Hello and good morning, ladies and gentlemen. Welcome to today's presentation. My name is Julia Perron, virtual event moderator here at Renmark Financial Communications. On behalf of our team, we'd like to thank everyone for joining us today for TRX Gold Corporation's third quarter 2026 results. TRX Gold is trading on the Toronto Stock Exchange under the ticker symbol TRX and on the NYC American under the ticker symbol TRX. Presenting today is Stephen Maloney, Chief Executive Officer, Michael Leonard, Chief Financial Officer, Koloff Rashid, Senior Vice President, Tanzania, and Richard Bofi, Chief Operating Officer. With that being said, I will now hand it over to Stephen.

Welcome, everybody, to today's Q3 corporate presentation of results. Richard is not on the line yet. I was just talking to him on top of the TSF, and he's making his way back to the office, so he should join us in about five to ten minutes' time. He's at Buck Reef today. Also, as Julia mentioned, Michael and Koloff are here with me as well. We're coming back in Toronto today. I was in Tennessee and Texas last week. I should have stayed there, given I came home to 38, 40 degrees. And now we have yellow skies and apparently the big campfires up north have blanketed us with smoke. So, anyways, it was pleasant to be down in the United States last week. So, without further ado, Julia, can you… Ah, here's Richard. Richard has joined us now from Buck Reef. How are you doing today, Richard?

Yeah, afternoon, everybody. Apologies to being late. Just got back from a little bit of an infection.

Yeah, exactly. I'm telling you, you were talking to me on top of the TSF. So, obviously, we're going to have some forward-looking statements today in this presentation. So, with regards to Buck Reef Gold, we had a great third quarter. We've actually had a good start to the year, nine months to the year. Our goal here at TRX Gold is to rapidly develop the Buck Reef Gold project into a world-class mining operation. It is today a world-class mining operation and is expanding quite rapidly. And we'll get through the details of that in a few minutes with the mill expansion, TSF expansions, and other enhancements that are going on at Buck Reef, as well as the exploration programs. But a little summary on the year-to-date, we've done almost 28,000 ounces for an LTM period. That's starting Q4 of last year, today into Q3 this year, with $115 million of revenue and a healthy $66.8 million of adjusted EBTA. this is what gives us confidence in funding our expansion projects in that time period we've made significant capital investments as per the press release this morning we've made almost i believe 47 48 million dollars of investments over the last 12 months both in working capital which we've normalized now that investment will no longer go forward in around 17 18 million dollars and the rest on capex the focus now going forward is on capex and exploration the buckreef project is anchored by 1.5 million ounces at around 2.5 grams a ton we're on line with the pea that was released last year with first year production of around 27 000 ounces as i mentioned in the press release we've already achieved our guidance of 25 to 30 000 ounces as of today and expecting to be within that range uh as we get through q4 more than likely towards the top of that range with regards to um the capex program that was in that pea the first part of that pea was mill expansion that the mill has been ordered rich we'll get into that in a few minutes and that capital project is well underway and planning is done and it's now starting to be executed I will remind people I know I'm going to get a lot of questions around stock price we're going to address that later in valuation and things of that nature the pre-tax NPV on the study that was released in May of last year was 1.9 billion dollars at four thousand dollar gold that study is now being updated with the new capacity as well as the new mine plan the mine plan will drive the throughput rates we expect to have excess capacity and then it's going to be up to us to figure out how we're going to fill it but it's certainly going to be well above 3 000 tons per day that were in the prior pea study what does that mean that more than likely means a higher nav it also with the increase in gold price should drive higher resources, but that work is yet to be finalized and will be finalized in the next couple months. We expect that PEA to be released in Q4 of calendar 2026. So can we go to the next slide, Julie? So as I said, our focus is growing the underlying valuation metrics. So valuation works by having certain multiples. The multiples go up and down depending on markets. Multiples are compressed on EBTA basis with a gold price defined in this last couple months. We expect those to get to normalize over time. And what the market does is say, okay, you have a little bit of a decrease in gold price, so EBTA will be coming down in minor, so we have to adjust the forward multiples. That's typical of what happens in a in a market adjustment our everyday will continue to grow it will grow as a result of an increase in production over time we're very comfortable at today's gold price of four thousand dollars an ounce as I mentioned the expansion is underway so to renew thirty five hundred ton per day sag and ball mill that will operate with existing optimized and upgraded plant operating alongside of it. We expect margin or cost reductions particularly on the processing side of things Richard get into that in a minute with this improved scale as well as the enhancements that have been made. For instance say we put in place an oxygen plant that reduces chemicals such as hydrogen peroxide to get oxygenation up. So we're going to continue to be a low-cost operation going forward our margins are quite healthy. With regards to NAV we've just discussed that with they're still updating the PEA to give a good sense of what the buck reef main zone can be and it will be revised and that will be put into the market in Q4, 2026. And also we'll get into an exploration program. The geophysics study is done. We now are going to start to just drill out some targets there as well as go back to prior targets such as Stanford Bridge and Anfield to hopefully grow the resource base. There are some significant good targets around this property, and that drill bit will start to really start to ramp up soon, and assays will start to flow into the market shortly thereafter. So we have a proven track record of doing these expansions. This is our fourth expansion. We are a self-funded model with a very improved balance sheet, $27 million in cash, significant EBITDA, significant working capital build up and on drawn credit lines we can go out and get further credit lines and credit facilities if we want to they're offered to us every day we just don't see the need to do that today it's very easy to get a credit facility in the 50 to 100 million dollar range at buck reef at this point in time but it's the right now we don't see a need to put that onto the balance sheet we're located in tanzania where we get we're able to get things done there's a lot of geology in the area. We're also looking at other properties in the area as well as we have discussions with government. We have right now a large high quality resource space. Next slide please. So now I'm going to hand it over to Mike and Richard will also poke in on some of the things around processing costs and some of the other items around operations. So Mike and Richard over to you guys and Mike please take the lead.

Well thanks Stephen and good morning everyone. Thanks for joining us here today. Richard looks like you may have some connectivity issues so I'll do my best to talk to the process and cost improvements that you touched on earlier Stephen but Q3 I mean you mentioned it at the outset it was a very very strong quarter for us both operationally and financially. The plant as you will have seen achieved record quarterly throughput of 1,690 tons per day of throughput and that was not only an increase from last year's prior year comparative but also last quarter. We also achieved a grade of 1.96 gram a ton for the quarter but importantly recovery continues to improve and year over year you would have seen recovery increase from 67% last year to almost 85% this year as we make some of those metallurgical improvements that Stephen touched on as well as upgrades to our 2,000 ton a day plant. We Aachen Reactor this quarter. We're bringing online additional improvements like an ADR plant and Gold Room in the coming quarters. So we expect both recovery and throughput to continue to improve. But those benefits that we saw this quarter through the mill drove Gold production of over 7,400 ounces this quarter and that's up almost 60% relative to the prior year comparative period. You couple that with a Q3 realized Gold price of over $4,700 an ounce, which was up 50% from the prior year. And we recorded revenue of almost $33 million, which obviously is a significant year over year improvement on the back of both higher production and higher Gold prices. So the company continues to demonstrate leverage to that high Gold price environment. And illustratively, Buckreef continues to show that it's a low cost, high-margin operations. Stephen touched on it early, but at an average cash cost on a full-year basis of between $1400 and $1600, we've been able to produce gross profit margins of almost $20 million for the quarter or running at about a 60% gross margin ratio. Now with that all said, there is an opportunity for margin to continue to improve as we go. You will see mining costs at just over $3 a ton that started to normalize this quarter from about $4 a ton last quarter following the signing of a new contract mining arrangement and on the processing cost per ton side we are up over $25 a ton as Stephen mentioned using things like hydrogen peroxide and other consumables and reagents to maximize recovery and consequently produce more gold but as these plant improvements and enhancements continue to come online at a nameplate normalized capacity, we expect that cost per ton to come down and consequently margin to improve and expand. With that all said, I mentioned that we show leverage to gold price. We did record a record gap net income number of $8.4M for the quarter and very importantly, a record adjusted EBITDA number of almost $21M. That's a record for the company. And if you annualize that, I I know Stephen touched on the last 12 months of being about $66 million, but if you annualize this quarter's EBITDA, you end up at over 80, which puts us in a really, really good position to fund and execute our growth plan and our capital plan. And you couple that with our working capital position. We reported working capital of 2.2 times or over $36 million. We got a cash position of almost $27 million. Stephen touched on the undrawn credit lines. So, again, really well positioned to fund our capital plan. And just sort of looking forward, we did report a record buildup in in-circuit inventory in the CIL tanks this quarter as we worked on metallurgical improvements and enhancements. We've got almost 1,600 ounces in those tanks at the end of Q3, coupled with a ROM pad stockpile of over 19,000 ounces. is the expectation in Q4 is to draw down on some of that inventory to help supplement and benefit production into Q4. And looking at our full year guidance numbers, we've reported full year guidance of between 25,000 and 30,000 ounces. We've already achieved the low end of our guidance range as of today. So we achieved our full year guidance numbers, but over the next six weeks, we expect to continue to produce at these levels, draw down on inventory, and what we hope is have a record production quarter for Q4. And finally, I'll just touch on cash costs. We continue to be right in the middle of that $1,400 to $1,600 an ounce cash cost range, which again is in part what's driving that significant gross margin that we're seeing this quarter. So all in all, a record quarter, both financially and operationally, and the cash flow and EBITDA that we're generating, positions that's very, very well to fund our capital plan and growth plan going forward. Stephen, back to you.

Excellent. Thank you. So with regards to rapid EBTA growth, as I mentioned, the project is being expanded again. So obviously with higher throughput, you're going to get higher results and higher EBTA going forward. this is our fourth expansion with regards to the capex plans that we have around this over the next 12 to 18 months we have roughly a 50 million dollar budget which includes 30 million dollars for the new mill that includes the actual mill and all the other workings the tsf will be around 10 million that will be a plan for predominantly the life of the mine which is great because we we're currently doing it in pods and we have state sustaining capital over at 10 million of that 50 million about you know i would think around six to eight million has already been spent um and the rest of it will be paid for over the next 12 to 18 months out of cash flow if we do have bulges in that capex which we don't anticipate too many we have those on drawing credit lines to smooth out any of those bulges so we're quite comfortable with that and we're quite comfortable that we're going to get a much higher EBITDA number as a result of executing that plan. It's a very reasonable plan and it's well planned out and it is starting really rapidly. Mike, anything to add to that?

I know Richard's not on the No, I think you summarized it pretty well. I mean, again, hopefully folks get a sense for annualized EBITDA run rates of $80-plus million against the capital profile that you've just mentioned again positions us very very well to fund it over the next 12 to 18 months over you know using cash flow from operations.

And thus the forward EBTA is going to be very significant as per the PEA that was released in May 2025. In the next couple years in say you know 24 to 36 months you're looking at well over 200 million dollars of potential EBTA. So a significant significant increase um in in profitability with regards to the the pea i'll just go over some of those numbers like i said the peas being updated so we expect these numbers to be better take a look at the cash cost with scale cash cost comes down mike is referencing around fourteen hundred dollars um cash costs in the study were around a thousand dollars it's going to be expanded even larger than that now so i would expect cash cost to be around the same, as well as all in sustaining costs and the pre-tax MPVs, where hopefully our goal is to get these significantly higher as well, with annual production, hopefully ranging in the range of anywhere from 80,000 to 100,000oz over time. As I mentioned, we are on track with our PEA, particularly in the capital build around the expanded plant. If you look at year one here, you had 27,000 ounces of production. We're already into that range. Year two has around 38,000. So we're well on track with regards to, you know, to profile or PEA. PEA was always contemplated. Do the plant first, expand that, expand your mining operations at the same time, particularly open pit. It was originally envisioned here three years. We expect that to go on longer and then go into your underground development, all self-funded. That's why we didn't release an IRR, because it's infinite. If you want to put an IRR on that $1, then it would be exponential. So it's a very good plan here that's been put in place by Richard and the team, and they're well through the execution on that. With regards to increasing the resource base, Tanzania has a lot of resources. We are in one of the better resources in the inner arc of the Lake Victoria Greenstone Belt and a lot of other major assets in the area. I'll get into it in a second with how we discuss these sort of things with government. But one of the things is there are a lot of resources that may or may not become available over time in Tanzania that we wouldn't mind taking a look at.

Richard, I'm going to turn this over to you. um it was regards to exploration and we're planning um there was never a geophysics study done at buck reef but now that there is one um you now have a much better sense of uh where to go well there were geophysics studies done uh in the past uh by uh i am gold and anglo over the past 20 or 30 years but for one reason or another a lot of the data is the the raw data was missing and a lot of the test work was done was for looking very shallow deposits and and you know as we've found in main zone and stanford bridge these things are a lot deeper so we came to the conclusion that starting again uh with with pretty much the standard geophysical approach to most of these rk and gold systems uh would give us some new targets and probably confirm some of our existing targets and that's exactly what's happened over the last three quarters we've done a detailed magnetic survey followed up by a an electro resistivity pole to dipole survey followed up again with overlaps on on the highs and anomalies from those two on a dipole to dipole survey and from that we've now given ourselves about nine or ten strong targets that we've developed drill programs for, and the first of those targets will be drilled in next week, basically. We should be hopefully moving the drill on there about Monday. So, yeah, we're pretty excited to see all of that, and we've got to do a lot of strategizing now with the resources we have. We have two exploration drill rigs on site at the moment a third has been delayed at our port but it's in country and we're expecting it any any week now and that'll immediately go to work on stamper bridge and then a uh a fourth drill rig is sitting in china at the port ready to come over to us uh and we've got an option now on a fifth so um yeah we we're pretty excited about getting into uh into these new targets and getting into some of the stuff that was never really drilled properly at Anfield and a few other areas as well. So there's a lot going on with exploration in the coming months and we expect that we'll start getting some essays back on some of these nine anomalies from the geophysics starting in August. And we'll probably have our first round of drilling done, I would suggest in September with results out in October.

So there's a lot of drilling to happen coming up with four to five drill rigs on site, potentially turning, which is great. And part of that will be, you know, with regards to ongoing operations, part of that is on the exploration program. So with regards to Stanford Bridge, I won't go over this again. As Richard mentioned, it will be subject of the new drill rig that's in country. We'll get started on this area again, expecting to see a very robust program over time in and around Buck Reef and Stanford Bridge has delivered the best assay results thus far. With regards to stakeholder engagement and communication, so this one we're going to bring it over to Kalaf and I'll add a few bits and pieces as well. Go ahead, Kalaf.

Yeah, thank you, Stephen, good morning to everybody in North America and good afternoon or evening to us in tanzania uh just a short discovery discussion update on what i would say is three focus areas for them for us really designed uh to reduce our risks uh improve operational efficiency and just basically avoid business disruption and increase our opportunity opportunities in the future so when it comes down to the three main areas we've been focused on community development which is essentially all the projects that we're doing in and around our sort of mine site with the immediate communities around us the wards that neighbor us so we've done quite a lot of work and we have been doing for a number of years in health and education supporting schools and some of the health centers obviously we do look at the local procurement by the immediate community and what can be supplied or what services can be provided immediately which supports the development in our area and we work very closely with the local government authority in gator and maintain very good relationships with them government engagement as you can imagine is hugely important in our part of the world relationships are important we existed and i would say over overly regulated environment so maintaining and keeping good relations with government gets the mine operating better so we've maintained very strong relationship with central government authorities i personally attend a lot of the meetings with the team here various meetings on especially on regulatory matters so that we can provide our input and advocate for change where we find that there are things which are difficult for us to work with And obviously, I think, Stephen, you might want to say a little bit more about the current negotiations ongoing with the government of Tanzania. I think we've mentioned this a few times that we are quite, I believe, advanced. The prospect and the outcome that we want is basically better terms and more investable terms for TRX gold. I'm sure you mentioned that. The last bit that I would like to just sort of mention is we've enhanced our communication, basically just to raise the image of TRX Gold as an investor in Tanzania, communicating different media channels about all the various benefits that come as a consequence of our investment, particularly in creating jobs, obviously paying taxes, the procurement that has been generated from all the good work that we have done at the mine site. And we've communicated this across all different media, targeting all different levels of government and public, right? Some direct, some obviously using various channels, social media and traditional media. So we are, I would say, very visible. We've been very consistent with our messaging. So, you know, we are, I believe, in a very good position, and we are looked at in Tanzania as a fourth leader. Industry, I would say, one of the more high-profile operators in Tanzania. Yeah, basically, that's my story.

Excellent. Thank you, Prof. Yeah, thank you, Prof. Yeah, but brief, as anybody would have seen is, particularly on our latest video that Richard and I did with Isaac, it's becoming a substantial operation it has around a thousand employees and contractors in around site particularly with the build at this point in time and it's profitable as everybody can see and with profitability there's royalties taxes and a lot of jobs and so that leads well into government relations as well as we're very keen on local content as well we like we have a lot of good suppliers that we utilize in country and work well with them and are very supportive of the development that is happening at Buck Reef. So we have an overall good relationship and that is leading into what I'll say is negotiations around joint venture and going forward are further along. I still can't, given it's been a timeline on those sort of things, given it is in the political realm And the politics takes a little longer, as an African saying, that we have the watch, but they have the time. And so it's an ongoing process, but we're more confident in a successful outcome. That's a win-win-win situation. And with regards to valuation, I will answer this more substantially in the Q&A portion. Obviously, valuations across the sector have come off. not only our valuation stock price decline but it's come across the entire sector this gives it an idea of we've fallen down versus where we were before given i believe our decline has been further than than others with regards to that but as i said you know we're constantly onto these valuation metrics are growing them particularly eve the ebta and pnavs and resources. Those are all part of the business plan. The plant expansion is EBTA. The PNAV is new studies and better mine plans. And the resources is on exploration. So all three of these buckets is being looked after in the business plan. And eventually someone will recognize them. Eventually someone will. But you got to be patient. And eventually it will get there. with regards to capital structure um the capital structure is now clean and there's no warrants outstanding uh there's 27 million of capital or cash on the balance sheet very little debt there's few leases outstanding um that's about it and on drawn liquidity line so we're in extremely good position with the cash flow that we have as well as liquidity lines of cash to execute our business plant around capex to get this plant expanded and once this plant gets expanded richard will be all smiles he likes building it but it'll be all smiles with all the cash flow that comes out of it as well particularly with the higher mining so the key investment highlights you know we're growing and we're going to continue to grow we're very confident in the growth we're going to grow ebta we're going to grow nav we're going to grow resources that's the business plan quite simple grow grow grow with internally generated cash flow we have a proven operational track record you know robust exploration potential can operate in the jurisdiction that we are in and we have the leadership team to do it and they're very confident and if you look at the last four quarters they're really good quarters um and we expect that to continue going forward so now i will hand it over to q a thank you all for the presentation as mentioned we will start the Q&A.

Your first question for today is, please clarify or elaborate on the Stamico partnership on Buck Reef and how that will impact production attributable to TRX.

With regards to the joint venture agreement and how it's set up is the current joint venture agreement. It's 55, 45% equity ownership. So what does that mean? That means that the cash flow that's generated at Buck Reef can be reinvested to grow that business and grow the value of that business. In the board structure, TRX can determine whether there's any dividends or not. Right now, the choice is to put the capital that's being generated by the business back into the business to grow the business. And the rationale for that is to increase the value of the overall business. So when I get onto the valuation metrics, if we achieve EBTA numbers like our net PEA in three to four years time, you'll get the EBTA multiple on that. So if that $4,000 gold is projected to be $250 million of EBTA, you're going to get your valuation multiple on that. That's a good $50 million investment for that increase in EBTA. The same with the price, the net asset value and revising the mine plans and putting money into exploration to increase resources that all increases the value of the overall business which is a benefit to TRX shareholders but it's also benefit the government stakeholders in fact there's more jobs royalties taxes and cash flow the government as a result of that much larger operation so with regards to 55 55-45, that comes into play after our capital loans are repaid and if we just carry a dividend set of buck brief.

What is the status of the 55-45 deal?

The status is, as I mentioned, and I mentioned this throughout the presentation, we are in discussions with government. I had discussions last week, actually in the United States versus elsewhere, and so we are well advanced in what we desire now it's for the government to go back and talk to their stakeholders in what can be done and so those discussions are moving towards that stage is what i would say obviously i've been quite clear that we would prefer to be into the framework agreement like Barrick, Perseus and others have, which has ranged from 84% to 16% non-diludable, 16% non-diludable on the government side. Some agreements are 80-20 with 20% non-diludable on the government side. In those agreements and in their law is a 50-50 economic split, which then acts as a stabilisation mechanism. Kof, anything to add to that?

No, I think you summarized it well. I would say that they understand the concept, and I think that they're starting to appreciate the importance of them working with us so that we get, obviously, much better valuation for all of us, including themselves.

When will we start seeing drill results, and what are the drilling plans for next year?

Richard provided a good summary of that in the presentation. The drill rings are arriving on site, like he said. We'll have four to five drill rings in the next couple of months once we ship from China, in other words, in the country. There's three on site right now. We should start to see, you know, drilling programs going to ramp up now.

And we should start to see assays in the fourth quarter of calendar 2020. management has noted strong q3 operational momentum with record throughput of a thousand eight hundred and thirty three tons per day and recovery of eighty four point six percent alongside accelerated expansion to a new three thousand five hundred tons per day sag ball mill circuit and plant upgrades targeted for q4 2026 completion you are also actively revising the lom plan and expect an updated PEA in Q4, 2026. Can you share preliminary findings from the LOM review, including any contemplating changes to the mining sequence, such as additional open pit cutbacks at the main zone, potential deferral or acceleration of underground development at Stamford Bridge, or faster mining at Eastern Porphyry, and how these factors combined with higher processing capacity and the current gold price environment are expected to affect recoverable ounces, average annual production rates, mine life, and overall project economics versus the May 2025 PEA?

Look, I love that question. I'll tell you why I love that question. That tells me that's a shareholder that's very in tuned with everything, which is great, and has read the details that we put out. And I've answered a lot of those sort of things in the in the presentation itself but I'll provide a summary so recovery rates have gotten to around 85% that's correct and we expect them to go higher as a result of the new mill into we're more to study ranges of 88 to 90% maybe even a little bit higher we expect cost to get those recovery rates come down as well as we stop using as many as much reagents as we have we put in place a new the air plant um our our crushing costs will come down as well given it will be a sag team ball mill followed by a book by ball mill so that's good we're also going to have theoretically you know 3,500 tons per day sag ball mill combination as well as an existing 2,000 ton per day plant which gives us a theoretical capacity rate of around 5,500 tons per day potential but you got to feed it right so the good news is is that they're going to be separate circuits multiple ball mills in the existing circuit so there's a lot of flexibility feeding and so the mine plan review right now that's being done is to figure out what is a good number to feed it an achievable number to feed it but there will be excess capacity we won't get 5,500 tons tomorrow when it's turned on because it takes time to wrap up mining and a pit is only so large and you only have so much room to move around. So right now, yes, there will be additional cutbacks to the pit in theory. It will go deeper, it will go longer, thus the underground and the related capex will be deferred at least a couple of years. That's what we're looking at at this point in time and we've made those statements before. We wouldn't be doing this if we didn't think it led to increased profitability. The last study was done in $1,900 gold. So obviously it's going to be done at a higher gold price. So we do expect some more resources to come in that weren't in the last study because now they become economic in the study. But in order for them to become economic, they're lower grave resources than they're in the current study. But they're still within profitable resources. So I think that answers all the questions. So yeah, there'll be more of a couple of ounces, obviously, if you bring in more resources that are now economic as a result of your gold price assumptions in there given we do expect gold prices to continue to increase over time and the recent one the recent gold price pullback reverse at some point in time i think that answers all the questions mike did i get all of those uh answered in one i think it hit all the highlights uh and and uh certainly uh you know look forward to getting that updated study into the market in coming months for folks to see what improvements and enhancements in value that we hope to add. Yeah and I think the last part of that is can you go underground while expanding your open pit then the answer is yes there's optionality to do that particularly if we deem it to be beneficial to the mine plans such as Stamford Bridge etc. And also given that we're going to have excess capacity to find any resources as a result of the new drill program they can be added in pretty quickly as well. If anybody knows me they know that I like optionality.

Regarding supplies of diesel for running the plant slash equipment and sulfur oxide for leaching purposes, both products being affected by the Strait of Hormuz, how are the procurement of these necessary supplies being affected by the Iran war? What are the cost implications going forward? Do you see a problem with having enough diesel to continue processing and running mining equipment, trucks, digging machines, etc., without significant disruptions to production over the next 6 to 12 months? What effect do you expect on future costs slash profits? Do you have any hedging in place for diesel supplies? Do you have the ability to source supplies from the United States? And if so, at what increased cost for shipping?

So Richard and the team has recently redone the contract. So what we expected to see, just like the market expected to see, a squeeze on potential oil and fuel suppliers, but we aren't seeing that. So when Richard and team sat down with the fuel supplier to renegotiate the contract, Tanzania has ample supply. Actually, I believe they're at full capacity of refined diesel stock. So we were surprised to hear that. Tanzania diesel is refined. It predominantly comes in from the Middle East and India into the country, and there's ample supply there now. And I think the market also sees that, and that's reflected in the global oil price, that the fight to Iran-water appears to be ample supplies, and that's currently what we're experiencing in Tanzania. And so we haven't seen any squeeze on supply at this point in time.

Any plan for a dividend buyback in the future? Sure.

So with regards to dividends slash buyback. So with regards to dividends, I think the cash being reinvested provides a lot more value for shareholders at this point. And the reason why I say that is that's the cash within Buck Reef is reinvested in Buck Reef to grow the value of the asset, to declare dividends out of Buck Reef currently under a joint venture agreement, means $55.45, but there's a lot more value to be created in the actual asset itself. the returns on that capital are significant. So if you can increase EBITDA from 80 million to over 200 million for less than $50 million and not raise a dollar to do it, then that's what's going to be done. So with regards to then around potential buybacks, I'm going to defer that question because I'm going to answer that question more broadly in what we kind of see happening in markets. And I'll answer that question as part of that, but certainly it's one tool that's out there to help alleviate what we're seeing going on in the market.

Are there any plans to reduce operating costs, i.e. long-term fuel contracts?

Yeah, so we did get into and Mike got into this on the processing cost per ton side. Richard and team continually have a pulse on lowering operating costs. As you can see, mining costs are going to come down with scale. Processing costs will come down with scale as well as the enhancements that have been made. So, yeah, we do have a pulse cost. One of the reasons we're very profitable and have the emergence that we do is because Richard and team are constantly on cost. And a lot of the enhancements that are being made increases availability or increasing throughput even in the existing plant, which lowers overall cost per ton and ounce as well.

Any plans to graduate to the NASDAQ or NYSE?

At this point in time, we're on the New York Stock Exchange American and the main board on the TSX. I have not evaluated whether to graduate to the NASDAQ or the New York Stock Exchange. But if I feel that it attracts more potential investors and demand for the stock, it certainly can alleviate some of the things we've seen in the market, it would be a consideration. Any strategic partnerships with firms in the works, cat or volvo or others chinese korean any uptick with other semi-precious metals or minerals on buck reeve yeah with regards to partnerships look we have you know cat equipment on site and other equipment i wouldn't say there's formal partnerships but we work with a lot of the firms that you just mentioned in procurement equipment i don't see in their vision you know the necessary to have strategic partnerships with those type of firms um it's you know they provide good service and some of them you know we work with.

Do you anticipate reporting after-tax net profits?

After-tax net profits? We just did. That's the financial payment, we got no choice but to report that.

Just to comment briefly on that Julia, so we did report 8.4 million of after-tax net income, so again a record record gap result for for the company.

When do you expect to do a stock buyback to help support the stock?

Okay, so now I'll answer the question more broadly, because we've been asked this by a lot of shareholders, and I got quite a few pings on this last night around great operating results, great forward, management team that can execute, but it seems the stock price is in perpetual fall, like other stocks that are out there. Stephen, can you try to address what I'm seeing as a disconnect? And so some shareholders are of the view that there's a big disconnect between what the potential valuation is now and where the share price is. And to give you a sense of what we do, so we look at the shareholder registry on a quarterly basis to see whether there is movement in our shareholder group. And we have a very good shareholder group, not a lot of change there, but we'll get the results of that for June in the next couple of weeks and I expect to see a similar type of pattern in it. So what does that tell us? That the share price decline isn't a result of a lot of current shareholder trade stock. So it's on the periphery, is the best way I could say that. So the supply that's coming onto the market, I don't believe is created by significant shareholder turnover given the data that we have. So where does supply come from and who is trading the stock and who can be incented to bring it lower over time? And then we're getting into a much more of a black box. It's a very opaque market in the United States. There are various market makers that do have shares in our stock. We do have a lot of hedge funds in 12Fs as well, and now we're starting to see some institutional investors, which I'll call non-hedge fund institutional investors, show up in 12Fs as well. What I find very interesting is market makers who create liquidity, legally, they're able to make it short your stock, cover with options, and things of that nature. I think there may be potential around that. I can't confirm that. But certainly, trading-wise, you can do it and create liquidity. There's also others that are incented. you know I look at this morning I think Mike when we're looking at it the October options were really high hey I'm out of the money options like there must be at least 15,000 or 20,000 contracts in October yeah almost unprecedented levels based on what I'm pressing that the contract levels that are out of the money on call options and so you know obviously that's used as a tool for something and that sort of thing. So I'm getting the sense that a lot of our trading is not based on fundamental value. It's based on others who make money from the stock existing and that are centered on the downside. And that's not only for us, that's across the sector at this point in time and across other sectors. As buyers have fled the sector over the last couple of months, I believe you know my theory is that firms take advantage of it and and and we're caught up into that so how do you reverse that is create a good business which we've done um which we're doing and also that creation should get buying to overturn the negative sentiment and we're going to continue to grow. And one tool may or may not be a potential buyback in that, to mop up some of the, whether it's real selling or fake selling, that is occurring.

What are the opportunities to acquire land within trucking distance from the larger combined plant?

So the opportunity to acquire land within, I would say, the radius of the existing plant is, there may be some opportunity I shouldn't say there's none but I would say it's more limited is there opportunity to acquire other lands in Tanzania that have a similar profile to Buck Reef that could be built out in the same way Buck Reef and provide a win-win-win solution yes and can we have discussions around that I think we can and so that is just giving you a little bit of insight into our thinking around how do you diversify operations come off anything to add to that you're all over

this stuff so yeah no sure I think there are as you say opportunities but a lot of it has been divided into very small land parcels so you literally have to go through hundreds of small owners to get significant size of land for it to be meaningful for any development here but we need to figure out a business strategy around that.

And we've started that sort of, what I'll say, thinking around potential business strategies to consolidate.

Most of high value intersection at Stanford Bridge appear to be deeper than open pit access. Is it safe to assume that drilling activities for your four or five rigs are focused on finding shallow resources on other parts of the property?

Richard can answer that.

When we like shallow resources, we don't mind high grade, deeper resources either a bit of both i think is is the right answer as stephen has explained our mining plan for our existing resources of which we have about one and a half million ounces is probably going to be limited somewhere around about the three and a half maybe four thousand ton per day range and it will still leave us capacity for you know maybe one and a half thousand tons per day of of other material. So finding oxides near the surface across the known sort of exploration targets we've got plus these new nine targets, that is an important priority for us. And having said that, we can't ignore the opportunity to get a quick underground mine going, small underground mine but hauling very good grade gold to supplement our larger open pit operations and that's something that we're looking for in the new PEA to try and see if we can get down onto Stamford Bridge either through the expanded open pit or from the surface. I suspect we'll be able to get from the final wall of the open pit and save ourselves a bit of money and time to get there quickly.

Well, thank you to our presenters for all of your answers today. If you did not get a chance to submit your question, feel free to reach out to the appropriate account manager here at Redmark. This concludes our presentation for today. But before we go, I'll turn it back over to you, Stephen, for final remarks.

Yeah, no, I would like to thank shareholders for being very supportive of us. And we have a great growth business plan in place. and we're hopeful that the valuation will catch up to our growth profile. We're going to have significant increases in EBTA, a new study in the market, and lots of exploration. So we're well aware of what drives value of mining companies and have a business and plan in place to drive those valuation metrics. So stay tuned. Lots of exciting things happening. We're quite comfortable at $4,000 gold, quite comfortable operating at those levels, even quite comfortable operating at lower levels. So we are well capitalized and we're going to just keep on put our head down and move forward. Thank you.

Thank you again to everyone for joining us today for TRX Gold Corporation's third quarter 2026 results. TRX Gold is trading on the Toronto Stock Exchange under the ticker symbol TRX and on the NYC American under the ticker symbol TRX. Stay tuned for the next quarterly call and see you next time.