Theta Gold Mines secures $33.9m funding for TGME project

Theta Gold Mines Limited has secured a total of $33.9 million in debt and equity funding, before costs, for its TGME Gold Mine Project. This funding includes $23.9 million in equity from institutional, sophisticated, and cornerstone investors, alongside a $10 million secured loan facility. A share purchase plan (SPP) will also be offered to eligible shareholders to raise up to A$2 million at A$0.21 per share.

The equity raise involves a $7.9 million placement at A$0.21 per share, $15 million from private Cornerstone Investors at A$0.155 per share across two tranches, and a $1 million commitment from NC New Energy Limited at A$0.155 per share. All placements, including the SPP, will entitle participants to one free attaching option for every 2.38 shares subscribed, subject to shareholder approval. The options will have an exercise price of A$0.32 and an 18-month expiry, with some Cornerstone Investor options having a higher exercise price linked to VWAP or A$0.155 and an expiry of 10 October 2027.

Funds will be allocated to construction and infrastructure, earthworks, tailings storage facility and water management, plant equipment, structural installation, strengthening the balance sheet, and general working capital. The proposed issue date for SPP shares is 17 November 2025, and for other placements, 27 November 2025. Trading in TGM securities, which had been suspended, will be reinstated following these announcements.