TGME Underground Project

The TGME Underground Project capitalizes on 130 years of mining history and underground development. Phase-1 of the project includes 3 mines – Frankfort, CDM, and Beta. Theta’s goal is to simply extend the ore drives and stopes of existing mine’s complex to extract high-grade gold ore for processing at our gold plant.

The currently Probable Ore Reserve is 419,000 which was included in the mine schedule for the TGME Underground Project. Currently, there are 3.5 Moz of global underground inferred mineral resource across the ground holdings that have potential to be converted into Proven/Probably Ore Reserve as exploration sampling, drilling, and underground development is extended into new zones of gold reefs.

Theta has completed a Prefeasibility Study (PFS) on the first three mines as a demonstration that these large, narrow, tabular reefs systems can be mined with modern mechanized mining. The PFS showed strong project economics (see Figure 1) with a short payback period of 13 months from first gold and AISC of US$905/oz at a modest gold price assumption of just US$1570/oz.

HIGHLIGHTS: TGME Phase 1 Underground Project, which excludes the open pits. All numbers in USD and financials based on forecast gold price of Avg. USD$1,570.

The initial study focused on the easy access of 684,000 oz Au in the Measured and Indicated categories of the TGME Underground Resource for the Beta, Frankfort and CDM areas. (See Mineral Resources) The team achieved a conversion factor of 63% from resource to mining reserve in those areas. A further 3.5M oz Au of inferred resources is available to be upgraded to the Measured and Indicated resource category and potentally into mining reserves.

Table 1 TGME Underground Project Economics

Theta has demonstrated, through the first phase underground PFS, excellent project economics for what it believes to be only a small portion of the underground resource, and will continue to build up its Mining Reserves during 2022 in order to progress with its production ramp up plans.

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