Tanzania's Established Gold Sector Supports TRX Gold's Self-Funded Buckreef Build

• Buckreef operates in a Tanzanian gold district where majors such as Barrick Gold and AngloGold Ashanti are active, and the country recorded more than US$2 billion in mergers and acquisitions and initial public offering transactions in the last 24 months.
• Mining contributed more than 10% of Tanzania's gross domestic product in 2025, and gold exports reached US$2.95 billion in 2023, up 39% from 2022.
• TRX Gold sources more than 80% of its procurement locally, draws on a local talent pool, and uses an efficient supply chain in a jurisdiction with access to hydroelectric power.
• Buckreef's plant went from a 120 tonnes per day (tpd) test plant to 2,000 tpd through 3 expansions completed on time and on budget, and annual production rose from 1,836 ounces in fiscal 2021 to 29,650 ounces in fiscal 2026.
• The fourth expansion adds a 3,500+ tpd mill beside the upgraded 2,000 tpd plant for 5,500 tpd of nameplate capacity, funded from cash flow and existing liquidity.

TRX Gold Corporation (TSX: TRX | NYSE American: TRX) is expanding its Buckreef Gold Project in Tanzania's Geita District, about 110 kilometers southwest of Mwanza, to 5,500 tonnes per day (tpd) of nameplate capacity. The build draws on inputs that Tanzania's gold sector already supplies: skilled labor, local suppliers, and neighboring operations run by majors. For investors weighing delivery risk on the fourth expansion, those inputs underpin the schedule and budget.

Majors, Deal Flow & Exports Define the District

Buckreef operates in a region with established gold production, and majors such as Barrick Gold and AngloGold Ashanti operate nearby. A long mining history and the presence of those operators have built a deep local talent pool and an efficient supply chain, and TRX Gold uses local content and local labor for its operations.

Capital has followed that production. Tanzania recorded more than US$2 billion in mergers and acquisitions and initial public offering transactions in the last 24 months. Gold exports reached US$2.95 billion in 2023, up 39% from 2022, and mining contributed more than 10% of the country's gross domestic product in 2025. TRX Gold points to demonstrated government backing for mining and foreign investment as part of that picture, and the sector's depth gives a producer funding growth from internal cash flow and an in-country base to build on.

Local Labor, Procurement & Infrastructure Support Buckreef

TRX Gold prioritizes local and in-country procurement, with more than 80% sourced locally. Tanzania's infrastructure includes access to hydroelectric power, which supports stable operations.

Chief Executive Officer of TRX Gold, Stephen Mullowney, links the district's mining history to the company's hiring and purchasing:

"It's a long-established gold mining industry. We're able to use local content as a result and get our local labor as a result, including professionals on the ground. So it's been a very good region to operate in."

Community programs run alongside procurement. The company invests in health and education projects across 4 neighboring wards (Busanda, Kaseme, Isulwabutundwe and Rwamgasa) in collaboration with the District Authority under the regulatory memorandum of understanding. It works with local government development programs to reinforce shared value and goodwill in host communities.

Delivered Expansions Took Output From 1,836 to 29,650 Ounces

The plant moved from a 120 tpd test plant to 360 tpd, then 1,000 tpd, then 2,000 tpd. Each step was completed on time, on budget, and self-funded. Since 2021, TRX Gold has invested US$90.5 million in the project against US$19.1 million of original net capital raised and US$65.9 million of operating cash flow. Annual production grew from 1,836 ounces in fiscal 2021 to 29,650 ounces in fiscal 2026, and third-quarter fiscal 2026 gold recovery reached 84.9%, up from 67% a year earlier.

Mullowney credits the leadership team's experience for that delivery record:

"We have an experienced leadership team with the technical expertise, who's done this before 3 times, actually, in Tanzania."

The fourth expansion adds a 3,500+ tpd semi-autogenous grinding and ball mill circuit beside the upgraded 2,000 tpd plant. Management describes a capital program of about US$50 million this year, funded from free cash flow and cash available on credit facilities. The company held US$26.8 million of cash and US$2.9 million of borrowings as of May 31, 2026, plus US$40 million of supplemental liquidity: a US$25 million at-the-market facility and a US$15 million credit facility and gold prepayment facility.

Milestones Ahead for the Expansion

TRX Gold is targeting 12 to 15 months to bring the expanded plant online. The updated preliminary economic assessment (PEA), which will model 5,500 tpd of nameplate capacity against 3,000 tpd in the 2025 study, is targeted for the fourth quarter of 2026.

For investors, the fourth expansion is the next delivery in an on-time, on-budget record built across 3 earlier builds in the same jurisdiction. It adds 3,500+ tpd of capacity to a plant that reached a record 1,690 tpd in the third quarter of fiscal 2026.

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