# EDGAR Filing Document

**Accession Number:** 0001173643
**File Stem:** 0001171843-25-007686
**Filing Date:** 2025-12
**Character Count:** 532356
**Document Hash:** b1af423c312e678e60c83e201c7028aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-007686.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001171843-25-007686

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 175

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32500
- **FILM NUMBER:** 251540468

**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'?

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 40-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended August 31, 2025 Commission File Number 001-32500

TRX GOLD CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

British Columbia, Canada

(Jurisdiction of Incorporation or Organization)

Primary Standard Industrial Classification Code Number I.R.S. Employer Identification Number <br> 1041 N/A

277 Lakeshore Road East, Suite 403

Oakville, Ontario

Canada L6J 1H9

<u>844-364-1830</u>

(Address of Principal Executive Offices)

National Registered Agents, Inc.

1015 15th Street N.W., Suite 1000

Washington, D.C. 20005

<u>202-572-3133</u>

(Name, address (including zip code) and telephone number (including area code) and of agent for service in the United States

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Shares | TRX | NYSE American |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: NONE

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: NONE

For annual reports, indicate by check mark the information filed with this Form:

☒ Annual information form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 284,861,895 (as of August 31, 2025).

i

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 2.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging Growth Company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

ii

**EXPLANATORY NOTE**

TRX Gold Corporation ("we", "us", "our", the "Company", or "Registrant") is a Canadian corporation that is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this annual report on Form 40-F ("Annual Report") pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with disclosure requirements in effect in Canada, which are different from those of the United States.

**FORWARD LOOKING STATEMENTS**

This Annual Report, including the Exhibits incorporated by reference into Annual Report, contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities legislation. These forward-looking statements reflect our current view about future plans, intentions or expectations and include, in particular, statements about our plans, strategies and prospects and may be identified by terminology such as "may," "will," "should," "expect," "scheduled," "plan," "intend," "anticipate," "believe," "estimate," "aim," "potential," or "continue" or the negative of those terms or other comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about us. Although we believe that our plans, intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations.

Important factors that could cause actual results to differ materially from the forward-looking statements we make in this Annual Report are set forth under the caption "Risk Factors" in our Annual Information Form filed as Exhibit 99.1. We undertake no obligation to update any of the forward-looking statements after the date of this Annual Report to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law. You should read this Annual Report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all our forward-looking statements by these cautionary statements.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Company is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company prepares its financial statements, which are filed with this Annual Report, in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board. Therefore, they are not comparable in all respects to the financial statements of United States companies that are prepared in accordance with United States generally accepted accounting principles.

**MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES**

Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the documents incorporated by reference into this Annual Report have been prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the United States Securities and Exchange Commission (the "SEC" or "Commission"). Accordingly, mineral resource and mineral reserve estimates, and other scientific and technical information, contained in the documents incorporated by reference into this Annual Report may not be comparable to similar information disclosed by companies that have mining operations and report information pursuant SEC regulations.

**RESOURCE AND RESERVE ESTIMATES**

The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves ("CIM Standards"), adopted by the CIM Council, as amended.

Until recently, the CIM Standards differed significantly from standards in the United States. The SEC adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act. These amendments became effective February 25, 2019 (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards, as required under NI 43-101.

United States investors are cautioned that while the above terms are "substantially similar" to the corresponding CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

United States investors are also cautioned that while the SEC now recognizes "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any "indicated mineral resources" or "inferred mineral resources" that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances permitted under NI 43-101.

Accordingly, information contained in this Annual Report on Form 40-F and the documents incorporated by reference herein containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

**PRINCIPAL DOCUMENTS**

The following documents are part of, and are hereby incorporated by reference in, this Annual Report on Form 40-F ("Annual Report"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  ***Annual Information Form*** 

Annual Information Form or the fiscal year ended August 31, 2025, see Exhibit 99.1 to this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.  ***Audited Annual Financial Statements*** 

Audited Consolidated Financial Statements for the fiscal year ended August 31, 2025, and notes thereto, together with the report of the independent registered public accounting firm thereon, see Exhibit 99.2 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.  ***Management's Discussion and Analysis*** 

Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended August 31, 2025, see Exhibit 99.3 of this Annual Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.  ***Technical Report*** 

NI 43-101 & 43-101F1 Technical Report titled "Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania, see Exhibit 99.4 of this Annual Report.

**CONTROLS AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  ***Certifications*** 

The required certifications for the Principal Executive Officer and Principal Financial Officer are attached as Exhibits 99.5, 99.6, 99.7 and 99.8 to this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.  ***Disclosure Controls and Procedures*** .

The Company's Chief Executive Officer ("CEO") (principal executive officer) and Chief Financial Officer ("CFO") (principal financial officer) evaluated the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of the end of the period covered by this Annual Report. Based on the evaluation, these officers concluded that as of the end of the period covered by this Annual Report, the Company's disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the rules and forms of the SEC. These disclosure controls and procedures include controls and procedures designed to ensure that such information is accumulated and communicated to the Company's management, including the Company's principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within the Company have been detected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.  ***Management's Annual Report on Internal Control Over Financial Reporting*** .

Management of the Company is responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR") for the Company as defined in Rule 13a-15(f) under the Securities and Exchange Act of 1934. The Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have conducted an evaluation of the design and effectiveness of the Company's ICFR as of August 31, 2025. In making this assessment, the Company's management used the criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO 2013"). This evaluation included review of the documentation of controls, evaluation of the design and operating effectiveness of controls, and a conclusion on this evaluation. Based on this evaluation, our management concluded our internal controls over financial reporting were effective as at August 31, 2025.

Dale Matheson Carr-Hilton Labonte LLP the Company's independent registered public accounting firm, who audited and reported on our consolidated financial statements, has issued an attestation report on the effectiveness of our internal control over financial reporting as of August 31, 2025. The attestation report is included within the consolidated financial statements in this Annual Report on Form 40-F.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.  ***Attestation Report of the Independent Registered Public Accounting Firm.*** 

See Exhibit 99.2 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.  ***Changes in Internal Control Over Financial Reporting*** .

Except as disclosed, during the year ended August 31, 2025, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonable likely to materially affect, its internal control over financial reporting.

**NOTICES PURSUANT TO REGULATION BTR**

The Company was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or executive officers during the fiscal year ended August 31, 2025.

**AUDIT COMMITTEE FINANCIAL EXPERT**

Following are the members of the Audit Committee:

Norman Betts (Chair) Independent Financial expert <br> Shubo Rakhit Independent Financially literate <br> Richard Steinberg Independent Financially literate

The Company's Board of Directors has determined that Mr. Norman Betts, Chair of the Audit Committee, is an audit committee financial expert within the meaning of paragraph 8(b) of General Instruction B of Form 40-F.

An Audit Committee Financial Expert must possess five attributes: (i) an understanding of IFRS and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (iii) experience preparing auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions. Mr. Betts is an Associate Professor, Faculty of Business Administration, University of New Brunswick and a Fellow Chartered Accountant. The Company believes that all three members of the Audit Committee (Messrs. Betts, Rakhit and Steinberg) are independent within the meaning of United States and Canadian securities regulations and applicable stock exchange requirements.

**CODE OF ETHICS**

The Company has a Code of Ethics and Business Conduct that applies to the Company's directors, officers, employees and consultants. In addition, the Company has a Code of Ethical Conduct for Financial Managers that applies to its principal executive officer, principal financial officer, principal accounting officer, controller and other persons performing similar functions. A copy of the Company's Code of Ethics and Business Conduct and Code of Ethical Conduct for Financial Managers can be found on its website at www.trxgold.com and is filed as Exhibit 99.9. The Company undertakes to provide to any person without charge, upon request, a copy of such code of ethics by contacting Corporate Secretary, TRX Gold Corp., at www.trxgold.com.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The Company's independent auditor for the fiscal years ended August 31, 2024 and 2023 was Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants.

The following summarizes the significant professional services rendered by Dale Matheson Carr-Hilton Labonte LLP for the year ended August 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
| **Financial Year Ending August 31** | **Audit Fees** | **All Other Fees** |
| 2025 | C$360,000<br> Nil | C$20,000 |
| 2024 | C$284,000 Nil | C$20,000 |

---

**AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES**

The Company's Audit Committee pre-approves all services provided by its independent auditors. All services and fees described above were reviewed and pre-approved by the Audit Committee.

**OFF BALANCE ARRANGEMENTS**

The Company has no off-balance sheet arrangements. See Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended August 31, 2025, for an analysis of material cash requirements from known contractual and other obligations.

**MINE SAFETY DISCLOSURE**

The Company does not operate any mines in the United States and has no mine safety incidents to report for the year ended August 31, 2025.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.**

None

**UNDERTAKING**

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Company has previously filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X with respect to the class of securities in relation to which the obligation to file this Form 40-F arises. Any change to the name or address of the Company's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Company.

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exh_991.htm) | [Annual Information Form of the Company for the year ended August 31, 2025](exh_991.htm) |
| [99.2](exh_992.htm) | [Audited Consolidated Financial Statements for the fiscal year ended August 31, 2025](exh_992.htm) |
| [99.3](exh_993.htm) | [Management's Discussion and Analysis for the fiscal year ended August 31, 2025](exh_993.htm) |
| [99.4](https://www.sec.gov/Archives/edgar/data/1173643/000117184325003445/exh_991.htm) | [NI 43-101 & 43-101F1 Technical Report titled "Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania" (Incorporated by reference to Exhibit 99.1 to Form 6-K for May 2025 filed with the Commission on May 27, 2025)](https://www.sec.gov/Archives/edgar/data/1173643/000117184325003445/exh_991.htm) |
| [99.5](exh_995.htm) | [Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act](exh_995.htm) |
| [99.6](exh_996.htm) | [Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act](exh_996.htm) |
| [99.7](exh_997.htm) | [Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exh_997.htm) |
| [99.8](exh_998.htm) | [Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exh_998.htm) |
| [99.9](https://www.sec.gov/Archives/edgar/data/1173643/000117184322007722/exh_999.htm) | [Code of Ethics (Incorporated by reference to Exhibit 99.9 to Form 40-F filed on November 29, 2022)](https://www.sec.gov/Archives/edgar/data/1173643/000117184322007722/exh_999.htm) |
| [99.10](exh_9910.htm) | [Consent of Dale Matheson Carr-Hilton Labonte, LLP Chartered Professional Accountants, Vancouver, British Columbia (PCAOB 1173)](exh_9910.htm) |
| [99.11](exh_9911.htm) | [Consent of Jarita Barry, P.Geo.](exh_9911.htm) |
| [99.12](exh_9912.htm) | [Consent of Andrew Bradfield, P.Eng.](exh_9912.htm) |
| [99.13](exh_9913.htm) | [Consent of Fred Brown, P.Geo.](exh_9913.htm) |
| [99.14](exh_9914.htm) | [Consent of D. Grant Feasby, P.Eng.](exh_9914.htm) |
| [99.15](exh_9915.htm) | [Consent of Eugene Puritch, P.Eng., FEC, CET](exh_9915.htm) |
| [99.16](exh_9916.htm) | [Consent of D. Gregory Robinson, P.Eng.](exh_9916.htm) |
| [99.17](exh_9917.htm) | [Consent of William Stone, Ph.D., P.Geo.](exh_9917.htm) |
| [99.18](exh_9918.htm) | [Consent of Yungang Wu, P.Geo.](exh_9918.htm) |
| [99.19](exh_9919.htm) | [Consent of David Salari, P.Eng.](exh_9919.htm) |
| [99.20](https://www.sec.gov/Archives/edgar/data/1173643/000117184323007345/exh_9913.htm) | [Clawback Policy (Incorporated by reference to Exhibit 99.13 to Form 40-F filed on November 29, 2023)](https://www.sec.gov/Archives/edgar/data/1173643/000117184323007345/exh_9913.htm) |
| [99.21†](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_101.htm) | [Facility Letter from Stanbic Bank Tanzania Limited (Credit Facility) (Incorporated by reference to Exhibit 10.1 to Form 6-K for February 2025 filed with the Commission on February 7, 2025)](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_101.htm) |
| [99.22†](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_102.htm) | [Facility Letter from Stanbic Bank Tanzania Limited (VAF Facility) (Incorporated by reference to Exhibit 10.2 to Form 6-K for February 2025 filed with the Commission on February 7, 2025)](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_102.htm) |
| [99.23](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_103.htm) | [At The Market Offering Agreement, dated February 7, 2025, by and among TRX Gold Corp. and H.C. Wainwright & Co., LLC and Roth Capital Partners (Incorporated by reference to Exhibit 10.3 to Form 6-K for February 2025 filed with the Commission on February 7, 2025)](https://www.sec.gov/Archives/edgar/data/1173643/000117184325000694/exh_103.htm) |
| † | Certain identified information has been excluded from the exhibit because it is both not material and is the type that the Company treats as private or confidential. |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page from this Annual Report on Form 40-F, formatted as Inline XBRL |

---

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant hereby certifies that it meets all of the requirements for filing this Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: December 1, 2025 | TRX GOLD CORPORATION | TRX GOLD CORPORATION |
|  | By: | /s/ Stephen Mullowney |
|  |  | Stephen Mullowney, Chief Executive Officer |
|  |  | (Principal Executive Officer") |

---

## Exhibit 99.1

**Exhibit 99.1**

![](logo.jpg)

**ANNUAL INFORMATION FORM**

**(for the year ended August 31, 2025)**

**December 1, 2025**

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** | **iv** |
| **Glossary of Technical Terms** | **v** |
| **Corporate Structure** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Intercorporate Relationships** | **2** |
| **General Development of the Business Over the Last Three Years** | **2** |
| **Description of the Business** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;**General** | **5** |
| **Risk Factors** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Risks Relating to the Company** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Risks Relating to the Market** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Risks relating to the Securities of the Company** | **16** |
| **Mineral Projects** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Buckreef Gold Mine Project** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Location, Property Description and Ownership | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geology, Mineralization and Deposit Type | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and Drilling | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses, Security and Data Verification | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallurgical Testing | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Methods | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Infrastructure | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Studies and Contracts | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Studies, Permits, and Social or Community Impacts | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital and Operating Costs | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Analysis | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks and Opportunities | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conclusions | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendations | 31 |
| **Dividends And Distributions** | **32** |
| **Description Of Capital Structure** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common Shares** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Omnibus Plan** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Share Units | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Share Units | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Constraints on Ownership – Canada** | **34** |
| **Market For Securities** | **35** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Prior Sales** | **35** |
| **Escrowed Securities And Securities Subject To Contractual Restriction On Transfer** | **35** |
| **Directors And Officers** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Conflicts of Interest** | **37** |
| **Audit Committee** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Reliance on Certain Exemptions** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Audit Committee Oversight** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pre-Approval Policies and Procedures** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;**External Auditor Service Fees** | **39** |
| **Promoters** | **39** |
| **Legal Proceedings And Regulatory Actions** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Legal Proceedings** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Regulatory Actions** | **40** |
| **Interest Of Management And Others In Material Transactions** | **40** |
| **Transfer Agents and Registrars** | **40** |

---

---

| | |
|:---|:---|
| **Material Contracts** | **40** |
| **Interests Of Experts** | **41** |
| **Additional Information** | **41** |
| **SCHEDULE "A"** | **42** |

---

#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Information Form ("Annual Report") contains forward-looking statements. These forward-looking statements reflect our current view about future plans, intentions or expectations and include, in particular, statements about our plans, strategies and prospects and may be identified by terminology such as "may," "will," "should," "expect," "scheduled," "plan," "intend," "anticipate," "believe," "estimate," "aim," "potential," or "continue" or the negative of those terms or other comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about us. Although we believe that our plans, intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations.

Important factors that could cause actual results to differ materially from the forward-looking statements we make in this Annual Report set forth under the caption "Risk Factors". We undertake no obligation to update any of the forward-looking statements after the date of this Annual Report to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law. You should read this Annual Report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all our forward-looking statements by these cautionary statements.

In this Annual Report, "we," "us," "our," "the Company," "TRX", and "TRX Gold" refer to TRX Gold Corporation and its subsidiaries, unless the context otherwise requires. Unless otherwise stated, all dollar amounts in this Annual Report refer to U.S. dollars.

The disclosure contained in this Annual Report of a scientific or technical nature relating to the Company's Buckreef Gold Project has been summarized or extracted from the National Instrument ("NI") 43-101 "Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania" with the effective date of April 15, 2025 (the "PEA"). The PEA was prepared by or under the supervision of the following authors, each of whom is an independent "Qualified Person" as such term is defined in NI 43-101: Andrew Bradfield, P.Eng., Jarita Barry, P.Geo., Fred Brown, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET, D. Gregory Robinson, P.Eng., William Stone, Ph.D., P.Geo., and Yungang Wu, P.Geo., of P & E Mining Consultants Inc.; and David Salari, P.Eng. of D.E.N.M. Engineering Ltd.

The information contained herein is subject to all of the assumptions, qualifications and procedures set out in 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 on SEDAR+ at www.sedarplus.ca.

iv

#### Glossary of Technical Terms

---

| | |
|:---|:---|
| ***Assay*** | To analyze the proportions of metals in an ore. |
| ***Au*** | The elemental letters for gold. |
| ***CIM*** | Canadian Institute of Mining, Metallurgy and Petroleum. |
| ***Dyke*** | A tabular igneous intrusion that cuts across (discordant) the bedding orfoliation of the country rock. |
| ***Fault*** | A planar fracture or discontinuity in a volume of rock, across which there has been displacement of one rock mass against the other. |
| ***Feasibility study*** | A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study. |
| ***Fracture*** | A general term for any surface within a mass across which there is no cohesion, e.g. a 'crack', fault or joint. |
| ***Grade*** | The relative quantity or percentage of ore-mineral content in an orebody. |
| ***Indicated Mineral Resource*** | Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a Qualified Person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. |
| ***Inferred Mineral Resource*** | Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. |
| ***Kilometres or km*** | Metric measurement of distance equal to 1,000 metres (or 0.6214 miles). |
| ***Processing plant*** | A facility for processing ore to recover minerals. |
| ***Mineral Reserve*** | Mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of a Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. |

---

v

---

| | |
|:---|:---|
| ***Measured Mineral Resource*** | Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. |
| ***Mineralization*** | The 'deposition' of economically important metals in the formation of ore bodies or "lodes". |
| ***NI 43-101*** | National Instrument 43-101, "*Standards of Disclosure for Mineral Projects*", as adopted by the Canadian Securities Administrators, as the same may be amended or replaced from time to time, and shall include any successor regulation or legislation. |
| ***Ore*** | A mineral or an aggregate of minerals from which a valuable constituent, especially a metal, can be profitably mined or extracted. |
| ***Porphyry*** | An igneous rock of any composition that contains conspicuous phenocrysts in a fine-grained ground mass. |
| ***Pre-feasibility Study (preliminary feasibility study)*** | A pre-feasibility study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the modifying factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A pre-feasibility study is at a lower confidence level than a feasibility study. |
| ***Probable Mineral Reserve*** | Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. |
| ***Proven Mineral Reserve*** | Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. The term should be restricted to that part of the deposit where production planning is taking place and for which any variation in the estimate would not significantly affect potential economic viability. |
| ***Qualified Person*** | An individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association. |
| ***STAMICO*** | State Mining Corporation of Tanzania. |
| ***Tonne*** | Metric measurement of weight equivalent to 1,000 kilograms (or 2,204.6 pounds). |
| ***Veins*** | An epigenetic mineral filling of a fault or fracture in a host rock; a mineral deposit of this form and origin. |

---

vi

![](logo.jpg)

**TRX GOLD CORPORATION**

All information in this Annual Information Form ("**Annual Report**") is as of August 31, 2025, unless otherwise indicated.

#### Corporate Structure
The Company was originally incorporated under the corporate name "*424547 Alberta Ltd*", filing its Articles of Incorporation (the "Articles") on July 5, 1990, under the *Business Corporations Act* (Alberta).

The Articles of the Company were amended on August 13, 1991, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the Company was changed to "*Tan Range Exploration Corporation";* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the restriction on the transfer of shares was removed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a new paragraph regarding the appointment of additional directors was added as follows:

---

| | |
|:---|:---|
| *"(b)* | *The Directors, may, between annual general meetings, appoint one or more additional directors of the Company to serve until the next annual general meeting, but the number of additional Directors shall not at any time exceed one-third (1/3) of the number of Directors who held office at the expiration of the last annual meeting of the corporation."* |

---

The Company was registered as an extra-provincial company in the Province of Ontario under the *Business Corporations Act* (Ontario) on June 27, 1992.

The Company was also registered as an extra-provincial company in the Province of British Columbia under the then *Company Act* (British Columbia) on August 5, 1994.

The Articles of the Company were further amended on April 4, 1995, such that the minimum number of directors that the Company must have on its Board of Directors (the "Board") was increased from one (1) to three (3).

The Articles of the Company were further amended on February 15, 1996, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the provisions of the Articles authorizing the issue of Class "B" Voting shares, Class "C" Non-Voting shares and Class "D" Preferred shares were deleted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Class "A" voting shares were redesignated as common shares, of which an unlimited number may be issued by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a provision was added to allow meetings of shareholders to be held outside Alberta in either of the cities of Vancouver, British Columbia or Toronto, Ontario.

The Articles of the Company were further amended on February 28, 2006, to change the name of the Company to "*Tanzanian Royalty Exploration Corporation".*

The Articles of the Company were further amended on March 7, 2008, such that the maximum number of directors that the Company may have on its Board was increased from nine (9) to eleven (11).

The Articles of the Company were further amended on April 17, 2019, to change the name of the Company to *"Tanzanian Gold Corporation"*.

The Articles of the Company were further amended on May 24, 2022, to change the name of the Company to its present name of *"TRX Gold Corporation"*.

The Articles of the Company were further amended on March 3, 2023, to allow for meetings of shareholders to be held in any location or manner as determined by the Board.

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) (the "**Continuance**"). Subsequent to the Continuance, the Company's registered office is 550 Burrard Street, Suite 2501, Vancouver, BC, Canada V6C 2B5.

The Company remains extra-provincially registered in Ontario with its principal executive office and place of business located at 277 Lakeshore Road East, Suite 403, Oakville, Ontario, L6J 6J3. The Company's website address is www.trxgold.com.

#### Intercorporate Relationships
The Company has the following seven subsidiaries:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** | **Percentage &Type of Securities Owned or Controlled by Company** | **Percentage &Type of Securities Owned or Controlled by Company** |
| **Name of Subsidiary** | **Jurisdiction of Incorporation** | **Voting Securities Held** | **Non-Voting Securities** |
| Itetemia Mining Company Limited | United Republic of Tanzania | 90%<sup>(1)</sup> common shares | N/A |
| Lunguya Mining Company Ltd. | United Republic of Tanzania | 60%<sup>(2)</sup> common shares | N/A |
| Tancan Mining Company Limited | United Republic of Tanzania | 100% common shares | N/A |
| TRX Gold Tanzania Limited | United Republic of Tanzania | 100% common shares | N/A |
| Buckreef Gold Company Limited (BGCL) | United Republic of Tanzania | 55%<sup>(3)</sup> common shares | N/A |
| Northwest Basemetals Company Limited | United Republic of Tanzania | 75%<sup>(4)</sup> common shares | N/A |
| BGCL/AGC Joint Venture <sup>(6)</sup> | United Republic of Tanzania | 40%<sup>(5)</sup> common shares | N/A |

---

<sup>(1)</sup> The remaining 10% interest is held by STAMICO.

<sup>(2)</sup> The remaining 40% interest is held by Northern Mining and Consultancy Company Ltd.

<sup>(3)</sup> The remaining 45% interest is held by STAMICO.

<sup>(4)</sup> The remaining interest is held 15% by STAMICO and 10% by Songshan Mining Company.

<sup>(5)</sup> The remaining interest is held 60% by Allied Gold Corp. (AGC) of United Arab Emirates.

<sup>(6)</sup> Joint venture letter of intent signed and subject to final approval.

#### General Development of the Business Over the Last Three Years
**2023 Developments**

**Declared Commercial Production on Buckreef Gold Mine 1,000+ tonne per day Processing Plant** 

During September 2022, Buckreef Gold announced successful commissioning of the expanded 1,000+ tpd mill circuit, which was completed on time and on budget (capital cost of US$4.0 million). The processing plant ramped up throughput and reached nameplate capacity of 1,000+ tpd at the end of October 2022 and commercial production was declared effective in November 2022. Following commissioning of the 1,000+ tpd processing plant, the Company poured 20,759 ounces in fiscal 2023, a record annual production output for the Company.

**Commenced Expansion of Buckreef Gold Mine Processing Plant to 2,000 tonnes per day** 

During 2023, the Company used cash flow from operations to order an additional 1,000 tpd ball mill to advance the short-term objective of increasing Buckreef Gold's current average annual throughput by 75-100% through the addition of this new mill. In October 2023, the ball mill arrived on site and earthworks have commenced. The expanded plant has a targeted completion date in the second half of fiscal 2024 and is expected to benefit production in Q4 2024 and beyond.

**Achieved Suphide Gold Recovery of 88.7% from Existing Processing Plant** 

During the year, the Company successfully processed 6,500 tonnes of sulphide ore through Buckreef Gold's existing milling facility, achieving an indicative gold recovery of 88.7%. This is a significant achievement as approximately 90% of Buckreef Gold's 2 million+ ounce gold mineral resource is held in sulphide material, thus unlocking the significant economic potential of the project. This bulk sample test indicates that the Company can process sulphide ore through its existing processing plant, thus minimizing capex for future plant expansions.

**Extended Gold Mineralization of the Buckreef Main Zone and Reported Positive drilling Results from the Anfield and Eastern Porphyry Zones** 

During the year, the Company drilled 11,171 meters of exploration, infill and sterilization drilling, excluding grade control drilling. Buckreef Gold announced positive near surface drilling results from the Anfield and Eastern Porphyry Zones which are in close proximity to the Buckreef Main Zone and present an opportunity to host future mineral resources outside of the Buckreef Main Zone. Buckreef Gold also announced an extension of the Buckreef Main Zone South by an additional 200 meters, increasing the strike length of the Buckreef Main Zone deposit, or known gold mineralization, to over 2.0 kilometers.

**Closed At the Market Offering**

On May 12, 2023, the Company announced that it entered into an 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 $10 million. To date, no shares have been sold under the At The Market Offering Agreement.

**Announced the Appointment of Shubo Rakhit as Chairman of TRX Gold Board of Directors**

Subsequent to year end, the Company announced the appointment of Shubo Rakhit as Chairman of the TRX Gold Board following the passing of its founder and Chairman James E. Sinclair, at the age of 82. Mr. Sinclair founded TRX Gold and had been Chairman and Director since 2000. Mr. Rakhit has had a prominent career as a highly respected strategist and sought after trusted advisor. His 30+ year career has included senior positions at several global and Canadian investment banks and advisory firms including CIBC, Bank of Nova Scotia, Bank of America Securities, KPMG Corporate Finance and Echelon Wealth Partners. Mr. Rakhit's distinguished career includes leading over $90 billion of M&A transactions, and over $100 billion of global capital markets issuance, including many well-known transformational transactions and complex capital solutions, that have also encompassed mining companies. The strength of his relationships is characterized by authenticity and trust that will assist the Company in broadening its access to capital markets and its strategic direction at a time of rapid growth for the organization.

**2024 Developments**

**Completed Expansion of Buckreef Gold Mine Processing Plant to 2,000 tonnes per day** 

During Q4 2024, the Company announced successful completion of the expanded processing plant to 2,000 tpd of nameplate processing capacity, which was completed on time and on budget (capital cost of approximately US$6.0 million). The processing plant was fully commissioned in September 2024 and has been consistently achieving, on average, 1,938 tpd of mill throughput following full plant commissioning, reaching a maximum of 2,016 tpd, a 149% increase over Q3 2024. Following completion of the expanded plant, Q4 2024 production increased to 5,767 ounces from Q3 2024 (4,628 ounces), a 25% increase over the prior quarter, as the increase in processing plant throughput more than offset the impact of lower head grade. This expansion marks Buckreef Gold's third successful expansion project aimed at increasing annual gold production in a de-risked, self-funded and phased approach. Moreover, through this latest expansion, the project is expected to benefit from greater economies of scale, resulting from higher processing plant throughput and higher overhead cost absorption.

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

Subsequent to August 31, 2024, the Company announced its two best drill results ever, on a gram x tonne x meters ("gtm") basis, intersecting 37 meters ("m") @ 6.86 g/t Au (253.82 gtm) from 130 m (hole BMDD315) and 35.5 m @ 5.48 g/t Au (194.54 gtm) from 64 m. These drill hole results are approximately 200-250 m east of the Buckreef Main Zone, host to Buckreef Gold's 2M+ ounce Au Mineral Resource and where current operations are ongoing in the Main Pit.

Subsequent to August 31, 2024, the Company announced the discovery of a promising new gold mineralization shear zone, named the "Stamford Bridge Zone", where results are beginning to form what may become a potential 1-kilometer "bridge" between the Buckreef Gold Main Zone, where current operations are ongoing, with links to the parallel, high-priority, gold mineralization zone known as the Eastern Porphyry, and the prospective Anfield Zone to the southeast.

**Metallurgical Study Results – Higher Gold Recoveries Attainable at Buckreef Gold**

Subsequent to August 31, 2024, the Company announced completion of the ongoing metallurgical variability study at Buckreef Gold, with results confirming excellent gold recovery rates for the processing of sulphide ore. Results demonstrate that a finer grind size leads to higher recovery rates, and the Company is currently in the process of developing finer grinding initiatives to achieve higher gold recoveries. This is positive for both near term production potential and future Mineral Resource development as the Company continues to focus on development of other high-priority gold zones, such as Stamford Bridge, Anfield and Eastern Porphyry.

**Buckreef Gold Procurement of Heavy Mining Equipment** 

During Q4 2024, the Company entered into a finance lease agreement for fifteen pieces of heavy equipment, including six excavators, one dozer, one motor grader, one backhoe, one compactor, and three loaders. Half of this fleet will replace rented equipment currently operating in the plant, while the remaining equipment will be utilized in site development projects, roadway construction, and maintenance. Additionally, this equipment is capable of supporting and supplementing, when necessary, the contract mining fleet at the site. Subsequent to August 31, 2024, the Company also entered into a purchase agreement to procure a fleet of eight haul trucks to expand haulage capability and capacity. The Company intends to use two of the newly procured owner-operated fleet within the plant, while the remainder will be used to haul materials for the site development crew. The Company is currently utilizing site equipment to its fullest capacity, with a focus on reducing mining costs.

**2025 Developments**

**Reports Robust PEA on Next Buckreef Gold Expansion**

During fiscal 2025, the Company filed a robust PEA 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 NPV5% of $1.9 billion pre-tax ($1.2 billion after-tax) at $4,000 per ounce of gold (base case NPV5% of $0.7 billion pre-tax ($0.4 billion after-tax) at a consensus forecast case gold price average of $2,296 per ounce of gold).

**Advancing Processing Plant Expansion – Throughput to be Greater than 3,000 tpd**

Subsequent to Q4 2025, 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.

**Signed Gold Sale Service Agreement with the Bank of Tanzania** 

During Q4 2025, Buckreef Gold signed a Gold Sale Service Agreement with the Bank of Tanzania ("BoT") to set aside a minimum of 20% of its local gold production for domestic sale through the central bank and local refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the Tanzanian Mining Act. As part of the Agreement, the Company benefits from a reduced royalty rate of 4.35% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.35% royalty. During Q3 2025 the Company set aside 646 ounces in inventory which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. The signing of this Agreement signals Buckreef's long-term commitment to Tanzania and its growing role in driving local content, value addition, and the beneficiation strategy (including improving foreign exchange reserves) as championed by the Government.

**Announced New Financing Facilities** 

During Q2 2025, the Company announced it had entered into its first ever credit agreement with Stanbic Bank Tanzania Limited ("Stanbic") and a Gold Prepayment Facility with Auramet International, Inc. ("Auramet"). The current credit agreement with Stanbic consists of a $4 million overdraft and revolving credit facility and a $5 million vehicle and asset financing facility that may be used at the Company's discretion. The current Gold Prepayment Facility with Auramet enables the Company, at its discretion, to sell to Auramet up to a maximum, aggregate amount of 1,500 ounces of gold, up to a maximum of 21 calendar days prior to delivery. The Auramet Gold Prepayment Facility replaces the Gold Doré Purchase Agreement with OCIM Metals and Mining S.A.

**Renewed At the Market Offering**

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

**Announced the Appointment of John McVey to TRX Gold Board of Directors**

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

**Announced the Appointment of Richard Boffey as TRX Gold Chief Operating Officer**

During Q1 2025, the Company announced the appointment of Richard Boffey as Chief Operating Officer of TRX Gold Corporation. Mr. Boffey is a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and will be instrumental in the continued growth and development of Buckreef Gold.

#### Description of the Business

#### General
The Company's main area of interest has been in the exploration and development of gold properties, with a primary focus on exploring for and developing gold properties in the United Republic of Tanzania ("Tanzania"). Tanzania remains the focus of the Company's exploration and development activities. The Company's primary asset is its interest in the Buckreef Gold Project, a joint venture that is 55% owned by one of the Company's subsidiaries (TRX Gold Tanzania Limited) and 45% is owned by the State Mining Corporation ("STAMICO"), a Governmental agency of Tanzania.

TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and US$1.9 billion pre-tax NPV5% at average life of mine gold price of $4,000/oz (base case NPV5% of $0.7 billion pre-tax ($0.4 billion after-tax) at a consensus forecast case gold price average of $2,296 per ounce of gold). 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. Please refer to the Company's PEA containing the updated Mineral Resources Estimate for the Buckreef Gold Project, effective as of April 15, 2025 and filed under the Company's profile on SEDAR+ on May 23, 2025, and on EDGAR on May 27, 2025, for more information.

The Company's Buckreef Gold Project produced 18,935 ounces in fiscal 2025 and sold approximately 19,213 ounces of gold. Gold production was slightly lower than the prior year comparative period as higher mill throughput of 1,483 tpd (2024: 973 tpd) was offset by lower head grade of 1.53 g/t (2024: 2.19 g/t) and a lower average recovery of 71% (2024: 79%). Full year production was impacted by the scheduled mining of high strip ratio, lower grade ore at the north end of the Stage 1 pit and allowing the stripping of the south end of the Stage 1 pit to be completed during the first half of fiscal 2025. Following finalization of the stripping campaign, the Company began to access higher grade ore blocks, benefiting production in Q4 2025 and into fiscal 2026. Illustratively, the Company achieved two record gold pours, including 806 ounces at the end of August 2025 followed by another record gold pour of 1,018 ounces of gold in September 2025. For fiscal 2025, the Company recognized record full year revenue of $57.6 million, cost of sales of $33.7 million, generating gross profit of $23.9 million, gross profit margin of 42%, net income of $6.6 million, operating cashflow of $16.3 million, and Adjusted EBITDA<sup>1</sup> of $22.0 million. For fiscal 2024, the Company recognized revenue of $41.2 million, cost of sales of $23.2 million, gross profit of $17.9 million, net income of $3.5 million, operating cashflow of $15.3 million, and Adjusted EBITDA<sup>1</sup> of $15.3 million. The increase in revenue, gross profit, net income, operating cashflow and Adjusted EBITDA<sup>1</sup> compared to the prior year comparative period is mainly due to the impact of a higher average realized gold price on higher ounces of gold sold, demonstrating the Company's leverage to record gold prices during fiscal 2025. During the period, the Company sold 19,213 ounces of gold (2024: 19,075 ounces) at an average realized price (net)<sup>1</sup> of $3,033 per ounce (2024: $2,179 per ounce).

Gold production at Buckreef Gold is expected 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. Total average cash cost<sup>1</sup> are expected 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."Total cash costs" per ounce is a non-GAAP financial performance measure.<sup>1</sup>

*Specialized Skill and Knowledge*

 

A majority of aspects of our business requires specialized skills and knowledge, certain of which are in high demand and in limited supply. Such skills and knowledge include the areas of permitting, engineering, geology, metallurgy, logistical planning, implementation of exploration programs, mine construction and development, mine operation, as well as legal compliance, finance and accounting. We have highly qualified management personnel and staff, an active recruitment program, and believe that persons having the necessary skills are generally available. We have found that we can locate and retain competent employees and consultants in such fields. We do not anticipate having significant difficulty in recruiting other personnel as needed. Training programs are in place for workers that are recruited locally.

 

 *_________________________________*

*<sup>1</sup> Non-GAAP measures are more fully described in the Company's MD&A for the year ended August 31, 2025 under "Non-IFRS Performance Measures", available on SEDAR+ at www.sedarplus.ca.*

 

*Competitive Conditions* 

 

The gold exploration and mining business is a competitive business. We compete with numerous other companies and individuals in the search for and the acquisition of quality properties, mineral claims, permits, concessions and other mineral interests, as well as recruiting and retaining qualified employees.

 

*Permits*

Exploration and ore processing activities on the Company's properties require permits from local authorities. The state owns title to all mineral resources in Tanzania. All permits conferring rights to explore and extract mineral resources are granted by the Minister of Energy and Minerals, ("MEM") in terms of the Tanzania 2010 Mining Act. The Mining Act serves as the legal framework governing mining in Tanzania. Special Mining Licenses (SML) are granted for large scale mining operations and are valid for the estimated mine life determined in the Bankable Feasibility Study (BFS). Holders of special mining licenses may enter into a Mining Development Agreement (MDA) with the Government which is subject to review every five years and at the renewal of the mineral right.

The Company was granted an extension to the renewal date for the (renewable) Special Mining License at Buckreef Gold extending the SML renewal period for Buckreef Gold by an additional 5 years from 2027 to 2032. Under the Tanzania 2010 Mining Act, a SML confers on the holder the exclusive right to carry out mining operations and to prospect (within the SML) for minerals as specified in the license. The duration of the Special Mining License covers the estimate life of mine, with specified renewals over that period.

*Business Cycles*

 

The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If global economic conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of the Company's projects. See "*Risk Factors*".

*Economic Dependence and Components*

 

The Company's business is not dependent on any contract to sell a major part of its products or to purchase a major part of its requirements for goods, services or raw materials, or on any franchise or license or other agreement to use a patent, formula, trade secret, process or trade name upon which its business depends. It is not expected that the Company's business will be affected in the current financial year by the renegotiation, amendment or termination of contracts or subcontracts.

*Employees*

 

As at August 31, 2025, the Company had 241 full-time employees, inclusive of executives operating in Canada, 352 contract miners and project contractors, and 173 part-time/casual employees working in the Republic of Tanzania.

 

*Foreign Operations* 

 

Our principal operations and assets are located in the Tanzania, Africa. Our operations are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties include, but are not limited to, government regulations (or changes to such regulations) with respect to restrictions on production, export controls, income taxes, royalties, excise and other taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, local ownership requirements and land claims of local people, regional and national instability and security, mine safety, and sanctions. The effect of these factors cannot be accurately predicted. See "*Risk Factors*".

*Bankruptcy and Similar Procedures*

 

There are no bankruptcy, receivership or similar proceedings against the Company, nor is the Company aware of any such pending or threatened proceedings. There have not been any voluntary bankruptcy, receivership or similar proceedings by the Company within the three most recently completed financial years or proposed for the current financial year.

*Social and Environmental Policies*

 

The Company respects its employees, the environment and the communities in which we operate. The Company acknowledges that its activities can impact the environment, thus it is our intention to act responsibly by demonstrating stewardship to the environment. The Company believes that environmental stewardship is both a matter of "doing the right thing" and a sound business practice that will create value for our shareholders.

TRX commits to the following principles to ensure environmental stewardship:

&nbsp;&nbsp;&nbsp;&nbsp;· comply with applicable legal requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· work to reduce or avoid potential environmental impacts through effective management, the wise use of resources, pollution prevention and other appropriate mitigative measures, including;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o reducing the Company's carbon footprint by maximising grid power using hydroelectric and natural gas, minimizing diesel usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o recycling all water used in operations with no water discharge from operations; and

&nbsp;&nbsp;&nbsp;&nbsp;· ensure that employees and contractors are aware of environmental policies, understand the policies, are aware of their roles and responsibilities, and have the appropriate training to do their work, including;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o all sites and suppliers certified by the International Cyanide Management Code.

The Company is committed to exploring for, building, operating and closing mines in an environmental, socially and financially responsible manner.

#### Risk Factors

#### Risks Relating to the Company
*The Company's exploration and development activities are highly speculative and involve substantial risks.*

Except for the Buckreef Gold Project which has high exploration potential, all of the other Company's exploration prospects on the Company's SML are in the exploration stage and no mineral reserves have been established. The Company's exploration work may not result in the discovery of mineable deposits of ore in a commercially economical manner. There may be limited availability of water, which is essential to milling operations, and interruptions may be caused by adverse weather conditions and other activities, including artisanal mining. The Company's future operations, if any, are subject to a variety of existing laws and regulations relating to exploration and development, permitting procedures, safety precautions, property reclamation, employee health and safety, air quality standards, pollution and other environmental protection controls.

 

*The Company has uninsurable risks.*

The Company's business is capital intensive and subject to a number of risks and hazards, including environmental pollution, accidents or spills, industrial and transportation accidents, labour disputes, changes in the regulatory environment, natural phenomena (such as inclement weather conditions, earthquakes, pit wall failures and cave-ins) and encountering unusual or unexpected geological conditions. Many of the foregoing risks and hazards could result in damage to, or destruction of the Company's mineral properties or future processing facilities, personal injury or death, environmental damage, delays in or interruption of or cessation of their exploration or development activities, delay in or inability to receive regulatory approvals to transport their products, or costs, monetary losses and potential legal liability and adverse governmental action. The Company may be subject to liability or sustain loss for certain risks and hazards against which they do not or cannot insure or which it may reasonably elect not to insure. This lack of insurance coverage could result in material economic harm to the Company.

*The Company depends on key personnel.*

The senior officers of the Company will be critical to its success as will recruiting qualified personnel as the Company grows. The number of persons skilled in the acquisition, exploration and development of mining properties is limited and competition, worldwide, for such persons is intense. As the Company's business activity grows, it will require additional key financial, administrative, regulatory, and mining personnel as well as additional operations staff. If the Company is not successful in attracting and training qualified personnel, the efficiency of its operations could be affected, which could have an adverse impact on future cash flows, earnings, results of operations and the financial condition of the Company.

 

*Certain Company directors or officers may have a conflict of interest.*

Directors and officers of the Company are or may become directors or officers of other reporting companies or have significant shareholdings in other mineral resource companies and, to the extent that such other companies may participate in ventures in which the Company may participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. The Company and its directors and officers will attempt to minimize such conflicts. In the event that such a conflict of interest arises at a meeting of the directors of the Company, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In appropriate cases the Company may establish a special committee of independent directors to review a matter in which one or more directors, or officers, may have a conflict. In determining whether or not the Company will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to the Company, the degree of risk to which the Company may be exposed and its financial position at that time.

*The Company has a limited property portfolio.*

 

Currently, the Company holds an interest in the Buckreef Gold Project, the Company's principal property. As a result, unless the Company develops its other properties or acquires additional property interests, any adverse developments affecting the Buckreef Gold Project could have a material adverse effect upon the Company and would materially and adversely affect the potential future mineral resource production, profitability, financial performance and results of operations of the Company.

*The Company is subject to growth-related risks.*

 

The Company may be subject to growth-related risks including capacity constraints and pressure on its internal systems and controls, as well as on its employee base. The ability of the Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train and manage its employee base. The inability of the Company to deal with this growth may have a material adverse effect on the Company's business, financial condition, results of operations and prospects.

*Foreign corrupt practices legislation.*

The Company is subject to the *Foreign Corrupt Practices Act of 1977* (U.S.A) (the "FCPA"), the *Corruption of Foreign Public Officials Act* (Canada) (the "CFPOA"), as amended, and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by persons and issuers as defined by the statutes, for the purpose of obtaining or retaining business. It is the Company's policy to implement safeguards to discourage these practices by its employees; however, its existing safeguards and any future improvements may prove to be less than effective, and the Company's employees, consultants, sales agents or distributors may engage in conduct for which the Company might be held responsible. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect the Company's business, results of operations or financial condition. In addition, actual or alleged violations could damage the Company's reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and could consume significant time and attention of management.

*Security breaches and other disruptions could compromise the Company's information and expose it to liability, which would cause its business and reputation to suffer.*

In the ordinary course of the Company's business, it collects and stores sensitive data, including intellectual property, its proprietary business information and that of its business partners, and personally identifiable information of its employees in its data centers and on its networks. The secure processing, maintenance and transmission of this information is critical to the Company's operations and business strategy. Despite its security measures, the information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions. Any such breach could compromise the Company's networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, potential liability under laws that protect the privacy of personal information, and potential regulatory penalties, disrupt the Company's operations and damage its reputation, and cause a loss of confidence in the Company, which could adversely affect its business and competitive position.

 

*The Company may be characterized as a passive foreign investment company.*

The Company may be characterized as a passive foreign investment company ("PFIC"). If the Company is determined to be a PFIC, its U.S. shareholders may suffer adverse tax consequences. Under the PFIC rules, for any taxable year that the Company's passive income or its assets that produce passive income exceed specified levels, the Company will be characterized as a PFIC for U.S. federal income tax purposes. This characterization could result in adverse U.S. tax consequences for the Company's U.S. shareholders, which may include having certain distributions on its common shares and gains realized on the sale of its common shares treated as ordinary income, rather than as capital gains income, and having potentially punitive interest charges apply to the proceeds of sales of the Company's common shares and certain distributions.

Certain elections may be made to reduce or eliminate the adverse impact of the PFIC rules for holders of the Company's common shares, but these elections may be detrimental to the shareholder under certain circumstances. The PFIC rules are extremely complex and U.S. investors are urged to consult independent tax advisers regarding the potential consequences to them of the Company's classification as a PFIC.

*The exploration for and development of mineral deposits involves significant risks.*

Mineral exploration is highly speculative in nature. There is no assurance that exploration efforts will be successful. Even when mineralization is discovered, it may take several years until production is possible, during which time the economic feasibility of production may change. Substantial expenditures are required to establish proven and probable mineral reserves through drilling. Because of these uncertainties, no assurance can be given that exploration programs will result in the establishment or expansion of mineral resources or mineral reserves. There is no certainty that the exploration expenditures made by the Company towards the search and evaluation of mineral deposits will result in discoveries or development of mineral reserves. Mining operations generally involve a high degree of risk. The Company's operations are subject to the hazards and risks normally encountered in mineral exploration and development, including environmental hazards, explosions, and unusual or unexpected geological formations or pressures. Such risks could result in damage to, or destruction of, mineral properties, personal injury, environmental damage, delays in mining, monetary losses and possible legal liability.

Mining exploration, development and operating activities are inherently hazardous. The Company's exploration activities may be interrupted by mining accidents such as cave-ins, rock falls, rock bursts, pit wall failures, fires or flooding. In addition, exploration activities may be reduced if unfavorable weather conditions, ground conditions or seismic activity are encountered, ore grades are lower than expected, the physical or metallurgical characteristics of the ore are less amenable than expected to mining or treatment, dilution increases or electrical power is interrupted. Occurrences of this nature and other accidents, adverse conditions or operational problems in future years may result in the Company's failure to achieve current or future exploration and production estimates.

*The Company cannot accurately predict whether commercial quantities of ores as estimated or projected in the preliminary economic assessment will continue to be established as commercial production continues.*

 

Whether an ore body will be commercially viable depends on a number of factors beyond the control of the Company, including the particular attributes of the deposit such as size, grade and proximity to infrastructure, as well as mineral prices and government regulations, including regulations relating to permitting, prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The Company cannot accurately predict the exact effect of these factors, but the combination of these factors may result in a mineral deposit being unprofitable. Although the mineral resource estimates included herein have been prepared by the Company, or, in some instances have been prepared, reviewed or verified by independent mining experts, these amounts are estimates only and there is a risk that a particular level of recovery of gold or other minerals from mineral resource will not in fact be realized or that an identified mineralized deposit, if any, will never qualify as a commercially mineable or viable reserve.

*Pandemic or other health crisis may adversely affect or restrict the Company's business and exploration activities.*

The Company faces risks related to health epidemic and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and adversely affect its business, financial operations and results of operations. A health crisis can impact the Company's business, including its operations and the market for its securities. Future developments surrounding a potential health crisis, such as COVID-19, Ebola, malaria, HIV/AIDS and tuberculosis, are highly uncertain and cannot be predicted at this time. Such future developments include the duration, severity and scope of an outbreak, including a new pandemic or other health crises, and the actions taken to contain or treat an outbreak. In particular, a health crisis could materially and adversely impact the Company's business including without limitation, increased insurance premiums, limitations on travel, supply chain interruption, inflation, and other factors that will depend on future developments beyond the Company's control. While these effects are expected to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated at this time. The Company will continue to monitor and stay informed of the global and local reactions to various health crisis and is taking action wherever and whenever possible to mitigate the impact of any health crisis on the staff and operations of the Company. At this time, the Company's operations have not been materially affected by a health crisis; however, no assurance can be given that a health crisis will not materially affect the Company's operations in the future.

*The Company may not be able to continue to establish the presence of minerals on a commercially viable basis.*

The Company's ability to generate revenues and profits, if any, is expected to occur through exploration and development of its existing properties as well as through acquisitions of interests in new properties. The Company may need to incur substantial expenditures in an attempt to continue to establish the economic feasibility of mining operations by identifying mineral deposits and establishing ore reserves through drilling and other techniques, developing metallurgical processes to extract metals from ore, designing facilities and planning mining operations. The economic feasibility of a project depends on numerous factors beyond the Company's control, including the cost of mining and production facilities required to extract the desired minerals, the total mineral deposits that can be mined using a given facility, the proximity of the mineral deposits to a user of the minerals, and the market price of the minerals at the time of sale. In addition, there is a degree of uncertainty attributable to the calculation and estimates of Mineral Resources and the corresponding metal grades to be mined and recovered. Until Mineral Resources are mined and processed, the quantities of mineralization and metal grades must be considered as estimates only. Any material change in the quantity of Mineral Resources, grades and recoveries may affect the economic viability of the Company's property. Therefore, the Company's existing or future exploration programs or acquisitions may not result in the identification of deposits that can be mined profitably.

*The Company depends on consultants, geologists and engineers for its exploration programs.*

The Company has relied upon consultants, geologists, engineers and others and intends to rely on these parties for exploration and development expertise. Substantial expenditures are required to construct mines, to establish mineral resources and reserves through drilling, to carry out environmental and social impact assessments, to develop metallurgical processes to extract metal from mineral reserves and, in the case of new properties, to develop the exploration and plant infrastructure at any site. If such parties' work is deficient or negligent or is not completed in a timely manner, it could have a material adverse effect on the Company.

*Development of the Company's projects is based on estimates and the Company cannot guarantee that its projects, if any, will be placed into commercial production or continue with commercial production*.

Potential production and revenues generated from any of the Company's properties are estimates only. Estimates are based on, among other things, mining experience, resource estimates, assumptions regarding ground conditions and physical characteristics of ores (such as hardness and presence or absence of certain metallurgical characteristics) and estimated rates and costs of mining and processing. The Company's actual production from the Buckreef Gold Project may be lower than its production estimates. Each of these factors also applies to future development properties not yet in production at the Company's other projects. In the case of mines that the Company may develop in the future, it does not have the benefit of actual experience in its estimates, and there is a greater likelihood that the actual results will vary from the estimates. In addition, development and expansion projects are subject to unexpected construction and start-up problems and delays.

 

*The Company's exploration and operating activities are subject to various Environmental, Health and Safety Laws and Regulations.*

 

The Company's activities are subject to extensive laws and regulations governing environmental protection and employee health and safety. Environmental legislation is evolving in a manner that is creating stricter standards, while enforcement, fines and penalties for non-compliance are more stringent. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations. Furthermore, any failure to comply fully with all applicable laws and regulations could have significant adverse effects on the Company, including the suspension or cessation of operations.

Exploration and mining operations involve risks of releases to soil, surface water and groundwater of metals, chemicals, fuels, liquids having acidic properties and other contaminants. Significant risk of environmental contamination from present and past exploration or mining activities still exists for mining companies. The Buckreef Gold Project, except for the main pit, has been the site of artisanal mining. The Company may be liable for environmental contamination and natural resource damages relating to properties that they currently own or operate or at which environmental contamination occurred while or before they owned or operated the properties. No assurance can be given that potential liabilities for such contamination or damages caused by past artisanal mining activities at the Buckreef Gold Project do not exist or that the Company will not be alleged to be responsible for historical liabilities at the Buckreef Gold Project.

In addition, environmental regulators are increasingly requiring financial assurances to ensure that the cost of decommissioning and reclaiming sites is borne by the parties involved, and not by government. It is not possible to predict what level of decommissioning and reclamation (and financial assurances relating thereto) may be required in the future by regulators.

*The Company's exploration and operating activities are subject to community relations and license to operate.*

 

The Company's relationship with the local communities, local authorities, and artisanal miners where it operates is critical to ensure the future success of its existing activities and the potential development and operation of its projects. Failure by the Company to maintain good relations with local stakeholders can result in adverse claims and difficulties for the Company. There is also an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Non-Governmental Organizations ("NGOs") and civil society groups, some of which oppose resource development, are often vocal critics of the mining industry and its practices, including the use of hazardous substances and the handling, transportation, and storage of various waste, including hazardous waste. Adverse publicity generated by such NGOs and civil society groups or others related to the extractive industries generally, or the Company's operations specifically, could have a material adverse impact on the Company and its reputation. Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and an impediment to the Company's overall ability to advance its projects, which could have a material adverse impact on the Company's business, results of operations and financial condition.

*Reputational Risk.*

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity (for example, with respect to the Company's handling of environmental matters or the Company's dealings with community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation, but the Company does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows and growth prospects.

 

*The Company's exploration and operating activities are subject to various Licenses and Permits, other Laws and Regulations.*

 

The Company's exploration, development and operating activities through its interest in Buckreef Gold Company Limited require permits and approvals from various government authorities, and are subject to extensive federal, regional and local laws and regulations governing prospecting, exploration, development, production, transportation, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. Such laws and regulations are subject to change and can become more stringent; compliance can therefore become more time-consuming and costly. In addition, the Company may be required to compensate those suffering loss or damage by reason of its activities. The Company will be required to obtain additional licenses and permits from various governmental authorities to continue and expand its exploration and development activities. There can be no guarantee that the Company will be able to maintain or obtain all necessary licenses, permits and approvals that may be required to explore and develop its properties. As previously disclosed by the Company in its prior filings, on September 23rd, 2022, the Tanzanian Government published the Mining (State Participation) Regulations 2022, which (i) entitle the Government to a 16% non-dilutable, free carried equity interest in any mining venture and (ii) require that any mining license or special mining license holder liaise with the Mining Commission within ninety days of these regulations to initiate negotiations of a joint venture arrangement to enable the Tanzanian Government to acquire such interest. The Company believes that it is in compliance with the requirements of the Mining (State Participation) Regulations 2022, as it has previously (i) entered into a Joint Venture Agreement for Re-Development of Buckreef Gold Mine dated October 25th, 2011, with the State Mining Corporation (STAMICO), which currently owns a 45% dilutable interest in Buckreef Gold Company Limited, and (ii) liaised with the Mining Commission within the prescribed timeframe. The Company is currently engaged in discussions with the Government to convert the 45% dilutable ownership interest held by the Government through STAMICO into a 16% non-dilutable ownership interest. The timing of reaching any resolution of these matters with the Government is uncertain and there can be no assurance that these discussions will be successfully concluded. Whilst the Company cannot, at this stage, assess the full implications of the changes resulting from the Mining (State Participation) Regulations, 2022 (or any further changes in laws, policies, and the regulatory framework) on itself and its assets, as of the filing date of this Annual Report, the Company does not believe that these changes will have a material effect on the operational activities of the Buckreef Gold Project.

*The Company's exploration and operating activities are subject to various commitments.*

 

The Company's mining properties may be subject to various land payments, royalties and/or work commitments. Failure by the Company to meet its payment obligations or otherwise fulfill its commitments under these agreements could result in the loss of related property interests. Additionally, any contractual disagreements may be subject to extensive legal, administrative or arbitral proceedings, which may affect the Company's rights and may involve significant time and costs to conclude.

*The Company may not have clear title to its properties.*

The Company has investigated its rights to exploit the Buckreef Gold Project, and, to the best of its knowledge, its rights are in good standing. However, no assurance can be given that such rights will not be revoked, or significantly altered, to its detriment. There can also be no assurance that the Company's rights will not be challenged or impugned by third parties, including local communities.

Some of the Company's mineral claims may overlap with other mineral claims owned by third parties which may be considered senior in title to the Company mineral claims. The junior claim is only invalid in the areas where it overlaps a senior claim. The Company has not determined which, if any, of the Company mineral claims is junior to a mineral claim held by a third party.

Although the Company is unaware of any existing title uncertainties with respect to Buckreef Gold Project, there is no assurance that such uncertainties will not result in future losses or additional expenditures, which could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition.

 

 

*Revenues.*

 

Although the Company has begun production at the Buckreef Gold Project, there can be no assurance that the Buckreef Gold Project will be profitable from its operations, and even though it may be profitable from operations, that such operating profits will be sufficient to pay for the Company's current and planned operating expenses and capital expenditures. The Company's operating expenses and capital expenditures may increase in subsequent years as consultants, personnel and equipment associated with the exploration, development and expansion of its properties are advanced. The development of the Company's properties may continue to require the commitment of substantial resources. There can be no assurance that the Company will be able to fund its continuing operations on an ongoing basis. There can be no assurance that TRX will achieve long-term profitability.

*The Company may require additional capital.*

The Company will continue to incur development and exploration costs for its plan of operations including in-fill drilling, exploration and technical work for development of the Buckreef Gold Project, and therefore the Company may require additional capital. Although the Company had cash of approximately 7.8 million at August 31, 2025, such amounts may be insufficient for the Company's development and exploration plans and operating expenses. Ultimately, the Company's ability to continue its exploration activities depends in part on the Company's ability to generate profits or to obtain financing through joint ventures, debt financing, equity financing, production sharing agreements or some combination of these or other means. Further, the raising of additional capital by the Company may dilute existing shareholders. No assurance can be given that the Company will be able to raise capital in the future.

*The Company's exploration and development activities are potentially subject to general risks associated with artisanal scale mining.*

Artisanal scale mining ("ASM") does not impact the current mineral resources or mining of the Buckreef Main Zone, nor exploration activities within the compensated land areas. Artisanal scale miners are, however, active on the far extremities of, and adjacent to the Buckreef Gold Special Mining License. The Company is aware that artisanal scale mining has occurred and continues to occur in a limited capacity at the Bingwa and Tembo deposits. The extent of this ASM is observed to be limited to narrow vein mining and is currently believed to not materially affect the total contained gold in the historical mineral resource estimates. At the Eastern Porphyry deposit, only minor and now inactive ASM has occurred. In general, artisanal scale miners may be associated with a number of negative impacts which could present risk to humans and property, including environmental degradation, human rights abuse, personal injury or death, security concerns, destruction of property and funding of conflict. The presence of artisanal scale miners can, on rare occasions, also lead to disputes and delays related to project development or operation of commercial gold deposits, and potentially lost gold production as a result of delays or theft. The Company does not purchase any gold from artisanal scale miners.

#### Risks Relating to the Market
*The Company's competition is intense in all phases of the Company's business.*

The mining industry is competitive in all of its phases. We face strong competition from many mining companies that have greater financial resources, operational experience and technical capabilities than us. As a result of this competition, we may be unable to maintain or acquire attractive mining properties or skilled resources on terms it considers acceptable or at all. Consequently, our business and financial condition could be materially adversely affected.

In addition, we may encounter competition from other mining companies in our efforts to hire and retain experienced mining professionals. Competition for services and equipment could cause future development and costs to operate the processing plant to increase materially, resulting in delays if services or equipment cannot be obtained in a timely manner due to inadequate availability, and increase potential scheduling difficulties and cost increases due to the need to coordinate the availability of services or equipment, any of which could materially increase future project development, operation, exploration or construction costs, result in project delays or both.

 

*The Company is subject to the volatility of metal and mineral prices.*

Precious metal prices fluctuate widely and are affected by numerous factors beyond the control of the Company. The level of interest rates, the rate of inflation, the world supply of mineral commodities and the stability of exchange rates can all cause significant fluctuations in precious metal prices. Such external economic factors are in turn influenced by changes in international investment patterns, national fiscal policies, monetary systems and political developments. The price of gold has fluctuated widely in recent years. Future price declines could cause commercial production to be impracticable, thereby having a material adverse effect on the Company's business, financial condition and results of operations. Moreover, the ability of the Company to fund its activities and the valuation of investor companies will depend significantly upon the market price of precious metals.

*The Company is subject to foreign currency risks which may increase our costs and affect our results of operation.* 

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company has offices in Canada, U.S. and Tanzania and holds cash mainly in Canadian, Tanzanian and U.S. currencies. A significant change in the currency exchange rates between the U.S. dollar relative to Canadian dollar and Tanzanian shillings could have an effect on the Company's results of operations, financial position or cash flows. As at August 31, 2025, the Company had no hedging agreements in place with respect to foreign exchange rates. As the majority of the transactions of the Company are denominated in U.S. and Tanzanian currencies, movements in the foreign exchange rates may not have a material impact on the consolidated statements of income and comprehensive income.

*The Company's business activities are conducted in Tanzania.*

The Company's principal exploration and mine development properties are currently located in Tanzania, Africa, under which the Company, through its Buckreef Gold Company Limited joint venture has obtained a license to explore, develop and operate the Buckreef Gold Property. Although the Company believes that the Tanzania government is a stable, multi-party democracy, there is no guarantee that this will continue. Tanzania is surrounded by less stable countries enduring political and civil unrest, and in some cases, civil war. There is no guarantee that the surrounding unrest will not affect the Tanzanian government and people, and therefore, the Company's mineral exploration and operating activities. Any such effect is beyond the control of the Company and may materially adversely affect its business.

Further, the operator of the Buckreef Gold Project is Buckreef Gold Corporation Limited, a joint venture that is 55% owned by one of the Company's subsidiaries (TRX Gold Tanzania Limited), and 45% owned by STAMICO, a Governmental agency of Tanzania. Therefore, the Government of Tanzania has a substantial input into, and influence over, the Company's operations at the Buckreef Gold Project.

Additionally, the Company may be affected in varying degrees by political stability and government regulations relating to the mining industry and foreign investment in Tanzania. The Government of Tanzania may institute regulatory policies that adversely affect the exploration, mine development (if any) and operations of the Company's properties. Any changes in regulations or shifts in political conditions in this country are beyond the control of the Company and may materially adversely affect its business. Investors should assess the political and regulatory risks related to the Company's foreign country investments. The Company's operations in Tanzania are also subject to various levels of economic, social and other risks and uncertainties that are different from those encountered in North America. The Company's operations may be affected in varying degrees by Government regulations with respect to restrictions on production, price controls, export controls, restrictions on foreign exchange and repatriation, income taxes, expropriation of property, environmental legislation and mine safety. Other risks and uncertainties include extreme fluctuations in currency exchange rates, high rates of inflation, labor unrest, risks of war or civil unrest, government and civil unrest, regional expropriation and nationalization, renegotiation or nullification of existing concessions, licenses, permits and contracts, illegal mining, corruption, hostage taking, civil war and changing political conditions and currency controls. Infectious diseases (including COVID-19, Ebola virus, malaria, HIV/AIDS and tuberculosis) are also major health care issues where the Company operates.

 

 

*Mineral exploration in Tanzania is affected by local climatic and economic conditions.*

The Company's properties in Tanzania have year-round access, although seasonal winter rains from December to March may result in flooding in low lying areas, which are dominated by mbuga, a black organic rich laustrine flood soil. Further, most lowland areas are under active cultivation for corn, rice, beans and mixed crops by subsistence farmers. As a result, the area has been deforested by local agricultural practices for many years. The seasonal rains and deforested areas can create a muddy bog in some areas, which can make access more difficult, and could impede or even prevent the transport of heavy equipment to the Company's mineral properties at certain times of the year between December and March.

*The Company's operations are subject to issues relating to security and human rights.*

Civil disturbances and criminal activities such as trespass, illegal mining, theft and vandalism may cause disruptions at the Company's operations in Tanzania which may result in the suspension of operations. There is no guarantee that such incidents will not occur in the future. Such incidents may halt or delay exploration, increase operating costs, result in harm to employees or trespassers, decrease operational efficiency, increase community tensions or result in criminal and/or civil liability for the Company or its employees and/or financial damages or penalties. The manner in which the Company's personnel respond to civil disturbances and criminal activities can give rise to additional risks where those responses are not conducted in a manner that is consistent with international standards relating to the use of force and respect for human rights. The failure to conduct security operations in accordance with these standards can result in harm to employees or community members, increase community tensions, reputational harm to the Company and its partners or result in criminal and/or civil liability for the Company or its employees and/or financial damages or penalties. It is not possible to determine with certainty the future costs that the Company may incur in dealing with the issues described above at its operations.

#### Risks relating to the Securities of the Company
*Offers or availability for sale of a substantial number of common shares may cause the price of our common shares to decline.*

On February 10, 2025, the Company announced that it has renewed its At The Market Offering Agreement (the "ATM") with H.C. Wainwright & Co., LLC as lead manager and Roth Capital Partners, LLC as a manager, 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. As of the date hereof, 19,408 shares have been sold under the ATM for an aggregate total of $16,044.59.

On January 26, 2022, the Company closed a registered direct offering with a single institutional investor for the purchase and sale of 17,948,718 of the Company's common shares at a purchase price of $0.39 per share. The Company also issued to the investor warrants to purchase up to an aggregate of 17,948,718 common shares. The warrants have an exercise price of $0.44, will be exercisable at any time and will expire five years after issuance.

On February 11, 2021, the Company completed the sale of 32,923,078 common shares together with warrants to purchase 16,461,539 common shares for $21.4 million. The common shares and warrants were issued at $0.65 for each common share and a purchase warrant with the right of each whole warrant to purchase one common share at $0.80 for a period of five years from the issue date. The Company also issued 1,152,307 broker warrants with the same terms as the warrants issued.

As a result of the above issuances, the Company could have sales of a significant number of our common shares in the public market which could reduce the market price of the Company's common shares and make it more difficult for the Company to raise funds through future offerings of common shares.

 

*As a foreign private issuer, the Company is subject to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to U.S. shareholders.*

The Company is a foreign private issuer under applicable U.S. federal securities laws. As a result, the Company does not file the same reports that a U.S. domestic issuer would file with the SEC, although the Company is required to file with or furnish to the SEC the continuous disclosure documents that the Company is required to file in Canada under Canadian securities laws. In addition, the Company's officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit rules of Section 16 of the Exchange Act. Therefore, shareholders may not know on as timely a basis when the Company's officers, directors and principal shareholders purchase or sell common shares, as the reporting dates under the corresponding Canadian insider reporting requirements are longer. In addition, as a foreign private issuer, the Company is exempt from the proxy rules under the Exchange Act.

*The Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses.*

In order to maintain the Company's current status as a foreign private issuer, a majority of its common shares must be either directly or indirectly owned by non-residents of the United States, unless the Company also satisfies one of the additional requirements necessary to preserve this status. The Company may in the future lose its foreign private issuer status if a majority of its common shares are held in the United States and it fails to meet the additional requirements necessary to avoid loss of foreign private issuer status. The regulatory and compliance costs under U.S. federal securities laws as a U.S. domestic issuer may be significantly more than the costs incurred as a Canadian foreign private issuer eligible to use the multijurisdictional disclosure system ("MJDS"). If the Company is not a foreign private issuer, it would not be eligible to use the MJDS or other foreign issuer forms and would be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. In addition, the Company may lose the ability to rely upon certain exemptions from NYSE American corporate governance requirements that are available to foreign private issuers.

*The Company is subject to regulatory obligations as a public company.*

 

The Company is subject to evolving corporate governance and public disclosure regulations that have increased both the Company's compliance costs and the risk of non-compliance, which could adversely affect the Company's share price. The Company is subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including the U.S. Securities and Exchange Commission, the Canadian Securities Administrators, applicable stock exchange(s), including the NYSE American and Toronto Stock Exchanges, and the International Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity creating many new requirements. For example, the Canadian government proclaimed into force the Extractive Sector Transparency Measures Act on June 1, 2015, which mandates the public disclosure of payments made by mining companies to all levels of domestic and foreign governments. The Company's efforts to comply with increasing regulatory burden could result in increased general and administration expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

*U.S. investors may not be able to obtain enforcement of civil liabilities against the Company.*

The enforcement by investors of civil liabilities under the United States federal or state securities laws may be affected adversely by the fact that the Company is governed by the *Business Corporations Act* (British Columbia), that some of the Company's officers and directors are residents of Canada or otherwise reside outside the United States, and that all, or a substantial portion of their assets and a substantial portion of the Company's assets, are located outside the United States. It may not be possible for investors to effect service of process within the United States on certain of the Company's directors and officers or enforce judgments obtained in the United States courts against the Company, certain of its directors and officers based upon the civil liability provisions of United States federal securities laws or the securities laws of any state of the United States.

*Common share prices will likely be highly volatile, and your investment could decline in value or be lost entirely.*

The market price of the common shares is likely to be highly volatile and may fluctuate significantly in response to various factors and events, many of which the Company cannot control. The stock market in general, and the market for mining company stocks in particular, has historically experienced significant price and volume fluctuations. Volatility in the market price for a particular issuer's securities has often been unrelated or disproportionate to the operating performance of that issuer. Market and industry factors may depress the market price of the Company's securities, regardless of operating performance. Volatility in the price for the Company's securities also increases the risk of securities class action litigation.

*The Company's common shares must meet the requirements of the NYSE American.*

The NYSE American rules provides that the NYSE American may, in its discretion, at any time, and without notice, suspend dealings in or remove any security from listing or unlisted trading privileges, if, among other things, where the financial condition and/or operating results of the issuer appear to be unsatisfactory or it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make further dealings on the NYSE American inadvisable. Although the Company has received no indication or notification that its common shares may be delisted, in light of the current per common share price and the Company's financials, there is no assurance that the Company's common shares will continue to be listed on the NYSE American.

*The Company's common shares must meet the requirements of the TSX.*

The TSX rules provides that the TSX may, in its discretion, at any time, and without notice, suspend dealings in or remove any security from listing or unlisted trading privileges, if, among other things, where the financial condition and/or operating results of the issuer appear to be unsatisfactory or it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make further dealings on the TSX inadvisable. Although the Company has received no indication or notification that its common shares may be delisted, in light of the current per common share price and the Company's financials, there is no assurance that the Company's common shares will continue to be listed on the TSX.

#### Mineral Projects

#### Buckreef Gold Mine Project
The current technical report for the Buckreef Gold Project ("Buckreef") is the "Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania" prepared by P&E Mining Consultants Inc. ("P&E") and D.E.N.M. Engineering Ltd. ("D.E.N.M"), effective date April 15, 2025 (referred to as the "PEA").

PEA contains more detailed information and qualifications than as set out below and readers are encouraged to review the PEA in its entirety. The following summary is subject to all of the assumptions, information and qualifications set forth in the PEA and the detailed disclosure contained in the PEA is hereby incorporated by reference to meet the requirements of section 5.4 of the annual information form 51-102F. The PEA is available for review under the Company's SEDAR+ profile at www.sedarplus.ca.

The PEA was filed on SEDAR+ on May 23, 2025, and on EDGAR on May 27, 2025. The mineral resource estimates contained in the PEA have an effective date of April 15, 2025, and have not been updated since that time.

Andrew Bradfield, Jarita Barry, Fred Brown, D. Grant Feasby, Eugene Puritch, D. Gregory Robinson, William Stone, and Yungang Wu of P & E, and David Salari of D.E.N.M. are the Qualified Persons who prepared the PEA. None of the Qualified Persons nor their companies, P&E and D.E.N.M., were affiliates of nor had any interest in the Company or in Buckreef at the time of the PEA.

Within the excerpted information below, the Buckreef Gold Mine Project is also referred to as the "Property" or "Project". Further, any references cited within this excerpted information (including tables and figures which are not reproduced and renumbered herein) are provided in the PEA and all other defined terms that are not otherwise defined herein will have the definitions ascribed to them in the PEA.

*Introduction*

This National Instrument ("NI") 43-101 Technical Report was prepared by P&E Mining Consultants Inc. ("P&E") for TRX Gold Corporation ("TRX" or "the Company") to provide a Preliminary Economic Assessment ("PEA") and updated Mineral Resource Estimate for the Buckreef Gold Mine Project (the "Mine" or the "Project" or the "Property"), located in the Geita Region, Tanzania. The Buckreef Property is owned in a joint venture with the Tanzanian Government through the State Mining Company ("STAMICO"). TRX is a 55% partner in the joint venture while STAMICO holds the remaining 45%.

Input to this PEA was also provided by D.E.N.M. Engineering Ltd. ("D.E.N.M."). This Technical Report has an effective date of April 15, 2025.

TRX is a corporation trading on the Toronto Stock Exchange ("TSX") and New York Stock Exchange American ("NYSE-A") under the symbol "TRX".

In October 2011, Tanzam2000, a 100% owned subsidiary of TRX signed a joint venture ("JV") agreement with STAMICO regarding the Buckreef Gold Project. Through this JV agreement, a Tanzanian registered JV company, Buckreef Gold Company Limited ("BGC"), was formed with an equity holding of 55% Tanzam2000 and 45% STAMICO. Under the agreement, TRX through its subsidiary, Tanzam2000, manages the Buckreef Project and is responsible for providing exploration and mine development financing. TRX expects that Project expansion will be financed through debt or a combination of debt and equity.

Property consists of a single Special Mining License SML04/92 that covers an area of 16.04 km<sup>2</sup> and contains the current Mineral Resource Estimate and active mining areas.

In a press release dated May 16, 2022, the Company announced a name change from Tanzanian Gold Corporation to TRX Gold Corporation. In August 2022, Tanzam2000 changed its name to TRX Gold Tanzania Limited.

This PEA provides an update of the Buckreef Mine Mineral Resource Estimate, and an underground and open pit mining study, with production of doré from an on-site process plant. This PEA evaluates the following: (i) an expansion and upgrade of the existing process plant to 3,000 tonnes per day ("tpd"); and (ii) a transition from open pit mining to underground mining over the next three years.

*Location, Property Description and Ownership*

The Buckreef Gold Property consists of six gold deposits, namely the Buckreef, Eastern Porphyry, Anfield, Stamford Bridge, Tembo and Bingwa Deposits. The Buckreef Deposit consists of the Main, North, South and West Zones. The Buckreef Project area is located 40 km southwest of the City of Geita, which in turn is ~110 km southwest of the City of Mwanza, on Lake Victoria, in northwestern Tanzania.

The Buckreef Gold Property consists of a single Special Mining License SML04/92 that covers an area of 16.04 km<sup>2</sup>, including the current Mineral Resources. In March 2022, SML04/92 was successfully renewed for a further 10 years to June 2032. The license is owned by the Buckreef Gold Company Limited ("BGC"), a Tanzanian registered joint venture corporation formed with an equity holding of 55% TRX Gold Tanzania Limited and 45% STAMICO (Tanzanian State Mining Company). TRX Gold Tanzania Limited is a 100% owned subsidiary of TRX. SML04/92 was granted with mining rights. Two deposits within SML04/92, namely Bingwa and Tembo, for which surface rights have not yet been secured, are not included in the current Mineral Resources. TRX has not paid land compensation on these two areas due to artisanal mining activities. The Government is involved in managing artisanal mining activities, including charging royalties, and TRX is working with the Government to find longer term solutions to this activity.

Figure 1.1 presents a location map of the Buckreef Gold Project.

![](exh991fig1_1.jpg)

*Geology, Mineralization and Deposit Type*

The Buckreef Project is situated in the Lake Victoria Goldfields ("LVG") of northern Tanzania. The LVG consists of several east-west trending, linear, Archaean greenstone belts. The LVG is the third largest gold producing region of Africa, surpassed only by the Witwatersrand Basin of South Africa and the Tarkwa Region of Ghana. The Buckreef Project is hosted in the east-west trending Rwamagaza Greenstone Belt, one of the larger greenstone belts in northern Tanzania.

Three of the Buckreef Project gold deposits are included in the current Mineral Resource Estimate: Buckreef itself, Eastern Porphyry and Stamford Bridge. The Buckreef Deposit is a shear zone hosted gold deposit within a sequence of mafic basalts and dolerites, near basement granite. The host rocks at the Buckreef Deposit consist mainly of pillowed, amygdaloidal and massive mafic metavolcanic rocks intruded by medium- to coarse-grained dolerite sills and dykes.

The host shear zone of the Buckreef Main, North and South Zones trends north-northeast to south-southwest for ~2.5 km and hosts gold mineralized quartz veins and associated chlorite-sericite-carbonate alteration. The host shear zone of the Buckreef West Zone is a west-southwest trending splay of the Buckreef Shear Zone.

The Eastern Porphyry Deposit is located ~500 to 750 m east of Buckreef, along a sub-parallel shear zone. The gold mineralization at Eastern Porphyry is associated with silicified and weakly pyritic shears, quartz veins and veinlets, and within quartz-feldspar porphyry.

The Stamford Bridge Deposit occurs between the Buckreef Deposit to the west and the Eastern Porphyry Deposit to the East. The mineralization and associated alteration resembles the Buckreef Deposit.

The Buckreef Project Deposits are mesothermal orogenic gold deposits of Archean age.

*Exploration and Drilling*

Historical exploration activities include geophysical and geochemical surveys, geologic mapping, mineral prospecting, and drilling by various operators from pre-2007 to 2024.

The most recent drilling program undertaken by TRX was in 2024 and resulted in the discovery of the Stamford Bridge Deposit. The 2024 program increased the total amount of drilling on the Buckreef Project to 162,359 m in 999 drill holes. Recent drilling has included completion of reverse circulation ("RC") drill holes and diamond core drill holes.

*Sample Preparation, Analyses, Security and Data Verification*

It is the Authors' opinion that sample preparation, security and analytical procedures for the Buckreef Mine Project's recent drill programs were adequate, and that the data are of good quality and satisfactory for use in the current Mineral Resource Estimate. Recommendation is made for future drill hole sampling at the Project to include the insertion of certified reference materials ("CRMs") and blanks at a rate of approximately 1:20, the inclusion of coarse reject duplicates in QA/QC protocol, and to umpire sample a minimum of 5% of all future drill core samples at a reputable secondary laboratory. It is further recommended that quality control samples (CRMs and blanks) are inserted into sample stream of all types of drilling samples.

Verification of the Buckreef Mine data, used for the current Mineral Resource Estimate, was undertaken by the Authors, and included site visit due diligence sampling of the 1998, 2002, 2004, 2005, 2011, 2020 and 2022 drill holes, verification of drilling assay and assessment of the available QA/QC data for the more recent drilling data. Verification of the data collected at the Mine reveals no current material issues with the data and the Authors consider that there is good correlation between assay values in TRX's database and the independent verification samples collected and analyzed at MSA Labs and SGS.

*Metallurgical Testing*

Multiple metallurgical testwork programs have been completed on the Buckreef Deposit. In 2020, SGS Canada was commissioned to undertake testing on the primary or "sulphide" gold mineralization to define the optimal gold recovery flowsheet for the design of a large gold process plant.

Testwork included chemical head analysis, mineralogy, comminution, metallurgical, and baseline environmental testing of samples. Gold recovery testwork included gravity separation, flotation, and cyanide leaching (CIL) of both the reground flotation concentrate and the flotation tailings.

Results indicated that optimal treatment consists of primary grinding (to 100-150 µm P<sub>80</sub>), whole rock rougher flotation, flotation concentrate regrind, and cyanide leaching of both the reground flotation concentrate and flotation tailing. Overall gold recoveries for metallurgical composites ranged from 85.7 to 95.5%.

Additional testwork completed in 2023 at Buckreef Gold's process plant on a 6,500 t bulk sample of sulphide achieved an indicative gold recovery of 88.7%.

Testwork completed in 2024 by SGS South Africa investigated the impact of grind on gold dissolution. Results indicated gold dissolution of up to 92.5% at the finest grind of 80% -5 μm.

 

*Mineral Resources*

Total Mineral Resources for the Buckreef Project including the Stamford Bridge Domain are presented in Table 1.1 and are effective as of April 15, 2025. The Buckreef model consists of the Main, South, West and Eastern Porphyry Zones. An optimized open pit was used for the pit-constrained Mineral Resources.

![](exh991tbl1_1.jpg)

***Notes:***

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

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

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

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

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

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

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

*Mining Methods*

The Buckreef Gold Mine has been an open pit operation since 2021. The currently mined Main Pit contains several gold veins hosted within a shear zone. Approximately 80% of the Buckreef Deposit is sulphide-hosted within fresh rock, whilst the remainder is available as oxide or transitional material near the surface. The upper portions of the Buckreef and Eastern Porphyry Deposits are near surface and lend themselves to conventional open pit mining methods. This PEA studies two open pits (Main Pit, Eastern Porphyry Pit) based on mined pit topography as of January 1, 2025 and the current Mineral Resource Estimate. There has been no mining to date at the Eastern Porphyry Pit. Underground mining below the open pits has also been studied, and a long-term production plan has been developed.

The processing rate is planned at 1,750 tpd during the first two years of open pit production, increasing to 3,000 tpd in YR3 (year three). Open pit mining is completed in YR4. Underground development is planned to start in YR3 and ramp up over two years in order that by YR5 production is at 3,000 tpd.

The PEA mine production plan utilizes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them to be classified as Mineral Reserves. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

An open pit mining contractor has been engaged to mine the Main and Eastern Porphyry open pits. The contractor undertakes all drill and blast, loading, hauling, and mine equipment maintenance activities. The Company provides overall mine management and technical services. Mining is planned on 10 m height benches, using conventional equipment such as hydraulic excavators, and a mix of 20 to 45 t haulage trucks. Dilution in mineralized material is estimated at 18% by tonnage and 15% by grade. The overall strip ratio for open pit mining is 6.0:1. Over the four-year open pit life of mine ("LOM") a total of 3.5 Mt of mineralized material will be mined at an average grade of 1.92 g/t Au. Approximately 0.6 Mt of low-grade material at 0.73 g/t Au is planned to be stockpiled during mining and will be processed at the end of the Project life. Waste rock will be transported to a storage facility located just east of the Eastern Porphyry Pit, and mineralized material will be hauled to the primary crusher or placed on temporary stockpiles. Figure 1.2 presents the open pit designs.

![](exh991fig1_2.jpg)

Extraction of mineralization from the underground portion of the Buckreef Project will be through longhole sublevel mining with cemented paste backfill. The underground portion of the Project comprises three Zones: Buckreef Main, Eastern Porphyry and Stamford Bridge. The Main Zone is comprised of a series of sub-parallel veins extending from surface (where there is an active open pit operation) to a depth in excess of 950 m, with a strike of over 2 km. Approximately 250 m east of the North Zone is the recently discovered satellite Stamford Bridge Zone, with a strike of approximately 200 m and vertical extents (limited by drilling) of approximately 50 to 170 m below surface topography. Lastly, approximately 800 m east of the Main Zone is the Eastern Porphyry Zone, with a strike of approximately 600 m and extending to a depth of approximately 250 m below surface.

All underground mining will be completed by a specialist underground mining contractor. Overall mining dilution is estimated at 26% and mining recovery is estimated to average 93%. Sublevels are spaced at a nominal interval of 30 m and stopes are a maximum of 18 m along strike. The average HW-FW span is 10.1 m, with 60% of stopes being less than 8 m in span. Longitudinal retreat mining that involves driving an access through mineralization along the strike of the vein to the end of a group of stopes will be used where stopes are narrower than 13 m. Transverse access mining is planned where stopes are wider than the nominal 13 m limit for longitudinal mining. Haulage trucks will typically be 50 t, with 10-t and 17-t load-haul-dump units. Steady-state production of 3,000 tpd (nominally 1.08 Mtpa) will be reached after a two-year ramp-up period, and full production will be maintained for almost 13 years. Over the life-of-mine ("LOM"), a total of 14.4 Mt of mineralized material will be recovered from the underground mine at an average grade of 2.22 g/t Au for a total contained 1.02 Moz Au. An isometric view of the underground mine design is presented in Figure 1.3.

![](exh991fig1_3.jpg)

The Buckreef Gold Project is operating a process plant at a current average throughput of 1,439 tpd with 1.21 g/t Au head grade, and 72.2% Au recovery average. The current process facility consists of two trains of three-stage crushing, four closed circuit ball mills, eleven carbon-in-leach ("CIL") tanks, and complete elution (less reactivation kiln), electrowinning, and carbon reactivation for the production and sale of gold doré.

In 2024, Orway Mineral Consultants (WA) Pty Ltd was engaged to assess options to increase throughput to 3,000 tpd and also consider options to maintain or increase the process recovery on 100% fresh (sulphide) mineralization.

The proposed expansion to the facility will be completed in two phases. Phase 1 has a production target rate 1,750 tpd (636,738 tpa) for YR1 and YR2 with capital expenditures for the following major equipment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation Circuit: trash screens, reagent conditioning tank, and five Metso e50 tanks cells (50m<sup>3</sup> /cell) and blower system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation Concentrate Regrind Mill: High Intensity Grinding ("HIG") Metso HIG700;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pumping & Cycloning within Regrind Circuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate Leach Feed Thickener: 16.5 m diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Two additional CIL Tanks to treat Flotation Concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation Tailings Thickener: 16.5 m diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 4 tpd Elution Circuit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associated Screens, Pumps, Reagent System, and upgraded Water System.

While in operations during Phase 1, expansion will be underway for an increased production target rate of 3,000 tpd (1,080,000 tpa) for YR3. With a planned grinding target of P₈₀ at 100 - 150 µm, capital expenditures are planned for the following major equipment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SAG Mill Circuit Surge Bin, Feeders, Conveyors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SAG Mill: 7.32 m diameter x 3.75 m Effective Grinding Length, 3,500 kW;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyclone Cluster with SAG and Ball Mill(s) Circuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reverting to Single Toggle Jaw Crusher: 750 m x 1,069 m for SAG mill feed prep; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide Destruction System (to coincide with underground mine construction).

The introduction of a flotation circuit to recover and regrind sulphide concentrates as well as regrinding, thickening, additional CIL capacity and elution circuit expansion is expected to improve overall process recovery to 88%.

*Project Infrastructure*

The Buckreef Mine site contains all necessary infrastructure for open pit mining, processing and production of doré. Facilities include staff offices, warehousing, camp and cafeteria, drill core shack, diesel fuel tank farm and fueling station, explosives storage, tailings storage, and water and sewage treatment. The open pit mining contractor has established infrastructure for offices, maintenance facilities and warehousing. The buildings are supplied with treated water for showers and toilets, and drinking water is bottled. The Property has telephone, cell phone coverage and high-speed internet.

Management employees and select contractors are supplied with camp housing, and hourly workers and most contractors commute from nearby towns.

Future site/camp improvements are planned, as are improvements to the process plant. Items required for underground mining include a paste backfill plant, underground mining contractor maintenance and office buildings, and a Phase 3 tailings facility.

*Market Studies and Contracts*

Gold prices utilized in this PEA are based on April 2025 CIBC Global Mining Group Analyst Consensus Commodity Price Forecasts compiled from various banks, brokers and financial institutions (Table 1.2).

![](exh991tbl1_2.jpg)

Gold surged to a record high of US$3,500.10/oz on Tuesday April 22, 2025 on the back of ongoing heightened geopolitical and geo-economic risk.

The gold price payments received by TRX are subject to spot market conditions. There are no gold streaming or hedging agreements in place.

*Contracts*

Currently there are several contracts in place that are material to the Buckreef Mine. Most of the larger value contracts are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open pit mining: A load and haul, drill and blast, agreement has been signed with contractor FEMA Mining and Drilling Limited. The agreement commenced on April 1, 2024, and is valid for an initial term of three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security: Gardaworld International has been contracted to provide services site security including site perimeter and gold process plant. TRX also uses its own security personnel to compliment Gardaworld and for gold refining control room security. Gardaworld provides additional technical support for security-infrastructure (e.g., initial CCTV installation). The National Police Service also provides security on site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bullion shipment: AVA are engaged for gold doré transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assays: An open-termed schedule of rates contract is in place with SGS in Mwanza for fire assays. The Company also uses MLS Labs in Geita for Photon-Assay of process plant samples, and is planned for grade control samples and exploration assays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Electricity: TANESCO supplies power from the national grid under agreed rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Diesel fuel: Contracted and supplied by AFROIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing consumables and reagents: Supplied by WAJA General.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration and grade control drilling services: Contracted by STAMICO (State Mining Corporation and JV Partner).

*Environmental Studies, Permits, and Social or Community Impacts*

Mining operations have been taking place at the Buckreef site by STAMICO since 1990 until an underground mine was closed in 1994. The current TRX Buckreef Project site is exclusively based on open pit mining and is fully compliant with the existing environmental laws of Tanzania. A review of recent operational reports indicated no significant divergence from regulations and commitments.

TRX is in active contact with the local communities in Geita and Mwanza area and is in constant contact with the local and government leadership about operational results and developments of the Buckreef Mine. The local leadership as well as government leadership are engaged in the planning activities for expansion of the Project.

Many environmental and management plan studies were completed several years ago. The environmental and socio-economic baseline for the Buckreef Project was documented in 2014; an Environmental and Social Impact Assessment ("ESIA") was performed by Enata Ltd. A modification of the existing Environmental Impact Assessment ("EIA") can be expected with the expansion of mining (to underground) and tonnes processed. The EIA will be submitted for Tanzanian government approval for the duration of the Company's mining license. Additional environmental assessments could be anticipated during the LOM.

The current Buckreef operation has an efficient system in place to conserve and recycle water including process, mine and storm water. During the Project development, tests from the drill-holes showed that ground water level depth is shallow at an average of 6.3 m below surface.

*Capital and Operating Costs*

All costs are in Q1 2025 US dollars. No provision has been included in the cost estimates to offset future escalation. Contingencies ranging from 5 to 30% depending on the cost item and have been added to all capital costs ("CAPEX"). No contingency is added to operating costs ("OPEX").

TRX's Buckreef Mine has been in production since 2021 and hence initial capital costs are considered to be sunk costs. Growth and sustaining capital costs to be incurred during the 17.6 life-of-mine ("LOM") production years are estimated to total $359M, including contingencies of $54M (18% average). Total OPEX over the LOM are estimated at $913M which average $50.52/t processed. The following tables provide details of these costs.

Total capital costs over the LOM are presented in Table 1.3. Growth CAPEX are costs required to expand the operations and are estimated at $175M over the LOM. Sustaining CAPEX is the cost incurred to maintain planned production levels and is estimated at $184M over the LOM.

![](exh991tbl1_3.jpg)

The LOM average operating costs for the Project are summarized in Table 1.4.

![](exh991tbl1_4.jpg)

Royalties include a 6.0% Tanzania government royalty, 1.0% export fee and 0.3% local service levy, which total 7.3%, all as a gross revenue deduction. The royalties and fees total $182M over the LOM. TRX currently ships its gold for refining to Switzerland and South Africa. Royalties could be reduced to 4.0% if the gold is refined in Tanzania, and TRX is reviewing this possibility.

The current gold selling cost is $14.43/oz and includes doré transportation and security, refining and sales costs. Over the LOM this equates to $16M.

Ongoing reclamation expenses of $3.4M have been planned during the first nine years of the LOM plan to provide for progressive reclamation of tailings facilities and open pit areas. A final closure cost at the end of the mine life has been estimated at $10M and is considered net of mining and processing equipment salvage value.

Cash costs over the LOM are estimated to average $1,024/oz Au and include royalties. All-In Sustaining Costs ("AISC") over the LOM are estimated to average $1,206/oz Au and include closure costs.

*Economic Analysis*

**Cautionary Statement** - The reader is advised that the PEA summarized in this Technical Report is intended to provide only an initial, high-level review of the Project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the Project economics described herein will be achieved.

The Buckreef Project economic evaluation conclusions are summarized in Table 1.5. At base case consensus forecast gold prices of US$2,707/oz in YR1, US$2,646/oz in YR2, US$2,495/oz in YR3, US$2,400/oz in YR4 and US$2,245/oz thereafter, the Project has an estimated US$442M after-tax net present value ("NPV") at a 5% discount rate ("NPV<sub>5%</sub>"). The PEA demonstrates the Company's ability to potentially finance expansion costs from internally generated cash flow without an upfront capital requirement, thus there is no quoted internal rate of return ("IRR") or payback period.

![](exh991tbl1_5.jpg)

Table 1.6 presents a gold price sensitivity analysis and Table 1.4 presents OPEX, CAPEX and gold price sensitivity analysis.

![](exh991tbl1_6.jpg)

![](exh991fig1_4.jpg)

The after-tax base case NPV is most sensitive to the gold price followed by operating costs and capital costs.

It is the opinion of the Authors that the base case PEA Project demonstrates robust economics. It is worthy to note that the Company has the potential ability to finance the Project expansion from internally generated cash flow without an upfront requirement. It is recommended that the Company continue with its planned process plant expansion to 3,000 tpd and that underground mining be pursued with further studies and exploration/Mineral Resource drilling.

*Risks and Opportunities*

A preliminary risk analysis was conducted on the Project by the Authors using a low-medium-high ranking system. The highest risk items were identified to be lack of detailed underground mine geotechnical analysis, mining contractor cost assumptions, and metallurgical recoveries. The main opportunity is that the deposits remain open down dip, and there is potential to increase the current Mineral Resource Estimate.

*Conclusions*

An open pit and underground mine plan is scheduled over a production period of 17.6 years. The mine plan for the Buckreef Project totals 18.1 Mt at an average grade of 2.14 g/t Au for 1.09 Moz of payable gold at an average 87.1% process recovery. Approximately 97% of the open pit mine plan portion of the Mineral Resource is Measured or Indicated Mineral Resource, which gives a high degree of confidence to the first four years of the LOM plan. Approximately 57% of the underground mine plan portion of the Mineral Resource is classified as Inferred Mineral Resource and will require a substantial drill program to convert to an Indicated Mineral Resource.

Based on the work undertaken to date, as summarized in this Technical Report, and the conclusions listed in Section 25, the base case operating plan is a viable and attractive development opportunity. Overall Project risks are perceived to be low.

Current base case economic analysis indicates that the Project is forecast to be profitable. It is recommended that TRX continue the Project development plans, and implement the drill program and advanced study recommendations set out in Section 26 of this Technical Report.

*Recommendations*

Based on the results of TRX's successful drill exploration work and the positive results of this PEA, the Authors recommend that TRX continue with Project development activities on the Buckreef Property and proceed with a drill program in preparation of a Pre-Feasibility Study ("PFS") with a subcomponent PEA on deeper underground Inferred Mineral Resources. To advance the Buckreef Project and initiate a PFS, additional drilling is recommended by the Authors to upgrade Mineral Resources from Inferred to Indicated Mineral Resources, and geotechnical and hydrogeological studies on the underground zones to be mined. Further study of process plant expansion, metallurgical testwork, infrastructure requirements, environmental/permitting, and Project economics would be part of the PFS.

The Authors have designed a drill program with 85 drill holes for 31,000 m to convert the majority of Main Zone Inferred Mineral Resources, to be mined in the first five years of the underground mine plan, to Indicated Mineral Resources. Upgrading of remaining Inferred Mineral Resources is recommended to be done from underground since it would be expensive to drill from surface.

The Authors recommend reviewing and revising the underground ventilation model since it is currently designed with a large power draw that could likely be reduced. Another recommendation is to redesign the stopes utilizing higher process recoveries to optimize the shapes within the sulphide areas, based on the latest metallurgical testwork and process plant expansion plans, which should improve Project economics.

It is recommended that cyanide destruction testing be conducted at an external laboratory. Further metallurgical testwork is recommended on comminution, confirmatory flotation, thickening, rheology of flotation tails and concentrate, and concentrate leach test at 40% solids, P<sub>80</sub> of 100 – 150 µm with oxygen sparging and kinetic sampling to confirm that the predicted recovery of the proposed circuit is achievable.

In addition, recommendation is made for future drill hole sampling at the Project to include the insertion of certified reference materials ("CRMs") and blanks at a rate of approximately 1:20, the inclusion of coarse reject duplicates in QA/QC protocol, and to umpire sample a minimum of 5% of all future drill core samples at a reputable secondary laboratory. It is further recommended that quality control samples (CRMs and blanks) are inserted into sample stream of all types of drilling samples.

A work program with an estimated budget of $11M is proposed, as presented in Table 1.7.

![](exh991tbl1_7.jpg)

#### Dividends And Distributions
The Company has never paid dividends.

#### Description Of Capital Structure
The Company's restated Articles of Incorporation authorize the Company to issue an unlimited number of common shares. As of August 31, 2025, there were 284,861,895 common shares issued and outstanding.

#### Common Shares
All issued and outstanding common shares are fully paid and non-assessable. Each holder of record of common shares is entitled to one vote for each common share so held on all matters requiring a vote of shareholders, including the election of directors. The holders of common shares will be entitled to dividends on a pro rata basis, if and when as declared by the board of directors. There are no preferences, conversion rights, pre-emptive rights, subscription rights, or restrictions or transfers attached to the common shares. In the event of liquidation, dissolution, or winding up of the Company, the holders of common shares are entitled to participate in the assets of the Company available for distribution after satisfaction of the claims of creditors.

The rights of shareholders cannot be changed without a special resolution of at least 2/3 of the votes cast by the shareholders who voted in respect of the resolution, and separate classes of shareholders are entitled to separate class votes. Any such alteration of shareholder's rights would also require the regulatory acceptance of the TSX. There are no provisions of the Company's Articles or Bylaws that would have the effect of delaying, deferring, or preventing a change of control of the Company, and that would operate only with respect to a merger, acquisition, or corporate restructuring involving the Company (or any of its subsidiaries).

#### Omnibus Plan
Effective June 26, 2019, the Company adopted the Omnibus Equity Incentive Plan (the "Omnibus Plan"). Shareholders approved the Omnibus Plan at a meeting held on August 16, 2019, and subsequently approved its renewal, updated as applicable, at meetings held 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").

 

*Options*

An Option entitles a holder thereof to purchase a common share at an exercise price set at the time of the grant, which exercise price must in all cases be not less than the Market Price on the date of grant (the "Exercise Price"). Market Price is defined as the greater of the volume weighted average trading price of the common shares on the TSX or NYSE American for the five trading days immediately preceding the date of grant (or, if such common shares are not then listed and posted for trading on the TSX or NYSE American, on such stock exchange on which the common shares are listed and posted for trading as may be selected for such purpose by the Board); provided that, for so long as the common shares are listed and posted for trading on the TSX or NYSE American, the Market Price shall not be less than the market price, as calculated under the policies of the TSX or NYSE American and further provided that with respect to an award made to a U.S. Taxpayer (as defined in the Omnibus Plan), such participant and the number of common shares subject to such Omnibus Plan Award shall be identified by the Board or the Committee (as defined in the Omnibus Plan) prior to the start of the applicable five trading day period ("Market Price"). In the event that such Shares are not listed and posted for trading on any exchange, the Market Price shall be the fair market value of such common shares as determined by the Board in its sole discretion and, with respect to an Omnibus Plan Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code (as defined in the Omnibus Plan).

The term of each Option will be fixed by the Plan Administrator, but may not exceed 10 years from the grant date.

*Restricted Share Units*

An RSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share for each RSU after a specified vesting period determined by the Plan Administrator, in its sole discretion. Upon settlement, holders will receive (a) one fully paid and non-assessable common share in respect of each vested RSU, (b) subject to the approval of the Plan Administrator, a cash payment, or (c) a combination of common shares and cash as contemplated by paragraphs (a) and (b). The cash payment is determined by multiplying the number of RSUs redeemed for cash by the Market Price on the date of settlement.

The number of RSUs granted at any particular time will be calculated by dividing (i) the amount of any compensation that is to be paid in the RSUs, as determined by the Plan Administrator, by (ii) the Market Price of a common share on the date of grant.

*Deferred Share Units*

A DSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share for each DSU on a future date, generally upon termination of service with the Company. Upon settlement, holders will receive (a) one fully paid and non- assessable common share in respect of each vested DSU, (b) subject to the approval of the Plan Administrator, a cash payment, or (c) a combination of common shares and cash as contemplated by paragraphs (a) and (b). The cash payment is determined with reference to the Market Price in the same manner as with RSUs.

The number of DSUs granted at any particular time will be calculated by dividing (i) the amount of any compensation that is to be paid in the DSUs, as determined by the Plan Administrator, by (ii) the Market Price of a common share on the date of grant.

*Performance Share Units*

A PSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share for each PSU on a future date, generally upon the achievement of certain performance goals within the Company as determined by the Plan Administrator. Upon settlement, holders will receive (a) one fully paid and non- assessable common share in respect of each vested PSU, (b) subject to the approval of the Plan Administrator, a cash payment or (c) a combination of common shares and cash as contemplated by paragraphs (a) and (b). The cash payment is determined with reference to the Market Price in the same manner as with RSUs.

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.

As at August 31, 2025, the Company has (a) stock options outstanding to purchase up to 14,924,000 common shares at exercise prices ranging from CAD$0.35 to CAD$0.43 and USD$0.36 to USD$0.50 per common share with original terms of 5 years, with the last options expiring on December 24, 2029; (b) up to 5,407,926 RSUs issued and outstanding; (c) up to 7,765,471 Other Share-Based Awards issued and outstanding; (d) nil DSUs issued and outstanding; and (e) nil PSUs issued and outstanding.

#### Constraints on Ownership – Canada
There is no law, governmental decree or regulation in Canada that restricts the export or import of capital or affects the remittance of dividends, interest or other payments to a non-resident holder of common shares other than withholding tax requirements. Any such remittances to United States residents are subject to withholding tax.

There is no limitation imposed by the laws of Canada or by the charter or other constituent documents of the Company on the right of a non-resident to hold or vote the common shares, other than as provided in the *Investment Canada Act* (the "Investment Act"). The following discussion summarizes the principal features of the Investment Act for a non-resident who proposes to acquire the common shares.

The Investment Act generally prohibits implementation of a reviewable investment by an individual, government or agency thereof, corporation, partnership, trust or joint venture (each an "*entity*") that is not a "Canadian" as defined in the Investment Act (a "*non-Canadian*"), unless after review, the Director of Investments appointed by the minister responsible for the Investment Act is satisfied that the investment is likely to be of net benefit to Canada. An investment in the common shares by a non-Canadian other than a "WTO Investor" (as that term is defined by the Investment Act, and which term includes entities which are nationals of or are controlled by nationals of member states of the World Trade Organization) when the Company was not controlled by a WTO Investor, would be reviewable under the Investment Act if it was an investment to acquire control of the Company and the value of the assets of the Company, as determined in accordance with the regulations promulgated under the Investment Act, was C$5,000,000 or more, or if an order for review was made by the federal cabinet on the grounds that the investment related to Canada's cultural heritage or national identity, regardless of the value of the assets of the Company. An investment in the common shares by a WTO Investor, or by a non-Canadian when the Company was controlled by a WTO Investor, would be reviewable under the Investment Act if it was an investment to acquire control of the Company and the value of the assets of the Company, as determined in accordance with the regulations promulgated under the Investment Act was not less than a specified amount, which as specified in 2025 was any amount in excess of C$1.386 billion. A non-Canadian would acquire control of the Company for the purposes of the Investment Act if the non-Canadian acquired a majority of the common shares. The acquisition of one third or more, but less than a majority of the common shares would be presumed to be an acquisition of control of the Company unless it could be established that, on the acquisition, the Company was not controlled in fact by the acquirer through the ownership of the common shares.

Certain transactions relating to the common shares would be exempt from the Investment Act, including: (a) an acquisition of the common shares by a person in the ordinary course of that person's business as a trader or dealer in securities; (b) an acquisition of control of the Company in connection with the realization of security granted for a loan or other financial assistance and not for a purpose related to the provisions of the Investment Act; and (c) an acquisition of control of the Company by reason of an amalgamation, merger, consolidation or corporate reorganization following which the ultimate direct or indirect control in fact of the Company, through the ownership of the common shares, remained unchanged.

#### Market For Securities
The following table provides the high and low prices, and total volume for the common shares traded on the TSX for the periods indicated (stated in Canadian Dollars):

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High** | **Low** | **Volume** |
| September 2024<br> October 2024<br> November 2024<br> December 2024<br> January 2025<br> February 2025<br> March 2025<br> April 2025<br> May 2025<br> June 2025<br> July 2025<br> August 2025 | 0.590<br> 0.590<br> 0.560<br> 0.510<br> 0.500<br> 0.495<br> 0.480<br> 0.500<br> 0.485<br> 0.495<br> 0.520<br> 0.520 | 0.500<br> 0.510<br> 0.460<br> 0.405<br> 0.405<br> 0.425<br> 0.420<br> 0.360<br> 0.410<br> 0.435<br> 0.435<br> 0.455 | 109417<br> 312266<br> 238012<br> 347243<br> 446241<br> 316844<br> 373513<br> 130634<br> 1247612<br> 836503<br> 726179<br> 675505 |

---

The following table provides the high and low prices, and total volume for the common shares traded on the NYSE America for the periods indicated (stated in U.S. Dollars):

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High** | **Low** | **Volume** |
| September 2024<br> October 2024<br> November 2024<br> December 2024<br> January 2025<br> February 2025<br> March 2025<br> April 2025<br> May 2025<br> June 2025<br> July 2025<br> August 2025 | 0.4273<br> 0.4200<br> 0.4062<br> 0.3733<br> 0.3520<br> 0.3429<br> 0.3400<br> 0.3600<br> 0.3450<br> 0.3597<br> 0.3813<br> 0.3797 | 0.3702<br> 0.3774<br> 0.3487<br> 0.2850<br> 0.3000<br> 0.2887<br> 0.2887<br> 0.2652<br> 0.2973<br> 0.3202<br> 0.3246<br> 0.3250 | 7290797<br> 9955356<br> 7675530<br> 12714583<br> 8806303<br> 7576262<br> 9198998<br> 15495568<br> 7397124<br> 9119371<br> 13091993<br> 11355055 |

---

#### Prior Sales
The following table sets forth the details of the prior sales of securities of the Company outstanding but not listed or quoted on the marketplace issued during the most recently completed financial year.

---

| | | | |
|:---|:---|:---|:---|
| **Date of Issuance/Grant** | **Type** | **Number Issued/Granted** | **Issue/Exercise Price** |
| December 24, 2024<sup>(1)</sup> | RSUs | 6922103 | USD$0.36 |
| December 24, 2024<sup>(2)</sup> | Options | 2600000 | USD$0.36 |
| July 11, 2025<sup>(3)</sup> | RSUs | 180000 | USD$0.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) RSUs were granted to certain directors, officers, employees and consultants. RSU grants to directors vested immediately. A portion of RSU grants to officers vested immediately as a part of the Company's short term incentive plan. The remaining RSUs granted to officers are scheduled to vest equally over a 3-year period from August 31 of 2025, 2026, and 2027, as a part of the Company's long term incentive plan. RSU grants to employees and consultants are scheduled to vest equally over a 3-year period from grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Options were granted to certain officers to compensate competitively for the work they perform for TRX. These Options granted to officers are scheduled to expire in five (5) years and vest equally over a 5-year period from grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) RSUs were granted to an employee as a part of their competitive compensation package and are scheduled to vest in 2026, upon successful completion of their 12-month employment contract period.

#### Escrowed Securities And Securities Subject To Contractual Restriction On Transfer
The Company has no securities currently held in escrow or subject to contractual restriction on transfer.

#### Directors And Officers
The following is a list of the Company's current directors and officers. The directors named below were elected or re-elected by the Company's shareholders on February 27, 2025, to serve until the next annual meeting of the shareholders of the Corporation or until their successors are elected or appointed. There are no family relationships between the directors and officers.

---

| | | |
|:---|:---|:---|
| **Name, Municipality of Residence and Position with the Company** | **Principal occupation or employment and, if not a previously elected director, occupation during the past 5 years** | **Served as a Director Continuously Since** |
| &nbsp;&nbsp;**Stephen Mullowney<sup>(3)</sup>**<br> Mississauga, Ontario <br> *Chief Executive Officer and Director* | &nbsp;&nbsp;CEO of the Company since December 2020, former Partner and Managing Director at PricewaterhouseCoopers LLP ("PwC"). | February 25, 2021 |
| &nbsp;&nbsp;**Shubo Rakhit<sup>(1)(2)</sup>**<br> Mississauga, Ontario<br> *Chairman* | &nbsp;&nbsp;Corporate finance professional; previously, Managing Director, Head of Mergers and Acquisition with Echelon Wealth Partners. | March 15, 2021 |
| &nbsp;&nbsp;**Dr. Norman Betts<sup>(1)(2)</sup>**<br> Fredericton, New Brunswick<br> *Director* | &nbsp;&nbsp;Associate Professor, Faculty of Business Administration, University of New Brunswick and a Chartered Accountant Fellow | January 4, 2005 |
| &nbsp;&nbsp; **Richard J. Steinberg<sup>(1)(2)</sup>**<br> Toronto, Ontario<br> *Director*<br>| &nbsp;&nbsp;Partner, Fasken Martineau DuMoulin LLP, an international business law firm. | February 25, 2022 |
| &nbsp;&nbsp; **John W. McVey<sup>(3)</sup>**<br> Langley, British Columbia<br> *Director* | &nbsp;&nbsp;Previously: Director of Fortune Mineral Limited and Arizona Gold & Silver Inc.; CEO of Procon Mining & Tunnelling Ltd. from 2015 to 2024. | February 27, 2025 |
| &nbsp;&nbsp;**Michael Leonard**<br> Oakville, Ontario<br> *Chief Financial Officer* | &nbsp;&nbsp;CFO of the Company since March 2021. Chartered Professional Accountant, with extensive experience in corporate global finance and investor relations with Barrick Gold Corporation. | Officer only |
| &nbsp;&nbsp; **Khalaf Rashid**<br> Tanzania<br> *Senior Vice President*<br>| &nbsp;&nbsp;Senior Vice President, Tanzania | Officer only |
| &nbsp;&nbsp; **Richard Boffey<sup>(3)</sup>**<br> Scarborough, Western Australia<br> *Chief Operating Officer* | &nbsp;&nbsp;COO of the Company since December 2024. Formerly: General/Country Manager at Tara Resources; COO at Blackham Resources; General Manager at Cupric Canyon Capital; and General Manager at Eldorado Gold Corporation. | Officer only |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Member of the Audit & Risk Management Committee. Mr. Betts serves as Chair.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the Corporate Governance and Nominating Committee. Mr. Steinberg serves as Chair.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Member of the Technical Committee. Mr. McVey serves as Chair.

As at the date hereof, the current directors and executive officers of TRX as a group, beneficially owned, directly or indirectly, or exercised control or direction over approximately 4,961,403 Common Shares in the aggregate representing approximately 1.73% of the current outstanding 286,956,635 Common Shares of the Company on a non-diluted basis.

***Cease Trade Orders***

Other than as set out below, no director or executive officer of the Company (or any personal holding corporation of such persons) is, or was within the ten years prior to the date hereof, a director, chief executive officer or chief financial officer of any company, including the Company, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was subject to an order (as defined below) that was issued while the director or executive officer was acting in the capacity as director, chief executive officer, or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to an order (as defined below) that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer, or chief financial officer.

For the purposes of the above disclosure, "order" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a cease trade order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an order similar to a cease trade order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an order that denied the relevant company access to any exemption under securities legislation;

that was in effect for a period of more than thirty consecutive days.

Dr. Norman Betts served as a director of Intellipharmaceutics International Inc. ("IPC") from January 1, 2019, to October 30, 2024. On October 31, 2024, IPC filed an assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) and a trustee in bankruptcy was appointed. In addition, IPC was subject to two general "failure to file" cease trade orders, one issued on March 6, 2023, and subsequently revoked on June 7, 2023, and one issued on March 5, 2024, that remains in place.

***Penalties or Sanctions***

Within the past 10 years no directors or executive officers of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company (or any personal holding corporation of such persons), has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

 ****

***Personal Bankruptcies***

Other than as set out below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to materially affect control of the Company (or any personal holding corporation of such persons):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is at the date hereof, or has been within the last ten years, a director or executive officer of any company that while the person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has, within the last ten years, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

#### Conflicts of Interest
Except as otherwise stated in this Annual Report, there is no existing material conflict of interest between the Company or its subsidiaries and a director or executive officer of the Company or its subsidiaries. However, certain directors and officers of the Company are and may continue to be involved in the mining and mineral exploration industry through their direct and indirect participation in corporations, partnerships or joint ventures which are potential competitors. Situations may arise in connection with potential acquisitions and investments where the other interests of these directors and officers may conflict with the interests of the Company. As required by law, each of the directors of the Company is required to act honestly, in good faith and in the best interests of the Company. Any conflicts which arise shall be disclosed by the directors and officers in accordance with the *Business Corporations Act* (British Columbia) and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed on them by law.

#### Audit Committee
A copy of the Audit & Risk Management Committee Charter is attached hereto as Schedule "A". A description of the responsibilities, powers and operation of the Audit & Risk Management Committee can be found therein.

Following are the members of the Audit & Risk Management Committee:

Norman Betts (Chair) Independent <sup>(1)</sup> Financial expert <sup>(3)</sup> <br> Shubo Rakhit Independent <sup>(1)</sup> Financially literate <sup>(2)</sup> <br> Richard Steinberg Independent <sup>(1)</sup> Financially literate <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A member of an audit committee is independent if the member has no direct or indirect material relationship with the Company, which could, in the view of the Board of Directors, reasonably interfere with the exercise of a member's independent judgment.

(2) An individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

(3) An Audit Committee Financial Expert must possess five attributes: (i) an understanding of GAAP and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (iii) experience preparing auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions.

**Dr. Norman Betts**, Ph.D., FCPA, FCA, *TRX Director* 

Dr. Betts' is a seasoned professional whose 30 year plus career has spanned the private sector, academia and public service. As a Fellow Chartered Accountant (FCA; FCPA) and member of the Institute of Corporate Director's (ICD.D), he has served on the boards of the Bank of Canada, Export Development Canada, Tembec Inc, Starfield Resources, and Minacs Inc, among others. He holds a PhD (1991) in Management (Accounting and Finance) from Queen's University and retired as a Professor in the Faculty of Business Administration at the University of New Brunswick in June 2019. From 1999-2003 Dr. Betts served as a Member of the Legislative Assembly of the Province of New Brunswick and held portfolios including Minister of Finance and Minister of Business New Brunswick. He is currently an active director and chairs the audit committees of Mimi's Rock Inc, Adex Mining Inc, 49 North Resources Inc and is a director of Intellipharmaceutics. Dr. Betts is 71 years old and lives in Fredericton, New Brunswick. He devotes approximately 10% of his time to the affairs of the company.

**Shubo Rakhit,** CPA, CA*, TRX Chairman and Buckreef Gold Director*

Mr. Rakhit has had a prominent career as a leading corporate finance professional, highly respected strategist, and sought after trusted advisor. His 30+ year career has included positions at several large investment banks and advisory firms including Canada's major bank owned investment banks, BofA Securities, KPMG Corporate Finance and Echelon Wealth Partners where he most recently served as Managing Director, Head of Mergers and Acquisitions ("M&A"). Mr. Rakhit's distinguished career includes leading over $90B of M&A transactions, and over $100B of global capital markets issuance including many complex strategic and capital solutions, that has also encompassed mining companies. Mr. Rakhit has an undergraduate degree from Western University and Graduate Degree in Public Accountancy from McGill University. Mr. Rakhit, age 65, devotes 15% of his time to the business and affairs of the Company.

**Richard Steinberg**, LLB, *TRX Director*

Mr. Steinberg is a Partner of Fasken Martineau DuMoulin LLP, an international business law firm, where Mr. Steinberg's practice focuses on mergers and acquisitions and corporate finance. He advises targets, buyers and investors in both solicited and unsolicited transactions, with a particular expertise in cross-border transactions. Mr. Steinberg's corporate finance practice is focused on structured and cross-border financings, with extensive experience acting for both underwriters and issuers. He is the former Chair of Fasken's Securities and Mergers & Acquisitions Group. Mr. Steinberg's securities and mergers and acquisitions expertise is recognized by Best Lawyers in Canada, Canadian Legal Lexpert Directory, and others. Mr. Steinberg holds an LLB from the University of Toronto and a BA from Columbia University. Mr. Steinberg, age 66, devotes approximately 10% of his time to the business and affairs of the Company.

#### Reliance on Certain Exemptions
At no time since the commencement of the Company's most recently completed financial year has the Company relied on the exemption in Section 2.4 of NI 52-110 (De Minimis Non-audit Services), Section 3.2 (Initial Public Offerings), Section 3.4 (Events Outside Control of Member), Section 3.5 (Death, Disability or Resignation of Audit Committee Member), or an exemption from NI 52-110, in whole or in part, granted under Part 8 of National Instrument 52-110.

Nor has the Company relied on Section 3.3(2) (Controlled Companies), Section 3.6 (Temporary Exemption for Limited and Exceptional Circumstances), or Section 3.8 (Acquisition of Financial Literacy) of NI 52-110.

#### Audit Committee Oversight
At no time since the commencement of the Company's most recently completed financial year was a recommendation of the Audit & Risk Management Committee to nominate or compensate an external auditor not adopted by the Board of Directors.

#### Pre-Approval Policies and Procedures
The Audit & Risk Management Committee is authorized by the Board of Directors to review the performance of the Company's external auditors and approve in advance the provision of services other than auditing and to consider the independence of the external auditors, including a review of the range of services provided in the context of all consulting services bought by the Company. The Audit & Risk Management Committee is authorized to approve in writing any non-audit services or additional work which the Chair of the Audit & Risk Management Committee deems is necessary, and the Chair will notify the other members of the Audit & Risk Management Committee of such non-audit or additional work and the reasons for such non-audit work for the Committee's consideration, and if thought fit, approval in writing.

#### External Auditor Service Fees
The following summarizes the significant professional services rendered by Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants for the year ended August 31, 2025, and 2024.

---

| | | |
|:---|:---|:---|
| **Financial Year Ending August 31** | **Audit Fees** | **All Other Fees** |
| 2025 | C$360,000 Nil | $20000 |
| 2024 | C$284,000 Nil | $20000 |

---

#### Promoters
The Company did not retain the services of any promoters within the two most recently completed financial years.

#### Legal Proceedings And Regulatory Actions

#### Legal Proceedings
On April 14, 2021, a Statement of Claim was issued in connection with contractual dispute by Ulrich Rath and Focus-Rath & Associates Ltd., naming as defendants the Company. The Statement of Claim alleges contractual damages owing to both Ulrich Rath and Focus-Rath & Associates Ltd. in the amount of approximately $2 million in cash and shares of the Company. The Company believes the allegations in the claim to be meritless and has retained Miller Thomson LLP as its legal counsel. The Company served a Statement of Defence and Counterclaim on July 7, 2021 against Ulrich Rath and Focus-Rath & Associates Ltd. in the amount of approximately $11.6 million for negligence and breach of contract. The outcome is not determinable at this time, however, the Company intends to pursue a vigorous defense of such claim. The Company is of the opinion that the outcome of this 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.

#### Regulatory Actions
There are no (a) penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during its most recently completed financial year; (b) other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision in the Company; or (c) settlement agreements the Company entered into before a court relating to securities legislation or with a securities regulatory authority during its most recently completed financial year.

#### Interest Of Management And Others In Material Transactions
Related parties include the Board of Directors and officers, extended relatives and enterprises that are controlled by these individuals as well as certain consultants performing similar functions.

The Company entered into the following transactions with related parties within the three most recently completed financial years (expressed in Thousands of US Dollars):

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

---

| | | | |
|:---|:---|:---|:---|
| **Year ended August 31** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Remuneration | $2228 | $1766 | $2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based payments | $1815 | $1332 | $2148 |
| **Total** | $4043 | $3098 | $4283 |

---

During the year ended August 31, 2025, the Company granted stock options and RSUs to key management personnel and directors as part of the Omnibus Equity Incentive Plan in the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;a) 2.4 million stock options having a value of $0.4 million on the grant date; and

&nbsp;&nbsp;&nbsp;&nbsp;b) 4.5 million RSUs having a value of $1.3 million on the grant date.

During the year ended August 31, 2025, $0.5 million for the stock options was recognized as a compensation expense (2024 - $0.7 million, 2023 – $0.7 million) and $1.0 million for the RSUs was recognized as a compensation expense (2024 - $0.4 million, 2023 – $0.2 million).

During the year ended August 31, 2025, the Company granted common shares upon hiring key management personnel in the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;a) Common shares vesting six months
after the start date having a fair market value of $0.2 million; and

b) Common shares on the first anniversary of the start
date having a fair market value of $0.2 million.

During the year ended August 31, 2025, $0.3 million was recognized as an expense (August 31, 2024- $0.2 million, August 31, 2023- $1.3 million).

As of August 31, 2025, 6.9 million common shares vested from share-based compensation have yet to be issued.

#### Transfer Agents and Registrars
The common shares of the Company are listed on the TSX and NYSE American under the symbol "TRX". The Odyssey Trust Company is the registrar and transfer agent for the Company's common shares and is located at 409 Granville Street, Suite 350, Vancouver, BC, Canada, V6C 1T2.

#### Material Contracts
The following are the material contracts of the Company (other than contracts in the ordinary course of business) entered into within the last financial year, or before the last financial year if the material contract is still in effect.

---

| | |
|:---|:---|
| **Date** | **Particulars** |
| February 7, 2025 | At The Market Offering Agreement (the "**ATM**") with H.C. Wainwright & Co., LLC as lead manager and Roth Capital Partners, LLC as a manager, pursuant to which the Company, at its sole discretion, may offer and sell, from time to time, common shares having an aggregate offering price of up to $25 million. As of the date hereof, 19,408 shares have been sold under the ATM for an aggregate total of $16,044.59. |

---

#### Interests Of Experts
Information of a scientific or technical nature in respect of the Buckreef Gold Mine Project is included in this AIF based on the PEA with the effective date of April 15, 2025, prepared by Andrew Bradfield, Jarita Barry, Fred Brown, D. Grant Feasby, Eugene Puritch, D. Gregory Robinson, William Stone, and Yungang Wu of P & E, and David Salari of D.E.N.M., who are all independent Qualified Persons. To the best of the Company's knowledge, after reasonable inquiry, as of the date hereof, the aforementioned individuals and their firms do not beneficially own, directly or indirectly, any Common Shares.

Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, the auditors of the Company, prepared an auditors' report to the shareholders of the Company on the statement of financial position of the Company for the year ended August 31, 2025, and the statements of income and comprehensive income, cash flows and changes in shareholders' equity for the year ended August 31, 2025. Dale Matheson Carr-Hilton Labonte LLP has advised that it is independent with respect to the Company within the meaning of the rules of Professional Conduct of Chartered Professional Accountants of Ontario.

#### Additional Information
Additional information on the Company may be found on the Company's website at www.trxgold.com or under the Company's profile on SEDAR+ at www.sedarplus.ca. Additional financial information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, if applicable, is contained in the Company's information circular for its most recent annual meeting of security holders that involved the election of directors.

Additional financial information is provided in the Company's most recent financial statements and the management discussion and analysis for its most recently completed financial year.

#### SCHEDULE "A"
**Audit & Risk Management Committee Charter**

***Introduction***

The primary responsibility of the Audit Committee and Risk Management Committee (the **"Committee"**) is to oversee TRX Gold Corporation's **("TRX"** or the **"Company"**) financial reporting process on behalf of the Company's Board of Directors (the **"Board"**) in order to assist the directors of the Company in meeting their responsibilities with respect to financial reporting by the Company.

Management is responsible for the preparation, presentation and integrity of the Company's financial statements and for the appropriateness of the accounting principles and reporting policies that are used by the Company. The independent auditors are responsible for auditing the Company's annual financial statements.

This charter governs the operations of the Committee is established as a standing committee of the Board. It sets out the functions and responsibilities of the Committee and details the manner in which the Committee will operate.

**Purpose and Power**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The purpose of the Committee is to provide assistance and support to the Board in its review and oversight of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the integrity and quality of the Company's financial statements and financial reporting processes and systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the adequacy and integrity of the Company's risk management framework and the effectiveness of the Company's internal control structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the internal audit function (to the extent that it currently exists or may be implemented in the future);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the external audit function, including the performance and independence of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the Company's related party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the Company's compliance with legal and regulatory requirements in relation to the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In discharging its role, the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) may investigate any matter brought to its attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) has full access to all books, records and facilities of the Company and may seek any explanation or information from any employee of the Company or any external party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) may obtain legal, financial or other professional advice as necessary or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) may require the attendance of any the Company employee at Committee meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) may implement policies and procedures in accordance with its Purpose.

**Duties and Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Specific duties and responsibilities:</u> The Committee's duties and responsibilities in discharging its review and oversight role are set out in the attached Schedule "A" (which forms part of this charter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Financial reports:</u> The Board is responsible for the Company's financial reports including the appropriateness of accounting policies and principles that are selected by management and used by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Audit:</u> While the Committee has the duties and responsibilities set out in this charter, it is not the duty of the Committee to plan or conduct audits or reviews. The external auditor is responsible for auditing the Company's financial reports and for reviewing the Company's unaudited financial reports.

***Membership***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Committee will be appointed by the Board and will comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) only non-executive directors as members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) at least three members who have diverse complementary backgrounds and the majority of whom are assessed to be independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a Chairman who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appointed by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one of the independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) members who are financially literate or become financially literate within a reasonable period of time after appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) at least one member who has accounting and/or related financial management expertise as determined by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) at least one member who has experience in, and an understanding of, the oil and gas industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Removal from the Committee can occur in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Board may remove or replace Committee members by ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Committee members may withdraw as a member of the Committee by written notification to the Board; and

The effect of ceasing to be a director of the Company is automatic removal as a Committee member.

***Education***

The Company is responsible for providing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) new Committee members with appropriate orientation briefings and educational opportunities relating to the work required of the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Committee with educational resources relating to financial reporting processes, financial topics pertinent to the Company, risk management resources and such other materials as may be requested by the Committee.

To the extent necessary, the Company will assist the Committee in maintaining appropriate financial and risk management literacy.

Committee members may advise the Company of topics or issues of interest or concern which may be relevant to their education.

***Funding and Resources***

The Company will provide appropriate funding, as determined by the Committee, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) compensation to the Company's external auditors and any other public accounting firm engaged for the purpose of preparing or issuing an audit report or performing any other audit or review for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) compensation of any risk management, legal, financial or other professional advisers employed by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) ordinary administration expenses of the Committee that are necessary or appropriate in carrying out its duties.

**Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Meetings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any Committee member may convene a Committee meeting, including at the request of an internal or external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A Committee meeting may also be convened by the Company's Corporate Secretary if requested to do so by a Committee member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Reasonable notice must be given to every Committee member of every Committee meeting, however acknowledgment of receipt of notice by all members is not required before the meeting can be validly held. All Committee members, relevant senior management and internal and external auditors have the right to contribute to the agenda for any Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Proceedings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Proceedings, meetings and resolutions of the Committee will be governed by the provisions of the constitution of the Company applying to proceedings, meetings and resolutions of the Board so far as they can and with any necessary changes, except to the extent that they are contrary to any directions of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Frequency of meetings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Committee will meet at least two times per year or more frequently as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Quorum:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A quorum consists of two members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Minutes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company Secretary must prepare draft minutes for each Committee meeting, and promptly following the Committee meeting provide them to the Chairman for review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Once the draft minutes have been reviewed by the Chairman, the draft minutes are to be circulated to the full Committee for their review and/or approval. Once approval of the minutes from each Committee Member has been received, the minutes are to be executed by the Chairman. The minutes are to be reproduced at the next Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Attendees:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Directors may attend any meeting of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The CEO, members of senior management and any other the Company employee may be invited to attend any meeting of the Committee. However, if any person invited to attend any meeting of the Committee has a material personal interest in a matter that is being considered at a Committee meeting, he or she must not be present at the consideration of that matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Representatives from the internal (if any) and external auditors will also regularly be invited to attend Committee meetings, though not necessarily for their full duration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Professional advisers will be solely appointed and instructed by the Committee. They will be advisers to the Committee and will not receive a standing invitation to attend meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Company's Corporate Secretary must attend all meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **No Management:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) At least annually, the Committee will meet with representatives of the internal (if any) and external auditors without management present to discuss any matters the Committee and/or the auditors consider relevant to the duties and responsibilities of the Committee.

***Reporting***

The Committee will on a timely basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Through the Chairman:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. update the Board about Committee activities (including the Committee's review and discussion of matters with management and the internal, if any, and/or external auditor) and make recommendations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ensure the Board is aware of matters that may significantly impact the financial reporting of the Company or the operations, condition or status of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Through the Company's Corporate Secretary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to the extent practicable, include copies of the minutes of each Committee meeting in the papers for the next full Board meeting after each meeting of the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make available minutes, agenda and supporting papers to any director upon request, providing no conflict of interest exists.

***Evaluation***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Committee will annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assess the performance, qualifications and membership of the Committee as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the effectiveness and contents of this charter to determine its adequacy for current circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirm that all duties and responsibilities in this charter have been addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** The Committee may make recommendations to the Board in relation to the Committee's membership, authority, duties, responsibilities or otherwise.

**ADOPTED AND APPROVED** by the Committee and the Board on July 13, 2022.

**Schedule "A"**

**Audit and Risk Management Committee Charter**

**Duties and Responsibilities**

*Understanding the Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring that the Committee understands the Company's structure, operations and types of transactions in order to adequately assess and report on the reliability and integrity of the Company's financial reports, the Company's information gathering and financial reporting processes, the Company's internal control structure, the Company's compliance with accounting, audit and financial reporting obligations and ensure that it can adequately assess the significant risks faced by the Company.

*Financial Reporting*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and discussing with management and the external auditor the half-yearly and annual financial reports (including notes and other disclosures) and recommending to the Board whether the financial reports should be approved. This includes discussing any management judgements and accounting estimates in the reports, financial report presentation, off-balance sheet exposures and any adjustments which may arise from the review or audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the accounting policies and principles selected by management and used by the Company including any changes in law, accounting standards and practices, and TSX and NYSE American Listing Rule requirements. This includes discussing with management and the external auditor the application, appropriateness and acceptability of policies, principles and standards to the Company's financial reports and, in particular, any alternative treatments of financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the external audit of the Company's financial reports and discussing with the external auditor significant findings in the conduct of their audit and management's response to those findings. This includes any findings of the external auditor on the adequacy and effectiveness of the Company's internal control structure, difficulties with accessing information or employees, and difficulties or disputes with management on any aspect of the audit or review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing management's processes for ensuring that information contained in analyst briefings and press announcements is consistent with published financial information and is balanced and transparent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the Company's internal control structure (particularly its policies and procedures to identify, monitor and manage financial risks) and receiving and reviewing any reports on the internal control structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discussing with management and the external auditor any correspondence with governmental or regulatory bodies and any published records which raise material issues regarding the Company's financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receiving and referring to the Board any reports and recommendations from the Company's Legal Manager on significant legal, compliance or regulatory matters that may have a material effect on the Company's financial reports.

*Risk Management*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comprehensively reviewing and assessing the risk management policy and framework at least every two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and assessing the corporate risk management framework for identifying, monitoring and managing significant business risks. This should include the security of computer systems and applications, including website information, and contingency plans for processing financial information in the event of a system breakdown or to protect against computer fraud or misuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the effectiveness of the system for monitoring compliance with laws, regulations, internal policies and industry standards and the results of management's investigation and follow up of fraudulent acts or non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Considering the effectiveness of the Company's internal control structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the adequacy of the Company's insurance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review the findings of any examinations by regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing compliance with the Company's business ethics related policies including the Policy for Business Conduct and the Whistleblower Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receiving and referring to the Board any reports and recommendations from the Company's Risk Manager, Corporate Secretary or Legal Manager on significant legal, compliance or regulatory matters that may have a material effect on the Company's risk management framework and internal control structure, or its strategy, operations or reputation.

*External Auditor Appointment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making recommendations to the Board on the appointment, reappointment or replacement (subject, if applicable, to shareholder approval), remuneration, terms of engagement, monitoring of the effectiveness, and the independence of the external auditor, including the resolution of any disagreements between management and the external auditor regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing each year the scope and approach of the external audit with the external auditor including identified risks, issues or concerns and any additional agreed upon procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the external auditor's fee and being satisfied that an effective, comprehensive and complete audit can be conducted for that fee.

*Non-audit Services*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring that the external auditor does not perform any non-audit/assurance services that may impair or appear to impair the external auditor's judgement or independence in respect of the Company.

*Assessment of the External Audit*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtaining and reviewing a report by the external auditor describing (or meeting, discussing and documenting the following with them):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the external auditor's internal quality control procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any material issues raised by the most recent internal quality control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the last five years, in respect to one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ all relationships between the external auditor and the Company (to assess the auditor's independence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Setting clear hiring policies for employees or former employees of the external auditor in order to prevent the impairment or perceived impairment of the external auditor's judgement or independence in respect of the Company, consistent with standards of auditor independence contained in the *Business Corporations Act* (British Columbia).

*Independence of the External Auditor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and assessing the independence of the external auditor including, but not limited to, any relationships with the Company or any other entity that may impair or appear to impair the external auditor's judgment or independence in respect of the Company or the quality of the audit services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advising the Board whether the Committee is satisfied that the provision of non-audit services is compatible with external auditor independence standards, as required by the *Business Corporations Act* (British Columbia).

*External Financial Reporting*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Considering the financial reports and other information required by the NYSE Listing Rules prior to the filing of these with NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Considering all representation letters signed by management.

*Whistleblower Policy*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With regard to the Company's Whistleblower Policy (the "Whistleblower Policy"), the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ review periodically and recommend to the Board any amendments to the Whistleblower Policy and monitor the procedures established by management to ensure compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ review actions taken by management to ensure compliance with the Whistleblower Policy and its response to any violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ review all reports received pursuant to the Whistleblower Policy and investigate each complaint and take appropriate action within the guidelines set forth in the Whistleblower Policy.

*Complaints*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Overseeing the procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters.

*Internal Audit (to the extent that the Company has or implements an internal audit function)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Overseeing the retention (and termination where necessary), tasking, independence and resourcing of the internal auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the internal audit plan each year and monitoring the progress of the internal auditor against that plan and evaluating its performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring that the effectiveness of the internal auditor is not constrained or affected by any restrictions of access to information, management or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing reports from the internal auditor and monitoring management's response to key findings and recommendations of the internal auditor.

*Other*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing related party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the tax affairs and compliance with tax regulations of the group.

## Exhibit 99.2

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

**Exhibit 99.2**

![](logo.jpg)

**TRX Gold Corporation** 

#### Audited Consolidated Financial Statements

#### For the years ended

#### August 31 , 2025 and 2024
**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING**

The accompanying consolidated financial statements of TRX Gold Corporation (the "Company") were prepared by management in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board ("IASB"). Management acknowledges responsibility for the preparation and presentation of the consolidated financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances. The material accounting policies of the Company are summarized in *Note 3* to the consolidated financial statements.

Management has established processes, which are in place to provide them with sufficient knowledge to support management representations that they have exercised reasonable diligence that: (i) the consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the year presented by the consolidated financial statements; and (ii) the consolidated financial statements fairly present in all material respects the financial condition and results of operations of the Company, as of the date of and for the year presented by the consolidated financial statements.

The Board of Directors is responsible for ensuring that management fulfills its financial reporting responsibilities and for reviewing and approving the consolidated financial statements together with other financial information. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process. The Audit Committee meets with management as well as with the independent auditors to review the consolidated financial statements and the auditors' report. The Audit Committee also reviews the Annual Report to ensure that the financial information reported therein is consistent with the information presented in the consolidated financial statements. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

*<u>"Stephen Mullowney"</u>* *<u>"Michael P. Leonard"</u>* <br> Stephen Mullowney Michael P. Leonard <br> Chief Executive Officer Chief Financial Officer

#### MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management of the Company is responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR") for the Company as defined in Rule 13a-15(f) under the Securities and Exchange Act of 1934. The Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), have conducted an evaluation of the design and effectiveness of the Company's ICFR as of August 31, 2025. In making this assessment, the Company's management used the criteria established in *Internal Control – Integrated Framework* (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO 2013"). This evaluation included review of the documentation of controls, evaluation of the design and operating effectiveness of controls, and a conclusion on this evaluation. Based on this evaluation, management concluded the Company's ICFR was effective as at August 31, 2025.

The effectiveness of the Company's ICFR as at August 31, 2025 has been audited by Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as stated in their report appearing herein.

![](dmcl_hdr.jpg)

**Report of Independent Registered Public Accounting Firm**

To the shareholders and the board of directors of TRX Gold Corporation

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of TRX Gold Corporation (the "Company") as of August 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows, for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

**Report on Internal Control Over Financial Reporting**

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of August 31, 2025, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated December 1, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

![](dmcl_ftr.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**CRITICAL AUDIT MATTER** | &nbsp;&nbsp;&nbsp;**HOW THE MATTER WAS ADDRESSED IN THE AUDIT** | &nbsp;&nbsp;&nbsp;**HOW THE MATTER WAS ADDRESSED IN THE AUDIT** |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | &nbsp;&nbsp;&nbsp; <br> The procedures we performed to address this critical audit matter included the following, among others: | &nbsp;&nbsp;&nbsp; <br> The procedures we performed to address this critical audit matter included the following, among others: |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Company's controls over managements' assessment and evaluation of capitalized stripping costs incurred during production; |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Evaluated the professional qualifications, knowledge and ability of the persons responsible for preparing the mine plan and determining the strip ratio reflected in the updated mine plan; |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Evaluated management's forecast process by comparing with actual results; |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Assessed the reasonability of strip ratio and performed sensitivity analysis for change in strip ratio; |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Tested production costs to assess reasonability of capitalized stripping costs relating to production; |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Assessed the allocation of production costs between capitalized stripping costs and inventories; and |
| &nbsp;&nbsp;&nbsp; <br> **Evaluation of capitalized stripping costs incurred during production**<br>As discussed in Note 4 c) of the financial statements, management applies significant judgement to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset. As disclosed in Note 8, capitalized striping costs were $4,839,000 for the year ended August 31, 2025.<br>We identified the evaluation of capitalized stripping costs incurred during production as a critical audit matter due to the materiality of the balance as well as complexity of the estimates made by management. Auditing these estimates required a high degree of auditor subjectivity in applying audit procedures to evaluate the magnitude of costs incurred and the activity to which the costs relate and in evaluating the results of those procedures. This resulted in an increased extent of audit effort. | · | &nbsp;&nbsp;&nbsp;Ensured key assumptions were consistent with evidence obtained in other areas of the audit. |

---

/s/ DMCL LLP

**DALE MATHESON CARR-HILTON LABONTE LLP**

CHARTERED PROFESSIONAL ACCOUNTANTS

We have served as the Company's auditor since 2016

Vancouver, Canada

December 1, 2025

![](dmcl_hdr.jpg)

## Report of Independent Registered Public Accounting Firm
To the shareholders and the board of directors of TRX Gold Corporation

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of TRX Gold Corporation and subsidiaries (the "Company"), as of August 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of August 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) (United States), the consolidated financial statements as of and for the year ended August 31, 2025 of the Company and our report dated December 1, 2025, expressed an unqualified opinion on those financial statements.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

![](dmcl_ftr.jpg)

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

![](dmcl_sig.jpg)

DALE MATHESON CARR-HILTON LABONTE LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, Canada

December 1, 2025

**TRX Gold Corporation**

#### Consolidated Statements of Financial Position
(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **August 31, 2025** | August 31, 2024 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $**7770** | $8331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | 5 | **3818** | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other assets | 6 | **1237** | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 7 | **13018** | 6249 |
| **Total current assets** |  | **25843** | 17784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 5 | **3916** | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral property, plant and equipment | 8 | **87493** | 77817 |
| **Total assets** |  | $**117252** | $98860 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts payable and accrued liabilities |  | $**18164** | $15545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  | **753** | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 10 | **3408** | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 11 | **1201** | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instrument liabilities | 12 | **1011** | 2273 |
| **Total current liabilities** |  | **24537** | 21283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 11 | **1606** | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 9 | **15670** | 9505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for reclamation | 13 | **1151** | 1091 |
| **Total liabilities** |  | **42964** | 32821 |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 15 | **168001** | 165945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments reserve | 16 | **8778** | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants reserve | 17 | **1700** | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | **(121206)** | (121893) |
| **Equity attributable to shareholders** |  | **57273** | 54903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 18 | **17015** | 11136 |
| **Total equity** |  | **74288** | 66039 |
| **Total equity and liabilities** |  | $**117252** | $98860 |

---

Approved by the Board of Directors, original signed by:

<br> Stephen Mullowney, Chief Executive Officer Michael P. Leonard, Chief Financial Officer <br>

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

 

**TRX Gold Corporation**

#### Consolidated Statements of Income and Comprehensive Income
(Expressed in Thousands of US Dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the year ended <br>August 31,** | **For the year ended <br>August 31,** |
| |<br>**Note** | **2025** | 2024 |
| &nbsp;&nbsp;**Revenue** | 24 | $**57613** | $41158 |
| &nbsp;&nbsp;**Cost of sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production costs |  | **(25873)** | (17940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty |  | **(4011)** | (3094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | **(3791)** | (2195) |
| &nbsp;&nbsp;**Total cost of sales** |  | **(33675)** | (23229) |
| &nbsp;&nbsp;**Gross profit** |  | **23938** | 17929 |
| &nbsp;&nbsp;General and administrative expenses | 20 | **(7952)** | (6889) |
| &nbsp;&nbsp;Change in fair value of derivative financial instruments | 12 | **1262** | 1023 |
| &nbsp;&nbsp;Foreign exchange (losses) gains |  | **(431)** | 284 |
| &nbsp;&nbsp;Interest and other expenses | 21 | **(2360)** | (2011) |
| &nbsp;&nbsp;**Income before tax** |  | **14457** | 10336 |
| &nbsp;&nbsp;Income tax expense | 9 | **(7891)** | (6826) |
| &nbsp;&nbsp;**Net income and comprehensive income** |  | $**6566** | $3510 |
| &nbsp;&nbsp;**Net income (loss) and comprehensive income (loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders | 14 | $**687** | $(470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 18 | **5879** | 3980 |
| &nbsp;&nbsp;**Net income and comprehensive income** |  | $**6566** | $3510 |
| &nbsp;&nbsp;**Earnings (loss) per share attributable to shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share | 14 | $**0.00** | $(0.00) |

---

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

 

**TRX Gold Corporation**

#### Consolidated Statements of Changes in Equity
(Expressed in Thousands of US Dollars, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Reserves** | **Reserves** | | | | |
| | **Number of Shares** | **Amount** | **Share-based payments** | **Warrants** |<br>**Accumulated deficit** |<br>**Shareholders' equity** |<br>**Non-controlling interest** |<br>**Total equity** |
| **Balance at August 31, 2023** | **277625317** | $**164816** | $**8807** | $**1700** | $**(121423)** | $**53900** | $**7156** | $**61056** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 16) | 2565419 | 1129 | (1121) |  |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 16) |  |  | 2018 |  |  | 2018 |  | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (553) |  |  | (553) |  | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income for the year |  |  |  |  | (470) | (470) | 3980 | 3510 |
| **Balance at August 31, 2024** | **280190736** | $**165945** | $**9151** | $**1700** | $**(121893)** | $**54903** | $**11136** | $**66039** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for share-based payments (Note 16) | 4671159 | 2056 | (2056) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense (Note 16) |  |  | 2461 |  |  | 2461 |  | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Witholding tax impact on share-based payments |  |  | (778) |  |  | (778) |  | (778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income for the year |  |  |  |  | 687 | 687 | 5879 | 6566 |
| **Balance at August 31, 2025** | **284861895** | $**168001** | $**8778** | $**1700** | $**(121206)** | $**57273** | $**17015** | $**74288** |

---

 

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

 

**TRX Gold Corporation**

#### Consolidated Statements of Cash Flows
(Expressed in Thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the year ended <br>August 31,** | **For the year ended <br>August 31,** |
| |<br>**Note** | **2025** | 2024 |
| **Operating** |  |  |  |
| Net income |  | $**6566** | $3510 |
| Adjustments for items not involving cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash items | 26 | **14610** | 9126 |
| Changes in non-cash working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in amounts receivable |  | **(1387)** | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in inventories |  | **(5570)** | (929) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets |  | **(484)** | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in amounts payable and accrued liabilities |  | **3312** | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in income tax payable |  | **(767)** | 389 |
| **Cash provided by operating activities** |  | $**16280** | $15316 |
| **Investing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets and expenditures |  | $**(913)** | $(417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of mineral property, plant and equipment |  | **(12789)** | (13261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other long-term assets |  | **(657)** | (311) |
| **Cash used in investing activities** |  | $**(14359)** | $(13989) |
| **Financing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid |  | $**(475)** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes on settlement of share-based payments |  | **(778)** | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease payments | 11 | **(1229)** | (72) |
| **Cash used in financing activities** |  | $**(2482)** | $(625) |
| Net (decrease) increase in cash |  | $**(561)** | $702 |
| Cash at beginning of the year |  | **8331** | 7629 |
| **Cash at end of the year** |  | $**7770** | $8331 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Taxes paid in cash** | 9 | $**994** | $1218 |
| **Interest paid on leases** | 11 | $**351** | $3 |

---

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

 

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

(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 consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board ("IASB").

These consolidated financial statements were approved by the Board of Directors of the Company on November 26, 2025.

&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 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 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Material accounting policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Basis of consolidation

The consolidated financial statements are prepared by consolidating the financial statements of the Company and its subsidiaries as defined in IFRS 10, *Consolidated Financial Statements*. The consolidated financial statements include the information and results of each subsidiary from the date on which the Company obtains control and until such time as the Company ceases to control such entity. Control is achieved when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The material subsidiaries whose financial information is consolidated in these financial statements of the Company include:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Ownership interest as at August 31,** | **Ownership interest as at August 31,** |
| | **Country of**<br>**incorporation** | &nbsp;&nbsp;**2025** | **2024** |
| TRX Gold Tanzania Limited | Tanzania | &nbsp;&nbsp;**100%** | 100% |
| Tancan Mining Co. Limited | Tanzania | &nbsp;&nbsp;**100%** | 100% |
| Buckreef Gold Company Ltd. | Tanzania | &nbsp;&nbsp;**55%** | 55% |

---

In preparing the consolidated financial statements, all inter-company balances and transactions between entities in the group, including any unrealized profits or losses, have been eliminated.

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company's equity therein. Non-controlling interests consist of the fair value of net assets acquired at the date of the original business combination and the non-controlling interests' share of changes in equity since the date of the business combination. Total comprehensive profit or loss is attributed to non- controlling interests even if this results in non-controlling interests having a deficit balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Functional and presentation currency

The functional currency of each of the Company's entities is measured using the currency of the primary economic environment in which that entity operates. The functional currency of all entities within the group is the USD, which is also the Company's presentation currency.

Foreign currency transactions are translated into the functional currency at exchange rates prevailing at the transaction date. Foreign currency monetary items are translated at period-end exchange rates. Differences arising on settlement of foreign currency transactions or translation of monetary items are recognized in profit or loss.

Non-monetary items measured at historical cost continued to be carried at the exchange rates at the dates of the transactions. Non-monetary items measured at fair value are translated using the exchange rates at the date when the fair value is determined. Differences arising on translation of non-monetary items are treated in line with the recognition of the change in fair value of such an item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Cash and cash equivalents

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Inventories

Inventories include ore stockpile, gold in-circuit, gold doré and supplies inventory. The value of production inventories includes direct production costs, mine-site overheads, depreciation on property, plant and equipment used in the production process, and depreciation of capitalized stripping costs and mineral properties, incurred to bring the inventory to their current point in the processing cycle. General and administrative costs not related to production are excluded from inventories. Inventories are carried at the lower of cost and net realizable value ("NRV"). NRV is determined with reference to estimated selling prices, less estimated costs of completion and selling costs. If carrying value exceeds net realizable value, a write-down is recognized. The write-down may be reversed in a subsequent period if the circumstances which caused the write-down no longer exists.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ore stockpile represents unprocessed ore that has been mined and is available
for future processing. Ore stockpile is measured by estimating the recoverable ounces of gold added and removed from the stockpile through
physical surveys, assay data and an estimated metallurgical recovery rate. Costs are added to ore stockpile based on current mining costs
and are removed at the average cost per ounce of gold in the stockpile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold in-circuit represents material that is currently being processed to extract
the gold into a saleable form. The amount of gold in-circuit is determined by assay values and by measure of the various gold bearing
materials in the recovery process. Gold in-circuit is carried at the average of the beginning inventory and the cost of ore material fed
into the processing plant plus in-circuit conversion costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold doré represents saleable gold in the form of doré bars that
have been poured. Included in the costs are the costs of mining and processing activities, including mine-site overheads and depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supplies inventories include equipment parts and other consumables required in
the mining and processing activities and are valued at the lower of average cost and net realizable value. Provision for obsolescence
is determined by reference to specific inventory items identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Mineral property, plant and equipment

Mineral property, plant and equipment ("PP&E") are carried at cost less accumulated depreciation and accumulated impairment losses, if any.

The cost of PP&E consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Where an item of PP&E comprises major components with different useful lives, the components are accounted for as separate items of PP&E. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss in the period in which they occur.

**Depreciation**

PP&E are depreciated over their useful lives commencing from the time the respective asset is ready for use. The Company uses the units-of-production method ("UOP") or straight-line basis according to the pattern in which the asset's future economic benefits are expected to be consumed. The UOP method results in a depreciation charge based on the ounces of gold produced in a period as a portion of estimated total recoverable ounces of gold considered probable of economic extraction based on the current life-of-mine ("LOM") plan that benefit from the development and are considered probable of economic extraction.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

Depreciation for each class of PP&E is calculated using the following method:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class of PP&E** | **Method** | **Years** |
| &nbsp;&nbsp;Machinery and equipment | Straight-line | 3 – 10 years |
| &nbsp;&nbsp;Automotive | Straight-line | 3 – 5 years |
| &nbsp;&nbsp;Computer equipment and software | Straight-line | 3 – 8 years |
| &nbsp;&nbsp;Leasehold improvements | Straight-line | 5 years |
| &nbsp;&nbsp;Right-of-use assets | Straight-line | 2 – 8 years |
| &nbsp;&nbsp;Processing plant and related infrastructure | UOP | n/a |
| &nbsp;&nbsp;Mineral properties | UOP | n/a |

---

Management annually reviews the estimated useful lives, residual values and depreciation methods of the Company's PP&E and also when events and circumstances indicate that such a review should be undertaken. Changes to estimated useful lives, residual values or depreciation methods resulting from such reviews are accounted for prospectively.

An item of PP&E is derecognized upon disposal, when classified as held for sale or when no future economic benefits are expected to arise from the continued use of the asset. The difference between the net proceeds from disposal, if any, and the carrying amount of the asset, is recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Construction in progress

All expenditures undertaken in the development, construction, installation and/or completion of mine production facilities to extract, treat, gather, transport and store of minerals are capitalized and initially classified as "Construction in progress". Costs incurred on properties in the development stage are included in the carrying amount of "Construction in progress". A property is classified as a development property when a mine plan has been prepared and a decision is made to commercially develop the property. Development stage expenditures are costs incurred to obtain access to proven and probable mineral reserves or mineral resources and provide facilities for extracting, treating, gathering, transporting, and storing the minerals. All expenditures incurred from the time the development decision is made until when the asset is ready for its intended use are capitalized.

Construction in progress assets are not depreciated until they are completed and available for use.

Upon the commencement of commercial production, all related assets included in "Construction in progress" are reclassified to PP&E. Determination of commencement of commercial production is a complex process and requires significant assumptions and estimates. The commencement of commercial production is defined as the date when the mine is capable of operating in the manner intended by management. The Company considers primarily the following factors, among others, when determining the commencement of commercial production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All major capital expenditures to achieve a consistent level of production and desired capacity have
been incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A reasonable period of testing of the mine plant and equipment has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A predetermined percentage of design capacity of the mine and mill has been reached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required production levels, grades and recoveries have been achieved.

When a mine development project moves into the commercial production stage, the capitalization of mine development costs ceases and subsequent costs incurred are either regarded as inventory or expensed, except for capitalizable costs related to mining asset additions or improvements, or mineable reserve development. It is also at this point that depreciation commences.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

ii) Deferred stripping costs

In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials to access ore from which minerals can be extracted economically is referred to as stripping. Stripping costs incurred in the production phase are accounted for as costs of the inventory produced during the period that the stripping costs are incurred, unless these costs are expected to provide a future economic benefit to an identifiable component of the ore body which will be extracted in the future. Components of the ore body are based on the distinct development phases identified by the mine planning engineers when determining the optimal development plan for the open pit.

Capitalized stripping costs are depleted using the UOP method based on contained ounces of gold mined as a portion of total contained ounces of gold mineable from an open pit based on the current LOM plan.

iii) Exploration and evaluation expenditures

All direct costs related to the acquisition and exploration and development of specific properties are capitalized as incurred. Any cost incurred prior to obtaining the legal right to explore a mineral property are expensed as incurred. Overhead costs directly related to exploration are capitalized and allocated to mineral properties explored. If a property is abandoned, sold or impaired, an appropriate charge will be made to the income statement at the date of such impairment.

The Company reviews the carrying value of capitalized exploration and evaluation expenditures when events or changes in circumstances indicate that the carrying value may not be recoverable.

Examples of such events or changes in circumstances are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The period for which the Company has the right to explore in the specific area
has expired during the period or will expire in the near future, and is not expected to be renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Substantive expenditure on further exploration for and evaluation of mineral resources
in the specific area is neither budgeted nor planned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration for and evaluation of mineral resources in the specific area have
not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities
in the specific area; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sufficient data exist to indicate that, although a development in the specific
area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful
development or by sale.

If the carrying value exceeds fair value, the property will be written down to fair value with an impairment charge to the income statement in the period of impairment. An impairment is also recorded when management determines that it will discontinue exploration or development on a mineral property or when exploration rights or permits expire.

Once economic viability has been determined for a property and a decision to proceed with development has been approved, exploration and evaluation expenditures previously capitalized are first tested for impairment and then classified as mineral properties.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Impairment of non-financial assets

At each reporting date, the Company reviews the carrying amounts of its PP&E to determine whether there is an indication that those assets may be impaired. If any such indicators exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where an asset does not generate cash flows independent from other assets, the Company estimates the recoverable amount of the cash generating unit ("CGU") to which the asset belongs.

The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of the asset or CGU is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss is recognized immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognized in net profit within the consolidated statement of income and comprehensive income in the period in which they are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Leases

At the commencement date of a lease, the Company recognizes a lease liability, which is the discounted value of future lease payments using the lease-specific incremental borrowing rate, and an asset representing the right to use the underlying asset during the lease term (i.e. the right-of-use asset). The Company separately recognizes interest expense on the lease liability and depreciation expense on the right-of-use asset.

The Company recognizes right-of-use assets at the value of the corresponding lease liability, adjusted for any accrued and prepaid lease payments, and less any impairment provisions. Right-of-use assets are capitalized at the commencement date of the lease and comprise of the initial lease liability and initial direct costs incurred by the Company when entering into the lease less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term of the underlying asset or the useful life of the underlying asset if the lessee will exercise a purchase option. Cash flows relating to the reduction of lease liabilities have been presented as cash used in financing activities.

The Company has also elected to classify leases which end within 12 months of the date of initial application as short term leases. The lease payments associated with such leases are recognized as an expense in the income statement.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Decommissioning, restoration and similar liabilities

The Company recognizes provisions for legal and constructive obligations, including those associated with the reclamation of PP&E, when there is a present obligation as a result of exploration, development and production activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the provision can be measured reliably. The estimated future obligations include the costs of removing facilities, abandoning sites and restoring the affected areas.

The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date, based on current legal or constructive obligation. Upon initial recognition of the liability, the corresponding asset retirement obligation is added to the carrying amount of the related asset and the cost is amortized as an expense over the economic life of the asset using UOP. Following the initial recognition of the asset retirement obligation, the carrying amount of the liability is increased for the passage of time and adjusted for changes to the discount rate and amount or timing of the underlying cash flows required to settle the obligation. Future restoration costs are reviewed at each reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Taxation

**Current income tax**

Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. Current income tax is calculated on the basis of the law enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income.

**Deferred income tax**

Deferred income tax is recognized in accordance with the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements at the end of each reporting period. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes.

Deferred income tax liabilities are recognized for all taxable temporary differences, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where the deferred income tax liability arises from the initial recognition of
goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is
probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and losses can be utilized except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where the deferred income tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the
temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences
can be utilized.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realized, or the liability is settled based on tax rates and laws that have been enacted or substantively enacted at the end of the reporting period.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Financial assets** 

Financial assets are classified as either financial assets at fair value through profit or loss ("FVTPL"), amortized cost, or fair value through other comprehensive income ("FVOCI"). The Company determines the classification of its financial assets at initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. FVTPL

Financial assets are classified at FVTPL if they do not meet the criteria to be classified at amortized cost or FVOCI. Gains or losses on these items are recognized in net profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Amortized cost

Financial assets are classified at amortized cost if both of the following criteria are met and the financial assets are not designated as FVTPL: (i) the objective of the Company's business model for these financial assets is to collect their contractual cash flows, and (ii) the asset's contractual cash flows represent "solely payments of principal and interest".

A provision is recorded when the estimated recoverable amount of the financial asset is lower than its carrying amount. At each reporting period, the Company assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. When sold or impaired, any accumulated fair value adjustments previously recognized are included in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Reclassifications

Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing its financial assets.

ii) Derivative warrant liabilities

Share warrants (not including compensation warrants) are considered a derivative as they are not indexed solely to the Company's own stock.

During the year ended August 31, 2021, the Company issued convertible debentures with detachable warrants for the Company's common shares. The warrants are classified as a derivative financial liability as they are potentially exercisable in cash or on a cashless basis resulting in a variable number of shares being issued. The warrants were initially recognized at fair value and subsequently measured at FVTPL.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The Company uses the Black-Scholes Option Pricing Model to estimate their fair values at each reporting date.

iii) Agent warrants and financing warrants

Warrants issued to agents in connection with equity financing are recorded at fair value and charged to share issuance costs associated with the offering with an offsetting credit to warrants reserve within shareholders' equity.

Warrants included in units offered to subscribers in connection with financings are valued using the residual value method whereby proceeds are first allocated to the fair value of common shares and the excess, if any, allocated to warrants.

iv) Gold zero-cost collars

On initial recognition, gold zero-cost collars are designated as derivative financial instruments and measured at FVTPL. Gold zero-cost collars are initially recognized at fair value and subsequently measured at FVTPL.

Transaction costs associated with financial instruments carried at FVTPL are expensed as incurred while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability.

The Company has classified and measured its financial instruments as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amounts receivable and amounts payable and accrued liabilities are classified
as and measured at amortized cost; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash, derivative financial instruments that do not qualify as hedges, or are not designated as hedges,
are classified as FVTPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Share-based payments

**Share-based payment transactions**

The Company has a number of equity-settled share-based compensation plans under which the Company's directors, employees and consultants receive a portion of their remuneration in the form of equity instruments for services rendered. In certain cases, the Company settles statutory withholding tax obligations in cash, based on the value of the Company's common shares, when vested equity instruments are settled.

Where the value of goods or services received by the Company in exchange for equity instruments issued cannot be specifically measured, they are measured at fair value of the equity instrument granted. The Company's share-based compensation plans are comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Stock options

Share-based compensation expense is recognized over the stock option vesting period based on the number of options estimated to vest. Management estimates the number of awards likely to vest at the time of a grant and at each reporting period up to the vesting date. On exercise of the vested options, shares are issued from treasury.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The grant-date fair value of stock options is estimated using the Black-Scholes Option Pricing Model and expensed on a straight-line basis using the graded vesting method over the vesting period. The cumulative expense which is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company's best estimate of the number of equity instruments that will ultimately vest. The profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in share-based payment reserve.

No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied provided that all other performance and/or service conditions are satisfied.

Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification.

ii) Restricted share units ("RSUs")

Each RSU has a value equal to one TRX Gold common share. RSUs generally vest in common shares of the Company. The after-tax value of the award is settled by issuance of common shares from treasury upon vesting.

The grant-date fair value of RSUs is measured using the market value of the underlying shares at the date of grant and expensed on a straight-line basis using the graded vesting method over the vesting period as a component of general and administrative expenses and cost of sales, depending on the grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) Revenue recognition

Revenue consists of proceeds received or expected to be received for the Company's principal products, gold and silver doré. Revenue is recognized when control of gold and silver passes to the buyer and when collectability is reasonably assured. Control passes to the buyer based on terms of the sales contract, usually upon delivery of the product to the buyer. Product pricing is determined under the sales agreements which are referenced against active and freely traded commodity markets, for example, the London Bullion Market for both gold and silver, in an identical form to the product sold. Gold and silver doré produced from Buckreef is sold at the prevailing spot market price based on London Fix Prices depending on the sales contract.

In addition to selling refined bullion at spot, the Company has a doré purchase agreement in place with a financial institution. Under the agreement, the Company has the option to sell up to 100% of the gold and silver contained in doré bars prior to the completion of refining by the third-party refiner. The Company has entered into an agreement with a third-party refiner and customer whereby the Company has provided irrevocable instructions to the refiner to transfer to the customer the refined ounces upon final processing outturn. Revenue is recognized when the Company delivers doré to the refiner and when payment of the purchase price for the purchased doré or bullion has been made in full by the customer. No judgement is involved in revenue recognition as revenue is recognized when payment has been sent by the customer and the product has been effectively delivered to the customer with no further involvement required of the Company.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

In June 2025, the Company entered into a Gold Sale and Purchase Agreement with the Bank of Tanzania ("BOT") to allocate at least 20% of gold production for domestic smelting, refining, and trading within the country at market prices for an initial period of thirty-six months. Under the agreement, the Company provisionally sells and receives proceeds from 95% of the gold and silver contained in doré bars prior to completion of refining by the Tanzania refiner designated by the BOT. The remaining 5% of gold and silver contained in doré bars is sold upon final processing outturn. The selling price is fixed at the original date of sale. Differences between provisional sales and final sales amounts relate to assay differences between the Company's estimate and final processing outturn by the refiner. Revenue is recognized when the Company delivers doré to the refiner and when payment of the purchase price for the purchased doré or bullion has been made by the BOT. No judgement is involved in revenue recognition as revenue is recognized when payment has been sent by the customer and the product has been effectively delivered to the customer with no further involvement required of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) Earnings (loss) per share

The basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. The weighted average number of common shares outstanding during the year includes vested common shares awards which have yet to be issued as little to no consideration is required to exercise. The diluted earnings (loss) per share reflects the potential dilution of common share equivalents, such as outstanding common share awards, stock options, RSUs and share purchase warrants in the weighted average number of common shares outstanding during the year, if dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions, or if they are subject to common control or are controlled by parties that have significant influence over the entity. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at the exchange amount, being the amount agreed by the parties to the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) New accounting pronouncements

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company's consolidated financial statements that the Company reasonably expects will have an impact on its disclosures, financial position or performance when applied at a future date, are disclosed below. The Company intends to adopt these standards when they become effective. Other standards and interpretations that are issued, but not yet effective, which are not expected to impact the Company have not been listed.

#### Presentation and Disclosure in Financial Statements (IFRS 18)
In April 2024, the IASB issued IFRS 18, *Presentation and Disclosure in Financial Statements* to replace IAS 1, *Presentation of Financial Statement*. IFRS 18 aims to achieve comparability of the financial performance of similar entities and will impact the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. IFRS 18 will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. The Company is currently assessing the impact of the new standard.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Material accounting judgments, estimates and assumptions

The preparation of these consolidated financial statements requires management to make judgements and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its judgements and estimates in relation to assets, liabilities, revenue and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgements and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions.

The most significant estimates relate to the appropriate depreciation rate for property, plant and equipment, the valuation of warrant liability, the recoverability of other receivables, the valuation of deferred income tax amounts, the impairment on mineral properties and deferred exploration and property, plant and equipment and the calculation of share-based payments. The most significant judgements relate to the recognition of deferred tax assets and liabilities and asset retirement obligations and the determination of the economic viability of a project or mineral property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exploration and evaluation assets and expenditures

The application of the Company's accounting policy for exploration and evaluation assets and expenditures requires judgment to determine whether future economic benefits are likely, from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves, and to determine whether indicators of impairment exist including factors such as, the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted and evaluation of the results of exploration and evaluation activities up to the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Units-of-Production

Management estimates recoverable ounces of gold in the LOM plan in determining the depreciation and amortization of certain mineral property, plant and equipment that is expected to be used for the duration of the mine life. This results in a depreciation charge proportional to the recovery of the anticipated ounces of gold. The life of the asset is assessed annually and considers its physical life limitations and present assessment of economically recoverable gold ounces of the mine property at which the asset is located. The calculations require the use of estimates and assumptions, including the amount of recoverable proven and probable mineral reserves and measured and indicated mineral resources. Estimation of recoverable gold ounces is updated when new relevant information becomes available, and the results are prospectively applied to calculate depreciation for future periods. The Company's units of production calculations are based on recovered ounces of gold poured.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Stripping Costs in the Production Phase of a Surface Mine

Significant judgement is required to distinguish between development stripping and production stripping and to distinguish between the production stripping that relates to the extraction of inventory and that which relates to the creation of a stripping activity asset.

The Company identifies the separate components of the ore bodies for its mining operations. An identifiable component is a specific volume of the ore body that is made more accessible by the stripping activity. Significant judgement is required to identify and define these components, and also to determine the expected volumes of waste to be stripped and ore to be mined in each of these components. The assessment is based on the information available in the mine plan. The mine plans and, therefore, the identification of components, may change for a number of reasons as new information becomes available. These include, but are not limited to, the geographic location and geological characteristics of the ore body, and/or financial considerations.

Judgement is also required to identify a suitable production measure to be used to allocate production stripping costs between inventory and any stripping activity asset. Management estimates the cost of deferred stripping activities as the excess waste material moved above the average strip ratio to provide access to further quantities of ore that is expected to be mined in future periods.

Furthermore, judgements and estimates are also used to apply the units-of-production method in determining the depreciable lives of stripping activity assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Provision for reclamation

Management assesses its mine restoration and rehabilitation provision each reporting period. Significant estimates and assumptions are made in determining the provision for mine rehabilitation as there are numerous factors that will affect the ultimate liability payable. These factors include estimates of the extent, the timing and the cost of rehabilitation activities, technological changes, regulatory change, cost increases, and changes in discount rates. Those uncertainties may result in actual expenditures differing from the amounts currently provided. The provision at the reporting date represents management's best estimate of the present value of the future rehabilitation costs required. Changes to estimated future costs are recognized in the consolidated statement of financial position by adjusting the rehabilitation asset and liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Impairment of Non-Current Assets

Non-current assets are tested for impairment if there is an indicator of impairment. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made which is considered to be the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, and operating performance. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of estimated future cash flows arising from the continued use of the asset. Cash flows are discounted by an appropriate discount rate to determine the net present value. Management has assessed its CGUs as being all sources of mill feed through a central mill, which is the lowest level for which cash inflows are largely independent of other assets.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Taxes

Management is required to make estimations regarding the tax basis of assets and liabilities and related income tax assets and liabilities and the measurement of income tax expense and indirect taxes. This requires management to make estimates of future taxable profit or loss, and if actual results are significantly different than its estimates, the ability to realize any deferred tax assets or discharge deferred tax liabilities on the Company's consolidated statement of financial position could be impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Valuation of share-based payments and financial instruments

The Company uses the Black-Scholes Option Pricing Model for valuation of stock options and derivative warrant liabilities. The Black-Scholes Option Pricing Model requires the input of subjective assumptions including the expected life of the instrument, expected share price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate of the instrument and the Company's profit or loss and equity reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Amounts receivable

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Receivable from precious metal sales | $**20** | $— |
| &nbsp;&nbsp;Sales tax receivable <sup>(1)</sup> | **7246** | 5144 |
| &nbsp;&nbsp;Other | **468** | 73 |
| Other receivable | **7734** | 5217 |
| &nbsp;&nbsp;Less: Long-term portion | **(3916)** | (3259) |
| &nbsp;&nbsp;**Total amounts receivable** | $**3818** | $1958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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 year ended August 31, 2025, the Company recovered $4.2 million (2024 - $3.6 million) of VAT from the TRA in cash or offsets against other taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepayments and other assets

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Prepaid expenses and deposits | $**1019** | $539 |
| &nbsp;&nbsp;Deferred financing costs | **218** | 707 |
| &nbsp;&nbsp;**Total prepayments and other assets** | $**1237** | $1246 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Inventories

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Ore stockpile | $**9088** | $4533 |
| &nbsp;&nbsp;Gold in-circuit | **988** | 837 |
| &nbsp;&nbsp;Gold doré | **11** | 55 |
| &nbsp;&nbsp;**Total precious metals inventories** | **10087** | 5425 |
| &nbsp;&nbsp;Supplies | **2931** | 824 |
| &nbsp;&nbsp;**Total inventories** | $**13018** | $6249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Mineral property, plant and equipment** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exploration and evaluation expenditures<sup>(1)</sup>** | **Mineral properties** | **Processing plant and related infrastructure<sup>(2)</sup>** | **Machinery and equipment<sup>(3)</sup>** | **Right-of-use assets** | **Others<sup>(4)</sup>** | **Total** |
| **Cost** |  |  |  |  |  |  |  |
| **As at August 31, 2023** | $**1864** | $**41202** | $**23063** | $**1624** | $**203** | $**148** | $**68104** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 417 | 6809 | 6885 | 417 | 1655 | 44 | 16227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reclamation provision |  | 150 |  |  |  |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  |  |  | (137) |  | (137) |
| **As at August 31, 2024** | $**2281** | $**48161** | $**29948** | $**2041** | $**1721** | $**192** | $**84344** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 913 | 4839 | 4562 | 1003 | 3326 | 161 | 14804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reclamation provision |  | (82) |  |  |  |  | (82) |
| **As at August 31, 2025** | $**3194** | $**52918** | $**34510** | $**3044** | $**5047** | $**353** | $**99066** |
| **Accumulated depreciation** |  |  |  |  |  |  |  |
| **As at August 31, 2023** | $**—** | $**899** | $**2138** | $**828** | $**119** | $**61** | $**4045** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 1977 | 327 | 239 | 56 | 20 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  |  |  | (137) |  | (137) |
| **As at August 31, 2024** | $**—** | $**2876** | $**2465** | $**1067** | $**38** | $**81** | $**6527** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 3267 | 458 | 442 | 858 | 21 | 5046 |
| **As at August 31, 2025** | $**—** | $**6143** | $**2923** | $**1509** | $**896** | $**102** | $**11573** |
| **Net book value** |  |  |  |  |  |  |  |
| **As at August 31, 2024** | $2281 | $45285 | $27483 | $974 | $1683 | $111 | $77817 |
| **As at August 31, 2025** | $**3194** | $**46775** | $**31587** | $**1535** | $**4151** | $**251** | $**87493** |

---

<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 $3.7 million (2024 - $2.1 million).

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

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

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The continuity of expenditures for exploration and evaluation asset is as follows:

---

| | |
|:---|:---|
| | **Amount** |
| &nbsp;&nbsp;**As at August 31, 2023** | $**1864** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenditures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Geological consulting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel costs | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trenching and drilling | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 2 |
| &nbsp;&nbsp;**As at August 31, 2024** | $**2281** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenditures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Geological consulting | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel costs | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trenching and drilling | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 18 |
| &nbsp;&nbsp;**As at August 31, 2025** | $**3194** |

---

As at August 31, 2025, the Company had contractual commitments for capital expenditures of $2.2 million (2024 - $0.2 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Income tax

The Company's provision for income taxes differs from the amount computed by applying the combined federal and provincial income tax rates to income before income taxes as a result of the following:

---

| | | |
|:---|:---|:---|
| | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Combined basic Canadian federal and provincial statutory income tax rates including surtaxes | **26.5%** | 26.5% |
| &nbsp;&nbsp;Statutory income tax rates applied to accounting income | $**3831** | $2739 |
| &nbsp;&nbsp;Increase (decrease) in provision for income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax rates different from statutory rate | **636** | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permanent differences and other items | **2612** | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit of tax losses not recognized | **812** | 2576 |
| &nbsp;&nbsp;**Total provision for income taxes** | $**7891** | $6826 |

---

The enacted tax rates in Canada of 26.5% (2024 - 26.5%) and Tanzania of 30% (2024 - 30%) where the Company operates are applied in the tax provision calculation.

The provision for income taxes consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Current income taxes | $**1726** | $1608 |
| &nbsp;&nbsp;Deferred income taxes | **6165** | 5218 |
| &nbsp;&nbsp;**Total provision for income taxes** | $**7891** | $6826 |

---

During the year ended August 31, 2025, the Company settled current income taxes of $2.5 million (2024 - $1.2 million) by cash payment of $1.0 million (2024 - $1.2 million) and VAT offset of $2.5 million (2024 - $nil).

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The tax effects of significant temporary differences which would comprise deferred income tax assets and liabilities at August 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| **Deferred Income Tax Liabilities** | **Mineral properties** | **Total** |
| At August 31, 2023 | $(11488) | $(11488) |
| &nbsp;&nbsp;Charged to the consolidated statement of comprehensive income | (885) | (885) |
| &nbsp;&nbsp;At August 31, 2024 | (12373) | (12373) |
| &nbsp;&nbsp;Charged to the consolidated statement of comprehensive income | (3689) | (3689) |
| &nbsp;&nbsp;**At August 31, 2025** | $**(16062)** | $**(16062)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Deferred Income Tax Assets** | <br>**Non-capital losses** | <br>**Total** |
| &nbsp;&nbsp;At August 31, 2023 | $7201 | $7201 |
| &nbsp;&nbsp;Charged to the consolidated statement of comprehensive income | (4333) | (4333) |
| &nbsp;&nbsp;At August 31, 2024 | 2868 | 2868 |
| &nbsp;&nbsp;Charged to the consolidated statement of comprehensive income | (2476) | (2476) |
| &nbsp;&nbsp;**At August 31, 2025** | $**392** | $**392** |
| &nbsp;&nbsp;<br>**Net deferred tax assets (liabilities)** |  |  |
| &nbsp;&nbsp;&nbsp;At August 31, 2024 | $(9505) | $(9505) |
| &nbsp;&nbsp;&nbsp;**At August 31, 2025** | $**(15670)** | $**(15670)** |

---

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 carry-forwards resulted in a deferred tax liability.

The following temporary differences have not been recognized in the Company's consolidated financial statements:

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;&nbsp;Non-capital losses | $**97877** | $93678 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | **130** | 107 |
| &nbsp;&nbsp;&nbsp;Financing costs | **442** | 827 |
| &nbsp;&nbsp;&nbsp;**Total unrecognized temporary differences** | $**98449** | $94612 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

At August 31, 2025, non-capital losses include $48.0 million expiring between 2026 to 2045 (2024: $48.7 million expiring between 2026 to 2044) in Canada and $48.0 million (2024: $45.0 million) with no expiry date in Tanzania that may be used to offset against future taxable income in their respective jurisdictions. The maximum amount of tax losses that a business can utilize in Tanzania is 60% (2024: 60%) of its taxable profit for the current year. The remaining 30% of taxable profit is subject to a statutory tax rate of 30%. As a result, Buckreef's current income tax is calculated at an effective tax rate of 12% (2024: 12%) until Buckreef's tax loss carryforwards are fully utilized. Tax losses in Tanzania can only be utilized by the entity to which the tax losses relate to.

At August 31, 2025, $nil (2024: $nil) was recognized as a deferred tax liability for taxes that would be payable on the unremitted earnings the Company's subsidiaries as the Company's subsidiaries have a deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Deferred revenue

In 2022, the Company entered into a prepaid Gold Doré Purchase Agreement ("OCIM Agreement") with OCIM Metals and Mining S.A. During the year ended August 31, 2025, the Company drew $0.5 million (2024 - $2.5 million) in exchange for delivering 204 ounces of gold (2024 - 1,369 ounces of gold) under the OCIM Agreement.

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

The Agreement has been accounted for as a contract in accordance with IFRS 15, *Revenue from Contracts with Customers*. As the total amount paid up-front by OCIM and Auramet for the future deliveries of gold differs from the stand-alone selling price of the gold, the Company concluded the OCIM Agreement and Auramet Gold Prepayment Facility contains a significant financing component ("SFC"). Gold deliveries due in connection with the up-front payment are recorded in revenue based on the gold spot price originally established at the time of each advance, being the estimated stand- alone selling price of gold deliveries as determined at inception (after separating the SFC). The outstanding deferred revenue liability will accrue interest reflecting the cost of financing.

---

| | |
|:---|:---|
| | **Amount** |
| &nbsp;&nbsp;**As at August 31, 2023** | $**1727** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawdown | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of deferred revenue (Notes 21 and 26) | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized | (3048) |
| &nbsp;&nbsp;**As at August 31, 2024** | $**1653** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawdown | 29731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of deferred revenue (Notes 21 and 26) | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized | (28257) |
| &nbsp;&nbsp;**As at August 31, 2025** | $**3408** |

---

As at August 31, 2025, the Company had 1,000 gold ounces outstanding under the Auramet Gold Prepayment Facility. 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.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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 for 16 pieces of equipment for use in Buckreef's mining operations.

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

---

| | |
|:---|:---|
| | **Amount** |
| &nbsp;&nbsp;**As at August 31, 2023** | $**101** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Notes 21 and 26) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease payments | (72) |
| &nbsp;&nbsp;**As at August 31, 2024** | $**1343** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Notes 21 and 26) | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease payments | (1229) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain | (2) |
| &nbsp;&nbsp;**As at August 31, 2025** | $**2807** |

---

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | $**1201** | $401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | **1606** | 942 |
| **Balance at end of year** | $**2807** | $1343 |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense for right-of-use assets (Note 8) | $**858** | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease liabilities (Notes 21 and 26) | **351** | 3 |
| &nbsp;&nbsp;**Total amount** | $**1209** | $59 |

---

As at August 31, 2025, the Company's had the following lease commitments:

---

| | |
|:---|:---|
| | **Amount** |
| &nbsp;&nbsp;Not later than one month | $**139** |
| &nbsp;&nbsp;Later than one month and not later than three months | **246** |
| &nbsp;&nbsp;Later than three months and not later than one year | **1110** |
| &nbsp;&nbsp;Later than one year and not later than five years | **1694** |
| &nbsp;&nbsp;**Total undiscounted lease commitments** | $**3189** |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

As at August 31, 2025, the carrying value of right-of-use assets amounted to $4.2 million (2024 - $1.7 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;12. Derivative financial instrument liabilities

---

| | | |
|:---|:---|:---|
|  |  |  |
|  | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Derivative warrant liabilities | $**1011** | $2273 |
| &nbsp;&nbsp;**Total derivative financial instrument liabilities** | $**1011** | $2273 |

---

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

---

| | |
|:---|:---|
| | **Amount** |
| &nbsp;&nbsp;**As at August 31, 2023** | $**3544** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value (Note 26) | (1271) |
| &nbsp;&nbsp;**As at August 31, 2024** | $**2273** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value (Note 26) | (1262) |
| &nbsp;&nbsp;**As at August 31, 2025** | $**1011** |

---

Derivative warrant liabilities of $1.0 million will only be settled by issuing equity of the Company.

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

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Share price | $**0.37** | $0.39 |
| &nbsp;&nbsp;Risk-free interest rate | **3.70% - 4.01%** | 3.82% - 4.13% |
| &nbsp;&nbsp;Dividend yield | **0%** | 0% |
| &nbsp;&nbsp;Expected volatility | **42% - 44%** | 47% - 49% |
| &nbsp;&nbsp;Remaining term (in years) | **0.5 – 1.4** | 1.5 – 2.4 |

---

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

*<u>Sensitivity analysis</u>*

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

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2025** |
| <br>&nbsp;&nbsp;**10% change in expected volatilities** | **Increase** | **Decrease** |
| &nbsp;&nbsp;(Loss) income | $**(331)** | $**318** |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Gold zero-cost collars** 

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

During the year ended August 31, 2025, gold zero-cost collar contracts for a total of nil gold ounces (2024 – 1,200 gold ounces) expired unexercised and nil gold ounces (2024 – 1,800 gold ounces) were exercised. As at August 31, 2025 and 2024, no gold zero-cost collar contracts were outstanding. For the year ended August 31, 2025, realized losses on exercised contracts amounted to $nil (2024 - $0.2 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Provision for reclamation

The Company's reclamation and closure obligations relates to the cost of removing and restoring the Buckreef Gold Project in Tanzania. Significant reclamation and closure activities include land rehabilitation, demolition of buildings and mine facilities, ongoing care and maintenance and other costs. This estimate depends on the development of an environmentally acceptable mine closure plan.

A reconciliation of the provision for reclamation is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of year | $**1091** | $833 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in estimate for provision for reclamation | **(240)** | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in discount rate | **159** | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of provision for reclamation (Notes 21 and 26) | **141** | 108 |
| &nbsp;&nbsp;**Total amount** | $**1151** | $1091 |

---

The provision for reclamation was estimated using the following inputs and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Total undiscounted amount of future reclamation costs was estimated to be $6.9 million (2024 –
$5.7 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Risk-free rate of 14% (2024 – 15%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Inflation rate of 4% (2024 – 4%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Weighted average expected timing of cash outflows of 19 years (2024 – 17 years).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Earnings (loss) per share

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Net income (loss) attributable to shareholders | $**687** | $(470) |
| &nbsp;&nbsp;Weighted average number of common shares for basic EPS(1) | **293173165** | 289618686 |
| &nbsp;&nbsp;Effect of dilutive stock options, warrants, RSUs and share awards | **2104458** |  |
| &nbsp;&nbsp;Weighted average number of common shares for diluted EPS(1) | **295277623** | 289618686 |

---

<sup>(1)</sup> The weighted average number of common shares for basic and diluted EPS include the effect of 9.6 million gross number of vested, but unissued, common shares relating to common share awards and RSUs.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

For the year ended August 31, 2025, the weighted average number of common shares for diluted EPS excluded 10.5 million stock options and 36.2 million warrants that were anti-dilutive for the period (2024: 15.4 million stock options, 1.5 million RSUs, and 36.2 million warrants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Share-based payments reserve** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Balance at beginning of year | $**9151** | $8807 |
| &nbsp;&nbsp;Share-based compensation expense | **2461** | 2018 |
| &nbsp;&nbsp;Transfer on exercise of options and other share-based awards | **(2834)** | (1674) |
| &nbsp;&nbsp;**Balance at end of year** | $**8778** | $9151 |

---

#### 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 year ended August 31, 2025 totaled $2.5 million (2024: $2.0 million).

As at August 31, 2025, the Company had 6,742,580 (August 31, 2024 – 5,997,632) share awards available for issuance under the Omnibus Equity Incentive Plan.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

(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 options** | **Weighted average <br>exercise price per share** |
| &nbsp;&nbsp;&nbsp;**Balance – August 31, 2024 and August 31, 2023** | **4986000** | **CAD $0.41** |
| &nbsp;&nbsp;&nbsp;Options exercised<sup>(1)</sup> | (562000) | CAD $0.42 |
| &nbsp;&nbsp;&nbsp;**Balance – August 31, 2025** | **4424000** | **CAD $0.41** |

---

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

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)** |
| C$0.40 | 2259000 | 2259000 | October 11, 2026 | 1.1&nbsp;&nbsp;&nbsp;&nbsp; |
| C$0.43 | 2065000 | 2065000 | September 29, 2026 | 1.1&nbsp;&nbsp;&nbsp;&nbsp; |
| C$0.35 | 100000 | 100000 | January 2, 2027 | 1.3&nbsp;&nbsp;&nbsp;&nbsp; |
| **C$0.41<sup>(1)</sup>** | **4424000** | **4424000** |  | **1.1<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** |
| &nbsp;&nbsp;&nbsp;**Balance – August 31, 2024 and August 31, 2023** | **10450000** | **$0.49** |
| &nbsp;&nbsp;&nbsp;Options granted | 2600000 | $0.36 |
| &nbsp;&nbsp;&nbsp;Options forfeited | (2550000) | $0.49 |
| &nbsp;&nbsp;&nbsp;**Balance – August 31, 2025** | **10500000** | **$0.45** |

---

 ****

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of options** | **Number of options** | | |
|<br>**Exercise price** | **Outstanding** | **Exercisable** | **Expiry**<br>**date** | **Remaining <br>contractual**<br>**life (years)** |
| USD $0.50 | 5500000 | 4400000 | August 17, 2027 | 2.0 |
| USD $0.45 | 2400000 | 1440000 | August 28, 2028 | 3.0 |
| USD $0.36 | 2600000 | 520000 | December 24, 2029 | 4.3 |
| **USD $0.45<sup>(1)</sup>** | **10500000** | **6360000** |  | **2.8<sup>(1)</sup>** |

---

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

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

The grant date fair value of options was calculated using the Black-Scholes Option Pricing Model with the following assumptions:

---

| | |
|:---|:---|
| | **For the year ended August 31, 2025** |
| &nbsp;&nbsp;Grant-date share price | $0.30 |
| &nbsp;&nbsp;Weighted average grant-date fair value | $0.15 |
| &nbsp;&nbsp;Exercise price | $0.36 |
| &nbsp;&nbsp;Risk-free interest rates | 4.38% |
| &nbsp;&nbsp;Expected life of stock options (in years)<sup>(1)</sup> | 5.0 |
| &nbsp;&nbsp;Expected volatility of share price<sup>(2)</sup> | 60% |
| &nbsp;&nbsp;Expected dividend yield | 0% |

---

<sup>(1)</sup> The expected life of stock options granted is derived from the remaining contractual term.

<sup>(2)</sup> The Company uses historical volatility to estimate the expected volatility of the Company's share price.

For the year ended August 31, 2025, share-based payment expenses related to stock options totaled $0.5 million (2024 – $0.7 million).

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

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

---

| | |
|:---|:---|
| | **Number of RSUs** |
| &nbsp;&nbsp;**Balance – August 31, 2023** | **3473077** |
| &nbsp;&nbsp;Granted | 57432 |
| &nbsp;&nbsp;Exercised | (2032124) |
| &nbsp;&nbsp;**Balance – August 31, 2024** | **1498385** |
| &nbsp;&nbsp;Granted | 7102103 |
| &nbsp;&nbsp;Forfeited | (640074) |
| &nbsp;&nbsp;Exercised | (2552488) |
| &nbsp;&nbsp;**Balance – August 31, 2025** | **5407926** |

---

The grant date fair value of the RSUs generally approximates the cost of purchasing the shares in the open market. Once vested, the common shares are distributed, less any amount due for taxes, to settle the obligation.

For the year ended August 31, 2025, share-based payment expenses related to RSUs totaled $1.5 million (2024 - $1.0 million).

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Warrants reserve

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br> warrants** | **Weighted average <br>exercise price per share** | **Weighted average remaining <br>contractual life (years)** |
| &nbsp;&nbsp;**Balance – August 31, 2023** | **38968037** | **$0.68** | **2.8** |
| &nbsp;&nbsp;Warrants expired | (2777268) | $1.50 |  |
| &nbsp;&nbsp;**Balance – August 31, 2024** | **36190769** | **$0.62** | **1.9** |
| &nbsp;&nbsp;**Balance – August 31, 2025** | **36190769** | **$0.62** | **0.9** |

---

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Non-controlling interest

The changes to non-controlling interest are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Balance at beginning of year | $**11136** | $7156 |
| &nbsp;&nbsp;Non-controlling interest's 45% share of Buckreef's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income | **5879** | 3980 |
| &nbsp;&nbsp;**Balance at end of year** | $**17015** | $11136 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

Summarized financial information for Buckreef is disclosed below:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| **Income Statement** | **2025** | 2024 |
| &nbsp;&nbsp;Revenue | $**57613** | $40948 |
| &nbsp;&nbsp;Depreciation | **3791** | 2195 |
| &nbsp;&nbsp;Accretion expense | **829** | 584 |
| &nbsp;&nbsp;Income tax expense | **7891** | 6826 |
| &nbsp;&nbsp;Comprehensive income for the year | **13065** | 8845 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Financial Position** | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Current assets | $**21223** | $11297 |
| &nbsp;&nbsp;Non-current assets | **89368** | 78952 |
| &nbsp;&nbsp;Current liabilities | **(21398)** | (16973) |
| &nbsp;&nbsp;Non-current liabilities | **(18428)** | (11528) |
| &nbsp;&nbsp;Advances from parent, net | **(26567)** | (30210) |

---

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| &nbsp;&nbsp;**Statement of Cash Flows** | **2025** | 2024 |
| &nbsp;&nbsp;Cash provided by operating activities | $**20241** | $20191 |
| &nbsp;&nbsp;Cash used in investing activities | **(14310)** | (13813) |
| &nbsp;&nbsp;Cash used in financing activities | **(4896)** | (6167) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. 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:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| **Key management personnel** | **2025** | 2024 |
| &nbsp;&nbsp;Remuneration | $**2228** | $1766 |
| &nbsp;&nbsp;Share-based compensation expense | **1815** | 1332 |
| &nbsp;&nbsp;**Total key management personnel** | $**4043** | $3098 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

During the year ended August 31, 2025, the Company granted stock options and RSUs to key management personnel and directors as part of the Omnibus Equity Incentive Plan (Note 16) in the aggregate of:

a) 2.4 million stock options having a value of $0.4 million on the grant date; and

b) 4.5 million RSUs having a value of $1.3 million on the grant date.

During the year ended August 31, 2025, $0.5 million for stock options granted to key management personnel was expensed (2024 - $0.7 million) and $1.0 million for RSUs granted to directors and key management personnel was expensed (2024 - $0.4 million).

During the year ended August 31, 2025, the Company granted common shares upon hiring key management personnel in the aggregate of:

a) Common shares vesting six months after the start date having a fair market value of $0.2 million; and

b) Common shares on the first anniversary of the start date having a fair market value of $0.2 million.

During the year ended August 31, 2025, $0.3 million related to common share awards granted to directors and key management personnel pursuant to their employment contracts was expensed (2024 - $0.2 million).

As of August 31, 2025, 6.9 million common shares vested from share-based compensation have yet to be issued.

During the year ended August 31, 2025, Buckreef recognized expenses of $0.4 million (2024: $0.4 million) related to loans provided by its parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. General and administrative expenses

---

| | | |
|:---|:---|:---|
|  | **For the year** **ended August 31,** | **For the year** **ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Directors' fees (Note 19) | $**343** | $267 |
| &nbsp;&nbsp;Insurance | **231** | 313 |
| &nbsp;&nbsp;Office and general | **216** | 276 |
| &nbsp;&nbsp;Shareholder information | **675** | 452 |
| &nbsp;&nbsp;Professional fees | **606** | 600 |
| &nbsp;&nbsp;Salaries and benefits (Note 19) | **2722** | 2338 |
| &nbsp;&nbsp;Consulting | **645** | 614 |
| &nbsp;&nbsp;Share-based compensation expense (Notes 16 and 19) | **2247** | 1743 |
| &nbsp;&nbsp;Travel and accommodation | **193** | 189 |
| &nbsp;&nbsp;Depreciation | **56** | 65 |
| &nbsp;&nbsp;Other | **18** | 32 |
| &nbsp;&nbsp;**Total general and administrative expenses** | $**7952** | $6889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Interest and other expenses

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;Accretion of provision for reclamation (Notes 13 and 26) | $**141** | $108 |
| &nbsp;&nbsp;Accretion of lease liabilities (Notes 11 and 26) | **351** | 3 |
| &nbsp;&nbsp;Accretion of deferred revenue (Notes 10 and 26) | **281** | 474 |
| &nbsp;&nbsp;Interest on borrowings | **43** |  |
| &nbsp;&nbsp;Financing costs expensed (Note 26) | **968** |  |
| &nbsp;&nbsp;VAT written-off (Notes 5 and 26) | **115** | 581 |
| &nbsp;&nbsp;Other | **461** | 845 |
| &nbsp;&nbsp;**Total interest and other expenses** | $**2360** | $2011 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Management of capital

The Company's objective when managing capital is to obtain adequate levels of funding to support its operations, processing plant expansion, execution of its LOM plan, to obtain corporate and administrative functions necessary to support organizational functioning, and to obtain sufficient funding to further the identification and development of precious metals deposits.

The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company defines capital to include its shareholders' equity. In order to carry out planned expansion and exploration activities and pay for administrative costs, the Company will spend its existing working capital and may raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it determines there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management during the year ended August 31, 2025. The Company is not subject to externally imposed capital requirements.

The Company considers its capital to be shareholders' equity, which is comprised of share capital, reserves, and accumulated deficit, which as at August 31, 2025 totaled $57.3 million (2024 - $54.9 million).

The Company may raise capital, as necessary, to meet its needs and take advantage of perceived opportunities and, therefore, does not have a numeric target for its capital structure. Funds are historically secured through equity capital raised by way of private placements; however, debt and other financing alternatives may be utilized as well. For the year ended August 31, 2025, the Company obtained a credit facility for $9.0 million (Note 27). There can be no assurance that the Company will be able to continue raising equity capital in this manner.

The Company invests all capital that is surplus to its immediate operational needs in short term, liquid and highly rated financial instruments, such as cash, and short-term guarantee deposits, all held with major North American financial institutions and North American treasury deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Financial instruments

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

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| **Financial Assets** |  |  |
| Measured at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;Amounts receivable | $**3818** | $1958 |
| Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;Cash | **7770** | 8331 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;**Financial Liabilities** |  |  |
| &nbsp;&nbsp;Measured at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts payables and accrued liabilities | **18164** | 15545 |
| &nbsp;&nbsp;Measured at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instrument liabilities | **1011** | 2273 |

---

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

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

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

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

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

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

A summary of the Company's risk exposures as they relate to financial instruments are reflected below:

#### Credit risk
Credit risk is the risk of an unexpected loss if a counterparty to a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on cash balances at banks and amounts receivable. The carrying value of those accounts represent the Company's maximum exposure to credit risk.

The Company does not have any significant credit risk exposure as cash is held with multi-national financial institutions with limited credit risk. The Company does not have significant credit risk exposure on accounts receivable as gold sales are executed with an established gold metal merchant with access to significant credit lines or the central bank of Tanzania. The majority of gold production is sold into the spot market or prepaid by the counterparty.

The Company has not recorded an impairment or allowance for credit risk as at August 31, 2025 and 2024.

 ****

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

#### Liquidity risk
The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at August 31, 2025, the Company had current assets of $25.8 million, including cash of $7.8 million, and current liabilities of $24.5 million. The Company's current assets exceeded its current liabilities by $1.3 million. Within working capital, current liabilities include $1.0 million in derivative liabilities which will only be settled by issuing equity of the Company. As at August 31, 2025, the Company also had access to a $5.0 million overdraft facility (Note 27) to support working capital requirements. Further funding may be required for working capital purposes and to finance the Company's exploration program, process plant expansion or execution of its LOM plan.

#### Foreign currency risks
The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company has operations in Canada, the United States of America and Tanzania and holds cash mainly in CAD, USD and Tanzanian Shillings ("TZS"). A significant change in the currency exchange rates between USD relative to CAD and TZS could have an effect on the Company's results of operations, financial position or cash flows. As at August 31, 2025, the Company had no hedging agreements in place with respect to foreign exchange rates.

The carrying amounts of the Company's foreign currency denominated monetary assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| **Monetary Assets** |  |  |
| &nbsp;&nbsp;&nbsp;CAD | $**499** | $621 |
| &nbsp;&nbsp;&nbsp;TZS | **8322** | 5543 |

---

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| **Monetary Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;CAD | $**891** | $893 |
| &nbsp;&nbsp;&nbsp;TZS | **30555** | 23172 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

#### Sensitivity analysis
If the USD had appreciated by 10% against the CAD and TZS, monetary financial assets and financial liabilities as at August 31, 2025 and 2024 would increase or decrease by:

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | August 31, 2024 |
| **Financial Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CAD | $**(50)** | $(62) |
| &nbsp;&nbsp;&nbsp;&nbsp;TZS | **(832)** | (554) |
|  | <br>**August 31, 2025** | <br>August 31, 2024 |
| **Financial Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CAD | $**89** | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;TZS | **3056** | 2310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. 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:

---

| | | |
|:---|:---|:---|
|  |  |  |
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| **Revenue** | **2025** | 2024 |
| &nbsp;&nbsp;Tanzania | $**57613** | $41158 |
| &nbsp;&nbsp;**Total revenue** | $**57613** | $41158 |

---

During the year ended August 31, 2025, the Company recognized 10% or more of total revenue from two customers (2024 – one) who contributed $48.2 million (2024 – $38.1 million) and $7.1 million (2024 – $0 nil).

---

| | | |
|:---|:---|:---|
| **Non-current assets** | **August 31, 2025** | August 31, 2024 |
| &nbsp;&nbsp;Canada | $**12** | $36 |
| &nbsp;&nbsp;Tanzania | **91397** | 81040 |
| &nbsp;&nbsp;**Total non-current assets** | $**91409** | $81076 |

---

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. 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 August 31, 2025 and 2024, these licenses remained in good standing and the Company is up to date on its license payments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Non-cash items

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;Depreciation | $**3847** | $2260 |
| &nbsp;&nbsp;Change in fair value of derivative financial instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note 12) | **(1262)** | (1271) |
| &nbsp;&nbsp;Share-based compensation expense (Note 16) | **2461** | 2026 |
| &nbsp;&nbsp;Accretion of provision for reclamation (Notes 13 and 21) | **141** | 108 |
| &nbsp;&nbsp;Deferred income tax expense (Note 9) | **6165** | 5218 |
| &nbsp;&nbsp;Accretion of lease liabilities (Notes 11 and 21) | **351** | 3 |
| &nbsp;&nbsp;Deferred revenue (Note 10) | **1474** | (548) |
| &nbsp;&nbsp;Accretion of deferred revenue (Notes 10 and 21) | **281** | 474 |
| &nbsp;&nbsp;Foreign exchange losses | **69** | 275 |
| &nbsp;&nbsp;VAT written-off (Notes 5 and 21) | **115** | 581 |
| &nbsp;&nbsp;Financing costs expensed (Note 21) | **968** |  |
| &nbsp;&nbsp;**Total non-cash items** | $**14610** | $9126 |

---

For the year ended August 31, 2025, a decrease in amounts payable and accrued liabilities of $1.2 million (2024 – increase of $1.2 million) was related to purchase of mineral property, plant and equipment.

**TRX Gold Corporation**

**Notes to the Consolidated Financial Statements**

**For the years ended August 31, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Borrowings

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

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

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

As at August 31, 2025, the Stanbic Facility was undrawn.

In September 2025, the credit limits under the Stanbic Facility was amended to $4.0 million for the overdraft and short-term revolving credit facility and $5.0 million for the VAF Facility.

## Exhibit 99.3

**Exhibit 99.3**

![](logo.jpg)

**TRX GOLD CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three month period and year ended August 31, 2025

![](mdacover.jpg)

---

| | |
|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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 audited consolidated financial statements for the year ended August 31, 2025, 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 and on our website at www.TRXGold.com.

This MD&A reports our activities to date, December 1, 2025, unless otherwise indicated. References to the 4<sup>th</sup> quarter of 2025 or Q4 2025, and references to the 4<sup>th</sup> quarter of 2024 or Q4 2024 mean the three months ended August 31, 2025, and August 31, 2024, respectively. References to fiscal 2026, fiscal 2025 and fiscal 2024 mean the twelve months ended August 31, 2026, August 31, 2025, and August 31, 2024, respectively. Unless otherwise noted, all references to currency in this MD&A refer to US dollars. Unless clearly otherwise referenced to a specific table, numbers referenced refer to numbered Endnotes on page 48.

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

This MD&A contains certain forward-looking statements and forward-looking information, including without limitation statements about TRX Gold's future business, operations and production capabilities. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Although TRX Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and shortages of skilled personnel and contractors; and the speculative nature of, and the risks involved in, the exploration, development and mining business.

Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company's in-house Qualified Person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101") and has reviewed and assumes responsibility for the scientific and technical content in this MD&A.

---

| | |
|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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+, for more information concerning these risks, uncertainties, and other factors.

**TRX Gold Corporation**

TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and $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.

---

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

---

**Highlights – Fourth Quarter and Year Ended 2025**

The Company continued its positive trajectory by achieving record gold production during Q4 2025 as the Company benefited from access to higher grade ore following successful completion of the scheduled stripping campaign earlier in the year. The production rate improved over the course of the year as planned, and the Company demonstrated leverage to record gold spot prices during Q4 2025, recording higher revenue, gross profit, net income, operating cash flow and Adjusted EBITDA compared to the prior year comparative period. As a result, the Company was able to significantly improve its working capital position while continuing to invest in the future growth and development of Buckreef Gold. During the year, 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. Subsequent to Q4 2025, 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 in 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 highlights for Q4 and Year to Date 2025 include:**

· During fiscal 2025, the Company filed a robust PEA 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 (base case NPV<sub>5%</sub> of $0.7 billion pre-tax ($0.4 billion after-tax) at a
consensus forecast case gold price average of $2,296 per ounce of gold).

· Subsequent to Q4 2025, 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 Q4 2025, Buckreef Gold poured a record 6,404 ounces of gold and sold 6,977 ounces of gold at a record average realized price (net)<sup>1</sup>
of $3,363 per ounce, recognizing revenue of $23.5 million, gross profit of $12.6 million, net income of $5.3 million, operating cash
flow of $8.5 million and Adjusted EBITDA<sup>1</sup> of $12.7 million, all of which reflect increases compared to the prior year comparative
period, demonstrating the Company's leverage to record gold prices during Q4 2025.

· During Q4 2025, Buckreef Gold signed a Gold Sale Service Agreement with the Bank of Tanzania
 ("BoT") to set aside a minimum of 20% of its local gold production for domestic sale through the central bank and local
 refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the Tanzanian Mining Act. As part of
 the Agreement, the Company benefits from a reduced royalty rate of 4.35% for any domestic sales made through the central bank and
 local refineries, where exported sales are subject to a 7.35% royalty. During Q3 2025 the Company set aside 646 ounces in inventory
 which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. The
 signing of this Agreement signals Buckreef Gold's long-term commitment to Tanzania and its growing role in driving local
 content, value addition, and the beneficiation strategy (including improving foreign exchange reserves) as championed by the
 Government.

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

---

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

---

· During Q4 2025, the Company strengthened 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 0.8 at May 31, 2025 to approximately 1.3 at August 31, 2025, after adjusting for non-cash liabilities.
The Company also fully repaid its short term borrowings of approximately $3.0 million in Q4 2025 and has full access to its liquidity
lines.

· Following finalization of the scheduled stripping campaign during the first half of 2025, the Company
began to access higher grade ore blocks, benefiting production in Q4 2025 and into fiscal 2026. Illustratively, the Company achieved two
record gold pours, including 806 ounces at the end of August 2025 followed by another record gold pour of 1,018 ounces of gold in September
2025. · During Q4 2025, the Company continued to invest in mine development, mill optimizations, and run of mine
(ROM) stockpile inventory. The ROM stockpile has grown from approximately 9,275 ounces of contained gold at May 31, 2025, to an estimated
15,162 ounces of contained gold as at August 31, 2025. Subsequent to Q4 2025, the ROM pad stockpile has increased further to an estimated
21,565 ounces of contained gold, an increase of 6,403 ounces compared to August 31, 2025, as the Company began to access higher grade
ore blocks in the pit and processed a higher proportion of high grade mined material.

· During fiscal 2025, the Company poured 18,935 ounces of gold and sold 19,213 ounces of gold at a
full year record average realized price (net)<sup>1</sup> of $3,033 per ounce, recognizing record revenue of $57.6 million, gross profit
of $23.9 million, net income of $6.6 million, operating cash flow of $16.3 million and Adjusted EBITDA<sup>1</sup> of $22.0 million, all
of which reflect increases compared to the prior year comparative period, demonstrating the Company's leverage to record gold prices
during fiscal 2025.

· During Q2 2025, the Company announced it had entered into its first ever credit agreement with Stanbic
Bank Tanzania Limited ("Stanbic") and a Gold Prepayment Facility with Auramet International, Inc. ("Auramet").
The current credit agreement with Stanbic consists of a $4 million overdraft and revolving credit facility and a $5 million vehicle and
asset financing facility that may be used at the Company's discretion. The current Gold Prepayment Facility with Auramet enables
the Company, at its discretion, to sell to Auramet up to a maximum, aggregate amount of 1,500 ounces of gold, up to a maximum of 21 calendar
days prior to delivery. The Auramet Gold Prepayment Facility replaces the Gold Doré Purchase Agreement with OCIM Metals and Mining
S.A.

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

· During Q1 2025, the Company announced the discovery of a promising new gold mineralization shear
zone, named the "Stamford Bridge Zone", where results are beginning to form what may become a potential 1-kilometer "bridge"
between the Buckreef Gold Main Zone, where current operations are ongoing, with links to the parallel, high-priority, gold mineralization
zone known as the Eastern Porphyry, and the prospective Anfield Zone to the southeast.

· During Q1 2025, the Company announced its two best drill results ever, on a gram x tonne x meters ("gtm")
basis, intersecting 37 meters ("m") @ 6.86 g/t Au (253.82 gtm) from 130 m (hole BMDD315) and 35.5 m @ 5.48 g/t Au (194.54
gtm) from 64 m, located along the Stamford Bridge Zone.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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

· Subsequent to Q4 2025, the Company began the first phase of the fiscal 2026 exploration program by commencing
a detailed 810 line-kilometer ground magnetic survey in October 2025. This high-resolution geophysical survey is designed to map subsurface
magnetic variations across the tenement area, helping to identify structural features, lithological contacts, and potential mineralized
zones with the goal of generating new drilling targets.

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

· Subsequent to Q4 2025, 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.

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

· During Q1 2025, the Company announced the appointment of Richard Boffey as Chief Operating Officer of
TRX Gold Corporation. Mr. Boffey is a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and
will be instrumental in the continued growth and development of Buckreef Gold.

· The Company achieved zero lost time injuries ("LTI") and there were no reportable environmental
incidents during Q4 2025 and fiscal 2025.

**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;

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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

· 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 is now
planning and 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 completion in fiscal
2026 and are expected to boost plant reliability and performance of the existing 2,000 tpd plant.

· During Q4 2025, the Company commenced 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.

· The upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant are in various stages of project development and
are expected to progressively increase throughput and recovery rates from now until the scheduled completion date.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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

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

· During the three and twelve months ended August 31, 2025, Buckreef Gold reported zero LTI at site and recorded a safety incident frequency
rate of 0 (per million hours), including contractors. During Q4 2025, Buckreef Gold achieved 3.9 million hours of LTI free
work.

· During Q4 2025, Buckreef Gold poured a record 6,404 ounces of gold (Q4 2024: 5,767 ounces) and sold 6,977 ounces of gold (Q4 2024: 5,715
ounces). Gold production in Q4 2025 was higher than the prior year comparative period as higher average head grade of 1.95 g/t (Q4 2024:
1.66 g/t) more than offset slightly lower mill throughput of 1,512 tpd (Q4 2024: 1,542 tpd) and a lower average recovery of 71% (Q4 2024:
77%). The higher average head grade was due to the mine sequence where the open pit mine accessed higher grade ore blocks in Q4 2025
(in line with mine plan), concurrent with finalization of a scheduled Stage 1 stripping campaign during the first half of fiscal 2025.
The lower average recovery in Q4 2025 was mainly due to a higher proportion of fresh, sulphidic ore processed (21% oxide / 79% sulphide)
compared to the prior year period where the mill processed a higher proportion of oxide material at a higher average recovery. During
Q4 2025, the sulphide ore being fed to the mill contained more complex geometallurgical characteristics, which affected current plant
capacity to liberate gold from the sulphide rock efficiently, thus impacting recovery. During Q4 2025, the Company commenced the procurement
process on several near-term plant enhancements to improve gold recoveries, including downpayments for 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 by approximately 10% over the year as these plant enhancements are completed.

· For the twelve months ended August 31, 2025, the Company produced 18,935 ounces of gold (2024: 19,389 ounces) and sold 19,213 ounces
of gold (2024: 19,075 ounces). Gold production was slightly lower than the prior year comparative period as higher mill throughput of
1,483 tpd (2024: 973 tpd) was offset by lower head grade of 1.53 g/t (2024: 2.19 g/t) and a lower average recovery of 71% (2024: 79%).
Full year production was impacted by the scheduled mining of high strip ratio, lower grade ore at the north end of the Stage 1 pit and
allowing the stripping of the south end of the Stage 1 pit to be completed during the first half of fiscal 2025. Following finalization
of the stripping campaign, the Company began to access higher grade ore blocks, benefiting production in Q4 2025 and into fiscal 2026.
Illustratively, the Company achieved two record gold pours, including 806 ounces at the end of August 2025 followed by another record
gold pour of 1,018 ounces of gold in September 2025.

· Total ore tonnes mined of 251 kt in Q4 2025 were higher than the prior year period (Q4 2024: 119 kt) as stripping activities during Q1
- Q3 2025 focused on accelerating the pit expansion to the north and south end of the Stage 1 pit to expose ore for Q4 2025 and into
fiscal 2026. Waste tonnes mined during Q4 2025 were 1,242 kt, in line with the prior year period (2024: 1,250 kt). As a result, 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 (10.5
waste:ore tonnes). During the twelve months ended August 31, 2025, the Company initially focused on waste stripping (during the first
half of fiscal 2025) to gain access to higher grade ore blocks, benefiting production later in Q3 and into Q4 2025. As a result of the
increased stripping activity during the first half of fiscal 2025, the higher proportion of waste to ore tonnes contributed to a strip
ratio of 6.8 (waste:ore tonnes) compared to the prior year period (6.9 waste:ore tonnes). During Q4 2025, the stripping of the Stage
2 pit commenced, which will allow for mill feed in fiscal 2027-2029.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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· During Q4 2025, the processing plant achieved, on average, 1,512 tpd of mill throughput, in line with the prior year comparative period,
reaching a maximum of 1,864 tpd. During Q4 2025 the processing plant achieved the following statistics: (i) average throughput of 1,512
tpd (Q4 2024: 1,542 tpd); (ii) plant availability of 92% (Q4 2024: 91%); and (iii) an average recovery rate of 71% (Q4 2024: 77%). During
Q4 2025 the Company continued to focus on reducing the input size of the mill feed to help increase throughput at the required grind
size. Finer screens were installed in April 2025, which helped contribute to an increase in average daily throughput to 1,512 tpd in
Q4 2025, an increase from an average of 1,461 tpd in Q3 2025. While average throughput was in line with the prior year comparative period,
the mill processed a higher proportion of fresh, sulphidic material (21% oxide / 79% sulphide) in Q4 2025, compared to a higher proportion
of oxide material processed in Q4 2024, which impacted average recoveries. The addition of a pre-leach thickener, combined with upgrades
to the elution plant, new ADR plant, improved air blowers and oxygen injection are expected to improve recovery by approximately 10%
across fiscal 2026. For the twelve months ended August 31, 2025, total ore tonnes processed was 1,483 tpd (2024: 973 tpd), a 52% increase
in throughput compared to the prior year period following completion of the expanded processing plant in Q1 2025.

· During Q4 2024, the Company entered into a finance lease agreement for heavy equipment, including six
excavators, one dozer, one motor grader, one backhoe, one compactor, and three loaders. Half of this fleet replaced rented equipment previously
operating in the plant, while the remaining equipment is being utilized in various site development projects. During Q1 2025, the Company
also entered into a purchase agreement to procure a fleet of eight haul trucks to expand haulage capability and capacity. Each piece of
equipment has been successfully commissioned and is currently being utilized in various capacities across the site. During Q4 2025, the
Company's owner operated fleet supplemented the contract fleet by mining 660 kt of waste (primarily from Stage 2 of the Main Zone)
and 104 kt of topsoil from the Eastern Porphyry to enable waste dumping throughout the upcoming rainy season. During the twelve months
ended August 31, 2025, the Company's owner operated fleet mined 1,110 kt of ore, waste and topsoil, including waste around the historical
voids in the Main Zone, which began to provide access to high grade ore benefiting production in Q4 2025. 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 the twelve months
ended August 31, 2025, was approximately $1.40 per tonne for mining operations (ore, waste and topsoil). The Company has also observed
notable cost reductions compared to contracted or rentals for site development work (including river training, TSF 2.2 phase II, and roadway
maintenance) as well as plant feed operations. 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 in fiscal 2026.

 

 

 

 

 

 

 

 

 

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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

· Gold production at Buckreef Gold is expected 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. Total average cash cost<sup>1</sup>
are expected 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.

· Total capital expenditures, excluding waste rock stripping, are expected 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.

· Exploration expenditures are expected to be in the range of $3 - $5 million, and include a geophysics survey to identify additional drilling
targets, underground resource drilling on the Buckreef Main Zone, exploration drilling on the Stamford Bridge Zone, 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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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*<u>Inventory</u>*

· As at August 31, 2025, the ROM pad stockpile contained 398,699 tonnes at an average grade of 1.18 g/t with an estimated 15,162 ounces
of contained gold. A further stockpile of crushed mill feed of 17,073 tonnes at 1.95 g/t containing an estimated 1,069 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 $55.7 million using the London PM Fix gold price of $3,429 per ounce as at August 31, 2025. Since year-end
August 31, 2024, the Company added to the ROM pad stockpile (5,613 ounces) and added to the crushed ore stockpile (213 ounces) to support
mill feed. These fluctuations in ROM pad inventory are anticipated throughout the course of the year and are designed to ensure steady
state processing. During the year ended August 31, 2025, 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 1,047
ounces of gold in circuit at August 31, 2025, which reflected a decrease of 112 ounces from August 31, 2024, following gold elution and
smelting activity during the year. Subsequent to Q4 2025, the ROM pad stockpile has increased significantly to date, as the Company began
to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material. The ROM pad stockpile now
contains 494,197 tonnes at an average grade of 1.36 g/t with an estimated 21,565 ounces of contained gold, an increase of 6,403 ounces
compared to August 31, 2025.

*<u>Exploration</u>*

· Subsequent to Q4 2025, the Company began the first phase of the fiscal 2026 exploration program by commencing a detailed 810 line-kilometer
ground magnetic survey in October 2025. This high-resolution geophysical survey is designed to map subsurface magnetic variations across
the 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 is collected by a local geophysics
company while quality assurance, quality control and data processing will be done by Terra Resources NL from Australia. Data collection
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, exploration and resource diamond drilling is expected to commence in February 2026 at the Stamford
Bridge Zone, while resource development drilling using Reverse Circulation methods is expected to begin in December 2025 at the Eastern
Porphyry, with the goal of upgrading inferred resources to indicated and measured categories.

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

· In Q4 2025, the Company successfully completed Phase II construction for TSF 2.2 providing Buckreef Gold
with tailings storage through Q3 2026. The Company is also progressing with detailed engineering work on TSF 3.0 for a long-term storage
solution. Construction of TSF 3.0 is expected to begin in Q2 2026, including clearing / grubbing, excavation, embankment, minor underground
improvements and HDPE lining of the tailings pond.

*<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 year ended August
31, 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.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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· During Q3 2025, a new CSR plan for fiscal 2025 was approved by the Geita District Council. Buckreef Gold
and the Geita District Council are partnering to provide further support around education and health assistance in the wards of Lwamgasa,
Kaseme, Busanda, Butundwe and Butobela. A total of 420 million Tanzania Shillings (approximately $180,000) was budgeted by Buckreef Gold
for fiscal 2025 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 the twelve months ended August 31, 2025, the Company completed 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 Q4 2025, Buckreef Gold poured a record 6,404 ounces of gold (Q4 2024: 5,767) and sold 6,977 ounces
of gold (Q4 2024: 5,715) at a record average realized price<sup>1</sup> of $3,363 per ounce (Q4 2024: $2,412) excluding the revenue and
gold ounces sold related to the prepaid gold purchase agreement with OCIM Metals & Mining SA ("OCIM") and interest costs
related to the Auramet gold prepaid purchase agreement ("average realized price (net)<sup>1</sup>"). During Q4 2025, gold
ounces sold were higher than gold ounces produced as the Company sold 646 ounces that had been set aside in inventory in Q3 2025 (reflecting
approximately 20% of production from April 1<sup>st</sup>, 2025), for domestic sale through the central bank and local refineries, in
line with Section 59 of the Tanzanian Mining Act. During Q4 2025, the Company signed a Gold Sale Service Agreement with the BoT and sold
the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. For the
twelve months ended August 31, 2025, gold ounces poured and sold were 18,935 (2024: 19,389 ounces) and 19,213 (2024: 19,075 ounces) respectively,
at an average realized price (net)<sup>1</sup> of $3,033 per ounce (2024: $2,179 per ounce).

· During Q4 2025, the Company recognized record revenue of $23.5 million (Q4 2024: $13.6 million), cost
of sales of $10.9 million (Q4 2024: $7.0 million), and cash cost<sup>1</sup>of $1,354 per ounce (Q4 2024: $1,100). The Company generated
gross profit of $12.6 million (Q4 2024: $6.6 million), net income of $5.3 million (Q4 2024: net income $3.3 million), operating cash flow
of $8.5 million (Q4 2024: $6.0 million), and Adjusted EBITDA<sup>1</sup> of $12.7 million (Q4 2024: $6.2 million). The increase in revenue,
gross profit, net income, operating cashflow and Adjusted EBITDA<sup>1</sup> is mainly related to higher ounces of gold sold of 6,977
ounces (Q4 2024: 5,715 ounces) and a higher average realized price (net)<sup>1</sup> of $3,363 per ounce (Q4 2024: $2,412).

· Mining costs per tonne of $3.94 in Q4 2025 were higher than the prior year comparative period (Q4 2024:
$3.26) mainly due to an increase in 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 Q4 2025, to better define the ore grades and ore blocks in the pit for enhanced predictability around mine planning
and blasting.

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

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Owner operated equipment is being utilized to provide cost effective support for site development projects as well as plant feed operations. During Q4 2025, the Company's owner operated fleet mined 660 kt of waste (primarily from Stage 2 of the Main Zone) and 104 kt of topsoil from the Eastern Porphyry to enable waste dumping throughout the upcoming rainy season, supplementing the contract mining fleet during the quarter. Mining costs per tonne of $3.86 for fiscal 2025 were in line with the prior year comparative period (2024: $3.86) and reflect completion of the scheduled waste stripping campaign at the north end of the Stage 1 pit and south end of the Main Zone during the first half of fiscal 2025. During the twelve months ended August 31, 2025, the Company's owner operated fleet mined 1,110 kt of ore, waste and topsoil, including waste around the historical voids in the Main Zone, which began to provide access to high grade ore benefiting production in Q4 2025. Mining cost per tonne for the owner operated fleet for the twelve months ended August 31, 2025, was approximately $1.40 per tonne for mining operations (ore, waste and topsoil). Mining costs per tonne are expected to improve in 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 $16.92 in Q4 2025 were higher than the prior year comparative period (Q4 2024: $13.23 per tonne) mainly due to the timing of ball mill relining, combined with an increase in grinding ball and cyanide 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, both with the objective of enhancing overall plant recovery. Processing cost per tonne of $14.90 in fiscal 2025 were significantly lower than the prior year comparative period (2024: $20.07) predominantly due to greater economies of scale following final commissioning of the expanded 2,000 tpd processing facility. The higher processing plant throughput of 1,483 tpd in fiscal 2025 (2024: 973 tpd) provided a higher proportion of overhead cost absorption, thus benefiting processing cost per tonne in fiscal 2025.

· For the twelve months ended August 31, 2025, the Company recognized record revenue of $57.6 million (2024:
$41.2 million), cost of sales of $33.7 million (2024: $23.2 million), gross profit of $23.9 million (2024: $17.9 million), net income
of $6.6 million (2024: $3.5 million), operating cash flow of $16.3 million (2024: $15.3 million), and Adjusted EBITDA<sup>1</sup> of $22.0
million (2024: $15.3 million). The increase in revenue, gross profit, net income, operating cashflow and Adjusted EBITDA<sup>1</sup> compared
to the prior year comparative period is mainly due to the impact of a higher average realized gold price on higher ounces of gold sold.
During the period, the Company sold 19,213 ounces of gold (2024: 19,075 ounces) at an average realized price (net)<sup>1</sup> of $3,033
per ounce (2024: $2,179 per ounce).

· As at August 31, 2025, the Company had $7.8 million of cash, an increase in net cash of approximately
$1.2 million from Q3 2025 (August 31, 2024: $8.3 million) and positive working capital of $5.7 million after adjusting for non-cash liabilities
(August 31, 2024: $0.4 million). During Q4 2025, 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 0.8 at May 31, 2025, to approximately 1.3 at August 31, 2025, after adjusting for non-cash liabilities.
The Company also fully repaid its short term borrowings of approximately $3.0 million in Q4 2025 and has full access to its liquidity
lines.

· During 2022 the Company entered into a prepaid Gold Doré Purchase Agreement with OCIM Metals and Mining S.A. ("OCIM Agreement").
During the year ended August 31, 2025, the Company drew $0.5 million (2024: $2.5 million) in exchange for delivering 204 ounces of gold
(2024: 1,369 ounces of gold) under the OCIM Agreement. The $0.5 million drawdown in Q1 2025 was used to help finance the procurement
of heavy equipment and haul trucks to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's
mining operations.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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· On January 7, 2025, the Company entered into a Gold Prepayment Facility with Auramet International, Inc. through which Buckreef may,
at its discretion, sell to up to an aggregate amount of 1,000 ounces of gold, up to 21 calendar days prior to deliver, on a revolving
basis for a one-year term. On January 8, 2025, the Company sold 421.6 gold ounces under the Auramet Gold Prepayment Facility for proceeds
of $1.1 million and concurrently purchased 421.6 gold ounces for $1.1 million to settle all outstanding gold ounces remaining under the
OCIM Agreement. On January 10, 2025, the OCIM Agreement was terminated. As at August 31, 2025, the Company had 1,000 gold ounces outstanding
under the Auramet Gold Prepayment Facility. 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.

· During Q2 2025, the Company also entered into its first ever credit agreement with Stanbic Bank Tanzania Limited ("Stanbic")
and renewed it's At The Market Offering Agreement ("ATM") with H.C. Wainwright & Co., LLC ("H.C. Wainwright")
as Lead Agent and Roth Capital Partners, LLC ("Roth Capital") as Co-Agent. The combination of these facilities provides the
Company with access to supplementary capital, strengthened liquidity, and additional financial flexibility to help accelerate growth
in the short to medium term. The credit agreement with Stanbic consists of a $5 million revolving credit facility and a $4 million vehicle
and asset financing ("VAF") facility that may be used at the Company's discretion. The $5 million revolving credit
facility has a maximum tenor of twelve months and the $4 million VAF facility has a maximum tenor of thirty-six months. The revolving
credit facility provides the Company with access to supplementary liquidity and may be used to support the working capital requirements
of the business at the Company's discretion. This facility will allow the Company to make cost effective decisions for deployment
of capital across its operations to support continued expansion and growth. The revolving credit facility and VAF facility include standard
and customary financing terms and conditions, including those related to security, fees, representations, warranties, covenants, and
conditions. This is the first credit facility entered into by Buckreef Gold. As at August 31, 2025, the Stanbic facility was undrawn
(August 31, 2024 - $nil). 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 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 August 31, 2025, no shares have been sold under the ATM agreement.

· As at August 31, 2025, the Company recognized $7.7 million of sales tax receivable on the Consolidated Statements of Financial Position.
Sales tax receivables consist of harmonized services tax and value added tax ("VAT") due from Canadian and Tanzanian tax
authorities, respectively. Tanzanian tax regulations allow for VAT receivable to be refunded or set-off against other taxes due to the
Tanzania Revenue Authority ("TRA"). During the twelve months ended August 31, 2025, the Company recovered $4.2 million (2024:
$3.6 million) of VAT from the TRA in cash or offsets against other taxes.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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*<u>Other</u>*

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

· On December 6, 2024, the Company announced the appointment of Richard Boffey as Chief Operating Officer
("COO"). Mr. Boffey is a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and
will be instrumental in the continued growth and development of Buckreef Gold. Mr. Boffey joins TRX Gold, having previously held senior
executive positions with several other multi-national mining companies. Most recently, he held the position of General / Country
Manager at the Tara Resources Brskovo Mine Project in Montenegro, where he led the technical studies, engineering design, resource drilling,
project financing, and site preparation activities for the construction and development of a mining operation. Mr. Boffey holds a Bachelor
of Mining Engineering (Hons) from the University of Auckland and is a Member of AusIMM, Competent Person (Reserves) under JORC, NI
43-101.

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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**Key Operating Information**

Select operating and financial information from the operation for the three and twelve months ended August 31, 2025, follows below:

**Select Operating and Financial Data**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Three months ended August 31, 2025** | Three months ended August 31, 2024 | **Twelve months ended August 31, 2025** | Twelve months ended August 31, 2024 |
| **Operating Data** |  |  |  |  |  |
| Ore Mined | k tonnes | **251** | 119 | **615** | 410 |
| Waste Mined | k tonnes | **1242** | 1250 | **4179** | 2835 |
| Total Mined | k tonnes | **1493** | 1369 | **4794** | 3245 |
| Strip Ratio | w:o | **5.0** | 10.5 | **6.8** | 6.9 |
| Mining Rate | tpd | **16227** | 14876 | **13134** | 8890 |
| Mining Cost | US$/t | $**3.94** | $3.26 | $**3.86** | $3.86 |
| Plant Ore Milled | k tonnes | **139** | 142 | **541** | 355 |
| Head Grade | g/t | **1.95** | 1.66 | **1.53** | 2.19 |
| Plant Utilization | % | **92** | 91 | **89** | 88 |
| Plant Recovery Rate | % | **71** | 77 | **71** | 79 |
| Processing Cost | US$/t | $**16.92** | $13.23 | $**14.90** | $20.07 |
| Plant Mill Throughput | tpd | **1512** | 1542 | **1483** | 973 |
| Gold Ounces Poured | oz | **6404** | 5767 | **18935** | 19389 |
| Gold Ounces Sold | oz | **6977** | 5715 | **19213** | 19075 |
| **Financial Data** |  |  |  |  |  |
| Revenue<sup>1</sup> | $('000s) | **23504** | 13622 | **57613** | 41158 |
| Gross Profit | $('000s) | **12577** | 6587 | **23938** | 17929 |
| Net income | $('000s) | **5265** | 3284 | **6566** | 3510 |
| Adjusted EBITDA<sup>2</sup> | $('000s) | **12687** | 6157 | **22025** | 15262 |
| Operating Cash Flow | $('000s) | **8456** | 6034 | **16280** | 15316 |
| Average Realized Price (gross)<sup>2</sup> | $/oz | **3369** | 2384 | **2999** | 2158 |
| Average Realized Price (net)<sup>2,3,4</sup> | $/oz | **3363** | 2412 | **3033** | 2179 |
| Cash Cost<sup>2</sup> | $/oz | **1354** | 1100 | **1530** | 1103 |

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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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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)** |
| <br>**Area** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** | **Tonnes**<br>**MT** | **Grade**<br>**g/t** | **Au**<br>**Koz** |
| Buckreef Main | 2982.8 | 2.36 | 226.4 | 6193.9 | 2.72 | 542.6 | 7549.3 | 2.37 | 576.0 | 9176.7 | 2.61 | 769.0 |
| Buckreef South | 23.6 | 1.68 | 1.3 | 35.3 | 1.95 | 2.2 | 53.8 | 1.70 | 2.9 | 58.9 | 1.84 | 3.5 |
| Buckreef West | 40.3 | 3.27 | 4.3 | 204.7 | 2.52 | 16.5 | 73.9 | 2.37 | 5.6 | 245.0 | 2.64 | 20.8 |
| Eastern Porphyry | 2.9 | 6.97 | 0.6 | 1306.4 | 2.35 | 98.8 | 1198.8 | 2.44 | 94.0 | 1309.3 | 2.36 | 99.4 |
| Stamford Bridge |  |  |  |  |  |  | 272.0 | 5.38 | 47.0 |  |  |  |
| Total | 3049.6 | 2.37 | 233 | 7740.3 | 2.65 | 660 | 9147.8 | 2.47 | 726 | 10789.9 | 2.57 | 893 |

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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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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** 

**Figure 3a: Buckreef Gold expanded crushing circuit**![](fig3.jpg)

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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 (Q3 2024)**

![](fig3c.jpg)

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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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 (Q4 2025)**

![](fig5.jpg)

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

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**Figure 6a: Load and Haul Operations at Buckreef Gold (Q4 2025)**

![](fig6a.jpg)

**Figure 6b: Load and Haul with New 350 Excavator and Haul Truck (Q4 2025)**

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|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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 F2025 its best drill results ever, on a gtm basis with hole BMDD315 intersecting 37 m @ 6.86 g/t Au (253.82
gtm) from 130 m. This drill hole result is approximately 250 m east of the Buckreef Main Zone, host to Buckreef Gold's 2M+
ounce Au Mineral Resource<sup>1</sup> and where current operations are ongoing in the Main Pit. This drill hole result comes following
the Company's previous best drill hole result, with hole BMDD310 intersecting 35.5 m @ 5.48 g/t Au (194.54 gtm) from
64 m. This drill hole result is approximately 200 m east of the Buckreef Main Zone. These drill holes led to the discovery
of a promising new gold mineralization shear zone, named the "Stamford Bridge Zone" at which current drill results
are revealing geological characteristics and mineral alterations similar to that at Buckreef's Main Zone. Holes BMDD315 and
BMDD310, mentioned above, are located along the Stamford Bridge Zone. During Q1 2025, the Company drilled 2,420 meters along the Stamford
Bridge Zone on newly defined, high-priority targets. Thus far, drilling has covered 150 m of this newly identified mineralized structure
and geological logging confirms the continuity of the structure. These results are beginning to form what can become a potential 1-kilometer
"bridge" between the Buckreef Gold Main Zone, where current operations are ongoing, and the parallel, high-priority, gold
mineralization zone known as the Eastern Porphyry. The latter also links to the Anfield Zone to the southeast, discovered in 2022. The
Company has planned a geophysical survey campaign, which will focus on the Stamford Bridge trend line, as well as an area covering up
to 500 meters to both the North and South sides of the trend line. Following the results of this campaign, a strategic drill campaign
will resume on newly defined, high-priority targets.

· Announced in F2023 near surface drilling results from the Anfield and Eastern Porphyry Zones, with highlights
of 14 m @ 3.5 g/t including 3.0 m @ 10.9 g/t from 47 m from the Eastern Porphyry, and 2.94 m grading at 13.74 g/t, from 43.00 m in the
Anfield zone (full results provided in Table 3). The zones are located at the northern end of a 3-kilometer-long zone of identified gold
mineralization that is subparallel to the east of Buckreef Main Zone (Figure 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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 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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| | |
|:---|:---|
| ![](logo.jpg) | **Management's Discussion**<br>**and Analysis**<br>**August 31, 2025** |

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** | **Stamford Bridge Assay Results** |
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **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:**

· 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

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

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

**Buckreef South Assay Results**

---

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

---

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

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

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

**Eastern Porphyry Significant Assay Results**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **Hole ID** | **Easting (m)** | **Northing (m)** | **RL (m)** | **Azimuth** | **Dip** | **From (m)** | **To (m)** | **Width (m)** | **Assay Grade (gpt)** | **Lithology** | **Comment** |
| **BMDD297** **DD** | 391955 | 9657841 | 1223 | 126 | 55 | 12.90 | 19.00 | 6.10 | 1.41 | FP | Oxidised Felsic pophyry with preserved shear fabric hosting quartz veins |
|  |  |  |  |  |  | 61.40 | 64.00 | 2.60 | 2.08 | FP | Slightly sheared felsic porphyry with Quartz, Carbonate pyrite alterations. |
|  |  |  |  |  |  | 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. |
|  |  |  |  |  |  |  |  |  |  |  | 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 | Oxidised Felsic porphyry with preserved shear fabric hosting quartz veins |
|  |  |  | *Including* | *Including* | *Including* | *27.00* | *30.00* | *3.00* | *10.96* |  | Oxidised Felsic porphyry with preserved shear fabric hosting quartz veins |
|  |  |  |  |  |  | 47.00 | 72.23 | 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 | Weakly sheared felsic porphyry with moderate to strong Quatrz, Carbonate pyrite alterations. |
| **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 |
|  |  |  |  |  |  |  |  |  |  |  | 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 |
| Moderately oxidised Felsic pophyry with preserved shear fabric and hosting quartz vein |  |  |  |  |  |  |  |  |  |  |  |

---

**Anfield Prospect Significant Intercept Assay Results**

---

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

---

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

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

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

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

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

**Metallurgy Samples Assay Results**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Drill Holes Location** | **Sample Depth** | **Sample Depth** | **Width (m)** | **Assay 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** |
| **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.

---

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

---

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 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 developing finer grinding initiatives
to achieve 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.

---

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

---

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%) 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.

---

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

---

**Financial Highlights – Fourth Quarter and Year Ended 2025**

For the three months ended August 31, 2025, Buckreef Gold poured 6,404 ounces of gold (Q4 2024: 5,767 ounces) and sold 6,977 ounces of gold (Q4 2024: 5,715 ounces) at an average realized price (net)<sup>1</sup> of $3,363 per ounce (Q4 2024: $2,412 per ounce), recognizing revenue of $23.5 million, an increase over the prior year comparative period (Q4 2024: $13.6 million). During Q4 2025, gold ounces sold were higher than gold ounces produced as the Company had set aside 646 ounces in inventory in Q3 2025 (reflecting approximately 20% of production from April 1<sup>st</sup>, 2025), for domestic sale through the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. During Q4 2025, the Company signed a Gold Sale Service Agreement with the BoT and sold the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025.

Cost of sales, which include production costs, royalties and depreciation, was $10.9 million (Q4 2024: $7.0 million), generating a gross profit of $12.6 million, an increase over the prior year comparative period (Q4 2024: $6.6 million). Gross profit margins benefited from an increase in head grade during Q4 2025 (Q4 2025: 1.95 g/t, Q4 2024: 1.66 g/t) following completion of the Stage 1 waste stripping campaign, which began to provide access to higher grade ore blocks benefiting production in Q4 2025.

Q4 2025 ounces sold (6,977 ounces) generated positive operating cash flow of $8.5 million, an increase over the prior year comparative period (Q4 2024: $6.0 million). Q4 2025 operating cash flow was higher than the prior year comparative period mainly due to the impact of higher ounces of gold sold and a higher average realized gold price during the quarter (Q4 2025: $3,363 per ounce, Q4 2024: $2,412 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 August 31, 2025, the Company had a cash balance of $7.8 million and positive working capital of $5.7 million after adjusting for derivative liabilities which will only be settled by issuing equity of the Company and for the current portion of deferred revenue related to the prepaid gold purchase agreement (non-cash) (August 31, 2024: $0.4 million). During Q4 2025, 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 0.8 at May 31, 2025 to approximately 1.3 at August 31, 2025, after adjusting for non-cash liabilities. The Company also fully repaid its short term borrowings of approximately $3.0 million in Q4 2025 and has full access to its liquidity lines.

For the twelve months ended August 31, 2025, Buckreef Gold produced and sold 18,935 and 19,213 ounces of gold, respectively (2024: 19,389 and 19,075 ounces of gold, respectively). The Company recognized revenue of $57.6 million, an increase over the prior year comparative period (2024: $41.2 million) and cost of sales was $33.7 million (2024: $23.2 million) generating a gross profit of $23.9 million, an increase over the prior year comparative period (2024: $17.9 million). The Company recorded net income of $6.6 million (2024: $3.5 million) and generated positive operating cash flow of $16.3 million (2024: $15.3 million) which enabled further investment in the development and growth of Buckreef Gold.

**Capital Expenditures**

During the three months ended August 31, 2025, the Company incurred a total of $3.8 million in cash capital expenditures (including value added tax). Net additions increased as the Company continued to invest in infrastructure and development for the Buckreef Gold property during the quarter, including expenditures related to purchased and leased mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's mining operations, purchase of a new crane to replace a higher cost rental crane, construction of new camp accommodation (including new process plant mess and administration offices), dewatering pumps to support mining activity during the wet season, processing plant security system upgrades, fuel management system enhancements, and construction of a significantly expanded TSF to provide storage until early Q3 2026.

---

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

---

For the twelve months ended August 31, 2025, the Company incurred a total of $15.6 million in cash capital expenditures, mainly related to expenditures related to finalizing the process plant expansion to 2,000 tpd in Q1 2025, equipment purchases and leases for mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet, processing plant security system upgrades, PEA study costs related to the larger project, dewatering pumps to support mining activity during the wet season, construction of new camp accommodation, pre-stripping mine development activity and construction of a significantly expanded TSF to provide storage until early Q3 2026.

**Selected Financial Information** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **$(000's)** | **As at and for the <br> three months ended <br> August 31, 2025** | **As at and for the <br> twelve months ended <br> August 31, 2025** | As at and for the <br> three months ended <br> August 31, 2024 | As at and for the <br> twelve months ended <br> August 31, 2024 |
| Net income (loss) and comprehensive income (loss) attributable to shareholders | **2445** | **687** | 2055 | (470) |
| Basic income (loss) per share | **0.01** | **0.00** | 0.01 | (0.00) |
| Total assets | **117252** | **117252** | 98860 | 98860 |
| Total long term financial liabilities | **18427** | **18427** | 11538 | 11538 |

---

**Financial Results**

**Three months ended August 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Three months ended August 31,** | **Three months ended August 31,** |
| | **2025** | 2024 |
| Revenue | **23504** | 13622 |
| Cost of sales | **(10927)** | (7035) |
| Gross profit | **12577** | 6587 |
| General and administrative expense | **(1404)** | (1528) |
| Change in fair value of derivative financial instruments | **(199)** | 1948 |
| Foreign exchange | **(334)** | 99 |
| Interest, net and other expense | **(429)** | (782) |
| Income tax expense | **(4946)** | (3040) |
| Net income and comprehensive income | **5265** | 3284 |
| Net income and comprehensive income |  |  |
| attributable to non-controlling interests | **2820** | 1229 |
| Net income and comprehensive income |  |  |
| attributable to shareholders | **2445** | 2055 |

---

**Revenue**

For the three months ended August 31, 2025, the Company recognized revenue of $23.5 million (Q4 2024: $13.6 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 6,977 ounces of gold (Q4 2024: 5,715 ounces) at an average realized price (net)<sup>1</sup> of $3,363 per ounce (Q4 2024: $2,412 per ounce). During Q4 2025, gold ounces sold were higher than gold ounces produced as the Company sold 646 ounces that had been set aside in inventory in Q3 2025 (reflecting approximately 20% of production from April 1<sup>st</sup>, 2025), for domestic sale through the central bank and local refineries, in line with Section 59 of the Tanzanian Mining Act. During Q4 2025, the Company signed a Gold Sale Service Agreement with the BoT and sold the 646 ounces in inventory to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025.

---

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

---

**Cost of sales**

Cost of sales for the three months ended August 31, 2025, was $10.9 million (Q4 2024: $7.0 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 August 31, 2025, the Company recorded production costs of $8.0 million (Q4 2024: $5.3 million) and royalties of $1.4 million (Q4 2024: $1.0 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.

Cash cost<sup>1</sup> which includes production costs and royalties were $1,354 per ounce (Q4 2024: $1,100 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 Q3 2025, partially offset by an increase in head grade of 1.95 g/t (Q4 2024: 1.66 g/t) following completion of the Stage 1 waste stripping campaign, which began to provide access to higher grade ore blocks benefiting production in Q4 2025.

Following declaration of commercial production on November 1, 2022, capitalization of mine development costs ceased, and depreciation of capitalized mine development costs commenced. For the three months ended August 31, 2025, the Company recorded depreciation of $1.5 million (Q4 2024: $0.7 million).

**General and administrative expenses**

During the three months ended August 31, 2025, the Company recorded general and administrative expenses of $1.4 million compared to $1.5 million for the prior year period. The variance was mainly due to one-time legal costs incurred in the prior year comparative period related to changes in employee personnel.

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

During the three months ended August 31, 2025, the Company recorded a loss on change in fair value of derivative financial instruments of $0.2 million compared to a gain of $1.9 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 (Q4 2025: $0.37, Q3 2025: $0.33), a reduction in the remaining term of the warrants (due to the passage of time), and a decrease in the expected volatility assumption under the Black Scholes option pricing model.

**Interest and other expense**

During the three months ended August 31, 2025, the Company recorded interest and other expense of $0.4 million, compared to $0.8 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 August 31, 2025, the Company recorded income tax expense of $4.9 million (Q4 2024: $3.0 million), comprised of a current income tax expense of $1.4 million (Q4 2024: $0.8 million) and deferred income tax expense of $3.5 million (Q4 2024: $2.2 million) based on current Tanzanian statutory tax rates.

---

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

---

**Net income and comprehensive income** 

The Company reported net income for the three month period ended August 31, 2025, of $5.3 million ($2.4 million net income attributable to shareholders, basic and diluted earnings per share of $0.01) compared to net income of $3.3 million in the prior year period ($2.1 million net income attributable to shareholders, basic and diluted earnings per share of $0.01). The increase in net income compared to the prior year comparative period is primarily due to an increase in gross profit as the Company sold 6,977 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,363 per ounce, partially offset by a loss on change in fair value of derivative financial instruments due to an increase in the Company's share price and an increase in income tax expense as a result of higher net income compared to the prior year period.

**Twelve months ended August 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Twelve months ended August 31,** | **Twelve months ended August 31,** |
| | **2025** | 2024 |
| Revenue | **57613** | 41158 |
| Cost of sales | **(33675)** | (23229) |
| Gross profit | **23938** | 17929 |
| General and administrative expense | **(7952)** | (6889) |
| Change in fair value of derivative financial instruments | **1262** | 1023 |
| Foreign exchange | **(431)** | 284 |
| Interest, net and other expense | **(2360)** | (2011) |
| Income tax expense | **(7891)** | (6826) |
| Net income and comprehensive income | **6566** | 3510 |
| Net income and comprehensive income |  |  |
| attributable to non-controlling interests | **5879** | 3980 |
| Net income (loss) and comprehensive income (loss) |  |  |
| attributable to shareholders | **687** | (470) |

---

**Revenue**

For the twelve months ended August 31, 2025, the Company recognized revenue of $57.6 million (2024: $41.2 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 19,213 ounces of gold (2024: 19,075 ounces) at an average realized price (net)<sup>1</sup> of $3,033 per ounce (2024: $2,179 per ounce).

**Cost of sales**

Cost of sales for the twelve months ended August 31, 2025, was $33.7 million (2024: $23.2 million) and is comprised of production costs (including mining, processing and site general and administrative costs), royalties and depreciation. Assets are depreciated on a straight-line basis over their useful life or depleted on a units-of-production basis over the estimated total recoverable ounces of gold to which they relate and are considered probable of economic extraction. For the twelve months ended August 31, 2025, the Company recorded production costs of $25.9 million (2024: $17.9 million) and royalties of $4.0 million (2024: $3.1 million) based on statutory royalty rates in Tanzania (4.35% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.35% royalty).

---

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

---

Cash cost<sup>1</sup> which includes production costs and royalties were $1,530 per ounce (2024: $1,103 per ounce). The increase in cost of sales and cash cost<sup>1</sup> compared to the prior year comparative period is primarily related to a higher proportion of mining costs (due to an increase in waste tonnes mined) and a decrease in head grade during the twelve months ended August 31, 2025 (2025: 1.53 g/t, 2024: 2.19 g/t), partially offset by lower processing cost per tonne (2025: $14.90, 2024: $20.07). Mining costs and head grade were impacted by the scheduled waste stripping campaign during the first half of fiscal 2025 which began to provide access to higher grade ore blocks benefiting production later in the second half of fiscal 2025. Royalties were higher due to the impact of the statutory royalty rate on higher quarterly revenue as a result of a higher average realized price (net)<sup>1</sup> of $3,033 per ounce (2024: $2,179 per ounce). While cost of sales increased relative to the prior year comparative period, gross profit of $23.9 million increased relative to the prior year comparative period (2024: $17.9 million) as the Company benefited from a higher ounces of gold sold and a higher average realized gold price.

On November 1, 2022, the Company declared commercial production for the processing plant at Buckreef after successful construction, commissioning and ramp-up of processing to a steady state throughput at nameplate capacity. Upon declaration of commercial production, capitalization of mine development costs ceases, and depreciation of capitalized mine development costs commences. For the twelve months ended August 31, 2025, the Company recorded depreciation of $3.8 million (2024: $2.2 million).

**General and administrative expenses**

During the twelve months ended August 31, 2025, the Company recorded general and administrative expenses of $8.0 million compared to $6.9 million for the prior year period. The variance compared to the prior year period was mainly due to one-time legal and severance costs related to changes in employee personnel during Q2 2025, combined with timing of recognition of year-end incentives, including grants of equity based compensation.

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

During the twelve months ended August 31, 2025, the Company recorded a gain on change in fair value of derivative financial instruments of $1.3 million compared to a gain of $1.0 million in the prior year period. The gain on revaluation of derivative financial instruments is mainly related to revaluation of derivative warrant liabilities and was principally due to a decrease in the Company's share price (Q4 2025: $0.37, Q4 2024: $0.39), a reduction in the remaining term of the warrants (due to the passage of time), and a decrease in the expected volatility assumption under the Black Scholes option pricing model.

**Interest and other expense**

During the twelve months ended August 31, 2025, the Company recorded interest and other expense of $2.4 million compared to $2.0 million in the prior year period. This is primarily due to previously capitalized deferred financing costs that were expensed upon expiry of the equity line of credit with Lincoln Park Capital Fund, LLC in mid-January 2025, and upon termination of the initial At The Market Offering Agreement with H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC, prior to subsequent renewal in Q2 2025.

**Income tax expense**

Income tax expense is recognized based on management's estimate of the weighted average annual income tax rate expected for the full financial year. During the twelve months ended August 31, 2025, the Company recorded income tax expense of $7.9 million (2024: $6.8 million), comprised of a current income tax expense of $1.7 million (2024: $1.6 million) and deferred income tax expense of $6.2 million (2024: $5.2 million) based on current Tanzanian statutory tax rates.

---

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

---

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

The Company reported net income for the twelve month period ended August 31, 2025, of $6.6 million ($0.7 million net income attributable to shareholders, basic and diluted earnings per share of $0.00) compared to net income of $3.5 million in the prior year period ($0.5 million net loss attributable to shareholders, basic and diluted loss per share of $0.00). The increase in net income compared to the prior year comparative period is primarily due to an increase in gross profit as the Company sold 19,213 ounces of gold at a record average realized price (net)<sup>1</sup> of $3,033 per ounce, combined with a gain on change in fair value of derivative financial instruments due to a decrease in the Company's share price compared to the prior year period. This was partially offset by an increase in general and administrative expenses due to one-time legal and severance costs related to changes in employee personnel during Q2 2025, combined with timing of recognition of year-end incentives, and an increase in interest and other expense due to previously capitalized deferred financing costs that were expensed during Q2 2025.

**Summary of Quarterly Results** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($(000's), except per share amounts)** | **($(000's), except per share amounts)** | **($(000's), except per share amounts)** | | | | | | |
| US$ unless otherwise stated | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 |
| **Net income (loss) and comprehensive income (loss)** | 5265 | 1105 | (1941) | 2137 | 3284 | (1656) | 1921 | (39) |
| Net income (loss) and comprehensive income (loss) attributable to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling interest* | 2820 | 1323 | 580 | 1156 | 1229 | 983 | 841 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Shareholders* | 2445 | (218) | (2521) | 981 | 2055 | (2639) | 1080 | (966) |
| **Net income (loss) and comprehensive income (loss)** | 5265 | 1105 | (1941) | 2137 | 3284 | (1656) | 1921 | (39) |

---

During the three months ended August 31, 2025, the Company reported net income of $5.3 million ($2.4 million net income attributable to shareholders), compared to net income of $1.1 million ($0.2 million net loss attributable to shareholders) in the prior quarter (Q3 2025). The increase in net income compared to the prior quarter is primarily due to an increase in gross profit following higher ounces of gold sold (Q4 2025: 6,977 ounces, Q3 2025: 3,995 ounces) and an increase in average realized price (Q4 2025: $3,363, Q3 2025: $3,114).

**Liquidity and Capital Resources** 

At August 31, 2025, the Company had $7.8 million of cash, an increase in net cash of approximately $1.3 million from Q3 2025 (August 31, 2024: $8.3 million) and positive working capital of $5.7 million after adjusting for liabilities which will only be settled by issuing equity of the Company and for the current portion of deferred revenue related to the prepaid gold purchase agreement (non-cash) (August 31, 2024: $0.4 million). During Q4 2025, 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 0.8 at May 31, 2025 to approximately 1.3 at August 31, 2025 after adjusting for non-cash liabilities. The Company also fully repaid its short term borrowings of approximately $3.0 million in Q4 2025 and has full access to its liquidity lines.

The decrease in cash of $0.5 million over August 31, 2024, was primarily due to operating cash flow being offset by an increase in the capital investment in Buckreef Gold. During the twelve months ended August 31, 2025, the Company poured 18,935 ounces of gold and sold 19,213 ounces of gold which contributed to positive operating cash flow of $16.3 million. The increase in operating cash flow was offset by an increase in capital expenditures and equipment lease payments during the twelve months ended August 31, 2025. The Company incurred a total of $15.6 million in cash capital expenditures and equipment lease payments during the year. Capital expenditures mainly related to expenditures related to finalizing the process plant expansion to 2,000 tpd in Q1 2025, equipment purchases and leases for mobile equipment to supplement the contractor-owned fleet with an owner's operated fleet, processing plant security system upgrades, PEA study costs related to the larger project, dewatering pumps to support mining activity during the wet season, construction of new camp accommodation, pre-stripping mine development activity and construction of a significantly expanded TSF to provide storage until early Q3 2026.

---

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

---

To help supplement the Company's liquidity and to fund productivity enhancing purchases, during 2022 the Company entered into a prepaid Gold Doré Purchase Agreement with OCIM Metals and Mining S.A. ("OCIM Agreement"). During the year ended August 31, 2025, the Company drew $0.5 million (2024 - $2.5 million) in exchange for delivering 204 ounces of gold (2024 - 1,369 ounces of gold) under the OCIM Agreement. The $0.5 million drawdown in Q1 2025 was used to help finance the procurement of heavy equipment and haul trucks to supplement the contractor-owned fleet with an owner's operated fleet for Buckreef's mining operations.

On January 7, 2025, the Company entered into a Gold Prepayment Facility with Auramet International, Inc. ("Auramet Gold Prepayment Facility") through which Buckreef may, at its discretion, sell to up to an aggregate amount of 1,000 ounces of gold, up to 21 calendar days prior to deliver, on a revolving basis for a one-year term. At current gold spot prices, this facility can provide access to approximately $4.0 million for working capital purposes. This facility will help provide increased financial flexibility to help manage working capital fluctuations and to accelerate growth. On January 8, 2025, the Company sold 421.6 gold ounces under the Auramet Gold Prepayment Facility for proceeds of $1.1 million and concurrently purchased 421.6 gold ounces for $1.1 million to settle all outstanding gold ounces remaining under the OCIM Agreement. On January 10, 2025, the OCIM Agreement was terminated. As at August 31, 2025, the Company had 1,000 gold ounces outstanding under the Auramet Gold Prepayment Facility. 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.

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

The credit agreement with Stanbic consists of a $5 million revolving credit facility and a $4 million vehicle and asset financing ("VAF") facility that may be used at the Company's discretion. The $5 million revolving credit facility has a maximum tenor of twelve months and the $4 million VAF facility has a maximum tenor of thirty-six months. The revolving credit facility provides the Company with access to supplementary liquidity and may be used to support the working capital requirements of the business at the Company's discretion. This facility will allow the Company to make cost effective decisions for deployment of capital across its operations to support continued expansion and growth. The revolving credit facility and VAF facility include standard and customary financing terms and conditions, including those related to security, fees, representations, warranties, covenants, and conditions. This is the first credit facility entered into by Buckreef Gold. As at August 31, 2025, the Stanbic facility was undrawn (August 31, 2024 - $nil). 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 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 August 31, 2025, no shares have been sold under the ATM agreement.

---

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

---

As of August 31, 2025, the Company has accumulated losses of $121.2 million since inception (August 31, 2024: $121.9 million).

**Commitments**

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

**Contingencies**

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

**Off-Balance Sheet Arrangements**

The Company has no off-balance sheet arrangements.

**Transactions with Related Parties**

The Company may enter into related party transactions that are in the normal course of business. Transactions with Related Parties disclosure can be found in Note 19 of the Consolidated Financial Statements for the year ended August 31, 2025.

**Omnibus Equity Incentive Plan**

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

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

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

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

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

---

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

---

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 Consolidated Financial Statements for the year ended August 31, 2025.

**Non-IFRS Performance Measures**

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

Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by dividing revenue by ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings. The following table provides a reconciliation of average realized price per ounce of gold sold to revenue per the financial statements for the three and twelve months ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>August 31, 2025 | Three Months Ended<br>August 31, 2024 | Twelve Months Ended<br>August 31, 2025 | Twelve Months Ended<br>August 31, 2024 |
| Revenue per financial statements | $23504 | $13622 | $57613 | $41158 |
| Interest recognized from Auramet prepaid gold purchase agreement | (42) |  | (115) |  |
| Revenue recognized from OCIM prepaid gold purchase agreement |  | (958) | (2319) | (3048) |
| Revenue from gold sales | 23462 | 12664 | 55179 | 38110 |
| Ounces of gold sold | 6977 | 5715 | 19213 | 19075 |
| Ounces of gold sold from OCIM prepaid gold purchase agreement |  | (465) | (1023) | (1587) |
| Ounces from gold sales (net of OCIM prepaid gold purchase agreement) | 6977 | 5250 | 18190 | 17489 |
| **Average realized price (gross)** | $**3369** | $2384 | $**2999** | $2158 |
| **Average realized price (net)** | $**3363** | $2412 | $**3033** | $2179 |

---

**Cash cost per ounce of gold sold**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>August 31, 2025 | Three Months Ended<br>August 31, 2024 | Twelve Months Ended<br>August 31, 2025 | Twelve Months Ended<br>August 31, 2024 |
| Cost of sales per financial statements | $10927 | $7035 | $33675 | $23229 |
| Less: |  |  |  |  |
| Depreciation | $(1482) | $(749) | $(3791) | $(2195) |
| Costs related to settlement of OCIM gold purchase agreement | $— | $— | $(1125) | $— |
| Total cash cost | $9445 | $6286 | $28759 | $21034 |
| Ounces of gold sold | 6977 | 5715 | 19213 | 19075 |
| Less: |  |  |  |  |
| Ounces related to settlement of OCIM gold purchase agreement |  |  | (422) |  |
| Total ounces of gold sold net of OCIM gold purchase agreement settlement | 6977 | 5715 | 18791 | 19075 |
| **Cash cost per ounce of gold sold** | $**1354** | $1100 | $**1530** | $1103 |

---

**Adjusted EBITDA**

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

---

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

---

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>August 31, 2025 | Three Months Ended<br>August 31, 2024 | Twelve Months Ended<br>August 31, 2025 | Twelve Months Ended<br>August 31, 2024 |
| Net income and comprehensive income per financial statements | 5265 | 3284 | 6566 | 3510 |
| Add: |  |  |  |  |
| Depreciation | 1482 | 749 | 3791 | 2195 |
| Interest, net and other expense | 429 | 782 | 2360 | 2011 |
| Non-recurring severance and legal expenses | 1 |  | 432 |  |
| Income tax expense | 4946 | 3040 | 7891 | 6826 |
| Change in fair value of derivative financial instruments | 199 | (1948) | (1262) | (1023) |
| Share-based payment expense | 365 | 250 | 2247 | 1743 |
| **Adjusted EBITDA** | **12687** | 6157 | **22025** | 15262 |

---

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

**Disclosure of Outstanding Share Data**

As at August 31, 2025, there were 284,861,895 common shares outstanding, 36,190,769 share purchase warrants outstanding, 5,407,926 RSUs outstanding, nil PSUs/DSUs outstanding, and 14,924,000 stock options outstanding.

**Risks Factors** 

The Company is subject to a number of extraneous risk factors over which it has no control. These factors are common to most mineral exploration and development companies and include, among others: project ownership, exploration and development risk, depressed equity markets and related financing risk, commodity price risk, fluctuating exchange rates, environmental risk, insurance risk, sovereign risk. For further details on the risk factors affecting the Company, please see the Company's Form 40-F Annual Report for the year ended August 31, 2025, filed with the SEC on December 1, 2025, and on SEDAR+ as the Company's Annual Information Form on December 1, 2025.

---

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

---

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

In compliance with the requirements of U.S. Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002 ("SOX") and the corresponding requirements of the Canadian Securities Administrators, the Company's management evaluates the effectiveness of the design and operation of the Company's disclosure controls and procedures and internal control over financial reporting ("ICFR").

The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information which is required to be disclosed in the Company's annual and interim filings and other reports filed under securities legislation is accumulated and communicated in a timely fashion. Due to their inherent limitations, the Company acknowledges that, no matter how well designed, ICFR can provide only reasonable assurance of achieving the desired control objectives and as such may not prevent or detect all misstatements.

Further, the effectiveness of ICFR is subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may change. There have been no material changes in our internal controls during the year ended August 31, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

The Company's management, under the supervision of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its ICFR as at August 31, 2025. As of the end of the period covered by this MD&A and the accompanying financial statements, management completed its assessment of the effectiveness of the Company's ICFR. In performing this assessment, management used the criteria set out in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). This evaluation included review of the documentation of controls, evaluation of the design and operating effectiveness of controls, and a conclusion on this evaluation. Based on this evaluation, management concluded the Company's ICFR was effective as at August 31, 2025.

**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 year end 2025 MD&A. A copy of this year end 2025 MD&A will be provided to anyone who requests it. It is also available on the SEDAR+ website at www.sedarplus.ca.

---

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

---

**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.

## Exhibit 99.5

**Exhibit 99.5**

**<u>CERTIFICATION</u>**

I, Stephen Mullowney, certify that:

1. I have reviewed this annual
report on Form 40-F of TRX Gold Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the
issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors
(or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the issuer's internal control over financial reporting.

Date: November 28, 2025

<u>Stephen Mullowney</u>

Stephen Mullowney

President and Chief Executive Officer

(Principal Executive Officer)

## Exhibit 99.6

**Exhibit 99.6**

**<u>CERTIFICATION</u>**

I, Michael Leonard, certify that:

1. I have reviewed this annual report on Form 40-F of TRX Gold Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the
issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors
(or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the issuer's internal control over financial reporting.

Date: November 28, 2025

/s/ Michael Leonard

Michael Leonard

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 99.7

**Exhibit 99.7**

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(SUBSECTIONS (a) AND (b) OF SECTION 1350, CHAPTER 63 OF

TITLE 18, UNITED STATES CODE)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of Title 18, United States Code), each of the undersigned officers of TRX Gold Corporation (the "Company"), does hereby certify with respect to the Annual Report of the Company on Form 40-F for the year ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Form 40-F") that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form 40-F fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form 40-F fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 28, 2025 | /s/ Stephen Mullowney |
|  | Stephen Mullowney |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 99.8

**Exhibit 99.8**

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(SUBSECTIONS (a) AND (b) OF SECTION 1350, CHAPTER 63 OF

TITLE 18, UNITED STATES CODE)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of Title 18, United States Code), each of the undersigned officers of TRX Gold Corporation (the "Company"), does hereby certify with respect to the Annual Report of the Company on Form 40-F for the year ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Form 40-F") that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form 40-F fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form 40-F fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 28, 2025 | /s/ Michael Leonard |
|  | Michael Leonard |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.10

**Exhibit 99.10**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this annual report on Form 40-F of our report dated December 1, 2025, relating to the consolidated financial statements of TRX Gold Corp. for the years ended August 31, 2025, and 2024, which appears in TRX Gold Corp.'s Annual Report on Form 40-F for the year ended August 31, 2025, and which is incorporated by reference to TRX Gold Corp.'s Registration Statements on Form F-10 (File No. 333-283907); Form F-3 (File Nos. 333-250146; 333-252876; and 333-255526) and Form S-8 (File Nos. 333-234078; and 333-291126) and to the reference to us under the heading "Experts" in the Prospectus of such Registration Statements.

*/s/ Dale Matheson Carr-Hilton Labonte LLP*

DALE MATHESON CARR-HILTON LABONTE LLP

Chartered Professional Accountants

Vancouver, Canada

December 1, 2025

## Exhibit 99.11

**Exhibit 99.11**

**CONSENT OF EXPERT**

I, Jarita Barry, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ Jarita Barry, P.Geo.

Jarita Barry, P.Geo.

Dated: November 28, 2025

## Exhibit 99.12

**Exhibit 99.12**

**CONSENT OF EXPERT**

I, Andrew Bradfield, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ Andrew Bradfield, P. Eng.

Andrew Bradfield, P. Eng.

Dated: November 28, 2025

## Exhibit 99.13

**Exhibit 99.13**

**CONSENT OF EXPERT**

I, Fred Brown, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

<u>Fred Brown, P. Geo.</u>

Fred Brown, P. Geo.

Dated: November 28, 2025

## Exhibit 99.14

**Exhibit 99.14**

**CONSENT OF EXPERT**

I, D. Grant Feasby, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ D. Grant Feasby, P. Eng.

D. Grant Feasby, P. Eng.

Dated: November 28, 2025

## Exhibit 99.15

**Exhibit 99.15**

**CONSENT OF EXPERT**

I, Eugene Puritch, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ Eugene Puritch, P. Eng., FEC, CET

Eugene Puritch, P. Eng., FEC, CET

Dated: November 28, 2025

## Exhibit 99.16

**Exhibit 99.16**

**CONSENT OF EXPERT**

I, D. Gregory Robinson, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ D. Gregory Robinson, P. Eng.

D. Gregory Robinson, P. Eng.

Dated: November 28, 2025

## Exhibit 99.17

**Exhibit 99.17**

**CONSENT OF EXPERT**

I, William Stone, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ William Stone, Ph.D., P. Geo.

William Stone, Ph.D., P. Geo.

Dated: November 28, 2025

## Exhibit 19.18

**Exhibit 19.18**

**CONSENT OF EXPERT**

I, Yungang Wu, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**P&E Mining Consultants Inc.**

/s/ Yungang Wu, P. Geo.

Yungang Wu, P. Geo.

Dated: November 28, 2025

## Exhibit 99.19

**Exhibit 99.19**

**CONSENT OF EXPERT**

I, David Salari, in connection with the filing of TRX Gold Corporation (the "Company's") Annual Report on Form 40-F for the fiscal year ended August 31, 2025, consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of the technical report titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania", dated May 23, 2025, by the public filing and/or incorporation by reference in the Company's Annual Report on Form 40-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the incorporation by reference to the Company's registration statements on Form F-10 (File No. 333-283907), Form F-3 (File Nos. 333-252876 and 333-255526) and Form S-8 (File No. 333-234078 and File No. 333-291126) filed with the U.S. Securities and Exchange Commission (collectively, "Registration Statements") of the Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to my name, including my status as an expert in connection with the Registration Statements and any such Technical Report.

**D.E.N.M. Engineering Ltd.**

/s/ David Salari, P. Eng.

David Salari, P. Eng.

Dated: November 28, 2025