TRX Gold Corporation

Welcome, everyone. We'll just pause for a moment as participants make their way in from the lobby. It's now my pleasure to introduce Christina Lally, Vice President, Investor Relations with TRX Gold. Christina, the floor is yours.

Thank you, Gaylene. And welcome, everyone, this morning to TRX Gold Corporation's fourth quarter of 2024 results presentation. As a reminder, all participants are in listen-only mode and the meeting is being recorded. After the presentation, there will be an opportunity to ask questions. If you wish to ask a question, simply click on the Q&A icon on the left-hand side of the screen. You'll see the options for raise your hands to join the queue and ask your question verbally, or you may write a question to submit it in writing. Analysts can also dial in to the conference call by pressing number one on the keypad. And for anyone who may be hesitant to ask a question with us live this morning, you can also feel free to reach out to me directly by way of phone call or by email at c.lally at terexgold.com. So I'll now hand the call over to our CEO, Stephen Maloney. Stephen.

Yeah, thank you, Christina. And joining us this morning is our Chief Financial Officer, Mike Leonard. Mike, raise your hand. There you go. Your hand is, can't see it in the background. So welcome everybody to our fourth quarter and full year 2024 investor call. This morning, we're going to go through what we did in 2024 and the outlook for 2025. 2024 was a good year. We had a third expansion on time on budget. And we had record revenue and record EBTA and continually reinvest in the business. And you'll get a sense of where we're going in 2025 throughout this presentation. We have some background noise. Mike, Christina, you just want to go on mute? There we go. No more background noise. There we go. I think, I'm not sure which one of you was, probably... Mike is sitting in an office next to me, so maybe him, but he'll come in and out of the presentation. So, Mike, as we go through the presentation, just please interject if I miss anything. So, first and foremost, disclaimer, obviously, we're going to get into forward-looking statements and other items, so I'd ask participants to read the disclaimer on our website and presentation. So, fast-paced transformational growth. So the story, you're starting to hear the same story a little bit over and over as we continually execute. 2021, 2022 are in the rear view mirror. There was a lot of restructuring and changes in that period. And now we're into our third mill expansion in 2024, which was on time and on budget. That's 2000 tons per day. We also in limited drilling that we did do discovered our two best holes that we've ever drilled at the buck reef gold project um which returned well over what i call um a you know really good gram ton meter so well over 150 grand ton meters in in both grade and the length of that grade or the continuity in that and that is we'll get into that in the presentation a zone that sits between the anfield zone and the buck reef main shear zone And that's very exciting because, you know, obviously the more gold that's on the property, the closer it is to mining activities, the more profitable it is and the more that we have ability to do further expansions and extended mine life. So what is 2025 going to look like? 2025 will be a little bit softer in the first half of the year versus the second half of the year. And that is due to One is we're going through a lower grade portion of the deposit and we have more stripping activities to get to the higher grade portion of the deposit. And that's the nature of a single mine asset. And that's completely normal. And we're comfortable with that. So you'll see more activities in the second half than you will in the first half because we are a funded business from cash flow. So obviously the higher grade profile in the second half leads to higher cash flow in the second half versus the first half of the year. And we'll give the market a little bit better sense of that coming into new year. We're also looking at, you know, the broader project on what's known today versus the exploration drill bit will obviously always change what's known and change the business plan. But what's known today and what we can say is, you know, the business plan that will go to the medium and longer term will be part open pit. and part underground, and we're getting through the various iterations of that now and getting a good handle on that. Mike, anything to add there on the outlook that I gave?