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2026-11-06
◂ Monitor TGM ASX

Theta Gold Mines Limited

Construction · Gold · South Africa Rating locked: sign in to view v6.2
Last 2026-11-05
A$0.185
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$254.6M
EV
—
Cash
US$13.3M
Debt
US$0
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$13.3M Construction Funded
Debt US$0 Net cash US$13.3M
Basic shares 1.4B 2026-09-23
Runway 7.82 quarters Appendix 5B reports 7.82 quarters from June cash plus US$90m undrawn bond against US$13.208m quarterly relevant outgoings; September first draw changes availability and the simple runway is not a current cash forecast.

Liquidity

Financial position

June cash is the latest reported balance. July equity proceeds, September US$37m bond draw and A$5.95m option exercise are subsequent events, but intervening construction spending and current unrestricted cash are undisclosed.

Capital structure

Ownership and dilution

Ordinary shares
1.4B
Fully diluted
1.6B

23 September Appendix 2A reports 1,376,105,106 ordinary shares after 34,568,769 options and 4,400,000 rights converted. Full dilution adds all 222,901,355 remaining options and rights without assuming exercise proceeds or hurdle achievement.

Security classes18
ClassTypeQuantityStrikeExpiry
ASX TGM fully paid ordinary sharesOrdinary Share1.4B——
TGMO unquoted/listed optionsOption24.2M—2027-06-01
TGMAB unquoted/listed optionsOption10MA$0.322027-08-03
TGMAAS unquoted/listed optionsOption900KA$0.172027-09-30
TGMAAR unquoted/listed optionsOption4.6MA$0.122027-09-30
TGMABC unquoted/listed optionsOption23.7M—2027-07-03
TGMABB unquoted/listed optionsOption12.6MA$0.132026-10-31
TGMAAG unquoted/listed optionsOption2.6MA$0.172027-09-30
TGMAAH unquoted/listed optionsOption300KA$0.252027-09-30
TGMAH unquoted/listed optionsOption48.4MA$0.1552027-10-10
TGMAG unquoted/listed optionsOption1.4MA$0.252029-09-30
TGMAD unquoted/listed optionsOption3MA$0.122028-09-30
TGMAE unquoted/listed optionsOption29MA$0.152028-09-30
TGMAF unquoted/listed optionsOption3.6MA$0.172029-09-30
TGMABD unquoted/listed optionsOption10MA$0.22027-05-25
TGMABE unquoted/listed optionsOption10MA$0.252027-05-25
TGMABF unquoted/listed optionsOption10MA$0.32027-05-25
TGMAP performance rightsPerformance Right28.5M——
Company guidance2
MetricProjectPeriodLowHighStatus
First Gold ProductiontgmeQ1 2027—— date windowCurrent
Plant CommissioningtgmeQ4 2026—— date windowCurrent

Capital history

Capital events

7 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-22Ann. 2026-09-23RaisingTgm OrdinaryA$6M34.6MA$0.172CompletedExercise of expiring institutional options.
2026-09-22Ann. 2026-09-23RaisingTgm OrdinaryA$04.4M—CompletedPerformance rights converted after funding milestone; no cash proceeds.
2026-09-10DebtUS$37M——CompletedFirst release from the issued US$90m bond; remaining drawdowns conditional on cost-to-complete tests.
2026-08-10Ann. 2026-08-07DebtTgm OrdinaryUS$11.6M32.8MUS$0.18CompletedHistorical unsecured loan settled in equity; book balance US$11.593m at December 2025.Max 32.8M
2026-07-03RaisingTgm OrdinaryA$4.4M21.7M—CompletedOption exercise proceeds approximately A$4.4m before costs.Exercise of two unlisted option classes
2026-07-03Ann. 2026-06-29RaisingTgm OrdinaryA$22.6M125.7MA$0.18CompletedPlacement proceeds before fees for TGME construction.Max 125.7M · Period 2026-06-29 to 2026-07-03 · Bell Potter Securities and Golden Asia Investment Group
2026-06-12Ann. 2026-06-01DebtUS$90M——CompletedUS$90m secured bonds issued into escrow; 12.75% coupon, 95.9 issue price, four-year tenor.Pareto Securities

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2025 annual baseline reconciled with the June quarter and subsequent primary bond and loan-conversion disclosures. No live offtake, stream or commodity/FX hedge terms identified in selected evidence.

Theta Gold SA owns 74% of TGME and Sabie Mines; the remaining 26% is held for South African BEE participation. Project value is attributed at 74%.

Joint Venture · Active
Counterparties
South African BEE shareholders
Applies to
TGME Gold Mine Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
TGME and Sabie Mines attributable ownership: 74 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Senior secured bond funds construction, subject to remaining cost-to-complete tests; drawn principal is deducted in the equity bridge.

Other · Active
Counterparties
Pareto-arranged bondholders
Applies to
TGME Gold Mine Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Nominal facility: 90 USDm
Coupon: 12.75 percent
First drawdown: 37 USDm
Tenor: 4 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Optional A$15m at-the-market equity subscription facility, extended to July 2031; no mandatory utilisation.

Other · Active
Counterparties
Acuity Capital
Applies to
TGME Gold Mine Project · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Standby equity limit: 15 AUDm
Maturity: 2031-07-31 date
How it affects our valuation

No valuation treatment is available for this arrangement.