Announcement PDF Theta Gold Mines Limited ACN 131 758 177 Registered Office: Level 35, One International Towers, 100 Barangaroo Avenue Sydney, NSW 2000, Australia 14 October 2026 ASX ANNOUNCEMENT AND MEDIA RELEASE (ASX: TGM) Australian Gold Conference – Investor Presentation Theta Gold Mines Limited (ASX: TGM) (Theta or the Company) is pleased to advise that Executive Director, Richie Yang will be presenting at the Australian Gold Conference to be held in Sydney from October 14 – 15, 2026. The event is one of Australia’s largest dedicated gold and precious metals investment events showcasing mining companies, retail and institutional investors, fund managers and industry experts. An updated Investor Presentation is attached and released with this announcement. [ENDS] This announcement was approved for release by Theta Gold Mines Limited’s Chairman. For more information, please visit www.thetagoldmines.com contact key management: Bill Guy, Chairman E: billg@thetagoldmines.com Richie Yang, Executive Director E: richiey@thetagoldmines.com T: + 61 2 8046 7584 Investor Relations and Media Communications We’re committed to keeping you informed and involved. Sign up for the Engage IR App and Investor Hub today and join the conversation. Webpage: www.thetagoldmines.com https://twitter.com/ThetaGoldMines https://www.linkedin.com/company/thetagoldmines/ THETA GOLD MINES LIMITED Investor Presentation Australian Gold Conference Presenter: Richie Yang (Executive Director) Sydney, October 2026 SOUTH AFRICA’S NEXT SUSTAINABLE GOLD PRODUCER FORWARD LOOKING AND CAUTIONARY STATEMENTS This presentation may refer to the intention of Theta Gold Mines regarding estimates or future events which could be considered forward looking statements. Forward looking statements are typically preceded by words such as “Forecast”, “Planned”, “Expected”, “Intends”, “Potential”, “Conceptual”, “Believes”, “Anticipates”, “Predicted”, “Estimated” or similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, and may be influenced by such factors including but not limited to funding availability, market-related forces (commodity prices, exchange rates, stock market indices and the like) and political, environmental or economic events (including government or community issues, land owners, global or systemic events). Forward looking statements are provided as a general reflection of the intention of the Company as at the date of release of the document, however are subject to change without notice, and at any time. Future events are subject to risks and uncertainties, and as such results, performance and achievements may in fact differ from those referred to in this announcement. Mining, by its nature, and related activities including mineral exploration, are subject to a large number of variables and risks, many of which cannot be adequately addressed, or be expected to be assessed, in this document. Work contained within or referenced in this report may contain incorrect statements, errors, miscalculations, omissions and other mistakes. For this reason, any conclusions, inferences, judgments, opinions, recommendations or other interpretations either contained in this announcement, or referencing this announcement, cannot be relied upon. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. The Company believes it has a reasonable basis for making the forward-looking statements contained in this document, with respect to any production targets, resource statements or financial estimates, however further work to define Mineral Resources or Reserves, technical studies including feasibilities, and related investigations are required prior to commencement of mining. No liability is accepted for any loss, cost or damage suffered or incurred by the reliance on the sufficiency or completeness of the information, opinions or beliefs contained in this announcement. The Revised Feasibility Study released to the ASX on 3 February 2026 and referred to in this announcement is based on technical and economic assessments to support the estimation of Ore Reserves. There is no assurance that the intended development referred to will proceed as described, and will rely on access to future funding to implement. Theta Gold Mines believes it has reasonable grounds to expect that the results of the Feasibility Study will be achieved. At this stage there is no guarantee that funding will be available, and investors are to be aware of any potential dilution of existing issued capital. The production targets and forward-looking statements referred to are based on information available to the Company at the time of release, and should not be solely relied upon by investors when making investment decisions. Theta Gold cautions that mining and exploration are high risk, and subject to change based on new information or interpretation, commodity prices or foreign exchange rates. Actual results may differ materially from the results or production targets contained in this release. Further evaluation is required prior to a decision to conduct mining being made. The estimated Mineral Resources quoted in this release have been prepared by Competent Persons as required under the JORC Code (2012). Material assumptions and other important information are contained in this release. The Company confirms that all material assumptions underpinning the production target, or the forecast financial information derived from the production target continue to apply and have not materially changed from that released in the Revised Feasibility Study released to ASX on 3 February 2026. BUSINESS STRUCTURE Theta Gold Mines holds 100% issued capital of its South African subsidiary Theta Gold SA (Pty) Ltd (“TGSA”). TGSA holds a 74% shareholding in both Transvaal Gold Mining Estates Limited (“TGME”) and Sabie Mines (Pty) Ltd (“Sabie Mines”). TGME holds the various exploration and mining permits. The balance of shareholding is held by Black Economic Empowerment (“BEE”) entities. The South African Mining Charter requires a minimum of 26% meaningful economic participation by the historically disadvantaged South Africans (“HDSAs”). The BEE shareholding in TGME and Sabie Mines is comprised of a combination of local community trusts, an employee trust and a strategic entrepreneurial partner. DISCLAIMER AND COMPETENT PERSONS STATEMENT DISCLAIMER This announcement or presentation has been prepared by and issued by Theta Gold Mines Limited (ASX:TGM) to assist in informing interested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this announcement. This announcement or presentation may contain forward looking statements. Whilst Theta Gold Mines has no reason to believe that any such statements and projections are either false, misleading or incorrect, it does not warrant or guarantee such statements. Nothing contained in this announcement constitutes investment, legal, tax or other advice. This overview of Theta Gold Mines does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. Before making an investment decision, you should consult your professional adviser, and perform your own analysis prior to making any investment decision. To the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions, from any information, statement or opinion contained in this announcement. This announcement contains information, ideas and analysis which are proprietary to Theta Gold. COMPETENT PERSONS STATEMENT The information in this report relating to mineral resources and ore reserves is based on, and fairly reflects, the information and supporting documentation compiled by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions and Mr Daniel van Heerden (B.Eng. (Mining), M.Com. (Business Management)), member of Engineering Council of South Africa (Pr.Eng. Reg. No. 20050318)), a director of Minxcon (Pty) Ltd and a fellow of the South African Institute of Mining and Metallurgy (FSAIMM Reg. No. 37309). The original reports titled “Theta Gold Increases Mineral Resource to over 6Moz” dated 16 May 2019, “Optimised Mine Schedule for Theta Open Pit Starter Project Delivers Significant Improvements” dated 20 April 2020 and “Initial Maiden Underground Mining Reserve 419,000 oz Gold” dated 8 April 2021 were released to the Australian Securities Exchange (ASX) on those dates. The Company confirms that: • it is not aware of any new information or data that materially affects the information included in the ASX announcements; and • all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. BASE CASE PRODUCTION TARGET The Base Case Production Target and forecast financial information disclosed in this study are based on Mineral Resources that include a proportion of Inferred Mineral Resources and the realisation of the full potential of the Base Case as presented cannot be guaranteed. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Ore Reserves. There is no certainty that further exploration work or evaluation studies will result in the conversion of Inferred Mineral Resources to Indicated or Measured Mineral Resources or Ore Reserves. AUTHORISATION This presentation was authorised for release by the Board of Theta Gold Mines Limited. 2 Disclaimer INVESTOR PRESENTATION | ASX: TGM BILL GUY Executive Chairman Executive (Geologist) with +30 years of global experience in resource development. Previous roles include capital raisings, project acquisition, project development and joint venture operations. Board & Executive Management BYRON DUMPLETON Non-Executive Director Executive (Geologist) with + 30 years of technical and operational experience including; Straits Resources, WMC (St Ives Gold), Newcrest (Telfer) and KCGM (Golden Mile – Kalgoorlie super pit). Recently Chief Geologist for Red 5 before the successful merger with Silver Lake Resources. BRETT TANG Non-Executive Director Lawyer, professional investor and fund manager with extensive mining Former Executive Director Yunnan Gold Mountain Ltd and principal of Tasman Funds Management, one of TGM’s early investors, and founding partner of Nanjing Venture Capital Ltd. RICHIE YANG Executive Director Executive (Corporate Finance) with 20 years of corporate finance and management experience for junior resource companies, focusing on capital raising, M&A and corporate structuring. Australian and African gold project expertise in managing multi-disciplinary owner teams/contractors for the project build. JACQUES DU TRIOU Chief Operating Officer (RSA) Mining Engineer with +30 years across all stages of mine lifecycle. Founded and led Qmotion Mining, a highly successful contracting services provider, and delivered contracts for the Evander Gold Mine, Sibanye Stillwater, Anglo Platinum, Royal Bafokeng Platinum and Murray & Roberts Holdings. BRENT HOFMAN Company Secretary & CFO (AUS) Executive (Corporate Law & Finance) with a resources and energy background, across Australian and International listed entities. Exploration and production asset experience with a diverse skill set in statutory reporting, corporate governance, disclosures, legal compliance, M&A and commercial transactions. TERRENCE MOKALE Social Director (RSA) Attorney of the High Court of South Africa (B Juris and LLB), specialising in socio- economic development and municipal governance. Engaged community stakeholders and representatives to work constructively with mining operators, creating a win-win platform for all parties involved. PUSELATSO MATETE Environmental Director (RSA) Corporate Governance Manager with 25 years of experience. A member of the Lesotho Highlands Development Authority. Previously worked on Gold Field’s South Deep project (tier-1 mining operation) as a Head of Sustainable Development and Environment. LESHOTO (FREDDY) MOKETLA Mine Manager (RSA) Mining Engineer with extensive underground mining experience – having served as the underground production manager at Harmony Gold, led the production of gold in a sustainable and safe manner. HANSJOERG PLAGGEMARS Non-Executive Director Hansjörg is an experienced company director and joins the Board as a representative of long-term institutional investors, Deutsche Balaton, Delphi, and Sparta Group. With a strong background in corporate finance, debt structuring and capital markets Board & management combined 16% ownership CHING IU (SHARON) Non-Executive Director Over 10 years of international experience across the mining, metals and natural resources sectors, specialising in corporate finance, mergers and acquisitions, corporate strategy, capital markets and business development. . INVESTOR PRESENTATION | ASX: TGM 3 16% Directors and Management 64% Top 10 Shareholding COMPANY SNAPSHOT (October 2026) SHARES ON ISSUE ON ASX 1,376 Million OPTIONS AND PERFORMANCE RIGHTS¹ (FULLY DILUTED POSITION) 223 Million SHARE PRICE A$0.19 CASH ON HAND & EXPECTED SHORTLY² A$37 Million MARKET CAPITALISATION (UNDILUTED)³ A$255 Million TOP 10 SHAREHOLDERS (October 2026) 1 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 25.9% 2 CITICORP NOMINEES PTY LIMITED 6.5% 3 CHENGTUN GOLD (HONG KONG) LIMITED 4 5.9% 4 HONGKONG RUIHUA INVESTMENT MANAGEMENT LIMITED 4.6% 5 OATVEST CAPITAL LIMITED 4.1% 6 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 3.7% 7 DEUTSCHE BALATON AKTIENGESELLSCHAFT 5 3.4% 8 ZENITH (HK) HOLDING LIMITED 3.4% 9 MR XINZHOU LI 3.2% 10 2INVEST AG 6 3.0% 1. Fully diluted position if all options and performance rights issued, note 124 million are investor options 13 to 32 cents 2. RBA exchange rate of 0.70 USD:AUD (includes current cash of circa US$26m) 3. Based on the share price of A$0.185 per share on 13 October 2026 4. Sharon Iu – Non-Executive Director and corporate representative of Chengtun Gold (Hong Kong) Limited 5. Related party to 2 Invest AG, acting in concert 6. Hansjoreg Plaggemars – Non-Executive Director and corporate representative of 2 Invest AG. TRANSVAAL GOLD MINING ESTATE LTD (TGME) Theta Gold Mines Ltd (ASX:TGM) 74% Local Entrepreneur Trust 5% Local BEE Entities (Landowners) 16% Local Employees Trust 5% TGM SHARE PRICE AND VOLUME (Last 3 years) 4 Company Overview INVESTOR PRESENTATION | ASX: TGM TGME Gold Project Summary Funding Completion TGME Gold Plant Construction Transvaal Gold Mining Estates (TGME) Appendix 1 2 3 4 5 Table of Contents Ore stockpile for plant commissioning Construction underway with ~USD 39m1 Spent todate – commissioning targeted for Q4’2026 / first gold Q1’2027 6 High-grade gold project with a 13.1-year mine life, including 8.8 years of reserves and 6.1Moz of resources First-quartile cost position with AISC of ~USD 1,181/oz supporting strong operating margins Resilient economics with breakeven gold price of USD 1,323 – 1,503/oz; NPV10 of USD 490m and 911m at USD 3,000/oz and 4,500/oz gold price respectively Led by a seasoned management and operations team with substantial in-country experience Located in established historic goldfields with proximity to key infrastructure and Johannesburg as a mining services hub Note: 1) Managements estimate based on un-auditd results to 30 September 2026. Key Investment Highlights TGME GOLD PROJECT SUMMARY THETA GOLD MINES | ASX: TGM 7 Overview of Theta Gold • Theta Gold is an Australian headquartered gold mining company that owns a 74% stake in the high-grade Transvaal Gold Mining Estates Project located in the Mpumalanga province of South Africa • In February 2026, Theta Gold completed a Revised Feasibility Study. Under the base case Theta Gold is forecast to produce 871koz Au over 13.1 years with a recovered grade of 4.28g/t1 • The high-grade nature of the underground mines within TGME contributes to Theta Gold having a high-margin first quartile all-in-sustaining-costs of USD 1,284/oz at gold price of USD 4,500/oz2 • Theta Gold is in the process of restarting operations at TGME and has commenced early development works spending USD 39m3 on the Project development to September 2026. • The Company is listed on the Australian Securities Exchange (“ASX”) with a market capitalization of AUD 254m (~USD 176m)4 High-grade gold mine(s) located in South Africa’s most prolific gold region supported by existing infrastructure, a skilled workforce, and strong utility access Key statistics (100% basis) Mine location in South Africa Q4’2026 Commissioning 13.1 years Life-of-Mine 604koz Au Ore Reserves 6.1Moz Au Mineral Resources USD 1,284/oz AISC @ USD 4,500/oz Au2 USD 102m5 Initial development capital USD 1,833m Post-tax FCF @ USD 4,500/oz Au2 USD 911m Post-tax NPV10 @ USD 4,500/oz Au2 South Africa Mpumalanga Frankfort CDM Beta & Central Processin g Plant Rietfontein Theta Gold at a Glance TGME GOLD PROJECT SUMMARY Note: 1) Base case Life-of-Mine (“LOM”) production figures include a proportion of Inferred Mineral Resources. Refer to slide 3 for further details; 2) Based on an average gold price assumption of USD 2,884/oz in the Revised Feasibility Study, AISC, post-tax FCF and post-tax NPV10 are USD 1,181/oz, USD 933m and USD 455m respectively; 3) As of 30 September 2026 (un-audited estimates); 4) As of 13 October 2026; 5) Development capital required to achieve first gold at Beta mine, excluding income expected from Rock Dumps and the tailings storage facility (“TSF”) Source: FactSet THETA GOLD MINES | ASX: TGM Note: 1) Forecasts have been prepared by mining industry experts, Minxcon Group, a mining engineering and mineral resources consults based in South Africa, and all figures are presented on a 100% basis; 2) Base case LOM production figures include a proportion of Inferred Mineral Resources. Refer to slide 3 for further details 8 NPV10 Post-tax sensitivity (USDm)1,2 NPV10 post-tax and annual EBITDA sensitivity to gold price assumptions (USD/oz) 348 490 630 770 911 1,051 2,500 3,000 3,500 4,000 4,500 5,000 Gold Price (USD/oz) Annual EBITDA Sensitivity (USDm)1,2 87 116 145 174 203 232 2,500 3,000 3,500 4,000 4,500 5,000 Gold Price (USD/oz) Robust economics and solid asset backing for the TGME Project TGME GOLD PROJECT SUMMARY THETA GOLD MINES | ASX: TGM Note: 1) All figures are presented on a 100% basis; 2) Base case LOM production figures include a proportion of Inferred Mineral Resources. Refer to slide 3 for further details; 3) Carbon-in-leach is a metallurgical process in mining for extracting gold 9 Ore mined by source1,2 Ramp up to peak production of ~115kozpa initially utilizing ready-to-access rock dumps and tailings, followed by ore feed from the Beta and Rietfontein mines 1.62 2.81 5.34 6.22 6.82 6.74 7.33 7.31 5.76 3.46 2.07 3.00 3.50 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 - 1,000 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 kt Beta CDM Frankfort Commentary • Mining operations are planned to commence at the Beta mine. A period of 18 months pre-development has been planned for the Beta mine before stoping commences. During the Beta development and ramp-up period, TGM Rock Dumps and plant TSF will be remined and processed • Mining operations at the Rietfontein Mine will commence in Q4’2028 • Following that, the Company plans to scale up production from the Clewer-Dukes Hill-Morgenzon (“CDM”) and Frankfort mines • Theta Gold will continue to expand its resource potential by systematically evaluating over historic mines and advancing targeted exploration, development and drilling across both existing operations and new high-potential targets • Free-milling ore (Beta, Rietfontein and CDM) processed through the Company’s 45kt per month oxide plant is expected to achieve strong carbon-in- leach (“CIL”)3 recoveries of 88-96% Gold production1,2 - 50 100 150 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 koz Beta CDM Frankfort Rietfontein Rock Dumps TSF Mine Plan Overview TGME GOLD PROJECT SUMMARY THETA GOLD MINES | ASX: TGM TGME Gold Project Summary Funding Completion TGME Gold Plant Construction Transvaal Gold Mining Estates (TGME) Appendix 1 2 3 4 5 Table of Contents Terrance 2 under construction – Now complete Note: 1) Assuming USD 90m bond issued at 95.9% net of OID leaves net balance of US$86.3m; 2) Development capex – spent is TGME project capital spent up to 30 September 2026 (un-audited est.) 11 Transaction overview Deployment of TGME funded through a USD 90 million Nordic bond Funding Completion • In June 2026 Theta Gold Mines Ltd ( the “Company”, or “Theta Gold”) issued USD 90m senior secured bonds (the “Bonds” or the “Bond Issue”) to finance the development of the Transvaal Gold Mining Estates (“TGME” or “Project”) in South Africa. • The Bonds will have a 4-year tenor, with make whole provisions through the first 2 years • The Bonds will be amortized by six equal quarterly instalments, each at USD 7.5m commencing 30 months from the Issue Date • Theta Gold Mines completed all conditions Precedent to the first drawdown of the bond in September 2026 for USD 37 million. • TGME Project build is monitored by the Independent Engineer • Pareto Securities was the sole Manager of the Nordic bond issue market • Argonaut (Perth) acted as debt and finance advisors Sources (30 Sept 2026) USDm 86.3 “ (37.0) “ 49.3 Sources Senior Secured Bonds1 First Drawdown (10 September) Undrawn Bond Balance Breakdown (as at 30 September): Existing Cash balance “ 26.0 Project Costs Spent2 “ (39.0) THETA GOLD MINES | ASX: TGM TGME Gold Project Summary Funding Completion TGME Gold Plant Construction Transvaal Gold Mining Estates (TGME) Appendix 1 2 3 4 5 Table of Contents TGME Gold Plant Construction in Progress Key contracts already locked in, de-risking the Project Counterparty Description Power Supply • Electrical Supply Agreement to TGME Civil Construction • The supply, construction, commissioning and related works of the bulk earthworks and civil works for the construction of the TGME gold plant platforms, roads, pollution control dam, and installation of clean and dirty water channels Crushing Circuit • Supplier agreement for the crushing circuit Ball Mills • Contract for two x Titan GDM3065 Ball Mills Plant Equipment • Design and supply of the agitators, kiln, electrowinning circuit, MPS screens and maintenance bay for the TGME processing facility Thickeners and Flocculant Plant • Design, manufacture and installation of the thickeners and flocculant plant for the TGME processing facility Diesel • Agreement to provide diesel to the TGME mine site(s) / processing facility Gold Sales • Contract to purchase gold doré bars from the TGME processing facility1 Note: 1) The Offtake Agreement has not yet been executed as of the date of this Presentation and is expected to be entered into prior to commercial production. Please refer to the Term Sheet for further details. 13 Key Contracts Overview TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 14 • TGME GOLD Plant construction is 72% complete to 30 September 2026 • First Gold Pour Q1 2027 Commentary Schedule Overview – Project Schedule S-Curve TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 15 TGME –Gold Plant Construction Summary TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 16 Completed crushing and screening plant equipments enroute to South Africa (October 2026) NMS equipment (part) been loaded to ship for delivery (ETA to Durban Port in Oct 2026) Commentary • Manufacturing contract with NMS Africa (Pty) Ltd (“NMS”) for a crushing and screening plant has been executed, with delivery expected in October. • The contract covers the manufacture of a three-stage crushing and screening plant designed to meet initial production requirements, while allowing for future expansion as the project scales - The plant includes ore feed, primary, secondary and tertiary crushing, plus screening circuits • All continuing construction activities at the site are progressing on budget and the Project remains on track for commissioning in Q4’2026 Crushing and Screening Plant Been Delivered to Site TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 17 Ball Mills Secured, Construction Accelerates TGME Plant Build Progress TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM TGME Gold Plant Milling section under construction Note: 1) As of 30 September 2026 USD 39m1 already spent to date on earthworks, civils, and processing plant equipment 18 Earthworks Completed in Preparation for the Processing Plant Carbon in leach tank under construction TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 19 Excavation and Blinding release inspection of Thickener 600 bund wall. Pre-concrete shutter inspection of pump bases at Thickener 1000. MCC 1 – pour and floating. Visual post-concrete inspection of the stacker wall bund wall. Pre-concrete inspection of Gold room bund wall area. Drilling of Pre-Oxidation surface beds to allow for DCP testing of underlaying layer works. Area 800 Stabilenka installation completed and backfilled. Road layer works being done on Road 1 at the southern end of the plant. Earthworks and Civils (PICM) QAQC Report Pictures TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 20 Super Structure for Elution Circuit and Gold Room Structural, Mechanical, Piping, and Platework (SMPP) TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 21 Thicker Tanks being constructed Plant view from Stationary Crane CIL Tanks and Elution Circuit erected TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 22 Solar Car Park and New Management Offices Management Offices, Solar Carpark, Goods shed Solar Car Park and Battery System TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 23 Commentary Gold Room is close to completion: Gold Room Equipment for pouring and casting gold • TGM has purchased a Keegor Industrial Furnace to be used for smelting and refining gold. • Gold Casting equipment is already on site to cast gold doré bars. • Gold room and smelting equipment to be installed in the completed gold room expected to be completed in Q3 2026. TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 24 Tailing Facility System Engineering Testing - Density JEDD – Tailing Facility System (TFS) Rehabilitation TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 25 Underground Mining Equipment TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM • New Siton underground drill rig delivered to site • Purpose-built for mechanised underground drilling and mine development • Mobile, self-contained unit with an articulated hydraulic drilling boom • Forms part of the mobilisation of underground mining equipment • Supports development of underground mining areas ahead of production Commissioning targeted for Q4’2026, with first gold in Q1’2027 Note: First gold produced timing will be subject to obtaining all necessary regulatory permitting approvals 26 Pathway to Production TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM Note: 1) Theta Gold carries 100% of the development costs of TGME, and the TGME Empowerment Company (Pty) Ltd is loan-carried. Please see slide 50 for more details on the Black Economic Empowerment structure; 2) Capex spent for processing plant is the total amount over the life of mine, 3) Excluding capex from recoupment 27 Mining and infrastructure capex schedule over the life of bond (USDm)1 Minimal development capex after 2026 as production is expected to commence in Q1’2027 7 58 17 10 3 0 2025 2026 2027 2028 2029 2030 Contingency Overview of capex costs over the life of the bond 65.2 56.1 9.1 Plant 1 Plant 2 Total 18.9 14.6 Beta Rietf… Total capex spending of USD 33.6m, which includes access roads, power, water, ventilation, and other infrastructure Processing Plant Capex Mining and Infrastructure Capex Split by Mine A total of USD 65.2m is spent on processing plant capex2 12.3 6.4 5.8 Mining &… Processin… Total Contingency Total additional contingency of USD 12.3m is required for the development on the Project2,3 Development Capex Overview TGME GOLD PLANT CONSTRUCTION THETA GOLD MINES | ASX: TGM 1 2 3 4 TGME Gold Project Summary Funding Completion TGME Gold Plant Construction Transvaal Gold Mining Estates (TGME) Appendix 5 Table of Contents New Ball Mill #1 delivered to site – a day for the history books 29 Asset overview Shovel-ready mines with key approvals secured and clear pathway to production • TGME is situated in South Africa’s prolific Eastern Transvaal Goldfields (Mpumalanga), with historic production of 6.7Moz Au and remains active today • Theta Gold’s base case plan is forecast to produce 871koz Au over a 13.1 year mine life from Beta, Rietfontein, CDM, Frankfort, and reprocessing of Rock Dumps and TSF tailings • Annual production is targeted at 90-120koz, with a modular plant design supporting a pathway to 160koz per year with minimal capex Key Summary of Mines: • 620 Km2 of Gold field under management • 43 historical gold mines; only four are in the current mine plan. • TGME Gold Plant designed to be capable of doubl