Theta Gold Mines (TGM) H2 2025 earnings summary

Executive summary

• Transitioned from development to construction at the flagship TGME Gold Mine Project in South Africa, with bulk earthworks and civil engineering activities commencing in September 2025.

• First three mines and gold plant footprint fully permitted; Mining Right MR 83 renewed until 2038.

• Announced a credit-approved US$35 million loan facility from the Industrial Development Corporation of South Africa for project funding.

• Completed an optimised feasibility study in September 2025, showing a post-tax NPV of US$504 million and annual average EBITDA of US$124 million at a US$2,710/oz gold price.

• Board made a formal decision to mine, setting a clear path to production with first gold targeted for Q1 2027.

Financial highlights

• Loss after tax for FY2025 was US$6.89 million (FY2024: US$6.39 million), mainly due to exploration costs, finance costs, and administration expenses.

• Capitalised expenditure on the balance sheet increased to US$18.5 million (FY2024: US$16.6 million).

• Raised US$18.3 million in development funding during FY2025 through multiple private placements and option conversions.

• Net proceeds from share issues and debt totalled US$10.5 million, with an additional US$2.3 million from option conversions.

• Cash and cash equivalents at year-end were US$5.6 million.

Outlook and guidance

• Focused on completing funding arrangements and construction of the TGME Gold Project, aiming for first gold production in Q1 2027.

• Medium-term goal to reach 160,000 oz annual gold production, with modular plant design supporting expansion.

• Plans to move more resources into proven and probable reserves as underground development progresses.