[Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position (Balance Sheet)](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) The company's total assets grew to $92.6 million, driven by increased PP&E, while liabilities rose to $30.1 million Financial Position Summary | Financial Item | May 31, 2024 ($'000) | August 31, 2023 ($'000) | | :--- | :--- | :--- | | **Total Current Assets** | 16,775 | 17,193 | | **Mineral property, plant and equipment** | 72,504 | 64,059 | | **Total Assets** | **92,614** | **84,200** | | **Total Current Liabilities** | 21,823 | 17,810 | | **Total Liabilities** | **30,065** | **23,144** | | **Total Equity** | **62,549** | **61,056** | | **Total Equity and Liabilities** | **92,614** | **84,200** | - Mineral property, plant and equipment increased by **13.2%** to **$72.5 million** from $64.1 million at the end of the previous fiscal year[3](index=3&type=chunk) - Total liabilities rose by **30.0%**, driven by a **24.9%** increase in amounts payable and accrued liabilities and a **70.6%** increase in the deferred income tax liability[3](index=3&type=chunk) [Consolidated Statements of (Loss) Income (Income Statement)](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20%28Loss%29%20Income%20and%20Comprehensive%20%28Loss%29%20Income) Net income for the nine-month period fell sharply to $0.2 million due to lower revenue and derivative value changes Income Statement Summary | Metric | Nine months ended May 31, 2024 ($'000) | Nine months ended May 31, 2023 ($'000) | | :--- | :--- | :--- | | Revenue | 27,536 | 29,133 | | Gross Profit | 11,342 | 14,112 | | Change in fair value of derivatives | (925) | 1,670 | | Income before tax | 4,012 | 9,119 | | **Net (Loss) Income** | **226** | **4,736** | | **Basic and Diluted (Loss) Earnings Per Share** | **($0.01)** | **$0.00** | - For the three months ended May 31, 2024, the company reported a **net loss of $1.7 million**, a significant increase from the $0.4 million loss in the same period of 2023[6](index=6&type=chunk) [Consolidated Statements of Changes in Equity](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity grew to $62.5 million, as an increase in non-controlling interest offset a net loss to shareholders - Shareholders' equity decreased from $53.9 million to **$52.6 million** during the nine-month period, mainly due to a **net loss of $2.5 million** attributable to shareholders[9](index=9&type=chunk) - Non-controlling interest increased significantly from $7.2 million to **$9.9 million**, contributing positively to total equity[9](index=9&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to $9.3 million, while investing activities focused on PP&E purchases Cash Flow Summary | Cash Flow Activity ($'000) | Nine months ended May 31, 2024 | Nine months ended May 31, 2023 | | :--- | :--- | :--- | | Cash provided by operating activities | 9,282 | 14,580 | | Cash used in investing activities | (8,765) | (15,764) | | Cash used in financing activities | (480) | (86) | | **Net increase (decrease) in cash** | **37** | **(1,270)** | | **Cash at end of the period** | **7,666** | **7,206** | - Investment in mineral property, plant and equipment was the primary use of cash, totaling **$8.4 million** for the period, though this was a reduction from the $14.7 million invested in the same period last year[13](index=13&type=chunk) [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Company Overview and Operations](index=7&type=section&id=1.%20Nature%20of%20operations) The company is a dual-listed Canadian entity focused on mineral exploration, development, and production in Tanzania - The company's primary business is the exploration, development, and production of mineral properties in the **United Republic of Tanzania**[15](index=15&type=chunk)[17](index=17&type=chunk) - The company's shares are listed on the **TSX** in Canada and the **NYSE American** in the United States[16](index=16&type=chunk) [Inventories](index=10&type=section&id=6.%20Inventories) Total inventories increased to $6.5 million, driven primarily by a significant rise in the ore stockpile value Inventory Breakdown | Inventory Type ($'000) | May 31, 2024 | August 31, 2023 | | :--- | :--- | :--- | | Ore stockpile | 4,821 | 3,361 | | Gold in circuit | 807 | 689 | | Gold doré | 80 | 52 | | Supplies | 794 | 859 | | **Total inventories** | **6,502** | **4,961** | [Mineral Property, Plant and Equipment (PP&E)](index=10&type=section&id=7.%20Mineral%20property%2C%20plant%20and%20equipment) The net book value of PP&E grew to $72.5 million following additions of $10.3 million in the period - Total additions to PP&E amounted to **$10.3 million** for the nine months ended May 31, 2024[36](index=36&type=chunk) - The most significant investments were in the **processing plant and infrastructure ($6.1 million)** and **mineral properties ($3.8 million)**[36](index=36&type=chunk) [Financing and Derivative Instruments](index=10&type=section&id=8.%20Deferred%20revenue) The company drew $2.5 million in deferred revenue and saw derivative warrant liabilities rise to $4.2 million - Under a prepaid Gold Doré Purchase Agreement, the company drew down an additional **$2.5 million** in the nine months to May 31, 2024[38](index=38&type=chunk)[40](index=40&type=chunk) - Derivative warrant liabilities increased from $3.5 million to **$4.2 million**, with the change in fair value resulting in a **loss of $0.7 million** for the nine-month period[41](index=41&type=chunk)[42](index=42&type=chunk) - The company entered into gold zero-cost collar contracts for 3,000 ounces; as of May 31, 2024, all contracts were settled, with **realized losses of $0.2 million**[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Income Tax](index=12&type=section&id=10.%20Income%20tax) Total income tax expense was $3.8 million, with an effective current tax rate of 9% at its Tanzanian subsidiary Income Tax Expense Breakdown | Income Tax Expense ($'000) | Nine months ended May 31, 2024 | Nine months ended May 31, 2023 | | :--- | :--- | :--- | | Current income tax expense | 800 | 800 | | Deferred income tax expense | 3,000 | 3,600 | | **Total income tax expense** | **3,800** | **4,400** | - In Tanzania, the company can utilize tax losses against 70% of its taxable profit, resulting in an **effective current tax rate of 9%** at the Buckreef subsidiary until tax losses are fully used[48](index=48&type=chunk) [Share Capital and Equity Instruments](index=13&type=section&id=12.%20Share-based%20payments%20reserve) The company recorded $1.7 million in share-based compensation expense with 36.2 million warrants outstanding - Share-based compensation expense for the nine months ended May 31, 2024, was **$1.7 million**, down from $2.1 million in the prior year period[53](index=53&type=chunk) Outstanding Equity Instruments | Instrument | Number Outstanding (as of May 31, 2024) | | :--- | :--- | | Stock Options (CAD & USD) | 15,436,000 | | Restricted Share Units (RSUs) | 2,327,176 | | Warrants | 36,190,769 | - Approximately **2.8 million warrants** with an exercise price of $1.50 expired during the period[58](index=58&type=chunk) [Related Party Transactions](index=17&type=section&id=15.%20Related%20party%20transactions) Total remuneration for directors and key management personnel was $2.5 million for the nine-month period Key Management Compensation | Compensation Type ($'000) | Nine months ended May 31, 2024 | Nine months ended May 31, 2023 | | :--- | :--- | :--- | | Remuneration (Salaries, Fees) | 1,293 | 1,414 | | Share-based compensation expense | 1,173 | 1,682 | | **Total** | **2,466** | **3,096** | [Segment and Geographic Information](index=19&type=section&id=18.%20Segmented%20information) The company operates as a single segment in Tanzania with significant customer concentration and assets located there - The company operates as a **single operating segment**: mineral exploration and development in Tanzania[71](index=71&type=chunk) - For the nine months ended May 31, 2024, **one customer accounted for 92% of total revenue**, representing $25.4 million[72](index=72&type=chunk) - As of May 31, 2024, **$75.8 million (or 99.9%)** of the company's non-current assets were located in Tanzania[74](index=74&type=chunk)

The accompanying notes are an integral part of these interim condensed consolidated financial statements. Exhibit 99.1 TRX Gold Corporation Interim Condensed Consolidated Financial Statements (Unaudited) For the three and six months ended February 29, 2024 and February 28, 2023 TRX Gold Corporation Interim Condensed Consolidated Statements of Financial Position (Unaudited) (Expressed in Thousands of US Dollars) | | Note | | February 29, 2024 | | August 31, 2023 | | --- | --- | --- | --- | --- | --- | | Asse ...

TRX Gold Corporation (NYSE:TRX) Q1 2024 Results Conference Call January 18, 2024 11:00 AM ET Company Participants Christina Lalli - Vice President, Investor Relations Stephen Mullowney - Chief Executive Officer, Director Andrew Cheatle - Chief Operating Officer Mike Leonard - Chief Financial Officer Conference Call Participants Jake Sekelsky - Alliance Globe Partners Heiko Ihle - H.C. Wainwright Operator It's now my pleasure to introduce Christina Lalli, Vice President, Investor Relations with TRX Gold. Chr ...

Exhibit 99.1 TRX Gold Corporation Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended November 30, 2023 and 2022 TRX Gold Corporation Interim Condensed Consolidated Statements of Financial Position (Unaudited) (Expressed in Thousands of US Dollars) | | | | November 30, | | August 31, | | --- | --- | --- | --- | --- | --- | | | Note | | 2023 | | 2023 | | Assets | | | | | | | Current assets | | | | | | | Cash | | $ | 8,327 | $ | 7,629 | | Amounts receivable | 4 | | 2,062 ...

TRX Gold Corporation (NYSE:TRX) Q4 2023 Earnings Conference Call December 4, 2023 11:00 AM ET Christina Lalli - Vice President of Investor Relations Stephen Mullowney - Chief Executive Officer Michael Leonard - Chief Financial Officer Andrew Cheatle - Chief Operating Officer Heiko Ihle - H.C. Wainwright Jake Sekelsky - Alliance Global Partners Mike Niehuser - ROTH Capital Partners Craig Sutherland - Conceptual Solutions Limited John Tumazos - John Tumazos Very Independent Research After the presentation, th ...

TRX Gold Corporation (NYSE:TRX) Q3 2023 Earnings Conference Call July 19, 2023 11:00 AM ET Company Participants Christina Lalli - Vice President of Investor Relations Stephen Mullowney - Chief Executive Officer Michael Leonard - Chief Financial Officer Andrew Cheatle - Chief Operating Officer Conference Call Participants Jake Sekelsky - Alliance Global Partners Operator It's now my pleasure to introduce Christina Lalli, Vice President, Investor Relations with TRX Gold. Christina, the floor is yours. Christi ...

Exhibit 99.1 TRX Gold Corporation Interim Condensed Consolidated Financial Statements (Unaudited) For the three and nine months ended May 31, 2023 and 2022 TRX Gold Corporation Interim Condensed Consolidated Statements of Financial Position (Unaudited) (Expressed in Thousands of US Dollars) | | | | | | August 31, | | --- | --- | --- | --- | --- | --- | | | Note | | May 31, 2023 | | 2022 (Note 2) | | Assets | | | | | | | Current assets | | | | | | | Cash | | $ | 7,206 | $ | 8,476 | | Amounts receivable | 5 | ...

Financial Data and Key Metrics Changes - The company recognized revenues of over $10 million in Q2 2023, with an operating cash flow of almost $5 million, indicating strong financial performance [31][45] - Cash cost per ounce was recorded at $888, which was above Q1 but in line with expectations, with a full-year guidance of $750 to $850 per ounce [32][47] - Gross margin remained strong at around 50% for both the three and six-month periods [33][49] Business Line Data and Key Metrics Changes - The newly expanded 1000 tonne per day mill produced over 5,600 ounces of gold in Q2, a 164% increase compared to the same quarter in 2022 [28][45] - The company continues to reinvest operating cash flow back into the business for growth, including capital equipment purchases [31][46] Market Data and Key Metrics Changes - The realized price of gold was $1,845 per ounce, benefiting from recent price increases, with gold prices touching over $2,000 recently [45][72] - The company produced and sold over 11,000 ounces year-to-date, generating revenues of almost $20 million [48] Company Strategy and Development Direction - The company is focused on expanding the Buckreef project, with plans for a third mill expansion expected to increase throughput by 75% to 100% [29][83] - The strategy includes prioritizing local content to create jobs and reduce costs, integrating ESG initiatives into operations [64][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q3 and Q4, expecting them to be the strongest quarters of the year due to unlocked higher-grade ore blocks [34][62] - The company is cautiously optimistic about the potential for underground mining and is actively working on resource model updates [72][121] Other Important Information - The company has built strong relationships with local stakeholders in Tanzania, which has contributed to operational success [20][68] - The balance sheet remains strong with a cash balance of around $9.5 million and working capital of about $5.5 million [49] Q&A Session Summary Question: Can you remind us of the total cost of the mill and installation costs? - The company has not explicitly guided a full capital cost but expects to improve upon the cost of the first mill [93] Question: Are you targeting any higher grade areas for the larger mine plan for 2024? - The company has identified higher grade zones in the Eastern Porphyry and Anfield areas and plans to continue drilling [120] Question: What are the plans for future expansions? - The company envisions becoming a 3 to 4 million tonne per annum mine and is evaluating available mills worldwide for future expansions [106]

Exhibit 99.1 A Y E A R O F G R O W T H A N D T R A N S F O R M A T I O N A N N U A L R E P O R T 2 0 2 2 TABLE OF CONTENTS Introduction 3 4 Message from the Chairman o Message from the CEO 8 2022 Year in Review 9 Building a Solid Foundation for Future Growth 10 2022 Operational Accomplishments 12 More Growth for the Year Ahead 14 Value Creation Through the Drill Bit 16 The Buckreef Gold Project 18 Governance 19 Board of Directors 20 Governance At The Buckreef Gold Project Level 22 Environment, Social, Gover ...

Exhibit 99.1 TRX Gold Corporation Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended November 30, 2022 and 2021 TRX Gold Corporation Interim Condensed Consolidated Statements of Financial Position (Unaudited) (Expressed in Thousands of US Dollars) | | | | | | August 31, 2022 | | --- | --- | --- | --- | --- | --- | | | Note | | November 30, 2022 | | (Note 2) | | Assets | | | | | | | Current Assets | | | | | | | Cash | | $ | 8,930 | $ | 8,476 | | Amounts receivable | 5 ...