Theta Gold Mines (TGM) H1 2025 earnings summary

Executive summary

• Gold plant footprint and MR 83 fully permitted; final plant design completed and operational readiness achieved, positioning the company to commence mining post-funding.

• Feasibility Study confirms a 12.9-year mine life with 1.24Moz contained gold and robust financial returns; first production targeted for 2025, subject to funding.

• Environmental, Social, and Governance (ESG) initiatives and Social and Labour Plan (SLP) processes are progressing, with community engagement and environmental rehabilitation as key priorities.

• Multiple funding rounds completed, including private placements totaling US$12 million and a memorandum of understanding for up to US$30 million in EPC funding.

• Secured bond fully redeemed, freeing up project-level security for future funding needs.

Financial highlights

• Consolidated loss after tax for the six months ended 31 December 2024 was US$10.77 million, compared to US$3.20 million for the same period in 2023.

• Loss per share was (0.6) cents, down from (0.5) cents year-over-year.

• Cash and cash equivalents at 31 December 2024 were US$1.43 million, down from US$2.59 million at 30 June 2024.

• Net cash outflows from operating activities were US$7.35 million for the half-year.

• Share placements raised US$12 million before costs during the half-year.

Outlook and guidance

• Focus remains on securing additional funding and commencing mining operations at the TGME Gold Project.

• Ongoing negotiations for both debt and equity funding are expected to be finalized in 2025.

• Directors believe the group will continue as a going concern, but material uncertainty exists if further funding is not secured.