TRX Gold Reports 2026 Annual Meeting Voting Results

Rhea-AI Summary

TRX Gold (TSX: TRX; NYSE American: TRX) reported voting results from its February 25, 2026 Annual Meeting. A total of 136,312,808 shares were voted, representing 47.276% of outstanding common shares, and shareholders approved all items, including five directors and auditors.

The company reiterated Buckreef Project metrics: 62,000 oz/year average production (17.6 years) and a US$1.9–2.6 billion pre-tax NPV5% at US$4,000–5,000/oz, plus a base-case NPV5% of US$701.0 million pre-tax at consensus prices.

Positive

• Shareholder approval: all meeting proposals passed with definitive majorities
• Board set at five directors with 99.428% FOR vote
• Auditor appointment approved with 98.688% FOR vote
• Buckreef PEA: 62,000 oz/year average production over 17.6 years
• Buckreef headline NPV5%: US$1.9–2.6 billion pre-tax at US$4,000–5,000/oz

Negative

• Voter turnout modest at 47.276% of outstanding shares
• Notable abstentions for one director: 6.885% abstained for Richard J. Steinberg
• Base-case NPV5% at consensus prices is much lower: US$701.0M pre-tax

News Market Reaction – TRX

+8.48%

22 alerts

+8.48% News Effect

+25.3% Peak in 26 hr 41 min

+$45M Valuation Impact

$571M Market Cap

1.2x Rel. Volume

On the day this news was published, TRX gained 8.48%, reflecting a notable positive market reaction. Argus tracked a peak move of +25.3% during that session. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $45M to the company's valuation, bringing the market cap to $571M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares voted: 136,312,808 shares Voter turnout: 47.276% Process plant capacity: 2,000 tonnes per day +5 more

8 metrics

Shares voted 136,312,808 shares Votes cast at Feb 25, 2026 annual meeting

Voter turnout 47.276% Percent of issued and outstanding shares represented

Process plant capacity 2,000 tonnes per day Current Buckreef Gold process plant capacity

PEA production 62,000 oz per annum Average gold production over 17.6 years at 3,000 tpd

PEA pre-tax NPV5% US$1.9–US$2.6 billion At US$4,000–US$5,000/oz gold price scenario

Measured & Indicated resource 10.8 MT @ 2.57 g/t (893,000 oz) Buckreef Gold Measured and Indicated Mineral Resource

Inferred resource 9.1 MT @ 2.47 g/t (726,000 oz) Buckreef Gold Inferred Mineral Resource

Base case pre-tax NPV5% US$701.0 million Consensus gold price scenario in footnote 1

Market Reality Check

Price: $1.83 Vol: Volume 4,038,410 is below...

low vol

$1.83 Last Close

Volume Volume 4,038,410 is below 20-day average 6,082,040 (relative volume 0.66), suggesting no outsized reaction to this meeting update. low

Technical Shares at 1.65 are trading above the 200-day MA of 0.74, indicating a pre-existing uptrend into this governance news.

Peers on Argus

TRX fell 2.94% while momentum peers ODV and PZG declined about 3.49% and 4.33%, ...

2 Down

TRX fell 2.94% while momentum peers ODV and PZG declined about 3.49% and 4.33%, respectively (median move about -3.9%). This points to broader weakness across gold miners rather than a company-specific reaction to the AGM voting results.

Common Catalyst Sector-wide pressure in gold equities without same-day peer news suggests macro/commodity-driven moves.

Historical Context

5 past events · Latest: Mar 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	Production update	Positive	+8.8%	Record Q2 2026 production and stronger balance sheet from warrant exercises.
Feb 17	Sector/gold demand	Positive	-5.2%	Record Q1 Buckreef results with strong margins and higher realized gold prices.
Jan 15	Earnings results	Positive	+8.6%	Record Q1 2026 financials and reaffirmed production guidance with expansion plans.
Dec 02	Year-end results	Positive	-3.8%	Record fiscal 2025 revenue, EBITDA and improved working capital at Buckreef.
Nov 04	Expansion update	Positive	-8.4%	Announcement of major processing plant expansion to 3,000+ tpd sulphide circuit.

Pattern Detected

Recent news has been largely positive operationally, yet price reactions are mixed, with three instances of selling on good news and two rallies, indicating inconsistent follow-through even on strong updates.

Recent Company History

Over the past several months, TRX Gold has repeatedly highlighted record production and stronger financials from Buckreef. Updates on throughput expansion to >3,000 tpd and multi-year guidance reinforced a growth narrative, while warrant exercises strengthened the balance sheet. Market reactions were uneven: some record quarters and expansion milestones led to gains, others to pullbacks. Against this backdrop, the 2026 annual meeting voting results represent routine corporate governance rather than a new operational or financial catalyst, fitting into an already news-rich period for the company.

Market Pulse Summary

The stock moved +8.5% in the session following this news. A strong positive reaction aligns with an ...

Analysis

The stock moved +8.5% in the session following this news. A strong positive reaction aligns with an already constructive backdrop of operational growth and improved financials highlighted in prior updates. The AGM voting results confirmed support for the existing board and auditors without introducing new risk factors. However, past news history shows mixed follow-through, with 3 out of 5 positive releases followed by declines. Investors would have to weigh project NPV metrics and long-life production potential against broader gold-sector volatility.

Key Terms

npv5%, measured and indicated mineral resource, inferred mineral resource, grams per tonne, +1 more

5 terms

npv5% financial

"a US$1.9-US$2.6 billion pre-tax NPV5% at average life of mine gold"

Net present value at a 5% discount rate (NPV 5%) measures the current worth of a sequence of expected future cash flows after shrinking them by 5% per year, like comparing getting money now versus in the future with a 5% annual “cost” for waiting. Investors use NPV 5% to judge whether an investment or project creates value: a positive number suggests the returns exceed that 5% benchmark, while a negative number implies the money would be better used elsewhere.

measured and indicated mineral resource technical

"The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8"

Measured and indicated mineral resource combines two levels of geological confidence about how much of a mineral is present and its quality, based on sampling, mapping and testing. Think of it as a well-documented treasure map: it tells investors there is a reasonably reliable amount of potential material that could be turned into mineable product, which helps estimate future revenue and risk, though it is not the same as a guaranteed, economically proved reserve.

inferred mineral resource technical

"and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

grams per tonne technical

"10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold"

Grams per tonne (g/t) is a measure of how many grams of a precious or base metal are contained in one tonne of rock or ore. It tells investors the concentration of the metal: higher g/t means more metal packed into the same amount of material, which can lower production costs and raise the potential value of a mine. Think of it like the amount of sugar in a slice of cake—the more sugar per slice, the sweeter (and more valuable) each slice is.

esg technical

"informed by the highest environmental, social and corporate governance (“ESG”) standards"

ESG stands for Environmental, Social, and Governance, which are key factors investors consider when evaluating how sustainable and responsible a company is. It involves assessing how a company manages its impact on the environment, treats its employees and communities, and operates transparently and ethically. Investors use ESG criteria to identify businesses that align with their values and have the potential for long-term success.

AI-generated analysis. Not financial advice.

TORONTO, March 09, 2026 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce the voting results from its Annual General and Special Meeting (the “Meeting”), held on February 25, 2026.

A total of 136,312,808 common shares were voted representing 47.276% of the issued and outstanding common shares of the Company. Shareholders voted in favor of all items of business before the Meeting, as follows:

ITEM VOTED UPON	RESULTS OF VOTE – FOR	RESULTS OF VOTE – WITHHOLD/ AGAINST	RESULTS OF VOTE -ABSTAINED
Set the number of directors at five (5)	135,533,107 (99.428%)	779,701 (0.572%)	0 (0.000%)
Appoint Stephen Mullowney as director	93,539,532 (99.459%)	0 (0.000%)	509,073 (0.541%)
Appoint Dr. Norman Betts as director	93,207,054 (99.105%)	0 (0.000%)	841,551 (0.895%)
Appoint Shubo Rakhit as director	93,239,147 (99.139%)	0 (0.000%)	809,458 (0.861%)
Appoint Richard J. Steinberg as director	87,573,142 (93.115%)	0 (0.000%)	6,475,463 (6.885%)
Appoint John McVey as director	93,324,960 (99.231%)	0 (0.000%)	723,645 (0.769%)
Appointment of Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as auditors and authorization to the Board of Directors to fix the remuneration of the auditors	134,524,911 (98.688%)	0 (0.000%)	1,787,897 (1.312%)

About TRX Gold Corporation

TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and a 2,000 tonne per day process plant with upside potential as demonstrated in the May 2025 PEA. The PEA outlines average gold production of 62,000 oz per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9-US$2.6 billion pre-tax NPV_5% at average life of mine gold price of US$4,000/oz-US$5,000/oz¹. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are informed by the highest environmental, social and corporate governance (“ESG”) standards, as evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania.

For investor or shareholder inquiries, please contact:

Investors:
Investor Relations
IR@TRXgold.com
+1-437-224-5241
+1 844 GOLD TRX (844-465-3879)
www.TRXgold.com

The TSX and NYSE American have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by the management of TRX Gold.

¹ Base case NPV_5% of US$701.0 million pre-tax, or US$442.2 million after tax at consensus forecast case gold prices (US$2,707/oz year 1, US$2,646/oz year 2, US$2,495/oz year 3, US$2,400/oz year 4, US$2,245/oz thereafter).

FAQ

How many TRX shares were voted at the February 25, 2026 meeting (TRX)?

A total of 136,312,808 shares were voted, representing 47.276% of outstanding common shares. According to TRX Gold, that vote covered all items of business presented to shareholders at the Annual Meeting.

What director appointments were approved at TRX Gold's 2026 Annual Meeting (TRX)?

Shareholders approved appointments for five directors, with strong support for each nominee. According to TRX Gold, all listed director nominees received majority FOR votes and the Board size was set at five directors.

Was TRX Gold's auditor approved at the 2026 meeting (TRX)?

Yes. The appointment of Dale Matheson Carr-Hilton Labonte LLP as auditors was approved with 98.688% FOR. According to TRX Gold, the Board was authorized to fix the auditors' remuneration.

What production and NPV figures did TRX Gold cite for Buckreef in 2026 (TRX)?

TRX Gold cited a PEA with 62,000 oz/year average production over 17.6 years and a headline pre-tax NPV5% of US$1.9–2.6 billion at US$4,000–5,000/oz. According to TRX Gold, these are PEA-modeled outcomes.

How does TRX Gold's base-case NPV compare to the headline NPV (TRX)?

The base-case NPV5% at consensus gold prices is US$701.0 million pre-tax, lower than the US$1.9–2.6 billion headline range. According to TRX Gold, this base case uses consensus forecasted gold prices.

Did any TRX director votes show material abstentions or dissent at the meeting (TRX)?

Yes. While most nominees received overwhelming support, one director saw 6.885% abstentions. According to TRX Gold, Richard J. Steinberg had the highest abstention percentage reported.