New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Announcement • Oct 23
Theta Gold Mines Limited, Annual General Meeting, Nov 28, 2025 Theta Gold Mines Limited, Annual General Meeting, Nov 28, 2025. Location: the boardroom, servcorp offices, level 35, international tower one, 100 barangaroo avenue, barangaroo nsw, 2000., sydney Australia New Risk • Oct 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Shareholders have been diluted in the past year (21% increase in shares outstanding). New Risk • Aug 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$155.0m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$155.0m market cap, or US$99.9m). New Risk • Jul 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$138.4m market cap, or US$91.0m). Announcement • Jul 03
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 6.153846 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 6.153846 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,337,278
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0065
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Jun 30
Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 6.153846 million. Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 6.153846 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,337,278
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0065
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$10m free cash flow). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$119.8m market cap, or US$78.0m). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$10m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$10m free cash flow). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$127.9m market cap, or US$80.9m). Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Byron Dumpleton was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 25
Theta Gold Mines Limited, Annual General Meeting, Nov 29, 2024 Theta Gold Mines Limited, Annual General Meeting, Nov 29, 2024. Location: the boardroom, servcorp offices, international tower one, 100 barangaroo avenue, barangaroo, sydney nsw, 2000. Australia New Risk • Sep 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$161k). Earnings have declined by 9.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (AU$132.4m market cap, or US$91.1m). Announcement • Sep 26
Theta Gold Mines Limited, Annual General Meeting, Oct 28, 2024 Theta Gold Mines Limited, Annual General Meeting, Oct 28, 2024. Location: at the boardroom, servcorp offices, international tower one, 100 barangaroo avenue, barangaroo, sydney nsw, 2000 Australia Announcement • Sep 16
Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.996255 million. Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.996255 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 23,048,113
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Transaction Features: Subsequent Direct Listing Announcement • Jun 27
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 6.015895 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 6.015895 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 46,276,113
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • May 06
Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 15.199878 million. Theta Gold Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 15.199878 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 70,153,285
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 46,768,857
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Transaction Features: Subsequent Direct Listing Announcement • Oct 25
Theta Gold Mines Limited, Annual General Meeting, Nov 28, 2023 Theta Gold Mines Limited, Annual General Meeting, Nov 28, 2023, at 11:01 AUS Eastern Standard Time. Location: The Boardroom,Servcorp Offices, International Tower One, 100 Barangaroo Avenue, Barangaroo Sydney Nsw 2000 Australia Agenda: To receive and consider the financial report for the year ended 30 June 2023, together with the declaration of the Directors, Directors' report, Remuneration Report and the auditor's report; To consider and adopt the remuneration report; and to consider other business matters. New Risk • Sep 30
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$688k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.8m free cash flow). Negative equity (-US$688k). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$85.1m market cap, or US$54.7m). Announcement • Jul 06
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 76,923,077
Price\Range: AUD 0.065
Transaction Features: Subsequent Direct Listing Announcement • May 17
Simon Liu Resigns from Theta Gold Mines Limited as Non-Executive Director Theta Gold Mines Limited announced that Mr. Simon Liu will step down as a long-serving Non-Executive Director due to his commitments with Rose Rock Capital Ltd, a wholly-owned subsidiary of the Rockefellerinvestment arm in the Asia Pacific. His resignation is effective 14 May 2023. Mr. Liu has successfully served on the Board of Theta Gold since January 2013 as a Non- Executive Director and added tremendous value to the board during his years of service. He will remain with the Company in the capacity of a consultant. Announcement • Nov 30
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 21,428,571
Price\Range: AUD 0.07
Transaction Features: Reserved Share Offering Announcement • Nov 04
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.7 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 24,285,715
Price\Range: AUD 0.07
Discount Per Security: AUD 0.0035
Transaction Features: Subsequent Direct Listing Announcement • Aug 15
Theta Gold Mines Limited Announces Resignation of Finn Behnken as Non-Executive Director Theta Gold Mines Limited announced that Mr. Finn Behnken has submitted a detailed letter as to why he believes he is no longer in a position to fulfil his director duties and as such has tendered his resignation as a Non-Executive Director. His resignation is effective 15 August 2022. Mr. Behnken has successfully served on the Board of Theta Gold since December 2018 as a Non-Executive Director and also served as Chair of the Audit and Risk Management Committee for the Company. Announcement • Aug 12
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.3 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,384,615
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Transaction Features: Subsequent Direct Listing Announcement • Jul 28
Theta Gold Mines Limited Underground Mine Feasibility Study Information Booklet Theta Gold Mines technical team, along with independent consultant, Minxcon (Pty) Ltd, all based in South Africa, completed a Feasibility Study for Theta Gold's TGME Underground Gold Mine Project in July 2022 to restart the following historical underground projects situated in Mpumalanga Province, South Africa: Beta (including the Beta North, Beta Central and Beta South sections); Frankfort; Clewer-Dukes Hill-Morgenzon (or CDM); and Rietfontein. Two scheduling strategies have been investigated, namely: Base Case: Life of Mine (LOM) plan targeting the total Mineral Resources (Measured, Indicated and Inferred); and Ore Reserve Plan: LOM plan targeting only Measured and Indicated Mineral Resources. Beta is scheduled as the first operation to commence production, followed by Rietfontein, and finally CDM and Frankfort simultaneously. Beta and Rietfontein are higher-grade mines compared to CDM and Frankfort. The Base Case LOM plan will comprise a 12.9-year mining operation starting in 2023 and delivering production of 1.24 million ounces of contained gold. The estimated development capital or peak funding requirement is USD77 million (AUD 102 million), with the Project forecast to generate a pre-tax NPV10% of USD 324 million (AUD 432 million) and pre-tax Internal Rate of Return (IRR) of 65% at the forecast gold price of averaging USD1,642/oz over the LOM. Based on these metrics, the Project has a projected payback period of 31 months. First gold production is planned for second quarter of 2024. The Mineral Resources were independently estimated by Minxcon (Pty) Ltd. as at 1 February 2021. No further ground work or Mineral Resource revisions have taken place since then, thus the estimate is still valid. The Mineral Resources for the underground in situ operations are declared a 160 cm.g/t cut-off (1.76 g/t) over a diluted stoping width of 90 cm. Mineral Resources where applicable have been depleted with the historical workings of the respective Project Areas. The Projects represent either historical and/or mature operations. Drilling and channel chip sampling have been completed over Beta, Frankfort and CDM, with the majority of datasets being historical data. All historical sample types were agglomerated, and data type biases were not investigated due to the small number of drill-hole intersections. Only full reef composite data was available for the chip sample data while full reef composites were calculated for each drill-hole intersection. Data aggregation methods utilised in generating the full reef composites of the sampling are not available for review due to the historical nature of the data. The reef widths are however generally narrow so the reef samples would probably have been one sample. The drill-hole data is expressed as a single weighted composited point for the mother hole and deflections where applicable. In addition, drill-holes with wedges, or multiple reef intersections, weighted mean reef widths and grades were calculated for each drill- hole for use in the Mineral Resource estimation. Announcement • Jul 18
Theta Gold Mines Limited Advises Permitting Update on Tgme Underground Gold Project Theta Gold Mines Limited advised that the final Environmental Impact Assessment Report and Environmental Management Programme (EIA/EMPr) have been submitted to the Department of Mineral Resources and Energy (DMRE) and the final technical documents for the integrated water use license application to the Department of Water and Sanitation (DWS) for final decision. The outcome of the decisions from the DMRE and DWS on the applications are expected in Fourth Quarter of 2022 with an additional 90-day review and objection period. A positive decision from the Competent Authorities will enable the Company to commence with its MR83 underground project. Over 20 studies have been completed as part of the EIA process . The findings from the EIA/EMPr and specialist studies have not identified any fatal flaw, unaddressed objection, or significantly high impact ratings. The requisite mitigation measures are all imminently feasible and this should give all interested and affected parties the confidence that the impacts of proposed activities will not threaten the environment. A comprehensive stakeholder engagement process was undertaken before the submission of the applications. A very successful open day was held in Pilgrims Rest on 28 May 2022. Feedback from the open day was very positive and the community is very excited about the job opportunities and economic upliftment that will be created by the project. With the good turnout at the open day and various other stakeholder meetings it can be concluded that the procedural requirement to consult during the EIA phase is satisfied. . An application for an Atmospheric Emissions License was also submitted to the Department of Forestry, Fisheries and the Environment during June 2022. The application is currently available for public comments for a 30-day period that will end on 10 August 2022. A final decision on the application is expected by the end of Third Quarter of 2022. This license will allow the operation of the processing plant. Announcement • May 06
Theta Gold Mines Limited announced that it has received AUD 1.482 million in funding Theta Gold Mines Limited announced a private placement of 12,350,000 common shares at a price of AUD 0.12 per share for gross proceeds of AUD 1,482,000 on May 4, 2022. The transaction included participation from a majority of existing institutional, professional and sophisticated investors. Announcement • Apr 27
Theta Gold Mines Limited Announces Permitting Update for TGME Underground Gold Project Theta Gold Mines Limited that it has advanced its MR 83 permitting process, completing 20 environmental studies to support the TGME Underground (UG) project, which comprises the Beta, Frankfort, CDM, and Rietfontein mines. The Final Scoping Report was submitted on 12 April 2022 has been reviewed and accepted by the South African Department of Mineral Resources and Energy (DMRE) allowing the company to proceed to the EIA phase of the Environmental Authorisation (EA) application process. The acceptance of the Scoping Report is an important milestone for Theta Gold highlighting in that it marks the conclusion of all environmental specialist and engineering designs required for the MR 83 permitting process necessary to progress underground mining at the Beta, Frankfort, and CDM mines. Theta Management will now focus on securing approval for the Draft EIA Report and Environmental Management Programme (Draft EIA/EMPr') which has been compiled for the public comment. This document is presently available for a 60-day public review and comment period which commenced on 19 April 2022. During this public review period, various meetings and a public open day will take place to address any comments and concerns from stakeholders. The final EIA/EMPr will be submitted to the DMRE for approval in third quarter and a decision on the EA application is expected in fourth quarter. To continue mining in parts of the Beta and CDM Mines, approval from the Minister of the Department of Forestry, Fisheries and the Environment (DFFE) is also required. The DFFE has been offered an Ecological Compensation Programme to assist with securing the future of the local catchment system. As part of Theta ESG programs, Theta will cornerstone the investment with other NGO'S to protect, rehabilitate and ensure the long-term sustainability of the local catchment area. The proposed Ecological Compensation Programme includes; Eradication and control of invasive alien plants species, Fire belt implementation, Rehabilitation of diverted streams and drainages, Implementation of erosion and sediment control, Facilitating the re-establishment of native grasslands and indigenous forests, Optimising the hydrological functioning of the catchment area. The Frankfort and Rietfontein Mines which fall outside the Morgenzon forest nature reserve areas are excluded from the above DFFE dealings and will not have to meet this DFFE requirement. Frankfort and Rietfontein and are only subject to the normal EA process highlighted above. Announcement • Apr 06
Theta Gold Mines Limited Provides an Update on the Progress Made for the Feasibility Study Theta Gold Mines Limited provided an update on the progress made for the Feasibility Study (`FS') being undertaken at the company's TGME Underground (UG) project which comprises the Beta, Frankfort, CDM, and Rietfontein mines. Commenced in September 2021, the Feasibility Study is now approximately 85% finalized following considerable progress made on a number of key workstreams including the completion of block models, mine scheduling, geotechnical, ventilation and engineering studies and metallurgical test work. The feasibility study is anticipated to be finalized in second quarter 2022, which will allow the company to progress towards mine build and project development financing. Post DFS the company will advance discussions with several parties in relation to the larger develop CAPEX funding options. The DFS will incorporate four mines and a shared metallurgical facility, designed according to multiple detailed studies and test work that are now drawing towards a final conclusion. Metallurgical test completed for Rietfontein Mine: Metallurgical test work undertaken at the Rietfontein Mine has achieved an encouraging 89.5% gold recovery from simple leach testing. 1.5-ton representative ore samples were taken at various points along the 3.2km orebody strike length, with five approximately equal samples collected by channel sampling across the gold reef system. Samples were collected from both high and low-grade gold areas in the mine to get a representative sample. The bulk sample was dispatched to "Ready Lead Assay Laboratory" for Bottle Roll Leach Test. Testing confirming a free-milling ore with a head grade of 4.41g/t and an overall ore recovery factor of 89.5%. Rock engineering modelling: Rock engineering modelling has also now been completed on the vertical gold reef system at Rietfontein. The modelling was undertaken to assess the optimum rock support system, indicating the size of the rib, crown, and sill pillars. Results from Rock Mechanics Laboratory revealed that a 2.5m rib pillar, 5.0m crown, and sill pillar will be stable and the conditions acceptable for shrinkage mining at Rietfontein. In addition, the uniaxial, tensile, and compressive strength and deformation modulus of the reef and surrounding rock was tested. The hanging wall and footwall are both more competent rock than the reef with higher Uniaxial Compressive Strength (UCS) and elastic modulus. The implication is that the reef can be blasted out without causing excessive damage to the hanging wall and footwall. It also implies that the correct sized pillars will intentionally crush without damaging the host rock. Announcement • Mar 06
Theta Gold Mines Limited Announces DFS Update and High Grade Ore Sweeped from New Historical Mines Theta Gold Mines Limited announced the progress made with its underground gold project Feasibility study ("FS"), environmental approvals, and preparation for plant construction. The Beta, Frankfort, CDM, and Rietfontein mines are collectively referred to as TGME Underground (UG) Project. Discoveries made recently, namely Beverly Hills and Desire mines, form part of the 43 historical mines under management. Both have experienced very little modern exploration. The company now know through underground plans and mine surveys, Desire is one of the larger underground mining complexes in the Goldfield with historic underground workings extending kilometers. The Desire Mine complex is 1.5km on strike and 3.2km on dip, making this one of the largest unexplored old mines under management. The Desire Mine complex exploited the Portuguese Reef, producing approximately 170Koz Au from 563Kt, grading 9.41 g/t Au. The mine area overlaps parts of the farms Graskop 564KT, Desire 563KT (10167 MR), Ponieskrans 543KT (83 MR), and Grootfontein 562KT (341 MR). The permanent onsite team will continue with sampling and exploration work. The team is on track to complete the DFS in Second Quarter 2022. The geotechnical investigations were conducted according to plan with encouraging results. Metallurgical test work continued with bulk samples (approx. 1.5 tons per Mine) taken from, Rietfontein and CDM Mines. These samples are currently at the Laboratory. The team has completed the final permitting scoping phase for Mining Right 83. The final scoping report will now be assessed by the DMRE and once approved the process will move to the Environmental Impact Assessment (EIA) phase of the permitting process. The underground gold project Definitive Feasibility Study ("DFS") that started in September 2021 is progressing well, currently at 65% completion with final completion expected in Second Quarter 2022. In support of the FS, metallurgical test work, mine designs, geotechnical studies, and underground investigations are now nearing completion. In addition to the metallurgical test work undertaken for the Preliminary Feasibility Study ("PFS"), a further bulk sample was taken from Frankfort Mine by trenching the reef accumulation generated by the trial mining, providing a representative sample in terms of ore variability and particle size distribution. The PFS study included a single rougher flotation stage and indicated limited sensitivity to grind. It was decided to conduct additional flotation test work confirming the plant process flow. The flotation trials are complete and largely support the PFS results. The carbon and sulphide flotation products are currently submitted for analysis, which will allow for final circuit mass balancing and financial modeling. These results are expected in the first week of March 2022. The overall mine designs are progressing well with the ventilation studies for Beta, CDM and Frankfort completed following the mine design and mining schedules. The surface infrastructure of the mining operations is in the process of being aligned and adjusted to recommended environmental layouts. The optimisation of the mining power requirements has been completed and, informing the bulk power supply infrastructure design. Announcement • Jan 13
Theta Gold Mines Limited Announces Incorporation of Rietfontein Mine into TGME Underground DFS Theta Gold Mines Limited announced the extension of its Underground Prefeasibility Study (PFS). The Company added Rietfontein Mine to the mine schedule of the PFS announced on 13 April 2021, whichincorporated the Beta, Frankfort, and CDM mines. Collectively referred to as the TGME Underground (UG) Project. Initial results from the Rietfontein PFS are positive and the Board has decided to accelerate thestudy by including it in the Definitive Feasibility Study for the TGME Underground project, which is also expected to be released Second Quarter 2022. The Rietfontein PFS requires validation from metallurgical testwork that is still in progress. Dueto the global backlog currently experienced in laboratories, the metallurgical results are expected to be available in Second Quarter 2022. Announcement • Dec 10
Theta Gold Mines Limited (ASX:TGM) made an offer to acquire Focus Minerals Limited (ASX:FML). Theta Gold Mines Limited (ASX:TGM) made an offer to acquire Focus Minerals Limited (ASX:FML) on December 9, 2021. The Company notes the TGM Intended Offer is unsolicited and subject to a number of conditions. Kamara Poulos Group Pty Ltd., Advisory Arm acted as financial advisor and Johnson Winter & Slattery acted as legal advisor to Theta Gold Mines Limited in the deal. Announcement • Sep 24
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,142,858
Price\Range: AUD 0.21 Executive Departure • Aug 18
Non Independent & Non-Executive Director Robert Thomson has left the company On the 13th of August, Robert Thomson's tenure as Non Independent & Non-Executive Director ended after 4.7 years in the role. As of June 2021, Robert still personally held 1.37m shares (AU$397k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Aug 06
Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.666 million. Theta Gold Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.666 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,695,238
Price\Range: AUD 0.21 Executive Departure • Jul 13
CFO & Company Secretary Chin Lim has left the company On the 1st of July, Chin Lim's tenure as CFO & Company Secretary ended after 4.3 years in the role. We don't have any record of a personal shareholding under Chin's name. Chin is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.13 years, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Jul 03
Theta Gold Mines Limited Announces Development Update - TGME Underground Projects Theta Gold Mines Limited announced to provide an update on the development work at the TGME Underground Project following the release of the Maiden Underground Prefeasibility Study (PFS) and Maiden Underground Mining Reserve last quarter. The team onsite has been busy completing gravity surveys, mine surveys of historical mines that are as yet not included in current mineral resources, sampling of Rietfontein tailings dumps, and other workstreams. The company continues with its active site program in order to ensure that the company is ready to commence with the mine development and preparing for plant construction activities in order to recommence mining Activities at TGME, Pilgrims Rest. The Phase 1 Underground Project (Beta, CDM and Frankfort Mines) Definitive Feasibility Study will be completed by First Quarter 2022. The Rietfontein mine Scoping study will be upgrade to a PFS. The gravity survey is a requirement in terms of the National Standards (SANS 1936) in South Africa and is a prerequisite before any construction work can begin on the tailings dam. The gravity survey was completed successfully during May 2021. As part of ore reserve exploration strategy, focusing on both underground and surface sources, surface sampling was undertaken at the Rietfontein Mine's old tailings dam. Rietfontein tailings dam is not in the current resource estimate. If the initial drilling is positive then the Rietfontein tailings dam will be added to the resource table. Mine survey activities involved the onsite mining team accessing the southern section of Beta Mine which does not as yet form part of the Company's resources. The team was able to identify markers and sample locations from historical mine plans. This will allow for the plans to be scanned and digitized, and now that the team has the spatial information required, to orient the plans correctly. Post validation and confirmation sampling of the historical stope samples . Should the validation sampling be successful this will allow the historical stope samples to be included in any future updated resource statement. Clean-up around the mine site has begun in readiness for decommissioning the old gold plant. The old CIL tanks were pumped out and cleaned for inspection. The inspection will determine if the tank can be salvaged (sold or reconditioned). Eco Elementum /Triage has been appointed to render professional engineering services to undertake the detailed designs for the proposed waste management facilities and surface water management infrastructure associated with the re-operationalisation of the MR83 UG mines. Further metallurgical optimization work is required before finalising the process design. The larger equipment and long lead items, such as DMS, crushing circuit, tankage, etc. have been confirmed, however the carbon float recoveries will require further testwork in order to be optimised. Furthermore, pilot-scale oxidation and ultra-fine grinding work still needs to be undertaken as the simple laboratory-scale simulations will need to be confirmed on a larger scale. These activities are a work in progress and outcomes will be reported in due course. Announcement • Mar 24
Theta Gold Mines Limited announced that it has received AUD 4.0479 million in funding On March 23, 2021, Theta Gold Mines Limited (ASX:TGM) closed the transaction. The company issued 14,719,636 shares at AUD 0.275 per share for gross proceed of AUD 4,047,899.9 in the transaction. Announcement • Mar 15
Theta Gold Mines Limited announced that it expects to receive AUD 3.13265 million in funding Theta Gold Mines Limited (ASX:TGM) announced a private placement of 11,391,455 ordinary shares at an issue price of AUD 0.275 per share for gross proceeds of AUD 3,132,650 on March 15, 2021. The transaction included participation from sophisticated and professional investors. The transaction is expected to close on March 23, 2021. Is New 90 Day High Low • Dec 24
New 90-day high: AU$0.33 The company is up 40% from its price of AU$0.23 on 25 September 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 17% over the same period. Announcement • Dec 15
Theta Gold Targeting A Substantial Increase in Its Global Mining Reserves by First Quarter 2021 with the Inclusion of Near Surface Underground Ore Theta Gold Mines Limited ("Theta Gold" or "Company") provided an update on its Five Year Plan first announced in April 2020. In parallel with the Theta Starter-pits development, the Company has assessed how to accelerate the five-year >160,000oz per annum production plan by bringing forward the development of the underground Beta mines for early production. The Board of Theta Gold has approved a Pre-Feasibility Study (PFS) to convert more of Theta Gold's Measured and Indicated (M&I) Mineral Resources into a Mining Reserve. The PFS, to be completed by First Quarter 2021, will produce an underground mining reserve for the Beta/Frankfort Mines. This will be the company's first declared underground mining reserve, to be added to Theta Gold's existing 205,000 ounces of open-pit mining reserves from MR83. MR83 is already approved for underground mining. The cost for the PFS is minimized by targeting only existing M&I Mineral Resources (Appendix A) at Beta and Frankfort Mines (575koz M&I). Led by the new CEO (Africa), Mitford Mundell, a detailed survey has been completed on old workings where the team identified easily
accessible gold faces with easy access to sampling. The PFS will build on the scoping studies completed in 2017 for the Beta Mines. The company has 150 years of exploration and production data to assist with fast tracking the PFS. Work in progress at underground mines includes engineering drilling, mining method review, mine survey work and bulk metallurgical sampling. Preliminary metallurgical results were release 18 November 2020. The first stage of the PFS is to match modern mechanized mining methods to the narrow, flat lying reef systems. Historically these reefs were extracted by means of conventional manual mining methods, which were associated with high labor intensity, low productivity, high dilution, poor mine planning and gold losses. Modern methods, together with a favorable gold price, should enable significant lowering of cut-off grades and therefore much larger portions of the orebodies become feasible to extract. Is New 90 Day High Low • Nov 20
New 90-day high: AU$0.33 The company is up 25% from its price of AU$0.26 on 21 August 2020. The Australian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 2.0% over the same period. Announcement • Nov 18
Theta Gold Mines Limited Announces Bulk Metallurgical Results for Underground Pre-feasibility Study Theta Gold Mines Limited provided an update on its underground gold bulk sampling program. The Company is assessing ways to accelerate its planned +160,000 oz Au per annum production target which is primarily focused on bringing priority underground mines into production sooner. 450kg of bulk samples were collected from various shallow underground gold faces including at the Rietfontein, Beta and Vaalhoek Gold Mines with all showing excellent gold recovery with Carbon In Leach (CIL). Theta Gold's technical team is confident that these preliminary metallurgical results can be repeated on a number of other mines. The 91% CIL recovery for the Beta Reef bulk sample was fresh ore which is very typical of that mine which hosts ~1.1 million ounces gold resources. The 91% recovery was well above expectations and demonstrates once again that modern technology can revitalize Theta Gold's broader mining province. Is New 90 Day High Low • Oct 23
New 90-day high: AU$0.30 The company is up 7.0% from its price of AU$0.28 on 24 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: AU$0.23 The company is down 6.0% from its price of AU$0.24 on 26 June 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 9.0% over the same period. Announcement • Jul 18
Theta Gold Mines Limited announced that it expects to receive AUD 4.0001 million in funding Theta Gold Mines Limited (ASX:TGM) announced a private placement of 16,667,084 fully paid ordinary shares at a price of AUD 0.24 per share for gross proceeds of AUD 4,000,100 on July 17, 2020. The transaction will include participation from local and international family offices and institutional investors. The company expects to close the transaction on July 27, 2020. The transaction was over-subscribed.