Theta Gold Mines (TGM) Q4 2026 TU earnings summary

Executive summary

• Secured US$90 million senior secured bond facility and completed US$18.6 million equity raise, fully funding the TGME Gold Project construction and development.

• Construction advanced from civil works to plant build, with bulk earthworks nearly complete and over 50% of concrete poured.

• Key contracts for structural steel, mechanical, and piping awarded; critical long-lead equipment manufacturing and delivery on track.

• Workforce expanded and project remains on budget, targeting first gold production in Q1 2027.

Financial highlights

• Cash position at 30 June 2026: US$13.3 million.

• Quarterly expenditures: US$7.8 million on mining production and development, US$37,962 on license costs.

• Market capitalisation: A$231.35 million (US$160 million) as of 30 June 2026.

• Peak funding requirement: US$77 million; total initial capital: US$102 million.

• All-in sustaining cost (AISC): US$1,181/oz; post-tax NPV10%: US$455 million; post-tax IRR: 77%.

Outlook and guidance

• First gold production expected in Q1 2027, with ramp-up to over 115 koz annual peak.

• Life of mine (LOM): 13.1 years, with 1.01 Moz gold mined in Base Case scenario.

• Project designed for phased expansion, with significant upside from additional mines and exploration targets.