Second Quarter 2026 – Download MD&A

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# Second Quarter 2026 – Download MD&A

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# Second Quarter 2026 – Download MD&A
TRX GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the three and six month periods ended February 28, 2026
Management’s Discussion
and Analysis
February 28, 2026
The following Management’s Discussion and Analysis (“MD&A”) of the financial condition and results of
operations for TRX Gold Corporation (“TRX Gold” or the “Company”) should be read in conjunction with the
Company’s Unaudited Interim Condensed Consolidated Financial Statements for the three and six months
ended February 28, 2026, as well as the Company’s audited consolidated financial statements included in
the Company’s Annual Report on Form 40-F and Annual Information Form for the year ended August 31,
2025. The financial statements and related notes of TRX Gold have been prepared in accordance with
International Financial Reporting Standards (“IFRS”). Additional information, including our press releases,
has been filed electronically on SEDAR+ and is available online under the Company’s profile at
www.sedarplus.ca, on EDGAR at www.sec.gov/edgar, and on our website at www.TRXGold.com.
This MD&A reports our activities to date, April 14, 2026, unless otherwise indicated. References to the 2nd
quarter of 2026 or Q2 2026, and references to the 2nd quarter of 2025 or Q2 2025 mean the three months
ended February 28, 2026, and February 28, 2025, respectively. References to fiscal 2026 and fiscal 2025
mean the twelve months ended August 31, 2026, and August 31, 2025, respectively. Unless otherwise
noted, all references to currency in this MD&A refer to US dollars. Unless clearly otherwise referenced to a
specific table, numbers referenced refer to numbered Endnotes on page 45.
Disclosure and Cautionary Statement Regarding Forward Looking Information
This MD&A contains certain forward-looking statements and forward-looking information, including without
limitation statements about TRX Gold’s future business, operations and production capabilities. All
statements, other than statements of historical fact, included herein are forward-looking statements and
forward-looking information that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and future events could differ materially from
those anticipated in such statements. Although TRX Gold believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance. The actual achievements of TRX Gold or other future events or conditions may differ
materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and
other factors. These risks, uncertainties and factors include general business, legal, economic, competitive,
political, regulatory and social uncertainties; actual results of exploration activities and economic
evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other
minerals; mining method, production profile and mine plan; delays in exploration, development and
construction activities; changes in government legislation and regulation; the ability to obtain financing on
acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and
shortages of skilled personnel and contractors; and the speculative nature of, and the risks involved in, the
exploration, development and mining business.
Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the
Company’s in-house Qualified Person under National Instrument 43-101 “Standards of Disclosure for
Mineral Projects” (“NI 43-101”) and has reviewed and assumes responsibility for the scientific and technical
content in this MD&A.
1
Management’s Discussion
and Analysis
February 28, 2026
The disclosure contained in this MD&A of a scientific or technical nature relating to the Company’s Buckreef
Project has been summarized or extracted from the technical report prepared in accordance with NI 43-
101 – Standards of Disclosure for Mineral Projects on the Buckreef Gold Project (“Buckreef Gold”) titled
Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine
Project, Tanzania (“PEA”) with an effective date of April 15, 2025. The PEA was prepared in accordance
with NI 43-101 guidelines by P&E Mining Consultants Inc. (“P&E”). Input to this PEA was also provided by
D.E.N.M. Engineering Ltd. (“D.E.N.M.”). The information contained herein is subject to all of the
assumptions, qualifications and procedures set out in, and is qualified in its entirety by reference to the full
text of, the PEA and reference should be made to the full details of the PEA which has been filed with the
applicable regulatory authorities and is available on the Company’s profile at www.sedarplus.ca.
Certain information presented in this MD&A may constitute “forward-looking statements” and “forward
looking information” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
under securities legislation applicable in Canada, respectively. Such forward-looking statements and
information are based on numerous assumptions, and involve known and unknown risks, uncertainties, and
other factors, including risks inherent in mineral exploration and development, which may cause the actual
results, performance, or achievements of the Company to be materially different from any projected future
results, performance, or achievements expressed or implied by such forward-looking statements and
information. Investors are referred to our description of the risk factors affecting the Company, as contained
in our U.S. Securities and Exchange Commission (“SEC”) filings, including our Annual Report on Form 40-
F and Report of Foreign Private Issuer on Form 6-K, and our Annual Information Form also posted on
SEDAR+ and EDGAR, for more information concerning these risks, uncertainties, and other factors.
TRX Gold Corporation
TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania.
Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with
upside potential demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000
oz per annum over 17.6 years at 3,000 tonnes per day (“tpd”) of throughput capacity, and $1.9 - $2.6 billion
pre-tax NPV5% at average life of mine gold price of $4,000/oz - $5,000/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.
2
Management’s Discussion
and Analysis
February 28, 2026
Highlights – Second Quarter and Year to Date 2026
The Company continued its positive trajectory by achieving record gold production during Q2 2026 following
higher processing plant throughput, increased head grade and improved gold recoveries during the period.
The production rate improved in Q2 2026 as planned, and the Company continued to demonstrate leverage
to record gold spot prices, recording higher revenue, gross profit, adjusted net income, operating cash flow
and adjusted EBITDA, all quarterly records for the Company. The Company received total gross proceeds
of approximately $21.0 million from the exercise of warrants during the quarter and reported a cash position
of approximately $26.0 million. The Company now has a clean capital structure with no remaining warrants
outstanding. During Q2 2026, the Company was able to continue to improve its working capital position to
approximately 2.4 times, while continuing to invest in the future growth and development of Buckreef Gold.
Subsequent to Q2 2026, the Company announced robust recovery results above what was assumed in the
PEA as part of its current flowsheet optimization and future expanded processing plant development. The
Company also initiated a revision of the life-of-mine plan, which has the potential to extend the open pit and
add recoverable ounces, improving the overall economics of the project. As part of the metallurgical test
results and revised mine planning, the Company expects to 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. The Company’s
short-to-medium term priorities are to continue to expand and upgrade processing capacity above the PEA,
continue advancing exploration in key areas, and continue to strengthen liquidity. These positive results
continue to demonstrate the growth potential at Buckreef Gold and reflect successful execution of the
Company’s sustainable business plan where cash flow from operations funds value creating activities.
Key Q2 and Year to Date 2026 Financial and Operational Highlights:
• Subsequent to Q2 2026, the Company reported results of ongoing metallurgical testwork as part of its
current flowsheet optimisation and future expanded processing plant development. Recovery rates
between 89% - 92% were achieved from metallurgical test work, which is above the 88% recovery rate
assumed in the PEA. Testwork has led the Company to specify a Semi Autogenous Grind (“SAG”) /
Ball mill combination of 3,500+ tpd, which is above the PEA processing plant size assumption of 3,000
tpd. The increase in throughput from the expanded processing plant is expected to produce average
annual gold production in excess of the 62,000 ounces of gold originally anticipated in the PEA. The
Company also initiated a revision of the life-of-mine plan as a result of the expected increase in
processing capacity and the increase in gold price well above the PEA reserve estimate. Preliminary
analysis indicates the potential for an expanded open pit, which could extend open pit operations, defer
commencement of underground mining and enhance total recoverable ounces. The Company is also
evaluating the potential for an earlier start to underground mining Stamford Bridge, alongside
accelerating mining of the Eastern Porphyry. This is expected to improve the overall economics of the
project.
• During Q2 2026 the Company continued to make progress on upgrades to the 2,000 tpd processing
plant, including finalization of procurement and accelerated manufacturing for several key components,
including the pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen
plant, ADR plant and new gold room, and apron feeder & belt magnet. The plant upgrades are in various
stages of completion and have already begun to boost plant reliability and performance as evidenced
by an increase in plant throughput (1,560 tpd) and an improvement in recovery (84%) in Q2 2026. The
existing, upgraded 2,000 tpd processing plant will be available to continue operating in conjunction with
the new 3,500+ tpd SAG mill processing plant, providing a significant upgrade in processing capaci

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