Theta Gold Mines (TGM) Q1 2026 TU earnings summary

Executive summary

• Construction commenced on bulk earthworks and civil works at the flagship 6Moz TGME Gold Mine Project, marking a transition from planning to execution.

• Secured US$4 million in capital during the quarter, with an additional A$60.7 million (US$39.9 million) in equity and debt funding post-quarter to accelerate project development.

• Strategic board and management appointments were made to strengthen project execution.

• Debt syndication process with commercial co-lenders is progressing to cover construction CAPEX.

Financial highlights

• Cash position at 30 September 2025 was US$3.4 million (A$5.1 million).

• Quarterly expenditures included US$594,802 for mining production and development, and US$119,312 for license to operate costs.

• Net cash used in operating activities for the quarter was US$1.17 million; net cash used in investing activities was US$1.05 million.

• Proceeds from borrowings totaled US$45,000; aggregate payments to related parties were US$111,000.

• Estimated market capitalization as of 30 September 2025 was A$244 million (US$161 million).

Outlook and guidance

• Project remains on track for the next development phase and first gold production.

• Additional funding secured post-quarter is expected to support ongoing construction and operational ramp-up.

• The company expects to continue operations and meet business objectives, underpinned by a large, prospective tenement holding and ongoing financing negotiations.