Theta Gold Mines Ltd. · ASX:TGM
Theta Gold Mines — Investor Presentation (June 2026)
39 slides from Theta Gold Mines's investor presentation, Jun 29, 2026
Slide 1: Theta Gold Mines Ltd
Theta Gold Mines Ltd SOUTH AFRICA’S NEXT SUSTAINABLE GOLD PRODUCER Investor Presentation - June 2026 'Pathway to Gold Production' INVESTOR PRESENTATION | ASX : TGM
Slide 2: 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 considered forward looking statements. Forward looking statements are typically precede
Slide 3: Equity Raising Terms Summary
THETA GOLD MINES | ASX: TGM Equity Raising Terms Summary TGM is raising up to US$18.6m, (A$27m) (before costs) by way of a Placement and Exercise of Unlisted Options announced 29 June 2026. Approximately US$18.6m, (A$27m) (before costs) equity raising comprising: • Placement of approximately US$15.6
Slide 4: USD 90 million Senior Secured Bond – Summary of Key Terms
TRANSACTION OVERVIEW THETA GOLD MINES | ASX: TGM USD 90 million Senior Secured Bond – Summary of Key Terms Issuer: Theta Gold Mines Ltd, an Australian public company limited by shares incorporated under the laws of Australia Group: Means the Issuer with all its (direct and indirect) Subsidiaries fro
Slide 5: Corporate Group Overview
THETA GOLD MINES | ASX: TGM Corporate Group Overview Share price performance as at 26 June 20262 Capitalization overview Share price (@ 24 June 2026) AUD 0.21 / share Shares on issue (post completion of capital raise) ~1,304,071,183 Options and performance rights (post exercise) 262,009,241 Market c
Slide 6: History of TGME
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM History of TGME 6.7Moz of gold has already been produced in the Sabie-Pilgrims Rest Goldfields since the 1870s 1873 First gold discovery in the district 1873: Gold discovered near Sabie, ~5km from Pilgrams Rest; alluvial mining begins across the Sabie-Pi
Slide 7: Theta Gold at a Glance
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Theta Gold at a Glance High-grade gold mine(s) located in South Africa’s most prolific gold region supported by existing infrastructure, a skilled workforce, and strong utility access Overview of Theta Gold Key statistics (100% basis) Mine location in So
Slide 8: Key Credit Highlights
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Key Credit Highlights High-grade gold project with a 13.1-year mine life, including 8.8 years of reserves and 6.1Moz of resources Construction underway with only approx. ~USD 57m remaining development capital required – commissioning targeted for Q4’2026
Slide 9: Portfolio Overview
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Portfolio Overview All four core mines located within 40km of the central processing plant Ore Reserve and Mineral Resources utilised in Life of Mine Plan1,2,3 Grade (g/t) Mine plan Mine Au (koz) Reef | Stope production (koz) Beta 685.2 Probable Reserve
Slide 10: South Africa’s “Newest” Gold Field
TRANSVAAL GOLD MINING ESTATES THETA GOLD MINES | ASX: TGM South Africa’s “Newest” Gold Field A significant geological endowment Simplified regional geology map Commentary The Transvaal Gold System sits geological on the eastern side of Bushveld Complex, the largest layered igneous intrusion on Earth
Slide 11: Key Feasibility Study Takeaways
TRANSVAAL GOLD MINING ESTATES THETA GOLD MINES | ASX: TGM Key Feasibility Study Takeaways1,2 Study confirms TGME as a high-margin, long-life gold operation in one of the world’s premier gold regions Project Life Underground Ore Mined Payback Period Post-Tax FCF (First 4 Mines) Post-Tax NPV10 13.1 ye
Slide 12: Mine Plan Overview
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Mine Plan Overview Ramp up to peak production of ~115kozpa initially utilizing ready-to-access rock dumps and tailings, followed by ore feed from the Beta and Rietfontein mines Ore mined by source1,2 Commentary kt Beta CDM Frankfort Rietfontein Rock Dump
Slide 13: Robust economics and solid asset backing for the TGME Project
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Robust economics and solid asset backing for the TGME Project NPV10 post-tax and annual EBITDA sensitivity to gold price assumptions (USD/oz) NPV10 Post-tax sensitivity (USDm)1,2 Annual EBITDA Sensitivity (USDm)1,2 1,051 232 203 911 174 770 145 630 116 4
Slide 14: Project Economics at Various Gold Prices
THETA GOLD MINES | ASX: TGM Project Economics at Various Gold Prices Based on Revised Feasibility Study’s Base Case scenario, with amounts expressed in USD1 Forecast (USD USD USD USD USD USD USD Project Economics at USD Gold Price2 Unit 2,884/oz average) 2,500/oz 3,000/oz 3,500/oz 4,000/oz 4,500/oz
Slide 15: 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 16: 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 50-70koz/a 90-120koz/a >160koz/a US$68m US$33.9m US$56.8m 18 Months 12 Months 18 Months Phase 1 Surface Gold Phase 2 Under
Slide 17: Timeline to First Gold
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Timeline to First Gold Commissioning targeted for Q4’2026, with first gold in Q1’2027 Plant build progress CY2026 CY2027 Task Description1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Revised Feasibility Study Gold Plant Construction Tailings Dam Upgrading Electrical Power Line
Slide 18: South Africa as an Attractive Investment Destination
THETA GOLD MINES | ASX: TGM South Africa as an Attractive Investment Destination South Africa accounts for ~16% of the African continent’s GDP and it has a long-term credit rating of BB for foreign currency Logistical Advantages • Largest road system network in Africa Jurisdiction Benefits • Local c
Slide 19: Catalyst to Production
Catalyst to Production • Debt Syndication Complete – TGM has secured senior callable Bond Issue of US$90 million announced 12 June 2026 • Shovel-Ready – Early cashflows in sight – production target 1Q 2027; plant commissioning by Q4 2026, mining starts H2 2026 • Compelling Valuation – robust economi
Slide 20: Appendices
Appendices INVESTOR PRESENTATION | ASX : TGM
Slide 21: 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 Executive (Geologist) with +30 years of global Executive (Corporate Finance) with 20 years of E
Slide 22: 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 23: AISC Cost Curve
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM AISC Cost Curve First-quartile AISC underpins substantial cash flow generation and significant downside resilience Global gold AISC cost curve (Q3’2025) Commentary USD/oz All-In Sustaining Cost ("AISC") Spot gold price 1 FS gold price TGME’s LOM AISC of
Slide 24: Development Capex Overview
EXECUTIVE SUMMARY THETA GOLD MINES | ASX: TGM Development Capex Overview Minimal development capex after 2026 as production is expected to commence in Q1’2027 Mining and infrastructure capex schedule over the life of bond (USDm)1 Overview of capex costs over the life of the bond Capex spent Processi
Slide 25: 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 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 - Dual Mill Configuration : Increases operational flexibility in terms of maintenance and redundancy. - Locally engineered
Slide 27: 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 28: 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 29: 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 30: ESG: Saving the Local Catchment and River System
APPENDIX THETA GOLD MINES | ASX: TGM ESG: Saving the Local Catchment and River System • The critical river system sustains over 20,000 farm workers and serves as the lifeline for Kruger National Park – Critical river system especially during dry winter months • Unless urgent action is taken, collaps
Slide 31: ESG: Direct Employment
APPENDIX THETA GOLD MINES | ASX: TGM ESG: Direct Employment Labour over LOM (FTEs) Occupational Health and Safety Zero harm focused on visible, felt leadership and 535 discouraging undesirable behavior and acts 513 517 515 509 505 493 478 370 349 306 200 181 50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 LoM Y
Slide 32: Pathway to Production
Pathway to Production 3 7 11 1 Debt 5 Water 9 Practical Permitting – Syndication Management completion fully approved fundings Feasibility and security Rand Refinery – dry MR83 progress Study update fencing Contract commissioning underway Q1 2024 Q2 2024 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q4 2026 Q1 20
Slide 33: JORC Statements- Mineral Resources and Ore Reserves
JORC Statements- Mineral Resources and Ore Reserves INVESTOR PRESENTATION | ASX : TGM
Slide 34: 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 Tailings Total Measured 0.091 5.37 489 15.7 Underground 4.774 6.21 29 661 953.7 Indicated
Slide 35: 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 1
Slide 36: Table: Ore Reserve Estimate for TGM Mines (Ore Reserve Plan)
Table: Ore Reserve Estimate for TGM Mines (Ore Reserve Plan) Notes: Notes: 1. An Ore Reserve cut-off of 170 cm.g/t has been applied for the Beta Mine. 1. An Ore Reserve cut-off of 160 cm.g/t has been applied for the Rietfontein Mine. 2. An Ore Reserve cut-off of 150 cm.g/t has been applied for the F
Slide 37: 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 38: 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
Slide 39: Theta Gold Mines Ltd
Theta Gold Mines Ltd SOUTH AFRICA’S NEXT SUSTAINABLE GOLD PRODUCER End of Presentation INVESTOR PRESENTATION | ASX : TGM