Name of the Project
TGME gold mine project.

Location
Pilgrim’s Rest, Mpumalanga, South Africa.

Project Owner/s
Theta Gold Mines (TGM). Theta Gold SA is 100%-owned by Theta Gold and holds 74% of TGME and Sabie Mines.

Project Description
The TGME project is a phased restart of historical underground gold mining and central processing in South Africa’s Eastern Transvaal goldfields.

A revised feasibility study published in February 2026 outlines a 13.1-year base-case life-of-mine plan that integrates underground mining at Beta, Rietfontein, Clewer-Dukes Hill-Morgenzon (CDM) and Frankfort, with early-stage feed from surface rock dumps and tailings storage facility (TSF) material to support ramp-up. Planned processing throughput in the Phase 1 project is 540 000 t/y.

The base-case mine plan includes 6.34-million tonnes at 4.96 g/t for about 1.01-million ounces mined, with 870 000 oz recovered at 86.2% recovery.

Beta Mine is expected to start with an 18-month predevelopment phase, after which stoping starts in month 19. Under the base case, it is expected to produce about 30 000 t a month of stoping ore for about 8.5 years, within an overall mine life of 10.1 years.

Rietfontein is scheduled to come on stream 18 months after Beta. After an eight-month predevelopment period, stoping is set to start in month 27, with output targeted at 15 000 t a month of ore.

Predevelopment is expected to run for 16 months at Frankfort and 19 months at CDM.

Frankfort is designed to produce 15 000 t month, feeding a dense-media separation plant at about 9 500 t a month, while CDM is also expected to reach a steady-state rate of 15 000 t a month. Mining of the historical rock dumps and the TGM plant TSF is planned to start in months 7 and 16 after operations start.

The waste rock dump is expected to be mined over ten months at about 45 000 t a month to support a smoother ramp-up at Beta. TSF material will supply the plant for four months during ramp-up and then continue on an as-needed basis, with total retreatment planned over 79 months.

The proposed Phase 2 of the project will unlock scale: seven mines, 90 000 t a month processing, and up to 160 000 oz/y gold output within five years.

Potential Job Creation
TGM has highlighted the use of a skilled local workforce in the Pilgrim’s Rest/Sabie region and a multicontractor execution model.

Net Present Value/Internal Rate of Return
The revised TGME feasibility study confirms stronger project economics, compared with 2022. At the base-case long-term gold price assumption of $2 884/oz, the revised feasibility study reports a pretax net present value, at a 10% discount rate, of $654-million and an internal rate of return of 84%. Payback is estimated at 29 months from the start of mining.

Capital Expenditure
Peak funding is estimated at $77-million. Total initial capital is estimated at $102-million.

Planned Start/End Date
The plant is under construction, and first gold is targeted for the first quarter of 2027.

Latest Developments
Plant construction activities were under way.

Key Contracts, Suppliers and Consultants
Minxcon (revised feasibility study and independent mining engineering consultant). Theta has also awarded key construction-related contracts (earthworks, civils, roads and water management) and has indicated planned use of various engineering, procurement and construction (EPC) contractors, including mining support/rail installations, process plant EPCs and infrastructure EPC, although detailed contractor names have not been fully disclosed.

Contact Details for Project Information
TGM. tel +61 2 8046 7584 or email info@thetagoldmines.com.