Here are 1-3 brief analogies for TRX Gold:

• Barrick Gold for emerging African gold production.
• A smaller Newmont, hyper-focused on its primary gold mine in Tanzania.
• A focused Kinross Gold, developing its flagship project in Africa.

• Gold: A precious metal extracted from its mining operations.

Global Gold Mining Market:

• The global gold mining market is projected to exceed USD 250 billion in 2025.
• Other estimates value the global gold mining market at approximately USD 215.49 billion in 2024, with projections to reach USD 314.68 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2025 to 2035.
• Another analysis estimates the global gold mining market size at around USD 267.87 billion in 2024, with a projection to reach USD 402.34 billion by 2034, at a CAGR of approximately 3.9% between 2025 and 2034.
• The market was also valued at USD 213.54 billion in 2025 and is expected to grow to USD 304.14 billion by 2035, with a CAGR of around 3.6% during the period of 2026-2035.

Tanzanian Gold Mining Market:

• Tanzania is a significant player in the gold mining industry, ranking as the 4th largest gold producer in Africa.
• The country accounts for approximately 1% to 1.3% of the total global gold production.
• Tanzania's gold production stands at around 50 tonnes per year.
• Gold exports from Tanzania reached USD 2.743 billion in 2021.
• In 2022/2023, gold exports alone were valued at USD 2.86 billion.
• The Gross Domestic Product (GDP) from mining in Tanzania reached approximately USD 0.923 billion in the fourth quarter of 2024.
• The Tanzanian gold mining market is currently experiencing increased activity, driven by investment in exploration and production projects, with a positive future outlook and significant growth potential.

TRX Gold (TRX) Expected Revenue Growth Drivers (Next 2-3 Years)

Share Issuance

• In February 2021, TRX Gold, then known as Tanzanian Gold Corporation, completed a registered direct offering of 32,923,078 shares at US$0.65 per share, resulting in net proceeds of approximately US$19.8 million.
• These proceeds were earmarked for the continued development of the Buckreef Gold Project, including capital expenditures, exploration, and general corporate purposes.

Inbound Investments

• A significant inbound investment occurred in February 2021 through an equity raise that generated approximately US$19.8 million in net proceeds from the issuance of common stock and warrants.

Capital Expenditures

• TRX Gold reinvested $14 million of cash flow from operations in fiscal year 2024 to fund the third successful plant expansion, increasing capacity to 2,000 tonnes per day (tpd).
• During the three months ending August 31, 2024 (Q4 2024), the company incurred $5.2 million in cash capital expenditures for infrastructure and development at the Buckreef Gold property, including the 2,000 tpd plant expansion.
• Future growth capital expenditures for expanding the processing plant to a combined 3,000+ tpd sulphide circuit and 1,000 tpd oxide/transition/tailings circuit are estimated at approximately US$30 million, expected to be financed from internally generated cash flow over 18-24 months. A Preliminary Economic Assessment (PEA) from April 2025 further outlines estimated growth capital expenditures of US$89 million over the next four years for underground expansion, process plant improvements, and tailings facility upgrades.