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Theta Gold Mines Limited (ASX:TGM) Quarterly Activities Report
Theta Gold Mines Limited (ASX:TGM) (FRA:3LM) (OTCMKTS:TGMGF) is pleased to report on its activities for the period from 1 April 2022 to 30 June 2022.



- At the end of June 2022, the TGME Underground Definitive Feasibility Study (DFS) was close to completion undergoing final internal and external reviews and approvals and was subsequently released on 27 July 2022, after quarter end.

Key features of Feasibility Study (FS) include:

TGME Feasibility Study delivers 1.24Moz contained gold, underpinning an initial 12.9- year mine life.

Strong financial return (based on LOM Plan), including (at a gold price of A$2,189/oz, with first production targeted for 2024, including:

o Undiscounted free cash flows of US$508m, (A$678m), pre-tax US$717, (A$956m);
o NPV (at a 10% discount rate) of US$219m, (A$292m), pre-tax US$324m, (A$432m);
o Capital payback period of 31 months;
o Pre-tax IRR of 65%;
o Combined Underground Projects have an AISC of US$834/oz, (A$1,112/oz); and
o Peak Capital requirement is US$77m, (A$103m), total capital requirements US$174m, (A$232m).

- Front-End Engineering Design (FEED) of the TGME gold plant was completed, forming an important input towards the finalisation of the Definitive Feasibility Study (DFS) of the TGME underground project

- The Final Environmental Impact Assessment Report and Environmental Management Programme (EIA/EMPr) were submitted to the Department of Mineral Resources and Energy (DMRE) and the final technical documents for the integrated water use license application to the Department of Water and Sanitation (DWS) for final decision.

- The outcome of the decisions from the DMRE and DWS on the applications for MR 83 are expected in Q4 of 2022, followed by a 90-day review period.

- An application for an Atmospheric Emissions License was submitted to the Department of Forestry, Fisheries, and the Environment. The application is currently available for public comments for a 30-day period that will end on 10 August 2022. A final decision on the application is expected by the end of Q3 of 2022.

- The Frankfort Mine Water Use License application registered with the Department of Water and Sanitation ('DWS') - final decision expected in Q3 of 2022.

- A positive decision from DWS will mean Frankfort Mine is fully permitted.

- TGM completed a capital raise of A$1.4 million (before costs) through a private placement, from a majority of existing institutional, professional and sophisticated investors during the June 2022 quarter.

- The Company entered into an agreement to extend the maturity date for the outstanding A$6 million Secured Bond Facility (Secured Bond) it currently holds with 2Invest AG and its associates for a further 12 months.


- TGME Underground Feasibility Study (FS) released underpinning a 12.9-year mine life with a NPV(10%) of A$432m (pre-tax).

- TGM remains in advanced discussions with Financial Institutions to complete a capital raising through the issue of New Shares . Final terms of the issue are expected to be announced shortly.

Theta Chairman Mr Bill Guy stated: "The definative feasibility study (DFS) was completed and released at the end of July 2022 and marks a trumendous achievement for the Company. The Company has been able to demonstrate that it has a project that can deliver low-cost, sustainable mining from a 12.9-years of mine life from the first 4 mines of the TGME Underground Gold Project. The first phase which includes Beta, Rietfontein, CDM and Frankfurt mines, gives us access of up to 1.24Moz's of contained gold creating robust returns to investors along with prosperity and economic benefits to the surrounding regions of the mine".

*To view the full Quarterly Report, please visit:

Bill Guy, Chairman 
Theta Gold Mines Limited
T: + 61 2 8046 7584

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