Theta Gold Mines (TGM) H2 2024 earnings summary

Executive summary

• Advanced TGME Underground Gold Project with final plant design and permitting completed, targeting first production in 2024 and commercial production in 2025.

• Secured key permits, including Water Use License and Environmental Authorisation for Mining Right 83, enabling mining commencement.

• Entered non-binding MOU with PowerChina for US$30 million EPC funding for gold plant construction.

• Raised over US$16 million in equity and private placements, with additional commitments post year-end.

• Completed metallurgical test work confirming recoverable gold from tailings and rock dumps, supporting early cash flow.

Financial highlights

• Net loss after tax of US$6.39 million for FY24, improved from US$7.03 million in FY23.

• Capitalised exploration expenditure increased to US$16.63 million (FY23: US$14.89 million).

• Cash and cash equivalents at year-end: US$2.59 million.

• Raised US$3.61 million from equity issues and US$275,000 from option conversions during the year.

• Market capitalisation at year-end: AU$71.2 million (AU$0.15/share).

Outlook and guidance

• Strategy to build up to >160,000 oz/year gold production within 5 years, starting with four underground mines.

• Focus on securing final funding and commencing construction of TGME Gold Project in FY25.

• Expansion plans include evaluating additional mines and increasing plant capacity.