Announcement PDF Theta Gold Mines Limited ACN 131 758 177 Registered Office: Level 35, One International Towers, 100 Barangaroo Avenue Sydney, NSW 2000, Australia s 23 October 2026 ASX ANNOUNCEMENT AND MEDIA RELEASE (ASX: TGM) Notice of Vesting of Options and Performance Rights Theta Gold Mines Limited (“Theta Gold” or the “Company”) (ASX: TGM) advises that the vesting condition of 6,450,000 unlisted Options and 150,000 Performance Rights have been met. The Options and Performance Rights were issued on 24 November 2025 to directors and employees, following shareholder approval at an AGM on 24 November 2025. The Performance Rights and Options have an expiry date of 30 September 2028. The exercise price of the Options is $0.15 (15 cents) and the Company will receive $967,500 if all the options are exercised. Vesting Condition Satisfied: The completion of milestone - market capitalisation of TGM exceeds A$250 million for 15 consecutive trading days. Vested Options and Performance Rights can be converted to fully paid ordinary shares in the Company by the holders at any time on or before 30 September 2028. A total of 150,000 Performance Rights will be exercised into to a total of 150,000 fully paid ordinary shares. These shares will be issued on or before 4 November 2026 and Company will seek quotation for these shares. [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 2 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/ About Theta Gold Mines Limited Theta Gold Mines Limited (ASX: TGM) is an advanced gold development company focused on unlocking value from its extensive suite of projects in South Africa’s renowned Eastern Transvaal goldfields. The Company’s flagship TGME Gold Project offers near surface and shallow underground ore bodies with compelling cost advantages, with 6.1m Oz’s of gold Resource. TGM’s core project is located next to the historical gold mining town of Pilgrim’s Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011 – 2015, the Company is currently focusing on the construction and financing of a new gold processing plant. TGM holds 100% of Theta Gold SA (Pty) Ltd, which in turn owns 74% of TGME and Sabie Mines, meeting Black Economic Empowerment (BEE) ownership standards as per South African Mining Charter requirements. The Company revised its Definitive Feasibility Study (DFS) on 3 February 2026 for its TGME Gold Mine Project which show cases a Life of Mine of 13.1 years with a NPV of A$689m and free cash flow of $A1.4B at an average spot gold price of US$2,884. Disclaimers This announcement and investor presentation to follow has been prepared by and issued by Theta Gold Mines Limited 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 3 the Company will be entered into on the basis of this announcement. Completion of construction of the TGME Gold Plant will be subject to receipt of all the necessary regulatory permits and funding of the project. This announcementandinvestor presentation may containforwardlooking statements. WhilstTheta Gold 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 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. The Revised Feasibility Study released on 3 February 2026 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 the results of the Feasibility Study. 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). TGM confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the Revised Feasibility Study and Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. Cautionary Statement for the LOM Base Case used in the Revised Feasibility Study – The Base Case is presented as potential upside to the Project. However, the Base Case is supported by a significant portion of Inferred Mineral Resources. Inferred Mineral Resources inherently have a lower level of confidence and although it would be reasonable to expect that most of the Inferred Mineral Resources would upgrade to Indicated Mineral Resources with continued exploration, it should not be assumed that such upgrading will occur. The realisation of the full potential of the Base Case as presented thus cannot be guaranteed.