TRX GOLD Corp
For the period ended Feb 28, 2026. Filed Apr 15, 2026.
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Feb 28, 2026 · Filed Apr 15, 2026
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Contents
EX-99.2 · Mining and Processing
Mining and Processing
| · | During the three and six months ended February 28, 2026, Buckreef Gold reported zero LTI at site, recorded a safety incident frequency rate of zero (per million hours), including contractors, and achieved 5.4 million hours of LTI free work. |
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| · | During Q2 2026, Buckreef Gold poured a record 7,453 ounces of gold (Q2 2025: 3,004 ounces) and sold 7,314 ounces of gold (Q2 2025: 3,401 ounces). Gold production in Q2 2026 was higher than the prior year comparative period as result of higher average head grade of 1.94 g/t (Q2 2025: 1.12 g/t), higher average recovery of 84% (Q2 2025: 74%), and higher mill throughput of 1,560 tpd (Q2 2025: 1,259 tpd). The higher average head grade was due to the mine sequence where the open pit mine accessed higher grade ore blocks in Q2 2026 (in line with mine plan), following completion of the scheduled Stage 1 stripping campaign during the first half of fiscal 2025. The higher average recovery in Q2 2026 was mainly due to a series of plant optimization initiatives, including (i) adaptive reagent dosing based on short interval control of leach feed; (ii) optimization of milling parameters to minimize solids tails; and (iii) commissioning of the Aachen reactor to improve leach kinetics. During Q2 2026, the Company continued to advance on several near-term plant enhancements to further improve gold recoveries, including the addition of a pre-leach thickener (to improve consistency of leaching density), upgrades to the elution plant and new ADR plant (to improve carbon activity and to reduce gold solution losses), and added slurry oxidation capacity through improved air blowers and oxygen injection. The Company expects recovery to improve consistently over the year as these plant enhancements are completed. During Q2 2026 the processing plant achieved, on average, higher throughput than the prior year comparative period, mainly due to timing of maintenance of the crushing and milling circuits in Q2 2025. Throughput is expected to continue to improve over the year as the Company is focused on reducing mill feed size, maximising mill power and reducing unplanned downtime. Throughput is also expected to benefit as the Company continues to advance on upgrades to the 2,000 tpd plant and the expansion to a 3,000+ tpd processing plant. |
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| · | For the six months ended February 28, 2026, the Company produced 14,050 ounces of gold (2025: 7,845 ounces) and sold 13,806 ounces of gold (2025: 8,241 ounces). Gold production was higher than the prior year comparative period as a result of higher average head grade of 1.91 g/t (2025: 1.22 g/t), higher average recovery of 80% (2025: 73%), and higher mill throughput of 1,550 tpd (2025: 1,480 tpd). The higher average head grade resulted from access to higher grade ore blocks following completion of the Stage 1 stripping campaign in 2025. The higher average recovery was mainly due to a series of plant optimization initiatives, including (i) increasing carbon inventory in the Carbon in Leach (CIL) circuit to improve gold adsorption and reduce gold loss in the solution tails; (ii) increasing pH in the CIL circuit by adding additional lime to improve leaching kinetics and reduce cyanide consumption; and (iii) increasing dissolved oxygen levels to improve leaching kinetics by reducing the solid tails. Mill throughput was, on average, higher than the prior year comparative period as the Company continued to focus on reducing mill feed size, maximising mill power and reducing unplanned downtime. |
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| · | Total ore tonnes mined of 140 kt in Q2 2026 were higher than the prior year period (Q2 2025: 109 kt) as stripping activities during the prior year focused on accelerating the pit expansion to the north and south end of the Stage 1 pit to expose ore into fiscal 2026. Waste tonnes mined of 2,028 kt during Q2 2026 were higher than the prior year period (Q2 2025: 927 kt) primarily due to Stage 2 stripping of the Main Pit which will allow for mill feed in fiscal 2027-2029, coupled with an increase in contractor and owner managed fleet capacity in Q2 2026. The higher proportion of waste to ore tonnes contributed to a higher strip ratio of 14.4 (waste:ore tonnes) in Q2 2026 compared to the prior year period (Q2 2025: 8.5 waste:ore tonnes). For the six months ended February 28, 2026, the Company continued to focus on Stage 2 stripping of the Main Pit to benefit mill feed beginning in fiscal 2027. As a result, total waste tonnes mined of 3,157 kt were higher than the prior year period (2025: 1,742 kt), while total ore tonnes mined of 368 kt were also higher than the prior year period (2025: 217 kt). |
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7
Management’s Discussionand AnalysisFebruary 28, 2026
| · | During Q2 2026, the Company’s owner operated fleet continued to supplement the contract fleet by mining 490 kt of waste, rehandling 126 kt of ROM material, and completing 77 kt of topsoil removal. The owner operated fleet also contributed to earthworks for several site projects, including haul road construction and the maintenance of local community roads. These activities played a critical role in maintaining mining continuity and supporting ongoing infrastructure development at Buckreef Gold. This equipment has significantly improved cost efficiency in the areas where it has been deployed. Mining cost per tonne for the owner operated fleet for Q2 2026 was approximately $1.24 per tonne for all mining and project support activities. For the six months ended February 28, 2026, the Company’s owner operated fleet moved 1,315 kt at $1.20 per tonne for all mining and project support activities. As the Company further supplements the contract fleet with its owner managed fleet for mining operations, site development work, roadway construction and maintenance, it is anticipated that operating costs will continue to improve over fiscal 2026. |
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