TRX Gold Appoints New Chief Operating Officer

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TORONTO, Dec. 06, 2024 (GLOBE NEWSWIRE) — TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce the appointment of Richard Bovey as Chief Operating Officer. . (“COO”), effective immediately. Mr. Bovey is an experienced executive, bringing more than 35 years of operating experience to the TRX Gold team and will be instrumental in Buckreef Gold’s continued growth and development.

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Stephen Moloney, CEO of TRX Gold, said: “We would like to welcome Richard to the team; It has a proven track record of achieving growth and operational excellence globally. He brings to this position a strong reputation for managing open pit and underground drilling operations in a variety of jurisdictions, and a proven track record of enhancing production, reducing operating costs and improving capital efficiency. We continue to strengthen our management team as we grow Buckreef Gold with the primary goal of enhancing shareholder value.

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Mr. Bovey joins TRX Gold having previously held senior executive positions with other multinational mining companies. Most recently, he served as General Manager/Country Director for the Tara Resources Preskovo mine project in Montenegro, where he led technical studies, engineering design, resource drilling, project financing and site preparation activities for construction and mining development. practical. Prior to this, he was Chief Operating Officer at Blackham Resources’ Matilda Gold Mine in Western Australia, where he restarted open pit and underground mining for a 2 million tonne per annum operation, including commissioning the processing plant, and establishing the technical and operational teams. Develop policies, systems and processes to improve operations. Mr. Bovey also held the positions of General Manager at the Khoemakau Copper Mine in Botswana for Cupric Canyon Capital and General Manager at the Efemcukuru Gold Mine in Turkey for Eldorado Gold Corporation. Mr. Bovey previously spent 5.5 years at Barrick Gold Corporation, where he worked for 4.5 years as Regional Director of Mining in the Barrick Africa Regional Business Unit, where he oversaw 3 operations and 1 development project in Tanzania, and 1 development project in South Africa. Prior to that, Mr. Bovey spent 10 years at Placer Dome Inc. Mr Bovey holds a BSc (Hons) Mining Engineering from the University of Auckland and is a member of AusIMM, Competent Person (Reserve) under JORC, NI 43- 101.

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TRX Gold also announced the departure of the company’s current COO, Andrew Chettle. Mr. Chettle also resigned as a director of the company.

About TRX Gold Company

TRX Gold is rapidly developing the Buckreef Gold Project. Based on Mineral Resources published in May 2020¹The project currently hosts an NI 43-101 measured and indicated mineral resource (“M&I Resource”) of 35.88 million tonnes (“MT”) grading 1.77 grams per tonne (“g/t”) of gold containing 2,036,280 ounces (“ oz” ) of gold and an inferred mineral resource of 17.8 metric tons at 1.11 g/t gold for 635,540 ounces of Gold. The leadership team is focused on creating near and long-term shareholder value by increasing gold production to generate positive cash flow. The positive cash flow will be used for exploratory drilling with the aim of increasing the existing mineral resource base and promoting the development of the larger project which represents 90% of the existing mineral resources. TRX Gold’s actions are subject to the highest standards of environmental, social and corporate governance (“ESG”), as evidenced by the relationships and programs the company has developed over its nearly two decades of presence in the Geita District, Tanzania. Please refer to the Company’s updated mineral resource estimate for the Boukreev Gold Project dated May 15, 2020¹ It was filed under the Company’s profile on SEDAR+ and with the Securities and Exchange Commission on June 23, 2020 (the “2020 Technical Report”) for further information.

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For investor or shareholder inquiries, please contact:

Investors
Christina Lally
Vice President of Investor Relations
TRX Gold Company
+1-438-399-8665
c.lalli@TRXgold.com
www.TRXgold.com

Forward-looking and cautionary statements

This press release contains certain forward-looking statements as defined under applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “expects,” “anticipates,” “believes,” “hopes,” “intends,” “estimates,” “potential,” and “Possible” and similar expressions. , or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of TRX Gold’s management with respect to future events and include, but are not limited to, statements regarding continued operating cash flow, processing plant expansion, and mineral resource estimation. the ability to develop value creation activities, recovery operations, subsequent project testing and success, the scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditures.

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Although TRX Gold believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. TRX Gold’s actual achievements or other future events or circumstances may differ materially from those 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 metals; Mining method, production profile and mining plan; delays in exploration, development and construction activities; changes in government legislation and regulations; the ability to obtain financing on acceptable terms, on time or at all; Contests over real estate ownership; employee relations and shortages of skilled employees and contractors; The speculative nature and risks involved in exploration, development and mining activities. These risks are described in reports filed by TRX Gold with the Securities and Exchange Commission (SEC) and various Canadian securities authorities. You can review and obtain copies of these filings from the SEC’s website http://www.sec.gov/edgar.shtml The company’s profile for the Electronic Document Analysis and Retrieval System (“SEDAR+”) is at www.sedarplus.ca.

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Disclosures in this press release of a scientific or technical nature relating to the Company’s Bukreev Project have been summarized or extracted from the technical report entitled “National Instrument Independent Technical Report 43-101, Updated Mineral Resource Estimate for the Bukreev Gold Mine Project”, Tanzania, East Africa for TRX Gold” with an effective date (“Effective Date”) of May 15, 2020 (“2020 Technical Report”). The 2020 Technical Report has been prepared By or under the supervision of Mr. Wenceslaus Kutekwatekwa (Mining Engineer, Mining Consultant and Project Management) BSc Hons (Mining Engineering), MBA, FSAIMM, of Virimai Projects, and Dr. Frank Crundwell, MBA, PhD, Consulting Engineer , each of whom is a qualified and independent person as defined in NI 43-101 The information contained herein is subject to all assumptions, qualifications and procedures set forth in the 2020 Technical Report and should be noted Full details of the 2020 Technical Report submitted to applicable regulatory authorities are available on the Company’s profile at www.sedarplus.ca The Company has not completed any new work that would warrant reporting material changes to its Mineral Resource (“MRE”) data. and mineral reserves previously reported during the year ending August 31, 2023.

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The company has engaged two globally recognized mining consultancy groups to undertake a comprehensive review of the MRE and economic analysis previously undertaken under the CIM Act 2003. This in turn follows significant drilling and exploration operations, as well as other required technical work, which was carried out over the eight months previous ten. This work is currently being carried out to be compliant with the CIM Code of November 2019 for the assessment of mineral properties, which differs with respect to the 2003 guidelines. There can be no assurance that there will be no change in MRE and Mineral Reserve as disclosed in the report Technical year 2020 after updating this work (according to CIM code 2019).

The information in this press release is as of the date of the press release and TRX Gold undertakes no duty to update this information.

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¹ See forward-looking and cautionary statements

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