TRX Gold Ord Shs T.TRX

2023 plans

[GoldenArm]

2023 Outlook and Priorities

• Increasing gold production: Mining, crushing, processing and gold production are all expected to operate at full capacity during fiscal 2023 (“F2023”) following initial ramp-up and commissioning of the 1,000+ tpd processing plant during Q1. Higher gold production is expected in Q2 2023 and for the second half (H2) of the year as the processing plant achieved steady state operation at nameplate capacity of 1,000+ tpd at the end of October 2022. For fiscal 2023, gold production is expected to be between 20,000 - 25,000 ounces at total average cash costs2 of $750 - $850 per ounce.
• Increasing gold production, again: The Company will continue to advance a project aimed at increasing the average annual throughput by 75-100% through the addition of a new ball mill. Detailed engineering and procurement of equipment has commenced. Construction is expected to start in F2023 and potentially benefit production in late calendar H2 2023.
• More self-funded drilling: TRX Gold has a property wide drilling program consisting of 9,000 meters of diamond drilling, 13,000 meters of grade control drilling and 10,000 meters of reverse circulation ‘sterilization’ drilling for fiscal 2023, and will cover brownfields drilling at the Buckreef Main Zone (NE and SW), Buckreef West, Eastern Porphyry and greenfield drilling at Anfield. Sterilization drilling will commence at site expansion facilities, including tailings storage and waste rock facilities.
• ESG framework and reporting: TRX Gold is committed to working toward the highest ESG standards and is implementing several programs, while continuing to develop a broader framework and policies. At the corporate level, TRX Gold intends to begin reporting on ESG metrics aligned with definitions from the World Economic Forum (WEF) and to identify its contributions to the UN Sustainable Development Goals over the course of fiscal 2023. At the project level, Buckreef Gold will continue to partner with the Geita District and District Commissioners on school, water and health projects. Buckreef will also work with local wards to collaboratively identify key 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 (STEM) and gender goals.