Name of the Project
TGME underground gold mining project.

Location
Mpumalanga, South Africa.

Project Owner/s
Gold mining development company Theta Gold Mines.

Project Description
The project aims to restart historical underground gold mines in Mpumalanga, a prolific gold-mining region.

The project is targeting the Beta, Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon (CDM) mines.

In the base case, the project has a mine life of 12.9 years, delivering production of 1.24-million ounces of contained gold over the life-of-mine (LoM) at a processing rate of 540 000 t/y to initially recover 1.08-million ounces of gold.

The project aims to produce 30 000 t a month from the Beta mine, 15 000 t a month from the Rietfontein mine, 15 000 t a month from the Frankfort mine and 10 000 t to 20 000 t a month near the end of the CDM mine’s LoM. The existing mining infrastructure will be used, with the addition of new accesses, underground development and predevelopment of the mining grids to access the planned mining areas at Beta, Frankfort and CDM.

At Rietfontein, the existing adits and underground development will be used with the addition of new development ends, a new decline and the extension of an existing decline.

The mining strategy for the underground operations is to apply mechanised longhole drilling to narrow-reef mining to selectively mine out only the reef channel, with minimal dilution at Beta, Frankfort and CDM.

Rietfontein will be mined conventionally using shrinkage stoping, with hybrid loading methods between trackless load-haul-dump and rail-bound locomotives.

The processing plant will have a feed capacity of 45 000 t a month.

Potential Job Creation
Theta reported in October 2025 that more than 120 personnel were on site.

Net Present Value/Internal Rate of Return
In the base case, the project has a net present value, at a 10% discount rate, of $324-million at an average $1 642/oz and an internal rate of return of 65%. Based on these figures, the project has a forecast after-tax payback period of 31 months.

Capital Expenditure
The estimated development capital, or peak funding, requirement is $77-million.

Planned Start/End Date
Theta will be commissioning the plant by end of 2026 and processing ore in the first quarter of 2027.

Latest Developments
The pace of the gold plant build of the TGME gold mine project is intensifying, with contractors mobilised and construction under way at the carbon-in-leach (CIL) section and associated retaining walls.

Theta has reported that negotiations with long-lead equipment suppliers for mills and crushing circuits are advancing.

Civil works and debt syndication have been supported by capital raises and convertible loan conversions and plant commissioning is being targeted for the end of 2026.

“Rapid progress continues on site,” executive chairperson Bill Guy stated in a release published on October 23.

“Recent capital raises and convertible loan conversions have strengthened our balance sheet, positioning us to complete civil works and advance debt syndication. With funding and construction aligned, Theta remains on track to commission the plant by the end of 2026."

Key Contracts, Suppliers and Consultants
Met63 (detailed design and costing of processing plant designed for a feed capacity of 45 000 t a month); YRC (construction of gold plant, tailings storage facility and wastewater dams); PICM and Mainpro (critical earthworks and civil phase of TGME); and RM Process and Eco Elementum (processing plant and owners' engineers – civil engineering).

Contact Details for Project Information
Theta Gold Mines, tel +61 2 8046 7584 or email info@thetagoldmines.com.