Buckreef

The Buckreef Gold Project in north-central Tanzania is a joint venture in which TRX Gold Corporation holds 55% and the Tanzania State Mining Corporation (STAMICO) holds 45%, anchored by a combined Measured and Indicated resource of 2,036,280 ounces of gold.

Located immediately south of Lake Victoria and 110 kilometres southwest of Mwanza, Buckreef is one of the most advanced gold development assets in Tanzania, spanning four deposits (Buckreef, Eastern Porphyry, Tembo and Bwinga) all within a 4 kilometre radius.

The project is fully licensed for gold mining and extraction and is operated by Buckreef Gold Company Limited, with the current strategy focused on expanding the processing plant from 360 tonnes per day toward 1,000+ tonnes per day to lift near-term output into the 15,000 to 20,000 ounces per year range.

Ownership Structure and the STAMICO Partnership

Buckreef Gold Company is a joint venture between TRX Gold Corporation, listed on the Toronto Stock Exchange (TSX:TNX) and the New York Stock Exchange (NYSE:TRX), and STAMICO, the Tanzania State Mining Corporation.

TRX Gold, formerly known as Tanzanian Royalty Exploration and later Tanzanian Gold Corporation, holds a 55% controlling interest, while STAMICO retains 45% on behalf of the Government of Tanzania.

This structure aligns Buckreef with Tanzania's mining framework which requires meaningful state participation in strategic mineral projects, giving STAMICO both equity exposure to gold production and a governance role in the joint venture.

Location and Deposit Portfolio

The Buckreef Gold Project sits in the Lake Victoria Goldfields, one of Tanzania's most prospective gold provinces, roughly 110 kilometres southwest of Mwanza.

The property hosts four adjacent gold deposits: Buckreef Main, Eastern Porphyry, Tembo and Bwinga, all within 4 kilometres of each other, allowing shared infrastructure and centralised processing.

Mineral Resource Base

The Measured Mineral Resource stands at 19.98 million tonnes at 1.99 grams per tonne gold, containing 1,281,161 ounces, while the Indicated Mineral Resource contains 755,119 ounces at 1.48 grams per tonne, for a combined Measured and Indicated total of 35.88 million tonnes at 1.77 grams per tonne containing 2,036,280 ounces of gold.

An additional Inferred Mineral Resource of 17.8 million tonnes at 1.11 grams per tonne holds a further 635,540 ounces of contained gold, providing significant upside for resource conversion through infill drilling.

Production Ramp-Up and Plant Expansion

Buckreef is being scaled through a phased expansion of its processing capacity, with the existing 360 tonnes per day plant being upgraded toward a target throughput exceeding 1,000 tonnes per day.

At full ramp-up, the operation targets a near-term annual production profile of 15,000 to 20,000 ounces of gold, positioning Buckreef as a growing mid-tier contributor to Tanzania's gold output.

Management has publicly stated an intent to exceed the metrics laid out in the project's Technical Report, including annual production and strip ratio, as operational optimisation continues.

Exploration Programme

The exploration strategy at Buckreef targets both resource expansion and category upgrades, combining step-out drilling in the northeast extension of Buckreef Main with infill drilling designed to move Inferred ounces into higher confidence categories.

An infill programme is also underway at Buckreef West, alongside a dedicated exploration campaign on the newly discovered Anfield Zone.

Historical resources at Bwinga and Tembo are being reassessed and upgraded, and the company continues to scan for new prospects both within the Buckreef licence and more broadly across the East African region.

Sulphide Development Project

Approximately 90% of the Buckreef resource base is contained within sulphide ore, making the Sulphide Development Project the single largest value driver for the asset.

Unlocking this sulphide portion is central to the company's medium-term strategy, as it would allow Buckreef to transition from a predominantly oxide operation into a long-life, larger-scale sulphide producer.

Successful execution on the sulphide flowsheet would materially extend mine life and lift Buckreef's contribution to Tanzanian gold exports and government revenue through royalties and STAMICO's 45% equity share.

Investment Opportunities

Buckreef illustrates the type of brownfield gold asset in the Lake Victoria Goldfields where resource conversion, plant expansion and sulphide processing represent tangible value catalysts.

For investors, exposure comes primarily through TRX Gold Corporation's dual listing on the TSX and NYSE, while service, engineering, drilling and processing suppliers to the Tanzanian gold sector benefit from the ongoing ramp-up toward 1,000+ tonnes per day.

Broader upside lies in the underexplored portions of the licence, including the Anfield Zone and the historical Bwinga and Tembo deposits, which offer scope for additional resource growth beyond the current 2 million ounce Measured and Indicated base.

Last Update: July 2026