the Company recognized revenue of $25.1 million (Q1 2025: $12.5 million). The increase in revenue is primarily related to higher ounces of gold sold and a higher average realized gold price compared to the prior year comparative period. During the period, the Company sold 6,492 ounces of gold (Q1 2025: 4,813 ounces) at an average realized price (net)<sup>1</sup> of $3,860 per ounce (Q1 2025: $2,653 per ounce).

**Cost of sales**

Cost of sales for the three months ended November 30, 2025, was $10.9 million (Q1 2025: $7.7 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 estimated total recoverable ounces of gold to which they relate and are considered probable of economic extraction.

For the three months ended November 30, 2025, the Company recorded production costs of $8.0 million (Q1 2025: $5.8 million) and royalties of $1.8 million (Q1 2025: $0.9 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 4.35% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.35% royalty.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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Cash cost<sup>1</sup> which includes production costs and royalties were $1,508 per ounce (Q1 2025: $1,410 per ounce). The increase in cost of sales and cash cost<sup>1</sup> compared to the prior year comparative period is primarily due to a lower proportion of capitalized stripping costs following completion of the Stage 1 stripping campaign in the second half of fiscal 2025, partially offset by an increase in head grade of 1.88 g/t (Q1 2025: 1.29 g/t) following completion of the Stage 1 waste stripping campaign, which began to provide access to higher grade ore blocks benefiting production in Q1 2026.

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 November 30, 2025, the Company recorded depreciation of $1.1 million (Q1 2025: $0.9 million).

**General and administrative expenses**

During the three months ended November 30, 2025, the Company recorded general and administrative expenses of $1.7 million compared to $1.4 million for the prior year period. The variance was mainly due to an increase in shareholder fees related to marketing and shareholder engagement and an increase in professional fees related to internal controls compliance.

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

During the three months ended November 30, 2025, the Company recorded a loss on change in fair value of derivative financial instruments of $7.0 million compared to a gain of $0.8 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 (Q1 2026: $0.74, Q4 2025: $0.37), a reduction in the remaining term of the warrants resulting from the passage of time, and an increase in the expected volatility assumption used in the Black Scholes option pricing model. The change in fair value of derivative financial instruments is non-cash in nature, doesn't impact the Company's cash position or liquidity, and will continue to fluctuate from period to period based on changes in market based assumptions, including the Company's share price, volatility, and time to maturity of the warrants.

**Interest and other expense**

During the three months ended November 30, 2025, the Company recorded interest and other expense of $0.3 million, compared to $0.3 million for the prior year 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 November 30, 2025, the Company recorded income tax expense of $5.0 million (Q1 2025: $1.7 million), comprised of a current income tax expense of $3.1 million (Q1 2025: $0.4 million) and deferred income tax expense of $1.9 million (Q1 2025: $1.3 million) based on current Tanzanian statutory tax rates.

**Net income and comprehensive income** 

The Company reported a net loss for the three month period ended November 30, 2025, of $0.5 million ($4.2 million net loss attributable to shareholders, basic and diluted loss per share of $0.01) compared to net income of $2.1 million in the prior year period ($1.0 million net income attributable to shareholders, basic and diluted earnings per share of $0.00). The decrease in net income compared to the prior year comparative period is primarily due to a loss on change in fair value of derivative financial instruments due to a change in the market based assumptions used in the fair market valuation of the Company's financial instruments and an increase in income tax expense as a result of higher net income compared to the prior year period, partially offset by an increase in gross profit as the Company sold 6,492 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,860 per ounce.

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| | |
|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Summary of Quarterly Results** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($(000's), except per share amounts)** | | | | | | | | |
| US$ unless otherwise stated | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 |
| **Net (loss) income and comprehensive (loss) income** | (496) | 5265 | 1105 | (1941) | 2137 | 3284 | (1656) | 1921 |
| Net (loss) income and comprehensive (loss) income attributable to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Non-controlling interest* | 3672 | 2820 | 1323 | 580 | 1156 | 1229 | 983 | 841 |
| &nbsp;&nbsp;&nbsp;*Shareholders* | (4168) | 2445 | (218) | (2521) | 981 | 2055 | (2639) | 1080 |
| **Net (loss) income and comprehensive (loss) income** | (496) | 5265 | 1105 | (1941) | 2137 | 3284 | (1656) | 1921 |

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During the three months ended November 30, 2025, the Company reported a net loss of $0.5 million ($4.2 million net loss attributable to shareholders), compared to net income of $5.3 million ($2.4 million net income attributable to shareholders) in the prior quarter (Q4 2025). The decrease in net income compared to the prior quarter is primarily due to a loss on change in fair value of derivative financial instruments due to an increase in the Company's share price, partially offset by an increase in gross profit as the Company sold 6,492 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,860 per ounce (Q4 2025: $3,363). Net (loss) income has fluctuated since Q2 2024 due to a variety of factors ranging from the impact of higher average gold prices, record ounces of gold produced, and changes in fair value of derivative financial instruments.

**Liquidity and Capital Resources** 

At November 30, 2025, the Company had $9.2 million of cash, an increase in net cash of approximately $1.4 million from Q4 2025 (August 31, 2025: $7.8 million) and positive working capital of $15.0 million after adjusting for liabilities non-cash liabilities. (August 31, 2025: $5.7 million). During Q1 2026, the Company continued to recapitalize its working capital position through increased production, organically generated cashflow, improved liquidity and an increase in stockpile inventory. As a result, the Company's current ratio has improved from approximately 1.3 at August 31, 2025 to approximately 1.7 at November 30, 2025 after adjusting for non-cash liabilities.

During Q1 2026, operating cash flow of $4.0 million was primarily offset by an increase in the capital investment in Buckreef Gold. The Company incurred a total of $4.0 million in cash capital expenditures mainly related to upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant, including payments on the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant and new gold room, and apron feeder & belt magnet. During Q1 2026 the Company also progressed with design work for an additional lift of TSF2.2 and detailed design work, geotechnical and hydrogeological testwork related to TSF3.0.

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. On September 25, 2025, the Company amended the terms of the Auramet Gold Prepayment Facility to sell up to an aggregate amount of 1,500 ounces of gold.

At current gold spot prices, this facility can provide access to approximately $6.75 million for working capital purposes. This facility will help provide increased financial flexibility to help manage working capital fluctuations and to accelerate growth. As at November 30, 2025, the Company had 987 gold ounces outstanding under the Auramet Gold Prepayment Facility. Subsequent to November 30, 2025, the Company fully repaid the 987 gold ounces outstanding and has full access to the Auramet Gold Prepayment Facility.

During fiscal 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.

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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In September 2025, the credit limits under the Stanbic Facility were amended to $4.0 million for the overdraft and short-term revolving credit facility and $5.0 million for the VAF Facility. 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 November 30, 2025, the Company had drawn $1.3 million on the Stanbic facility (August 31, 2025: $nil) to fund downpayments on upgrades related to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant, including payments on the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, ADR plant and new gold room, and apron feeder & belt magnet.

During fiscal 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. As at November 30, 2025, the Company sold 19,408 shares for net proceeds of approximately $15,255 under the ATM agreement to gain market intelligence around trading activity during the quarter.

As of November 30, 2025, the Company has accumulated losses of $125.4 million since inception (August 31, 2025: $121.2 million).

**Commitments**

In order to maintain existing site mining and exploration licenses, the Company is required to pay annual license fees. As at November 30, 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 Condensed Consolidated Financial Statements for the three months ended November 30, 2025.

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**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.

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 Condensed Consolidated Financial Statements for the three months ended November 30, 2025.

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**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. The following table provides a reconciliation of average realized price per ounce of gold sold to revenue per the Unaudited Interim Condensed Consolidated Financial Statements for the three months ended November 30, 2025.

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|:---|:---|:---|
| | Three Months Ended<br>November 30, 2025 | Three Months Ended<br>November 30, 2024 |
| Revenue per financial statements | $25117 | $12528 |
| Interest recognized from Auramet prepaid gold purchase agreement | (59) |  |
| Revenue recognized from OCIM prepaid gold purchase agreement | - | (915) |
| Revenue from gold sales | 25058 | 11613 |
| Ounces of gold sold | 6492 | 4813 |
| Ounces of gold sold from OCIM prepaid gold purchase agreement | - | (435) |
| Ounces from gold sales (net of OCIM prepaid gold purchase agreement) | 6492 | 4378 |
| **Average realized price (gross)** | $**3869** | $2603 |
| **Average realized price (net)** | $**3860** | $2653 |

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**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 months ended November 30, 2025.

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|:---|:---|:---|
| | Three Months Ended<br>November 30, 2025 | Three Months Ended<br>November 30, 2024 |
| Cost of sales per financial statements | $10902 | $7694 |
| Less: |  |  |
| Depreciation | $(1109) | $(906) |
| Total cash cost | $9793 | $6788 |
| Ounces of gold sold | 6492 | 4813 |
| **Cash cost per ounce of gold sold** | $**1508** | $1410 |

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**EBITDA**

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

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| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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The Company presents EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet their obligations. 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.

The following table provides a reconciliation of net (loss) income and comprehensive (loss) income to EBITDA per the financial statements for the three months ended November 30, 2025.

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| | | |
|:---|:---|:---|
| | Three Months Ended<br>November 30, 2025 | Three Months Ended<br>November 30, 2024 |
| Net (loss) income and comprehensive (loss) income per financial statements | (496) | 2137 |
| Add: |  |  |
| Depreciation | 1109 | 906 |
| Interest, net and other expense | 334 | 321 |
| Income tax expense | 5028 | 1693 |
| Change in fair value of derivative financial instruments | 7000 | (819) |
| Share-based payment expense | 236 | 156 |
| **EBITDA** | **13211** | 4394 |

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**Adjusted Net Income**

Adjusted Net Income 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 Net Income may not be comparable to information in other gold producers' reports and filings. Adjusted Net Income is presented as a supplemental measure of the Company's performance. Adjusted Net Income is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted Net Income when reporting their results.

Management uses this measure internally to evaluate the underlying operating performance for the reporting periods presented. Management believes that Adjusted Net Income is a useful measure of performance because the items excluded from Net Income do not reflect the underlying operating performance of the core mining business and are not necessarily indicative of future operating results.

The Company presents Adjusted Net Income to enable investors, analysts and rating agencies to better understand the underlying operating performance of the core mining business through the eyes of management. Adjusted Net Income is a non-IFRS financial measure which excludes the following from net income (loss): foreign exchange losses (gains), interest and other expense, change in fair value of derivative instruments, and share-based expenses, which are not considered indicative of the Company's underlying operating results for the reporting periods presented or for future operating performance.

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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The following table provides a reconciliation of net (loss) income and comprehensive (loss) income to Adjusted Net Income per the financial statements for the three months ended November 30, 2025.

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| | | |
|:---|:---|:---|
| | Three Months Ended<br>November 30, 2025 | Three Months Ended<br>November 30, 2024 |
| Net (loss) income and comprehensive (loss) income per financial statements | (496) | 2137 |
| Add: |  |  |
| Foreign exchange losses (gains) | 658 | 77 |
| Interest, net and other expense | 334 | 321 |
| Change in fair value of derivative financial instruments | 7000 | (819) |
| Share-based payment expense | 236 | 156 |
| **Adjusted Net Income** | **7732** | 1872 |

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The Company has included "average realized price per ounce of gold sold", "cash cost per ounce of gold sold", "EBITDA" and "Adjusted Net Income" 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 November 30, 2025, there were 286,956,635 common shares outstanding, 35,889,231 share purchase warrants outstanding, 5,154,969 RSUs outstanding, nil PSUs/DSUs outstanding, and 13,366,500 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, 2025, filed with the SEC on December 1, 2025, and on SEDAR+ as the Company's Annual Information Form on December 1, 2025.

**Disclosure Controls and Procedures and Internal Control Over Financial Reporting**

The Company has filed certificates signed by the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") in accordance with National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*. These certificates certify, among other matters, the establishment and maintenance of disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), consistent with the principles underlying the Sarbanes-Oxley Act of 2002 ("SOX").

**Disclosure Controls and Procedures**

The CEO and the CFO have designed, or caused to be designed under their supervision, DC&P to provide reasonable assurance that material information relating to the Company is made known to them on a timely basis and that information required to be disclosed in the Company's filings and other reports under applicable securities legislation is recorded, processed, summarized and reported within the time periods specified.

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**Internal Control over Financial Reporting**

The CEO and the CFO have also designed, or caused to be designed under their supervision, ICFR to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards ("IFRS"). In assessing ICFR, management used the criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), the framework commonly used for purposes of SOX-aligned internal control evaluation.

There were no material changes to the Company's DC&P during the three months ended November 30, 2025. In addition, there were no changes in the Company's ICFR during the same period that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Limitations of Controls**

Any system of DC&P or ICFR, no matter how well designed, has inherent limitations. Accordingly, such controls can provide only reasonable, and not absolute, assurance that misstatements due to error or fraud will be prevented or detected.

**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 Q1 2026 MD&A. A copy of this Q1 2026 MD&A will be provided to anyone who requests it. It is also available on the SEDAR+ website at www.sedarplus.ca.

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|:---|:---|
| ![](mdaheader.jpg) | **Management's Discussion**<br>**and Analysis**<br>**November 30, 2025** |

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**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 were 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 were 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.