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Theta Gold Mines (TGM) investor relations material
Theta Gold Mines H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary29 Sep, 2025
Executive summary
Construction and civil engineering commenced at the TGME Gold Mine Project in South Africa, marking a transition from development to construction, with bulk earthworks and water management scheduled for September 2025.
The first three mines and the gold plant footprint are fully permitted, with Mining Right MR 83 renewed until 2038, and a formal decision to mine was made in June 2025.
An optimised feasibility study completed in September 2025 shows a post-tax NPV of $504M at a $2,710/oz gold price, with a 14.5-year mine life and annual average EBITDA of $124M.
The company secured a $35M loan facility from the Industrial Development Corporation of South Africa and raised $18.3M in equity during FY25, with additional private placements and option conversions post-year-end.
ESG initiatives include a preliminary carbon footprint report, water management, biodiversity conservation, and strong community engagement, with 622,761 fatality-free shifts achieved as of July 2025.
Financial highlights
Loss after tax for FY25 was $6.89M (FY24: $6.39M), mainly due to exploration write-offs, finance costs, and pre-development expenses.
Capitalised expenditure on the balance sheet increased to $18.5M (FY24: $16.6M).
Cash and cash equivalents at year-end were $5.6M, with net proceeds of $10.5M raised from share issues and $2.3M from option conversions.
Key metrics from the feasibility study: post-tax NPV $504M, IRR 71%, peak capital $79M, AISC $1,101/oz, and payback in 30 months.
Revenue forecast over LOM is $3.1B, with undiscounted free cash flow of $1.2B post-tax.
Outlook and guidance
First gold production targeted for Q1 2027, with a modular plant design supporting expansion to 160,000 oz/year by year five.
Focus on finalising funding, completing construction, and moving more resources into proven and probable reserves.
Ongoing exploration and phased development of up to 43 historical mines to enhance production profile.
Detail the strategy to secure remaining project funding
How do surface gold sources de-risk early production?
What are the key objectives of the Ecological Compensation Program?
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Next Theta Gold Mines earnings date
H1 202615 Mar, 2026
Next Theta Gold Mines earnings date
H1 202615 Mar, 2026
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Frequently asked questions
Theta Gold Mines Limited is a gold exploration and development company focused on advancing its mining projects in South Africa. The company engages in activities such as geological surveying, resource estimation, and feasibility assessments to support the potential development of gold mining operations. Its portfolio includes both historical mining areas and undeveloped gold resources within the Transvaal Gold Mining Estates. Theta Gold Mines Limited aims to reinitiate gold production through modernized mining methods and infrastructure upgrades. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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