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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