TGM – Theta Gold Mines Limited

• Theta Gold Mines Limited (TGM) is a gold development company that holds a range of prospective gold assets in South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.

• TGM is an emerging gold producer focused on restarting historical underground operations at the Transvaal Gold Mining Estates(TGME) project in South Africa.
• First production targeted by early CY27
•TGME has a large high-grade resource base, with over 6.1Moz in total JORC gold resources across a well-established goldfield.
•High-Grade Resource Base – 6.1Moz at 4.17g/t Au2total Mineral Resources across multiple deposits supports long-term mine life, low cost, and potential to expand to 160koz p.a
• Near-term production targeted from four core mines (Beta, Rietfontein, CDM, and Frankfort), all located within 40 km of a central processing plant.
• Permitted and development-ready, with key mining rights secured and infrastructure in place to support scalable, low-cost operations.
• Key project metrics (2022 FS @ US$1,642/oz gold price): 12.9yr life, 1.1Moz production, US$324mn NPV 10% and65% IRR (pretax), US$77mn peak funding requirement (pre-production capex + working capital)

cash burn $1,627 000 … 2.07 quarters left in the kitty .. . as @ 30 sept 25
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Secured A$60.72΄3 million, (US$39.9 million) in funding made up of equity and debt and Share Purchase Plan (SPP) – opened on 24 October 2025 – following completion of the Share Purchase Plan the Company issued 571,425 new fully paid ordinary shares @ $0.21 ps on 24 November 2025.
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issue 30,000,000 unlisted options in three equal tranches of 10,000,000 (each tranche) on a pro-rate basis at the discretion of the investors with the following terms:
• $0.20 (20 cents) and expiry date of 18 months from issue;
• $0.25 (25 cents) and expiry date of 18 months from issue; and
• $0.30 (30 cents) and expiry date of 18 months from issue.

hmmm

During the September 2025 Quarter:
Construction Kicks Off: Bulk earthworks and civil works officially underway at Theta’s 6Moz Transvaal Gold Mining Estates (TGME) Gold Mine Project – a major step toward first gold.

as @ 22/07/25
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Got a head ache skimming through 12 months of announcements …

chart time:
3 year weekly
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12 month daily
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three month daily
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