Theta Gold Mines Ltd. · ASX:TGM
Theta Gold Mines — 2026 121 Mining Investment Cape Town Conference
41 slides from Theta Gold Mines's conference presentation, Feb 9, 2026
Slide 1: Theta Gold presents at 2026 121 Mining Conference – South Africa
9 February 2026 ASX ANNOUNCEMENT AND MEDIA RELEASE (ASX:TGM) THETA GOLD PRESENTS AT 2026 121 MINING CONFERENCE – SOUTH AFRICA Theta Gold Mines Limited (“Theta Gold” or the “Company”) (ASX: TGM) is pleased to advise that Bill Guy, Chairman of Theta Gold, will be presenting at the 2026 121 Mining Inve
Slide 2: Contact and About Theta Gold Mines
For more information, please visit www.thetagoldmines.com or contact: Bill Guy, Chairman Theta Gold Mines Limited T: + 61 2 8046 7584 E: billg@thetagoldmines.com Investor Relations and Social Media Connections For personal use only We’re committed to keeping you informed and involved. Download the E
Slide 3: Disclaimer
DISCLAIMER The attached 2026 Indaba Investor Presentation has been prepared by and issued by Theta Gold Mines Limited to assist in informing interested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an
Slide 4: South Africa's Next Sustainable Gold Producer
Theta Gold Mines Limited (ASX: TGM) SOUTH AFRICA’S NEXT For personal use only SUSTAINABLE GOLD PRODUCER • TGME Project – Gold Leverage With Significant Growth Optionality • Equity Funding Raised With Debt Funding Being Finalised • Plant Construction Underway • Plant Commissioning Q4 2026 INDABA 2026
Slide 5: Disclaimer
Disclaimer FORWARD LOOKING AND CAUTIONARY STATEMENTS DISCLAIMER AND COMPETENT PERSONS STATEMENT This presentation may refer to the intention of Theta Gold Mines regarding estimates or future events which could be DISCLAIMER considered forward looking statements. Forward looking statements are typica
Slide 6: Theta Gold Mines is a Rapidly Emerging South African Gold Miner
Theta Gold Mines is a Rapidly Emerging South African Gold Miner Strong Leverage Low Location Execution Readiness Growth & Strategic Upside Opex/Capex Model For personal use only Location: Historical Goldfields – South Africa Brownfields Gold Plant: Existing infrastructure FEED completed: Front End E
Slide 7: Investment Highlights
Investment Highlights Robust Production High-Grade Proven, Scalable Profile Resource Base Processing For personal use only Targeting 1.06Moz over 6.1Moz at 4.17g/t Au2 total Established free-milling and 13.11 years, producing 90- Mineral Resources across refractory pathways deliver 100koz p.a. at a
Slide 8: Company Overview
Company Overview COMPANY SNAPSHOT (February 2026) TRANSVAAL GOLD MINING ESTATE LTD (TGME) SHARES ON ISSUE ON ASX 1,091 Million Theta Gold Mines Ltd (ASX:TGM) 74% Local Entrepreneur Trust 5% OPTIONS AND PERFORMANCE RIGHTS¹ (FULLY DILUTED Local BEE Entities 16% Local Employees Trust 5% 226 Million POS
Slide 9: Board & Executive Management
Board & Executive Management BILL GUY RICHIE YANG BYRON DUMPLETON BRETT TANG HANSJOERG PLAGGEMARS Executive Chairman Executive Director Non-Executive Director Non-Executive Director Non-Executive Director For personal use only Executive (Geologist) with +30 years of global Executive (Corporate Finan
Slide 10: TGME Gold Project – rapidly moving to production
TGME Gold Project – rapidly moving to production For personal use only 7 INVESTOR PRESENTATION | ASX : TGM Terrence 2 Foundations and formwork
Slide 11: Transvaal Gold Mining Estates (TGME) Project Overview
Transvaal Gold Mining Estates (TGME) Project Overview South Africa’s Eastern Transvaal Goldfields — Historically over 6.7Moz produced and counting… The TGME Project is located in South Africa’s most prolific gold region, backed by existing infrastructure, a skilled workforce, and strong utility acce
Slide 12: Pathway to Production
Pathway to Production 3 Debt – 7 11 1 cornerstone 5 Water 9 Practical fundings – Management completion – Permitting – IDC Feasibility and security Rand Refinery dry fully approved commitment Study update fencing Contract commissioning For personal use only in place underway Q1 2024 Q2 2024 Q2 2025 Q
Slide 13: Robust Economics
Robust Economics – significant leverage to gold price – currently at >US$4,900/oz. For personal use only Earth works in progress at the Gold plant 10 INVESTOR PRESENTATION | ASX : TGM
Slide 14: Key Feasibility Study Takeaways
Key Feasibility Study Takeaways1 Economics at US$2,884 / oz Gold Price (February 2026 revised FS base case) For personal use only Underground ore mined Payback Period First 4 Mines Start of Project – Post-Tax NPV10 Project Life 4.69Mt @ 5.0g/t Au for US$0.9 Billion 29 months 13.1 years 1.06Moz of co
Slide 15: Comparison of Base Case Financial Metrics – Feasibility Studies 2022 vs 2026
Comparison of Base Case Financial Metrics – Feasibility Studies 2022 vs 2026 along with Annual Cash Flow Forecast Project Economics at Gold Price US$ Unit FS – Jul’ 221 FS – Jan’ 26 % or Absolute (Base Case) Life of Mine Years 12.9 13.1 Flat Revenue USDbn 1.75 2.49 42% Gold Price USD/oz 1,642 2,884
Slide 16: Project Economics at Various Gold Prices – Base Case (USD)
Project Economics at Various Gold Prices – Base Case (USD) Forecast USD USD USD USD USD USD Project Economics at US$ Gold Price Unit (USD2,884/ oz Avg) 2,500/oz 3,000/oz 3,500/oz 4,000/oz *4,500/oz 5,000/oz NPV @ 10% (real) Pre-tax USDm 654 501 707 913 1,120 1,326 1,533 NPV @ 10% (real) Post-tax USD
Slide 17: Project Economics at Various Gold Prices – Base Case (AUD)
Project Economics at Various Gold Prices – Base Case (AUD) Forecast Project Economics AUD$ USD USD USD USD USD USD Unit (USD2,884 / oz Gold Price 2,500/oz 3,000/oz 3,500/oz 4,000/oz 4,500/oz 5,000/oz Avg) Gold Price AUD / oz1 AUD/oz 4,365 3,784 4,541 5,298 6,055 6,812 7,568 NPV @ 10% (real) Pre-Tax
Slide 18: Strategy to Build up to >160,000oz/A Au Production Profile Within 5 Years
Strategy to Build up to >160,000oz/A Au Production Profile Within 5 Years PHASE 1 PHASE 2 PHASE 3 COMMISSION COMMISSION COMMISSION First Gold Expansion of plant Ramp up of plant For personal use only 50-70koz/a 90-120koz/a >160koz/a US$68m US$33.9m US$56.8m 18 Months 12 Months 18 Months Phase 1 Surf
Slide 19: Revised Feasibility Studies – Mining and Production
Revised Feasibility Studies – Mining and Production Revised Feasibility Study The company’s growth strategy is developed on scaling up production from four DEVELOPMENT DRILL RIG LONG HOLE DRILL RIG LHD historic underground mines and surface gold. Mines: Beta, Rietfontein, Frankfort, and CDM. • TGM a
Slide 20: South Africa – experienced gold mining jurisdiction
South Africa – experienced gold mining jurisdiction For personal use only Beta Gold Mine access road under construction 17 INVESTOR PRESENTATION | ASX : TGM
Slide 21: South Africa – An Attractive Investment Destination
South Africa – An Attractive Investment Destination 16% of the African continent’s GDP Logistical Advantages • Largest road system network in Africa Jurisdiction Benefits • Local commercial airports For personal use only • Close to industrial hub of Johannesburg • English Common Law • Democratic soc
Slide 22: Catalyst to Production
Catalyst to Production • Debt Syndication Progressing Rapidly – TGM has advanced due diligence with financiers and is expected to complete funding terms for US$80 million. • Shovel-Ready – Early cashflows in sight – production target 1Q 2027; plant commissioning by Q4 2026, mining starts H2 2026 For
Slide 23: Appendices
For personal use only Appendices
Slide 24: Old plant has been demolished in preparation for new plant
For personal use only OLD PLANT HAS BEEN DEMOLISHED IN PREPARATION FOR NEW PLANT 21
Slide 25: Earthworks and Civils
Earthworks and Civils • Quality Control – All structural concrete to date has passed strength tests. For personal use only • Gold Room Platform Underway – Excavation complete, with backfilling and base construction underway. TGME Gold Plant site overview from above • Smart Cost Savings – Leveraging
Slide 26: Plant Build Progress
Plant Build Progress • Major Equipment Secured – Order placed with MechProTech for two (2) x Titan GDM3065 Ball Mills, marking a critical milestone in the TGME gold plant build For personal use only - Dual Mill Configuration : Increases operational flexibility in terms of maintenance and redundancy.
Slide 27: Timeline to First Gold
Timeline to First Gold Task Description Q1, 2026 Q2, 2026 Q3 2026 Q4, 2026 Q1, 2027 Q2, 2027 Q3, 2027 Revised Feasibility Study Gold Plant Construction ✓ For personal use only Tailings Dam Upgrading ✓ Electrical Power Lines ✓ Dry Stacking Plant Construction ✓ First Gold from Surface Sources ✓ Surfac
Slide 28: Significant pre-production activities already completed
Significant pre-production activities already completed Description Completed Project Final Designs Completed Update of the plant DFS ✓ Plant process design Engineers Appointed – RM Process ✓ TSF conventional deposition ✓ Tailings and Environmental Engineers Appointed – Eco Elementum ✓ TSF dry stack
Slide 29: South Africa's "Newest" Gold Field
South Africa’s “Newest” Gold Field A significant geological endowment • The Transvaal Gold System sits geological on For personal use only the eastern side of Bushveld Complex the largest layered igneous intrusion on earth. • South Africa hosts the 3rd largest gold reserves in the world, mostly with
Slide 30: Feasibility study flow sheet - Free Milling Ore Process Plant
Feasibility study flow sheet - Free Milling Ore Process Plant Optimised - 45KT Per Month Oxide Ore Feed Material Gold Recovery Plant (Phase 1) • Phase 1, an optimised Oxide plant capable of milling 45kt / per month • The Oxide plant will process free-milling ore from Beta and Rietfontein Mines for t
Slide 31: Regional Geology
Regional Geology For personal use only Target zone 28 28 INVESTOR PRESENTATION | ASX : TGM
Slide 32: How is South Africa meeting the challenges of ESG?
How is South Africa meeting the challenges of ESG? By addressing all 17 of the United Nations Sustainable Development Goals (UNSDG) through legislation At the global level, the UNSDG serves as a high-level forum for joint policy formation and decision-making. For personal use only The Sustainable De
Slide 33: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) MULTI-STAKEHOLDER SUSTAINABILITY DEVELOPMENT STRATEGY AND IS BASED ON: • Holistic risk management • Conservation of biodiversity • Zero harm approach to health and safety • Responsible production practices • Environmental stewardship • Positive impact on host
Slide 34: Environment – Saving the Local Catchment and River System
Environment – Saving the Local Catchment and River System Theta launches a highly effective Ecological Compensation program. This critical river system sustains over 20,000 farm workers and serves as the lifeline for Kruger National Park—especially during the dry winter months. Unless urgent action
Slide 35: Direct Employment
Direct Employment Labour over LoM Occupational Health and Safety 600 • Zero Harm focused on visible, felt leadership and discouraging 500 undesirable behaviour and acts 400 Labour (FTEs) • HIV and AIDs programme For personal use only 300 • TB programme 513 517 515 509 505 535 493 478 200 370 349 • O
Slide 36: JORC Statements - Mineral Resources and Ore Reserves
JORC Statements- For personal use only Mineral Resources and Ore Reserves
Slide 37: Combined Mineral Resources Statement (~6.1Moz)
Combined Mineral Resources Statement (~6.1Moz) Combined Mineral Resource Resource Classification Type of Operation Tonnage Gold Grade Gold Content Mt g/t Kg koz Underground 0.091 5.37 489 15.7 Measured Open pit For personal use only Tailings Total Measured 0.091 5.37 489 15.7 Underground 4.774 6.21
Slide 38: Total Mineral Resources of the Mines included in the DFS
Total Mineral Resources of the 4 Mines included in the DFS - Combined as of 1 February 2021 Tonnes Grade Au Content Mineral Resource Classification kt g/t kg koz Beta Measured - - - - Indicated 1,541 7.57 11,657 375 Inferred 1,044 5.53 5,773 186 Rietfontein Measured - - - - Indicated 500 7.99 3,998
Slide 39: Ore Reserve Estimate for TGM Mines (Ore Reserve Plan)
Table: Ore Reserve Estimate for TGM Mines (Ore Reserve Plan) For personal use only Notes: Notes: •An Ore Reserve cut-off of 170 cm.g/t has been applied for the Beta Mine. •An Ore Reserve cut-off of 160 cm.g/t has been applied for the Rietfontein Mine. •An Ore Reserve cut-off of 150 cm.g/t has been a
Slide 40: Mineral Resource Statement – Underground Only (~4.5Moz)
Mineral Resource Statement – Underground Only (~4.5Moz) Stope Reef Stope Reef Stope Mineral Resource Reef Grade Content Au Content Mine Reef Grade Width width Tonnes Tonnes Classification g/t g/t cm cm cm.g/t Mt Mt kg koz Measured Frankfort Bevetts 7.13 5.37 73 103 520 0.069 0.091 489 15.7 Total Mea
Slide 41: Mineral Resource Statement – Open Pit Only (~1.4Moz)
Mineral Resource Statement – Open Pit Only (~1.4Moz) Mineral Resource Reef Grade Reef Width Content Reef Tonnes Au Content Open Pit Mine Reef Classification g/t cm cm.g/t Mt kg koz Hermansburg Eluvial 1.79 0 0 0.505 905 29.1 DG1 Eluvial 2.24 0 0 0.640 1 432 46.0 DG2 Eluvial 0.66 0 0 1.586 1 041 33.5
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