Theta Gold Mines Limited (ASX:TGM) Share Placement and Funding Update

Theta Gold Mines Limited (ASX:TGM) (FRA:3LM) (OTCMKTS:TGMGF) is pleased to announce it has received firm commitments for a total of A$2.3 million (before fees) through a private placement, (Placement) from numerous existing shareholders, new institutional, professional and sophisticated investors.

The Company will issue 35,384,615 new fully paid TGM Ordinary Shares at the issue price of A$0.0651 per share, using the Company's existing placement capacity pursuant to Listing Rule 7.1. The shares are expected to be issued on Thursday, 11 August 2022. Use of funds raised from the share placement as follows:

a) Project expenditure including pre-liminary development and planning activitiesfor the TGME Underground Gold Mine Project;

b) Progress towards completion of permitting approvals for the project; and

c) General working capital, corporate overheads and bond interest and loan repayments.

Chairman Mr. Bill Guy commented: "The recent completion of the Definitive Feasibility Study (DFS) for the TGME Underground Gold Mine marks a significant achievement for the Company and allows us to move forward providing a clear road map for Theta to transition into an operational, mid-tier gold producer in South Africa.

"The Company and its debt advisors are busy preparing the TGME Project Information Memorandum and banking model to discuss potential funding solutions with numerous potential project financiers in the coming weeks and expects to receive funding term-sheet during this quarter."

Shaw and Partner Limited and Sanlam Private Wealth (Pty) Ltd were stockbrokers for the placement. A commission of 6% to be paid in cash or shares for the raise.

Bill Guy, Chairman 
Theta Gold Mines Limited
T: + 61 2 8046 7584
E: billg@thetagoldmines.com