OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory20 documents
TGM.AX local ASX daily closeMarket Data · HighExtracted

TGM.AX local ASX daily close: 0.18 AUD/share on 2026-09-25. market data provider via local miners.collect_stock_prices; 13,905 shares traded; one ASX TGM ordinary share.

Document ID
price20260925
Published UTC
2026-09-25T06:00:00Z
Projects
—
Commodities
—
Open original source ↗
XAU/USD historical spot closeCommodity Data · HighExtracted

XAU/USD historical spot close: 4287.25 USD/oz on 2026-09-25.

Document ID
gold20260925
Published UTC
2026-09-25T06:00:00Z
Projects
—
Commodities
gold
Open original source ↗
Application for quotation of securities - TGMCorporate Action · HighExtracted

Post-conversion issued capital and remaining listed/unlisted securities.

Document ID
quotation202609
Published UTC
2026-09-23T08:43:39Z
Projects
—
Commodities
—
Open original source ↗
TGM Completes First Bond Drawdown of A$51.2 MillionFinancing · HighExtracted

All initial disbursement conditions met; US$37m first draw received, balance subject to cost-to-complete tests.

Document ID
drawdown202609
Published UTC
2026-09-09T23:27:00Z
Projects
tgme
Commodities
gold
Open original source ↗
Proposed issue of securities - TGMCorporate Action · HighExtracted

Proposed 32.8 million shares to settle historical unsecured loan.

Document ID
proposal202608
Published UTC
2026-08-07T02:22:47Z
Projects
—
Commodities
—
Open original source ↗
Conversion of Unsecured Loan to EquityCorporate Action · HighExtracted

Issuer agrees to settle long-standing unsecured loan with 32.8m ordinary shares at A$0.18 deemed price.

Document ID
loanconversion202608
Published UTC
2026-08-07T02:22:00Z
Projects
tgme
Commodities
gold
Open original source ↗
Quarterly Activities & Cashflow Report - 30 June 2026Operations · HighExtracted

June 2026 quarter physical construction, cash and debt status.

Document ID
q4fy26
Published UTC
2026-07-30T23:34:44Z
Projects
tgme
Commodities
gold
Open original source ↗
Application for quotation of securities - TGMCorporate Action · MediumExtracted

Quotation of exercised options and post-issue capital register.

Document ID
quotation202607
Published UTC
2026-07-03T08:21:25Z
Projects
—
Commodities
—
Open original source ↗
Investor Presentation - Pathway to ProductionPresentation · HighExtracted

June 2026 construction and first-gold roadmap; study economics repeated.

Document ID
presentation202606
Published UTC
2026-06-28T23:18:31Z
Projects
tgme
Commodities
gold
Open original source ↗
Proposed issue of securities - TGMFinancing · MediumExtracted

Proposed 125.7 million-share financing at A$0.18.

Document ID
proposal202606
Published UTC
2026-06-28T23:17:51Z
Projects
tgme
Commodities
gold
Open original source ↗
US$90 Million Senior Secured Bond Issue – Pathway to Gold ProductionFinancing · HighExtracted

Four-year US$90m senior secured bond, 12.75% coupon, 95.9 issue price and project completion covenant.

Document ID
bondterms202606
Published UTC
2026-05-31T22:32:00Z
Projects
tgme
Commodities
gold
Open original source ↗
Quarterly Activities & Cashflow Report - 31 March 2026Operations · MediumExtracted

March 2026 quarter construction and cash flow.

Document ID
q3fy26
Published UTC
2026-04-30T04:29:58Z
Projects
tgme
Commodities
gold
Open original source ↗
Half-Year Accounts as at 31 December 2025Results · HighExtracted

December 2025 interim statutory financial statements.

Document ID
halfyear2026
Published UTC
2026-03-15T22:02:58Z
Projects
—
Commodities
—
Open original source ↗
Notification regarding unquoted securities - TGMCorporate Action · LowExtracted

Unquoted security register notice.

Document ID
rights202602
Published UTC
2026-02-19T02:31:08Z
Projects
—
Commodities
—
Open original source ↗
Revised Feasibility Study Confirms A$1.4B Free Cash FlowStudy · HighExtracted

Current independent revised TGME feasibility study with reserve-only comparison.

Document ID
fs2026
Published UTC
2026-02-02T22:45:28Z
Projects
tgme
Commodities
gold
Open original source ↗
Quarterly Activities & Cashflow Report - 31 Dec'25Operations · MediumExtracted

December 2025 quarter construction and cash flow.

Document ID
q2fy26
Published UTC
2026-01-30T04:10:16Z
Projects
tgme
Commodities
gold
Open original source ↗
Quarterly Activities & Cashflow Report - 30 Sept'25Operations · MediumExtracted

September 2025 quarter construction and cash flow.

Document ID
q1fy26
Published UTC
2025-10-31T02:17:24Z
Projects
tgme
Commodities
gold
Open original source ↗
Retraction of Production TargetStudy · HighExtracted

Retracts the September 2025 production target; replaced by February 2026 study.

Document ID
retraction2025
Published UTC
2025-10-03T08:58:59Z
Projects
tgme
Commodities
gold
Open original source ↗
Optimised Feasibility Study Unlocks US$1.2B Free Cash FlowStudy · MediumExtracted

September 2025 production target and study subsequently retracted.

Document ID
fs2025
Published UTC
2025-09-30T09:09:31Z
Projects
tgme
Commodities
gold
Open original source ↗
2025 Annual ReportResults · HighExtracted

Fiscal 2025 statutory report, management and economic-interest baseline.

Document ID
annual2025
Published UTC
2025-09-30T08:33:45Z
Projects
—
Commodities
—
Open original source ↗
Evidence facts48
loanconversionproposalShares proposed to settle unsecured loan

32800000 shares

2026-08-07
loansettlementamountDeemed loan settlement consideration

5904000 AUD

2026-08-07
juncashCash and cash equivalents

13314000 USD

2026-06-30
fsresourceCombined gold Mineral Resource

6105200 oz

2021-02-01
reservecontainedCombined proved and probable contained gold

604000 oz

2026-02-03
junburnRelevant quarterly outgoings

13208000 USD

2026-06-30
bondescrowBond facility drawn at June quarter end

0 USD

2026-06-30
julyraiseCombined July equity and option exercise proceeds before costs

18600000 USD

2026-07-03
rietwulRietfontein 15-year Water Use Licence

True None

2026-07-31
rieteaRietfontein environmental authorisation

pending None

2026-07-31
julyoptionsOptions converted into ordinary shares

21737182 shares

2026-07-03
commissioningTarget commissioning

Q4 2026 None

2026-06-29
firstgoldpresFirst gold target

Q1 2027 None

2026-06-29
placementProposed placement shares

125706919 shares

2026-06-29
placementpricePlacement issue price

0.18 AUD/share

2026-06-29
q3cashMarch 2026 quarter closing cash

10712000 USD

2026-03-31
q3constructionProject construction continued through March quarter

True None

2026-03-31
hyloanHistorical unsecured loan book balance

11593000 USD

2025-12-31
rightsnoticeUnquoted security notice

See security classes in Appendix 3G None

2026-02-19
fsnpvBase Case post-tax NPV10

455000000 USD

2026-02-03
fsreserveReserve-only post-tax NPV10

220000000 USD

2026-02-03
fsgoldStudy average gold price

2884 USD/oz

2026-02-03
fscapexPeak funding

77000000 USD

2026-02-03
fsproductionBase Case recovered gold

871000 oz

2026-02-03
fsproductionreserveReserve Plan recovered gold

514000 oz

2026-02-03
fsgold3500Post-tax NPV10 at US$3,500 gold

630000000 USD

2026-02-03
fsfirstgoldFirst gold guidance

Q1 2027 None

2026-02-03
q2cashDecember 2025 quarter closing cash

12474000 USD

2025-12-31
q1cashSeptember 2025 quarter closing cash

3372000 USD

2025-09-30
targetretractedSeptember 2025 production target status

retracted None

2025-10-03
target2025September 2025 production target

retracted None

2025-09-30
ownership2025TGME and Sabie Mines indirect ownership

74 percent

2025-06-30
roster2025Named executive team

Charles William Guy; Bill Richie Yang; Jacques Du Triou; Brent Hofman None

2025-09-30
fy2025lossFY2025 loss after tax

-6894000 USD

2025-06-30
finalsharesOrdinary shares after quotation

1376105106 shares

2026-09-23
sepconvertedOptions and rights converted to ordinary shares

38968769 shares

2026-09-22
sepoptioncashOption exercise proceeds at A$0.1722

5952742.0218 AUD

2026-09-22
bondnominalSenior secured bond nominal amount

90000000 USD

2026-06-01
bondcouponBond coupon

12.75 percent

2026-06-01
bondmaturityBond tenor

4 years

2026-06-01
bondcompletionProject completion covenant deadline

2027-09-30 None

2026-06-01
loansharesShares issued to settle historical loan

32800000 shares

2026-08-07
loanbookHistorical loan carrying value

11593000 USD

2025-12-31
firstdrawFirst bond drawdown received

37000000 USD

2026-09-10
drawfxIllustrative AUD/USD conversion

0.7232 USD per AUD

2026-09-10
price20260925-valueTGM.AX local ASX daily close

0.18 AUD/share

2026-09-25
price20260925-volumeTGM ordinary-share trading volume

13905 shares

2026-09-25
gold20260925-valueXAU/USD historical spot close

4287.25 USD/oz

2026-09-25
Conflicts requiring judgment1
  • Production target status

    October 2025 retraction superseded the September target; February 2026 revised study is current.