Theta Gold Mines (TGM) Q3 2025 TU earnings summary

Executive summary

• Progressed pre-development works for TGME Gold Plant, including final plant design and site preparation for construction.

• Advanced discussions with international debt funders for project CAPEX; announcement of preferred debt advisors expected soon.

• Raised US$2.3 million (A$3.6 million) from conversion of 30 million unlisted options by Hong Kong investors.

• Evaluating addition of 174,000 oz surface gold to mine schedule with updated Feasibility Study planned for Q2.

Financial highlights

• Cash position at 31 March 2025 was US$2.9 million.

• Quarterly expenditures: US$513,498 on exploration, US$20,014 on production/development, US$16,261 on license costs.

• US$73,000 paid to related parties for directors' and consulting fees.

• Estimated market capitalisation at quarter end: A$123 million (US$77 million).

Outlook and guidance

• Pre-project execution work to be completed by end of May 2025, enabling bulk earthworks to start without delay.

• Tranche 2 of equity placement (up to US$4 million) expected to close in Q2 2025, supporting ongoing funding needs.

• Ongoing negotiations with multiple financiers for project funding; term sheets exchanged.

• Definitive Feasibility Study projects 12.9-year LOM, 1.08 Moz recovered gold, NPV10% US$324 million, IRR 65% at US$1,642/oz.