Theta Gold Mines (TGM) Investor presentation summary

Project profile and economics

• Base case forecasts 871koz Au over a 13.1-year mine life at a recovered grade of 4.28g/t; reserves are 604koz and total resources 6.1Moz, on a 100% basis.

• TGME is held 74% by the South African subsidiary; the project is in Mpumalanga’s historic goldfields, which have produced 6.7Moz Au.

• At the Revised Feasibility Study’s average gold price assumption of USD2,884/oz, forecast AISC is USD1,181/oz, post-tax FCF USD933m and post-tax NPV10 USD455m.

• Post-tax NPV10 sensitivity is USD490m at USD3,000/oz gold and USD911m at USD4,500/oz; breakeven gold price is USD1,323–1,503/oz.

Mine plan and growth potential

• Annual production target is 90–120koz, with modular plant design supporting a pathway to 160kozpa; the plant is designed for expansion to 90ktpm.

• Beta is planned to start first, with 18 months of pre-development before stoping; Rietfontein mining is scheduled to start in Q4 2028, followed by production growth from CDM and Frankfort.

• Rock dumps and plant tailings are planned as early feed while Beta develops; free-milling ore is expected to achieve 88–96% CIL recoveries through the 45kt/month oxide plant.

• The 620km² goldfield includes 43 historic mines, with four in the current mine plan; 3Moz of resources sit outside the plan, with exploration and drilling intended to advance growth targets.

Plant construction and path to production

• Plant construction was 72% complete at 30 September 2026, with USD39m spent; commissioning is targeted for Q4 2026 and first gold for Q1 2027, subject to regulatory approvals.

• NMS Africa’s three-stage crushing and screening plant contract was executed, with delivery expected in October; site construction was reported on budget and on track for Q4 2026 commissioning.

• Key contracts cover Eskom power, civil works, crushing, ball mills, plant equipment, thickeners and diesel; the Rand Refinery gold offtake agreement was expected before commercial production but was not yet executed.

• USD102m is the initial development capital required to reach first gold at Beta, excluding expected income from rock dumps and the tailings storage facility.