Theta Gold Mines


Primary ticker: ASX:TGM
Stage of development: Exploration, Development
Primary minerals: Gold
Project to promote: TGME Underground Project
Project location: South Africa
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Our Story
Primary listing on the Australian Securities Exchange (ASX: TGM) with a secondary listing on OTC Markets (OTCQB: TGMGF), an advanced gold developer with over 6.1 Moz of very shallow gold mineral resources (JORC) under control, targeting high margin gold mining from 2023. Our goal is to become a responsible, sustainable and highly profitable gold mining group.
The goal is to develop four mines targeting a +160koz pa (within 5 years). The four mines host 2.75 Moz JORC gold resource. Theta is now sitting in the top 100 ASX listed resource companies and has one of the top three largest undeveloped gold resources not controlled by a major.


Debt: AUD$6M

Major shareholders:
Fineway – 12%
Zenth Holding HK – 8.7%
Citicorp – 7.5%
Tasman Fund – 6.1%
Golden Asia Investment Group – 5.8%
Team – 9%

Management Profile

Bill Guy – Chairman

Bill Guy has over 30 years’ of experience in exploration and resource development in Asia, Australia, Europe Africa.

Bill had numerous Managing Director and CEO roles, including Longford Resources Limited and Bligh Resources Limited. He previously served as Exploration Manager for Jupiter Mines Limited (ASX:JMS).

Jacques Du Triou – Chief Executive Officer
Mr Du Triou has over 28 years of experience in the South African mining industry across all stages of a mine’s lifecycle. He specialises in project and financial evaluations, construction, mine expansion, risk assessments, due diligence, execution and commissioning to full nameplate capacity.

Jacques began his career with Harmony and progressed to General Manager (2009-2015). During this time, he led the Doornkop South Reed deepening project, which had an estimated capital cost of ZAR1.2 billion (~US$700 million) from feasibility to peak production. He also worked extensively on Harmony’s Kalgold open-pit project.

What is your rationale for taking part in 121 Mining Investment?

The company has completed a FS for the first four mines Beta, CDM, Frankfort and Rietfontein (TGME Underground Project). The Base Case LOM plan will comprise a 12.9-year mining operation starting in 2024 Q2 and delivering 1.24 million ounces of contained gold LoM.

The estimated development capital or peak funding requirement is USD77 million (Total CAPEX 100 M USD), with the Project forecast to generate a pre-tax NPV10% of USD324 million (AUD432 million) and pre-tax Internal Rate of Return (IRR) of 65% at the forecast gold price of averaging USD1,642/oz over the LOM.

It is a high-grade gold project that sheds ½ Billion USD free cash post-tax LOM based on our DFS released in July 22. We believe further exploration will increase Life of Mine and the current resource base of 6 Moz.

We be looking for equity and debt to fund the transition from developer to gold production

What recent news would you like to highlight to investors attending?

TGM ASX Release date:
Water Use License Granted for the Frankfort Mine (Fully Permitted).
Theta Gold executes A$110M Term Sheet with Sprott 19/10/2022
Atmospheric Emissions License issued for the operation of the
processing plant. 06/09/2022
State Forest Licence issued for Frankfort Mine. 06/09/2022
TGME Underground Mine Feasibility Study Information Booklet 27/07/2022
Theta Gold’s TGME Project DFS confirms NPV of AU$432 Million 27/07/2022
Submission of the final EIA/EMPr to the Department of Mineral
Resources and Energy (DMRE) (MR 83). 18/07/2022
Submission of the final technical documents for the integrated
water use licence application to the Department of Water and
Sanitation (DWS) for final decision. 18/07/2022
TGME Gold Processing Plant Front-End Engineering Design
(FEED) Completed 20/06/2022

• High-Grade assay-
o Beverly Hills sweepings grabs – 15.79g/t Au and 4.37g/t Au
o Beverly Hills chip samples – 11.79g/t Au
o Desire sweepings grabs – 14.27g/t Au and 10.79g/t Au

What are your key goals for the next 3, 6 and 12 months?

3 Months:
Permitting completion for Mining Right 83 (EIA, WUL)
Completion of Sprott due diligence  Binding Streaming Agreement
Commercial Bulk Sampling
Early Cashflow Options

6 Months:
Project Full-funded TGME Underground Capex
Final Investment Decision (FID)

12 Months:
Construction Commencement gin project construction

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Project Fianance – Sprott Streaming deal
Project execution risk – (Increaseing board and managment mine build experince)

What do you think makes your company such a compelling investment?

Large and growing gold resource
Theta will be in the lowest quartile of cost curve for gold producers
Low start up captial requirements with predeveloped mines

What are the top 3 key investor takeaways?

6.1 MOZ of Gold Resource high grade
In country Managment with South Africa mine build experince
AISC expect to be half the current gold