Broadcast is now starting. All attendees are in listen-only mode. We're happy today to host Michael Leonard, the Chief Financial Officer of TRX Gold. They have a meeting with the government ministry in Dar es Salaam, and the CEO, Stephen Mullowney, can't get away. I'm sure Mike will just do a real good job with us. Mike, tell us all the developments. That's great. Thanks for the introduction, John, as always, and thanks for hosting us. I am patching in today from Mwanza, Tanzania, and was up at site today seeing all the developments, and there's plenty of that. I certainly look forward to telling you in the audience everything we're doing at TRX Gold. As usual, I do need to point out that the presentation contains some forward-looking statements and remarks, so please read the disclaimer and cautionary statements. Of course, the presentation will be on the website following this broadcast, so you can review it in more detail at that time. It's on ours too. Oh, good. Thanks, John, for that, as always and for all the support. For those that don't know us, who are we? TRX Gold. We're a producing gold mining company. We've got an open-pit operating mine in Tanzania, as mentioned. We're in East Africa. The asset's called the Buckreef Gold Project. You can see on the slide here some of the snapshots of the highlights, which we'll get into in detail here shortly. Really at a high level, what we think makes us unique from other junior gold mining companies are a few things. Firstly, Buckreef does have a significant starting gold resource of about 1.6 million ounce resource in the ground in the measured and indicated categories, at about 2.5 g a ton. That really indicates, of course, a long life of mine and thus many years of future cash flow. We are undertaking exploration drilling to unlock the blue sky upside potential, of course, with the goal of adding to the resource base over time and hopefully extending the life of the mine. We'll get into this more shortly here, but we do certainly see this as a big value lever as the 16 sq km land package that we currently hold is largely undrilled. There's only about 130,000 m in the drill hole database, which identified the 1.6 million ounces. So of course, the hope is to drill that out and again, add to that resource base over time. Secondly, as mentioned, Buckreef is a producing asset, and we are still in the relatively early stages of our growth life cycle since we joined as a management team a few years ago. But over the last 12 months, we still produced almost 28,000 oz of gold. We generated almost $115 million in revenue and greater than $66 million in EBITDA, and continue to demonstrate leverage to the robust gold prices that we're seeing of just over $4,000 an ounce currently. Thirdly, we did recently complete an updated study, a PEA, a preliminary economic assessment that we published in May of 2025, and that shows an 18-year mine life, average annual production of about 62,000 ounces of gold per year. It shows an NPV, a pre-tax NPV, of about $1.9 billion at $4,000 gold. Again, we think that indicates a valuation gap from where we're currently trading. As we execute against that study, hopefully, that valuation gap closes. But really in the time that we've been operating, Buckreef has shown itself to be a low-cost, high-margin operation that's enabled us to use organically generated cash flow from production to fund growth in a purely non-dilutive, value-accretive way. Illustratively, John, we completed three expansions in three years when we first took this on about five years ago. We've grown the mill to about 2,000 tons a day of throughput currently. We did it on time and on budget, largely using cash flow from operations, bootstrapping our way up. Really for people that are new to the story or prospective shareholders, it's a self-funding business, and we feel that's appealing to shareholders looking at this as an investment proposition. In summary, we see Buckreef as a unique asset. We've got a significant starting resource base that we hope to add to over time. We have got a growing production profile that we have demonstrated leverage to gold price with, generating year-over-year-over-year growth in all key operational and financial metrics like revenue and cash flow and EBITDA, and a runway to a much, much higher valuation as we execute against the PEA that we published. We are in the process of working towards an updated PEA, which we expect to release likely later this year and possibly early next year, which we expect will exceed the operational and financial metrics that was published in the last study. Stay tuned for that and look forward to updating the market when we have published that study. Our business plan is a simple one. I touched on it earlier, but it is using cash flow from operations to self-fund growth in EBITDA, NAV, and our resource base to create long-term value for shareholders in an accretive manner. We have got a robust gold asset in Tanzania, where we are here today. We see it as a [Tier 1] jurisdiction because it is a place that you can get things done, both efficiently and cost-effectively. It is an asset that is cash flowing, demonstrating leverage to gold, as mentioned. We have got a study in the market which lays out a roadmap towards future growth in EBITDA as well as significant NAV creation potential as we execute against that study. We have got a successful track record of execution. We completed three expansions in three years, as mentioned, on time and on budget. We have got a robust exploration program, which we will get into in detail. We plan to aggressively drill out the deposit this year and beyond with the goal of adding to the resource base and a proven management team. We have successfully operated and grown the asset in the few years that we have been operating it, while prudently managing capital. In short, the focus is really on growing the underlying valuation metrics, and expect as we continue to execute against that PEA, that there is an opportunity certainly to move up the value curve. This slide here effectively summarizes our growth journey over the last five years when we were brought in as a new management team and board beginning back in 2021. In 2022, we expanded what was a small test plant to a 360 ton per day mill. We brought in a small ball mill, and the idea there, John, was to get the operation cash flowing. The idea was to use that cash flow again, to help fund future growth. In 2023, we did do our second expansion. We grew to 1,000 tons a day of throughput, again, self-funded using cash flow from operations, which helped grow production earnings, cash flow, and EBITDA from there. This past year, we did our expansion. We grew the mill to our current throughput level of 2,000 tons a day, and that generated record revenues, EBITDA and cash flow, and year-over-year growth in virtually all categories. We are currently executing our fourth expansion, adding a 3,500 ton a day SAG/Ball mill combination, which we expect to be used in conjunction with our existing 2,000 ton a day mill. Effectively, 5,500 tons a day, which of course will significantly increase throughput in the near term. It really sets the stage for the updated PEA that I touched on that we're working through, which included average annual production of about 62,000 oz, but contemplated a 3,000 ton a day mill. As you've just heard, we're moving towards a 5,500 ton a day mill. So certainly expect that number to be much larger when we do publish the updated study. But really in short, there's been lots and lots of fast-paced growth and transformation over the last few years and there's plenty more to come. So watch this space closely. We did an initial capital raise back in 2021 to recapitalize the balance sheet when we first joined. The approach really that we've taken since then, you've heard it a couple of times already, is to grow the asset, really being prudent capital managers first and using cash flow from operations to grow the business. The boxes at the top effectively show that we've really been able to invest over four times what was initially raised back in 2021 right back into the business or an investment of greater than $90 million into Buckreef on an initial capital raise of about $19 million. That investment has really allowed us to again, grow production, cash flow, and EBITDA efficiently and cost effectively while maintaining low overhead costs, as you can see on the slide highlighted at the bottom. In summary, the expectation here is that the rapid EBITDA growth that we've seen since we joined in 2021, we expect to continue as we continue to execute against our PEA study going forward. This slide here really just summarizes some of the key highlights and stats on that PEA that we published back in 2025, namely average annual gold production of about 62,000 oz a year. But again, that was based off of a plant throughput capacity assumption of 3,000 ton a day. We are executing on a 5,500 ton a day combination SAG/Ball mill with our existing 2,000 ton a day plant. So the expectation with the updated study is that production level should grow. But a couple of important points to note. You'll see the average annual free cash flow number of greater than $100 million and consequently, the growth capital to execute on our plant expansion as well as eventual underground expansion or what we're calling growth capital of about $90 million over the next four or five years can be funded using existing cash flow. So effectively follows the same model that we followed over the last five years in bootstrapping the asset up in using cash. If I flip to the next slide, what you'll see amongst other things, what this slide shows is that $90 million of growth capital over four or five years or about $30 million related to the plant expansion and about $60 million related to what will be underground development, that Buckreef generates more than sufficient EBITDA and operating cash flow to self-fund the CapEx requirements as outlined in that study. You will see there the CapEx coverage multiples are between 3x and 7x over the course of that period with that average annual EBITDA greater than $100 million and peaking at over $300 million at $4,000 gold. Really again, the next expansion continues to follow that model of self-funding growth and using cash flow from operations to grow the business. In terms of other project highlights, you can see the map depicting where we are. I am just outside of Buckreef here today, but it is a very geologically rich part of Tanzania with a very long history of gold mining in the area. We are surrounded by major gold producers like Barrick and AngloGold Ashanti where some of their flagship mines are producing between 300,000 oz and 400,000 oz of gold a year. There is lots and lots of geologic continuity in the jurisdiction. Barrick's Bulyanhulu is only about 30 km away, as is Geita Gold Mine, with Geita being our closest neighboring town. I touched on our starting gold resource of about 1.6 million ounces, but it is worth highlighting a couple of additional points. It is a deposit that comes to surface, so it is relatively easy to mine with a relatively low strip ratio. The last study had a strip ratio of about 6:1 illustratively, so fairly easy to mine and cost-effective as a result. Secondly, the metallurgy is very straightforward. It is a crush, grind, CIL circuit, so it is not a science project when it comes to milling. As a result, easy to mine, easy to process, translates into a low-cost operation. You will have seen on the previous slide, the life of mine average cash cost in the PEA is $1,000 an ounce. Of course, at $4,000 an ounce, it is generating a terrific gross margin and again, cash flow and EBITDA. Buckreef is a fully permitted mine with what is called a special mining license, which is unique to Tanzania. In short, really allows us to grow the asset unencumbered, because it is a fully permitted business. Finally, there is plenty of established infrastructure in-country. Paved roads, grid power at site, secure, consistent, predictable supply chain, particularly with the Port of Dar es Salaam, being one of the largest shipping ports in Africa. It is a very effective way to procure equipment and supplies. Really, in short, Tanzania is a great place to develop and grow an operating mine, and a very good part of the world to do business, as we can see. A great place to visit, by the way. Having a terrific visit yet again, being here this week. We touched on this at the outset, but one of the big value levers that we certainly see is unlocking the blue-sky potential, the exploration potential on the property. It is a 16 sq km land package with only [125,000-odd meters] drilled in the drill hole database to date, so there is lots of opportunity to drill it out. The 1.6 million ounce resource, the M&I resource that I touched on, is contained in what is called the Main Zone, as highlighted in the pink and yellow colorings on the map. So it is really a relatively small portion of the total land package. Since we joined, we have identified a series of parallel shear zones and splays that come off the Main Zone with both grade and mineralization that looks like the material that is coming out of the Main Zone, according to our geologists. For example, the Anfield Zone, which you can see on the map in white, sits 500 m parallel to the east of the Main Zone. It has a series of shallow artisanal, historical artisanal workings where you have pulled grab samples of 28+ g per ton, for example. We are very excited to drill it out to see what it holds, but of course, you have to drill it out before we get too excited. That Anfield Zone effectively anchors what is a historical resource in the Eastern Porphyry, which you can see to the right of the Main Zone, down to a decommissioned Chinese mine at the south end of the special mining license. The idea or the hope, of course, is that it links up as we drill it out. Again, the goal, of course, is to add to that resource over time through the drill bit. We do expect to have a very aggressive drilling program this upcoming fiscal year, which we look forward to updating the market on shortly when we publish our year-end results. As part of that drill program, last year we released the best drill hole results in the history of Buckreef with the highest grades that we have ever seen to date. It is in a new shear zone that we called the Stamford Bridge Zone. It is a splay off the Main Zone, and this zone looks like it may be a bridge between the Main Zone, as well as some satellite deposits to the east, which are highly prospective. Again, planning on doing some aggressive targeted drilling in this upcoming year. The hope, given the prospectivity in this area, of course, is that you add resources over time. This discovery was not considered as part of the last PEA, so the hope is that we can bring some of this Stamford Bridge prospectivity. [crosstalk] [crosstalk] resource yet? It is not, John. It is not. The 1.6 million ounce resource of indicated and inferred that you have at 2.5 g, is that all- Yes. -oxide open pit? No, it is about 20% oxide, 80% sulfide. So we are through most of the oxide material within that 1.6 million ounce resource or into sulfide rock primarily. But of course, the hope is as you drill out some of these parallel shear zones, splays, or satellite deposits, that there will be oxide material that comes with it that supplements that harder rock. Thank you. Lots of prospectivity in the area and looking forward to drilling it out this upcoming year. In terms of stakeholder engagement, it is really about building relationships and building sustained growth for all stakeholders. We are very active in the surrounding communities. In fact, I just visited some of the neighboring communities today on things like CSR, where we have invested in health and education with classrooms in some of the schools in the neighboring districts, as well as medical clinics and the like. Local procurement is a priority for us. We do source about 80% of our consumables and reagents, and equipment locally within Tanzania, as close to the mine site as possible. We are a 55/45 joint venture with the State Mining Company. They own 45%, an equity stake that partners with us on things like permitting and community development. John, you touched on it at the outset, our CEO is meeting with the government today to discuss the terms of our current joint venture. But the expectation and the goal is to create value for all stakeholders involved, TRX and in-country and ex-country and shareholders. I look forward to updating the market as we progress there. Finally, a lot of it is about communication. It is having a strong presence to maintain your social license to operate, being visible, transparent, and proactive. Again, the goal is to create long-term sustainable growth in Tanzania and around. Again, look forward to updating the market on the status of our ongoing discussions with the government on the current status of the joint venture. With this slide here, we do not like to say we are undervalued, but rather that there is an opportunity, or we see an opportunity to move up the value chain as we execute against the study that we have in the market. This chart here is just a table showing three of your valuation metrics on your valuation football chart. That, again, we can feel like that as we execute against this study. So I. Yeah, John. I encourage companies not to have these charts. Okay, interesting. Sometimes some of the other early-stage companies have dog shit data. Sure. Particularly pre-production studies. Yep. It distracts the audience. So I will get questions later on as to whether Allied Gold is better than K92 or not. And I think it's most effective if the company speaks about its own development projects to make itself better, and sticks to that. Yeah, that's a good point, John. It is a little bit of a distraction. I will just maybe make two comments on that. I do not disagree, and that is good feedback. I think what makes us maybe a little bit unique is when you refer to the study, for example, particularly for pre-production, one of the benefits I would say that we have of having done a PEA, for example, is that we see it as being closer to a PFS because it used real data, real operating costs, real CapEx, real recovery rates, real grind sizes, and looks more like what you would see in a PFS or maybe not as far as a feasibility study, but the real data gives, I think, a little bit of credibility to the plan that we put to the market. The reason we put this out, and perhaps it is a bit distracting with some of our peers on the slide, is really more related to the three boxes at the top that basically say, if we can grow our EBITDA the way that I tried to describe at the outset by growing production in accordance with the study, it, in theory, will grow the P/NAV on the project. Then the third bucket is really your EBITDA resource. So if we can continue to drill it out, and grow the resource, you would get obviously a re-rate that way. We see those closely in our. [audio distortion] tons a day at over 2 g to make 100,000 oz, you will create all your value. You got it. In short, that's the plan, that's the goal. If we do that, by definition, you move up these curves irrespective of how our peers are or aren't trading. Yeah. I don't want to figure out whether Mongolia is better than Ghana, is better than Caledonia, and whatever country it is on the other side of the river. Got it. Good feedback, John. Thank you for that, and hope as we continue to execute towards some of the numbers that you mentioned, that we move up the curve organically. Yeah. I own [audio distortion] gold and silver, and next week I'm going to visit Mako Mining in Nevada. There's lots of good companies that you're reminding me about over here. Not kidding. We've got to get you over to Tanzania as well, John, at some point. I hear the food is really good. It's exceptional. The country shows really well. The asset shows really well. It's a beautiful place to visit. I'd encourage any listeners who perhaps haven't been to Africa to look to Tanzania as a good place to start. Just to stay on the last couple of slides here, this is really a capital structure slide for those, again, new to the story. We're a dual-listed company. We're on the Toronto Stock Exchange as well as the New York Stock Exchange American, where most of our trading, in fact, takes place. We're trading at about a [CAD 500 million] market cap currently. We've got about $27 million of cash on hand. We're effectively debt-free, so we've got a clean balance sheet. No financial instruments or warrants on our books. Again, plenty of cash and liquidity to execute on our plan and follow the model of using cash flow to grow the business. We do have access to liquidity. We have a $25 million ATM, for example. We've got a credit facility with a Tanzanian bank, a gold prepay facility with a gold off-taker. The supplemental liquidity is there if we need it, but with plenty of cash and cash flow generation potential, the expectation is that we can fund it through the business. It is a widely held retail stock. There's just over 300 million shares outstanding. It's trading at about a $1.15, I think the last time I looked. You can see we do have some analyst coverage with some of the U.S. banks that we've worked with, as well as some paid research. There is an average target price of about $2.20 on the research that has been published to date. Hopefully, some opportunity to grow from here as we execute against our study and grow the asset. This is our last slide, John. I will leave this one with you and the audience. It is really our investment proposition in closing. We are operating a profitable, cash-flowing, growing gold producer in what we see as a [Tier 1] operating jurisdiction at effectively record gold price levels north of $4,000. We have had record drill hole results, as mentioned, with plenty of blue sky growth potential as we drill out the asset. We will certainly update the market with assay results as we progress. We are a credible, experienced management team. We have done what we said we were going to do since we joined five years ago, have a successful track record of execution. We have shown year-over-year-over-year growth in all financial and operating metrics since we joined. We have done three expansions in three years on time and on budget with more to come. We are deploying capital into the drill bit with the goal of expanding the 1.6 million ounce resource, which of course is a big value lever. Finally, again, while we have got a $1.9 billion study in the market that demonstrates an asset that is ripe for growth and lots of upside potential, there is opportunity to grow even further from here as we put the next study out to the market later this year. Really, we see TRX and Buckreef as a compelling investment proposition, and as we continue to execute the plan, expect that the equity value should grow with it. John, I will maybe leave it there and turn it back to you for any questions you might have. We appreciate everyone's attention in the audience. You are welcome to submit questions through the question box. There are not any at the moment, and I will ask a few. I want to just reiterate that we first hosted you about five years ago when all you had was a pilot plant, and said you were going to bootstrap up incrementally expanding cash flow. Now you are looking to the fourth expansion, and the plant is going to be about 20 x bigger than when I first met you guys. The ex-Barrick guys do a lot better job than some of the now Barrick guys. Congratulations. Well, thank you for that, John. We appreciated you hosting us five years ago. We appreciated that it was what I would call a little bit of a show-me story at that time. While we had lofty ambitions, and we certainly still do, we mercifully have been able to execute thus far, and the expectation is we'll continue from here. Again, thank you for your support. We don't care if we host companies with no market value, no revenue, and they need a gazillion dollars, because that's the nature of the beast. We insist that the companies have a resource, and you had 1.6 million ounce resource. It wasn't the biggest, but it was something. We just don't want to host 3x. We want the companies to really have minerals. Yeah, and look, I'm a finance guy. I'm not a geologist. While we're obviously very excited about the geologic prospectivity of our package, I suspect you hear that from many of the companies that you host. We got to go and drill it. I mean, that. The early [crosstalk] are very hard for us to evaluate and have a high failure rate. So we insist that there be an initial resource with critical mass or very close to it. Well, I agree, and I think the reason we were conservative with our study and not perhaps including some of the inferred material that you might get from some of these splays and parallel shear zones was, let's drill it out, increase the confidence level, move up the resource categories, and perhaps with the next study, we can bring some of that material in, but be conservative until that time. Your challenge is that 80% of the material is sulfide and 20% oxide. Does one of these expansions incorporate a circuit that's better adapted to the sulfides? Yeah, the SAG mill that we're bringing in will absolutely better handle the harder rock. We admittedly. Will fine or grind liberate the sulfides, or do you need pressure oxidation or bioleach? We do not need either of those two things. That is when I referred to other similar projects as maybe being science projects. Ours is simple crush grind CIL. It is 75 micron passing 80%, and the SAG mill accomplishes that. That is precisely why we are putting a SAG in place. Oh, we got some questions now. What is the current stockpile? The ROM pad is about 16,000 oz. The crushed ore is roughly, I saw it today, we have drawn down on it, so it is relatively small at the moment. There is maybe a week's worth of crushed ore. The CIL tanks have about 700 oz in it. Call it 17,000 oz, John. Are we expecting a near-term adjustment to the 55/45 ownership? That's a good question. It's Tanzanian politics. As those that perhaps are close to the story know, this has been an ongoing dialogue with the Tanzanian government. Stephen, as you mentioned at the outset, John, is currently at this moment in a meeting. I'm not sure I can say at this stage whether it's near term, medium term, or long term. But rest assured, it is a primary focus for us that we're working through with the hope of a structure that is beneficial to all stakeholders. People might misunderstand that. Did you just say nothing or tell us we might get a haircut? We're not going to get a haircut. The 55/45 JV is one we inherited. Without using up the rest of the time that you've got allocated today, there is a framework agreement in country that Barrick and others have, that we're simply trying to move towards in coming up with what effectively would be a 50/50 economic sharing of interests that you're probably familiar with, John, from some of your other in-country clients. These are where the negotiations are being focused. Tell us about drilling the 10 prospective sites. You can't tell us about the drill results before you got them, but do you have any drill results on them? We don't. Apparently, they come in on Tuesday, is what our geology manager told me this afternoon. The 10 targets were effectively the result of a geophysics study that we undertook that, again, identified anomalies, I think is how they'd be best characterized. Favorable anomalies that indicated that we should sink some drill holes in areas that the geophysics study identified as prospective. We're kind of prioritizing that and are looking forward to seeing what some of those initial results hold next week. And, of course, we'll update the market as they come in. When is the PEA completion? Also a good question. The goal was for the end of this calendar year. We are currently in the process of redesigning the open-pit mine plan, which looks like it is going to be longer than the three-year open-pit mine plan that was contemplated in the last study. We're using a higher gold price, which has brought in some additional material that has allowed us to go wider. The previous study had a three-year open pit, 15-year underground mine, so an 18-year total mine life. It looks like we may be able to defer or delay some of the underground development, maintain the open pit for maybe five years before going underground. The reason I bring all that up is it's developing into a new mine plan that supports that new study, with our mining consultants and our mine engineers. The goal is the end of this year. It may trickle into early next year, depending on timing, but the expectation is, I'll say, in the next three to four months. It sounds like we had our meeting a couple of weeks too soon. There's lots of excitement to come. I hope it sort of whet your appetite with what we're excited about. As we put it out into the market, certainly happy to participate in your next forum, and can talk to some of those details in further detail then. Okay. Well, give my regards to Stephen, and pop me a note in a couple of days just to tell me you didn't get expropriated. I certainly will. And appreciate you hosting us. Thank you to you and Alicia, as always, and look forward to staying in touch, John. All the best. It's our pleasure. We're so happy to have so many nice friends around the world. Thank you. Terrific. Thanks again. Thanks everyone for their.