Theta Gold Mines (TGM) H2 2024 earnings summary

Executive summary

• Advanced TGME Underground Gold Project with final plant design and permitting; construction targeted for 2025 pending funding.

• Completed definitive feasibility study (FS) confirming robust economics and long mine life; peak production over 100,000 oz/year.

• Secured key permits, including Water Use License and Environmental Authorisation for major mining rights.

• Raised significant development funding through multiple private placements and option conversions.

• Fully redeemed AU$6 million secured bond, freeing up security for future project funding.

Financial highlights

• Net loss after tax of US$6.39 million for FY2024, improved from US$7.03 million in FY2023.

• Capitalised exploration expenditure increased to US$16.63 million (2023: US$14.89 million).

• Cash and cash equivalents at year-end: US$2.59 million (2023: US$1.92 million).

• Raised US$3.61 million from equity issues and US$275,000 from option conversions during the year.

• Market capitalisation at 30 June 2024: AU$71.2 million.

Outlook and guidance

• Targeting >160,000 oz/year gold production within 5 years by developing additional mines.

• Construction of TGME Gold Plant to commence upon finalisation of funding.

• Ongoing negotiations for EPC contract with Power China and additional project financiers.

• Focus on organic growth, resource conversion, and expanding production profile.