Theta Gold Mines (TGM) investor relations material

Executive summary

• Released a Revised Feasibility Study confirming a 13.1-year Life of Mine and robust project economics for the TGME Gold Project.

• Construction advanced with bulk earthworks, civil works, water infrastructure, and gold room foundations progressing on schedule.

• Key contracts for structural steel, mechanical, piping, and crushing/screening plant awarded to industry leaders.

• Workforce expanded with over 70% of non-specialist roles sourced locally; more than 500 jobs expected at full production.

• Project costs remained within budget, and funding capacity was strengthened through equity and ongoing debt discussions.

Financial highlights

• Post-tax NPV10% of US$455 million (A$689 million), up 108% from the 2022 study.

• Life of Mine revenue projected at US$2.5 billion (A$3.8 billion) at a base gold price of US$2,884/oz.

• All-in sustaining cost (AISC) of US$1,181/oz (A$1,787/oz); EBITDA annual average A$163 million.

• Peak funding requirement of US$77 million (A$116 million); capital payback in 29 months from mining start.

• Cash position at 31 March 2026 was US$10.7 million (A$15.6 million).

Outlook and guidance

• First gold production targeted for Q1 2027, with gold plant expected to produce over 80koz/year by year three.

• Phase 2 expansion could double processing to 90 ktpm and increase output to 160 koz/year within five years.

• Ongoing discussions with debt financiers expected to conclude by Q2 2026, aiming for full project funding.