Mr. Stephen Mullowney reports

TRX GOLD REPORTS Q3 2026 PRODUCTION ON RECORD THROUGHPUT, REAFFIRMS GUIDANCE, AND ACCELERATES PLANT EXPANSION

TRX Gold Corp. has released preliminary results for Q3 2026:

• Record throughput drives strong production momentum and supports full-year guidance: In Q3 2026, the company achieved record quarterly processing plant throughput of 1,833 tonnes per day, a 25-per-cent increase from the prior-year comparative period (Q3 2025: 1,461 tonnes per day). This drove Q3 2026 gold production of 7,426 ounces, up 58 per cent from 4,687 ounces in Q3 2025. Year to date, the company has produced 21,476 ounces of gold and remains on track to meet its full-year production guidance of 25,000 to 30,000 ounces.
• Record GIC (gold-in-circuit) inventory and higher gold recovery provide momentum into Q4: In Q3 2026, GIC inventory increased to a record 1,706 ounces, up more than 1,000 ounces from Q2 2026, as the company prioritized maximizing recovery and capturing additional value from processed ore. This higher GIC inventory is expected to provide additional support for Q4 2026 production through continuing gold elution and smelting activity as well as the drawdown of metal inventory held in carbon-in-leach tanks. Gold recovery improved significantly to 84.6 per cent in Q3 2026, up 18 per cent from 67 per cent in Q3 2025, reflecting stronger operating performance and the benefits of continued process optimization. Improved recoveries during the quarter were driven by better feed size and quality to the mills, consistent tertiary crushing, tighter control over grinding, classification and throughput, and streamlined elution and electrowinning activities. These improvements underscore the company's ability to enhance production efficiency and improve operating margins.
• Record gold price realization: During Q3 2026, the company benefited from a record average market price for gold of approximately $4,731 per ounce (London PM fix), a 52-per-cent increase over the prior-year comparative period (Q3 2025: $3,114 per ounce). Combined with higher year-over-year production, revenue is expected to be significantly higher in Q3 2026 than in the prior-year comparative period.
• Advancing processing plant expansion and existing plant upgrades to significantly increase future production capacity: The company continues to advance its processing plant expansion, a key catalyst for future growth. As previously reported, recent metallurgical test work has led the company to specify a semi-autogenous grind (SAG)/ball mill combination of 3,500 tonnes per day as part of its next processing plant expansion based on optimal grind size for achievable mine feed from the mine plan. Tendering for the SAG mill has commenced, with an award and orders expected to be placed in early Q4 2026. Additionally, the existing 2,000-tonne-per-day processing plant is currently undergoing significant upgrades and will be available to continue operating alongside the new 3,500-tonne-per-day SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd processing plant size assumption in the PEA (preliminary economic assessment). Notable upgrades to the existing processing plant include a preleach thickener, upgraded agitators and interstage screens, Aachen reactor, oxygen plant, adsorption, desorption and recovery (ADR) plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Q4 2026.

Stephen Mullowney, chief executive officer of TRX Gold, commented: "Q3 2026 was a defining quarter for the company as we delivered record plant throughput and improved recoveries, which drove strong production and a record buildup of gold-in-circuit inventory, demonstrating the operational strength and scalability of our asset. With production increasing 58 per cent year over year and recoveries improving to 84.6 per cent, our team continues to execute on initiatives that are driving higher efficiency, stronger margins and greater cash flow generation. Importantly, we achieved these results during a period of record gold prices, further enhancing the value of every ounce produced. Looking ahead, we remain focused on unlocking the next phase of growth through our processing plant expansion program. The combination of a new 3,500-tonne-per-day SAG mill circuit and significant upgrades to our existing 2,000-tonne-per-day plant is expected to deliver processing capacity well beyond the assumptions outlined in our PEA. As we advance these projects while maintaining strong operational performance, we believe we are well positioned to increase production, expand margins and create long-term value for our shareholders."

About TRX Gold Corp.

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-tonne-per-day process plant with upside potential demonstrated in the May, 2025, preliminary economic assessment. The PEA outlines average gold production of 62,000 ounces per annum over 17.6 years at 3,000 tonnes per day of throughput capacity and a pretax NPV (discounted at 5 per cent) of $1.9-billion (U.S.) to $2.6-billion (U.S.) at average life-of-mine gold prices of $4,000 (U.S.) to $5,000 (U.S.) per ounce. The Buckreef gold project hosts a measured and indicated mineral resource of 10.8 million tonnes at 2.57 grams per tonne gold containing 893,000 ounces of gold and an inferred mineral resource of 9.1 million tonnes at 2.47 grams per tonne gold for 726,000 ounces 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 finance the expansion as outlined in the PEA and grow mineral resources through exploration. TRX Gold's actions are led by the highest environmental, social and corporate governance (ESG) standards, evidenced by the relationships and programs that the company has developed during its nearly two decades of presence in the Geita region, Tanzania.

Qualified person

Richard Boffey, BE (mining) (honours), FAusIMM, chief operating officer of TRX Gold, is the company's in-house qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and assumes responsibility for the scientific and technical content in this press release.

We seek Safe Harbor.