Theta Gold Mines (TGM) Investor presentation summary

Project overview and strategy

• TGME Gold Project targets 1.06Moz production over 13.1 years, with scalable expansion to 160koz/year by 2030.

• Four core mines within 40km radius, leveraging existing infrastructure and skilled workforce.

• Modular plant design and phased commissioning reduce risk and enable rapid scale-up.

• All key permits secured, with plant commissioning targeted for Q4 2026 and first gold in Q1 2027.

• Over 40 historic mines in the region offer significant exploration and growth upside.

Financials and economics

• Revised feasibility study (Feb 2026) shows post-tax NPV (10%) of US$455m at US$2,884/oz gold price.

• IRR post-tax is 77%, with a payback period of 29 months from start of mining.

• All-in sustaining cost (AISC) is US$1,181/oz, placing the project among the lowest-cost producers.

• Peak funding requirement is US$77m, with US$30m equity raised and US$80m debt facility in advanced stages.

• Free cash flow forecast of US$933m post-tax, with strong leverage to higher gold prices.

Operations and development

• Plant construction underway, with major equipment (dual ball mills) ordered and civil works progressing.

• Early cashflow expected from surface rock dumps and tailings, targeting 109koz in first 18 months.

• Brownfields approach leverages existing roads, power, and mining footprint to reduce costs and timelines.

• Phase 1 focuses on free-milling ore; sulphide circuit added in year 7 for refractory ore.

• Systematic evaluation of 40+ historic mines supports long-term resource pipeline.