Could you brief our readers on the latest developments at Theta Gold Mines?

Theta Gold Mines is unlocking 1.2 million oz of high-grade gold at the TGME project in South Africa. This multi-mine operation will deliver 120,000 oz/y with clear upside to 200,000 oz/y.

In the past year, we have decommissioned the old plant, secured all key permits and prepared for bulk earthworks. We are just 12 months from first gold, targeting production in Q1 2027.

We’re deploying a modular, plug-and-play plant, which will be cutting lead times and simplify scale-up. Once civil works are done, we’re just 12 months from first gold, targeting production in Q1 2027.

Could you expand on the loan agreement with the Industrial Development Corporation of South Africa (IDC)?

IDC has offered Theta Gold Mines a US$35 million term sheet, and we’re now advancing through the banking syndicate process. We're finalising the project’s debt-to-equity structure, with banks setting the debt ceiling and equity partners covering the balance. We expect full funding to be in place by year-end. The IDC is a highly experienced institutional investor with a strong track record across South Africa and the broader African continent, marking a strong endorsement of the TGME project’s quality and potential.

Theta Gold Mines is also working on an updated DFS (target release September 2025). Could you comment on the main differences?

The 2022 Feasibility Study was based on a conservative gold price of US$1,642/oz, well below current market levels, so we expect a significant uplift in project returns. While AISC will rise slightly due to higher royalties under South Africa’s sliding scale, we remain firmly in the lowest-cost quartile at approximately US$1,000/oz. TGME’s average head grade of  circa 6g/t also places us in the top production quartile. Across all metrics, from recovery to pricing, we’re using conservative assumptions to keep upside in play.

Is the higher gold price driving investors to pay more attention to overlooked assets, especially previously considered uneconomic projects or even tailings that still hold high reserves?

It’s getting harder to start new projects — ESG requirements and permitting delays are adding years to greenfield timelines. But with rising gold prices, brownfield assets and historic waste dumps are gaining new value.

At TGME, we’ve identified 174,000 oz in tailings and rock dumps. When we first ran the numbers at US$1,200/oz, they didn’t add up. But with gold now above US$3,000/oz, those tailings are looking more like a bank — a low-cost, near-term cash flow source.

Can you tell us about Theta Gold Mines’ social license to operate in the region?

We’re incredibly proud of the strong social license we’ve built at Theta. Local communities aren’t just stakeholders - they’re shareholders, with direct ownership through structured community trusts to ensure benefits flow where they’re needed most.

Our operations will bring meaningful change to the region: over 500 new jobs, major local procurement, and a significant increase in regional tax contributions. But it’s not just about gold but about building a legacy.

One initiative we’re especially passionate about is our river restoration project. By rehabilitating the natural water flow and ecosystem, we’ll return more water to the environment than we use, creating a net-positive water impact. This will benefit local agriculture, biodiversity, and tourism for years to come. It’s part of an 11-year environmental offset program, with Theta contributing over US$3.26 million (R58 million) as the cornerstone investor.

To what extent does operating underground affect community acceptance of mining projects like TGME?

Underground mining is generally well accepted in South Africa because it leaves a much smaller surface footprint. In fact, when you drive through some of the country’s largest goldfields, you might not even realise a mine is there; it looks more like a small portal tucked into the side of a hill.

Our operation at TGME requires no deep shafts and has minimal impact on the landscape. People continue their daily lives, wildlife roams undisturbed, and the environment remains largely intact.

What’s remarkable is that beneath this quiet surface lies nearly 100 km of historic underground workings, built by earlier generations. We're simply reopening and modernising what’s already there, in a respectful and sustainable way.

Why should investors look at Theta Gold Mines? 

Theta is fully permitted and ready to mine, with financing as the final piece left. With over 6 million oz of gold resources at TGME, we hold one of the largest undeveloped gold assets on the ASX. Our cost base sits comfortably in the bottom quartile compared to peers in both Australia and South Africa, with at least 10 years of production already lined up. And that’s just the beginning - those numbers come from only 4 of the 43 historic mines we control.

Once we’re producing and generating cash, we’ll return to exploration. There’s still significant upside across the TGME field, and we expect total resources to grow beyond 6 million oz.

TGME isn’t just a mine: it’s an entire goldfield. That scale is something we’re only just starting to unlock.