Theta Gold Mines (TGM) Investor Presentation summary

Company overview and strategy

• Focused on restarting historical underground operations at the TGME project in South Africa, targeting first gold production by early 2027.

• TGME project has over 6.1 Moz JORC gold resources, with near-term production from four core mines within 40 km of a central plant.

• Fully permitted and development-ready, with key mining rights secured and infrastructure in place.

• Definitive Feasibility Study (DFS) update in Q3 2025 to optimize schedule and economics at higher gold prices.

• Strategy aims to scale production to over 160,000 oz/year within five years, leveraging 40+ historic mines for growth.

Project economics and financials

• 2022 DFS base case (US$1,642/oz): 12.9-year life, 1.1 Moz production, US$324m pre-tax NPV10, 65% pre-tax IRR, US$77m peak funding.

• Post-tax NPV10 at spot gold price: US$219m, with significant leverage to higher gold prices (NPV10 up to US$613m at US$3,000/oz).

• All-in sustaining costs (AISC) estimated at US$834/oz, with payback period of 31–34 months from mining start.

• US$35m loan facility secured from IDC; additional US$30–50m commercial debt syndicate being finalized.

• Trading at an EV/Resource oz discount to South African/Australian pre-development peers.

Resource base and reserves

• Combined mineral resources of 6.1 Moz at 4.17 g/t Au across multiple deposits, supporting long mine life and expansion potential.

• Ore reserves total 558 koz at 6.09 g/t Au across Beta, Rietfontein, Frankfort, and CDM mines.

• Underground-only resources: ~4.5 Moz; open pit-only resources: ~1.4 Moz.

• Resource estimates prepared by Competent Persons under JORC Code (2012), with all material assumptions unchanged.