Theta Gold Mines (TGM) H1 2026 earnings summary

Executive summary

• Construction of the TGME Gold Plant is progressing on schedule and within budget, with commissioning targeted for Q4 2026 and first gold production planned for Q1 2027.

• Revised Feasibility Study confirms a 13.1-year Life of Mine, robust project economics, and significant uplift in project value due to higher gold prices.

• Multiple funding rounds completed, including private placements and cornerstone investments, with a non-binding US$80 million debt facility term sheet signed.

Financial highlights

• Consolidated net loss after tax for the six months ended 31 December 2025 was US$4.88 million, a significant improvement from US$10.77 million loss in the prior period.

• Cash and cash equivalents at 31 December 2025 were US$12.5 million, up from US$5.6 million at 30 June 2025.

• Total assets increased to US$44.4 million, with net assets of US$19.5 million.

• US$17 million raised through share placements and conversion of options during the half-year.

Outlook and guidance

• Focus remains on completing construction and commencing mining operations at TGME, with production scheduled for Q1 2027.

• Ongoing efforts to secure final debt and equity funding to fully finance project development and commissioning.