Theta Gold Mines (TGM) Q4 2025 TU earnings summary

Executive summary

• Secured a US$35 million loan facility from IDC of South Africa, forming the cornerstone of project finance for the TGME Gold Mine Project; commercial bank syndication is underway to attract additional lenders.

• Completed a US$4 million capital raise to fund bulk earthworks, early civil works, and water management infrastructure.

• Board approved the decision to mine, initiating project build capital expenditure and meeting vesting conditions for performance rights and options.

• Pre-development plant construction and site preparation completed on time and within budget, including deconstruction of legacy infrastructure and delivery of new equipment.

• Feasibility Study update in progress, considering the inclusion of 174,000 ounces of surface gold; updated study expected in Q3 2025.

Financial highlights

• Cash position at 30 June 2025 was US$5.6 million (A$8.5 million).

• Quarterly expenditures included US$320k on exploration, US$247k on production/development, and US$9.8k on license costs.

• Raised US$4 million via private placement at $0.13 per share, with 47.3 million new shares and 23.7 million unlisted options issued.

• Estimated market capitalization was A$130 million (US$85 million) as of 30 June 2025.

Outlook and guidance

• Updated Feasibility Study due in Q3 2025, expected to reflect improved project economics due to higher gold prices (now over US$3,000/oz vs. US$1,642/oz in the original study).

• Project financing momentum expected to accelerate with IDC loan as cornerstone and ongoing commercial syndication.

• Project aims to commence bulk earthworks and civil construction promptly upon full funding.