TRX GOLD Corp
For the period ended May 31, 2026. Filed Jul 15, 2026.
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May 31, 2026 · Filed Jul 15, 2026
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TRX$0.97+3.3%Stored close · as of Nov 6, 2026
Contents
EX-99.2 · Mining and Processing
Mining and Processing
| · | During the three and nine months ended May 31, 2026, Buckreef Gold reported zero LTI at site, recorded a safety incident frequency rate of zero (per million hours), including contractors, and achieved 6.4 million hours of LTI free work. |
| · | During Q3 2026, Buckreef Gold poured 7,426 ounces of gold, an increase of 58% from Q3 2025 (4,687 ounces of gold), and sold 6,983 ounces of gold, up 75% from 3,995 ounces of gold sold in Q3 2025. Gold production in Q3 2026 was higher than the prior year comparative period as the Company achieved record quarterly processing plant throughput of 1,690 tpd, a 16% increase from the prior year (Q3 2025: 1,461 tpd), combined with a higher average head grade of 1.96 g/t (Q3 2025: 1.72 g/t) and higher average recovery of 84.9%, up from 67.0% in Q3 2025. The Company achieved record throughput in Q3 2025 as the Company focused on reducing mill feed size, maximising mill power and reducing unplanned downtime. The higher average head grade was due to the mine sequence where the open pit mine accessed higher grade ore blocks in Q3 2026, following completion of the scheduled Stage 1 stripping campaign during fiscal 2025. The higher average throughput and recovery in Q3 2026 was mainly due to a series of plant optimization initiatives, including improved feed size and quality to the mills, supplementary crushing and existing crushing circuit enhancement, improved leach slurry density and residence time, improved reagent management and streamlined elution and electrowinning activities. During Q3 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 further improve consistency of leaching density and reduce grind size), upgrades to the existing elution plant, and added slurry oxidation through the Aachen reactor and Oxygen plant. The Company expects plant throughput and recovery to continue to improve over the year as further plant enhancements in the crushing, grinding and leaching circuits are commissioned. |
| · | For the nine months ended May 31, 2026, the Company produced 21,476 ounces of gold (2025: 12,532 ounces) and sold 20,789 ounces of gold (2025: 12,236 ounces). Gold production was higher than the prior year comparative period as a result of higher average head grade of 1.93 g/t (2025: 1.38 g/t), higher average recovery of 81.4% (2025: 71%), and higher mill throughput of 1,597 tpd (2025: 1,474 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; (iii) increasing dissolved oxygen levels to improve leaching kinetics by reducing the solid tails, extending leach residence time at the expense of grind size by increasing leach feed density. 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. |
| · | Total ore tonnes mined of 183 kt in Q3 2026 were 25% higher than the prior year period (Q3 2025: 147 kt) due to relative positioning of the Stage 1 pit. Waste tonnes mined of 2,272 kt during Q3 2026 were 90% higher than the prior year period (Q3 2025: 1,195 kt) primarily due to an increased contractor fleet to allow accelerated Stage 2 stripping of the Main Pit which will allow for mill feed in fiscal 2027-2029. The higher proportion of waste to ore tonnes contributed to a higher strip ratio of 12.4 (waste:ore tonnes) in Q3 2026 compared to the prior year period (Q3 2025: 8.1 waste:ore tonnes). For the nine months ended May 31, 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 5,429 kt were higher than the prior year period (2025: 2,937 kt), while total ore tonnes mined of 551 kt were also higher than the prior year period (2025: 364 kt). |
Management’s Discussionand AnalysisMay 31, 2026
| · | Mining costs per tonne of $3.02 in Q3 2026 were lower than the prior year comparative period (Q3 2025: $3.63) mainly due to finalization of the mining contract renegotiation during the quarter, which has seen unit cost reductions due to an increased rate of mining as well as a contract extension until 2029. Additionally, there was a comparatively higher proportion of higher, free-dig volumes that were moved as the Company accessed the higher areas of the Stage 2 cutback. Mining costs for remainder of fiscal 2026 are expected to remain in line with Q3 2026 costs of approximately $3.00 per tonne. For the nine months ended May 31, 2026, mining cost per tonne of $3.93 were slightly higher than the prior year comparative period (2025: $3.82 per tonne) mainly due to an increase in contractor haulage cost during the first half of fiscal 2026, an increase in drilling and blasting cost to access fresh (sulphide) rock in Q1 and Q2 2026. |
| · | Processing cost per tonne of $25.66 in Q3 2026 were higher than the prior year comparative period (Q3 2025: $14.60 per tonne) mainly due to an increase in consumption of key reagents and mill consumables, all required to improve throughput, metallurgical recovery and elution stripping, which has resulted in a 24% improvement in metallurgical recovery, a 16% increase in throughput and a 9% reduction in cash cost1 per ounce. Additional costs incurred during Q3 2026 that impacted processing cost per tonne included the use of a contractor crushing plant to supplement the Buckreef Gold crushing circuit while it underwent upgrades, higher diesel consumption due to increased use of gensets following grid power quality and interruption issues, higher diesel prices, and the purchase of a significant inventory of maintenance spares to ensure higher plant availability. The increase in plant recovery in Q3 2026 of 84.9% (2025: 67%) more than offset the increase in processing cost per tonne. For the nine months ended May 31, 2026, processing cost of $23.86 per tonne were higher than the prior year comparative period (2025: $14.20 per tonne) mainly due to an increase in reagent and consumable consumption which enhanced plant recovery (2026: 81.4%, 2025: 71%). The processing plant upgrades to the 2,000 tpd plant have already begun to boost plant reliability and performance as evidenced by an increase in plant throughput and an improvement in recovery in Q3 2026. The commissioning of the oxygen plant, which is operating alongside the Aachen reactor, have begun to improve slurry oxidation and are expected to reduce the consumption of hydrogen peroxide in the future. Additionally, commissioning of the pre-leach thickener in Q4 2026 is expected to improve gold concentration and the installation of the ADR plant in Q1 2027 is expected to improve carbon activity progressively benefitting processing cost per tonne over the remainder of fiscal 2026 and throughout fiscal 2027. |
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