Theta Gold Mines (TGM) Q1 2027 TU earnings summary

Executive summary

• TGME construction advanced toward planned first gold in Q1 2027; processing plant construction was approximately 72% complete at 30 September 2026.

• The first US$37 million bond drawdown and US$18.6 million equity raise completed during the quarter, supporting project execution.

• Major plant areas and supporting infrastructure progressed, including installation of twin ball mills and advancement of the crushing, CIL, thickener, elution and gold room areas.

Financial highlights

• Cash at 30 September 2026 was US$37.7 million (A$54 million); quarterly expenditure was US$7.76 million, predominantly mining production and development costs.

• Appendix 5B reported operating cash outflow of US$3.76 million and investing cash outflow of US$9.82 million; financing cash inflow was US$42.32 million.

• The Revised Feasibility Study's Base Case forecasts US$2.49 billion revenue and US$933 million post-tax free cash flow over the life of mine; these are project forecasts, not quarterly results.

Outlook and guidance

• Planned commercial production remains Q1 2027, with commissioning and operations preparation following plant installation and infrastructure completion.

• Crushing and screening equipment was in transit to South Africa and expected to arrive in early Q4 2026; a further bond drawdown was anticipated in early November, subject to conditions.

• The Base Case forecasts 1.01 Moz gold mined over a 13.1-year life of mine; the Ore Reserve Plan targets 604 koz over 8.8 years.