Announcement PDF 30 September 2025 ASX ANNOUNCEMENT (ASX: TGM) Optimised TGME Feasibility Study Unlocks US$1.2Bn Free Cash Flow from 6Moz Gold Resource Theta Gold Mines Limited (‘TGM’ or the ‘Company’) (ASX: TGM) is excited to announce a step-change in project value, with its optimised Feasibility Study (‘FS’) for its TGME Gold Mine Project (‘Project’) delivering a significant uplift in economics. The optimised FS delivers significantly improved Base Case project economics and increased Life of Mine (LOM) of 14.5 years positioning TGME as a long-life, high-margin gold operation in one of the world’s premier gold regions. FS KEY BASE CASE HIGHLIGHTS: Key operational results of the Optimised Feasibility Study (FS): ❖ ❖ ❖ ❖ ❖ ❖ ❖ Production Start: Base Case: Mine Grade: Production Ramp-up: Ore Reserve Plan: Base Case - Production Target: Gold plant: Infrastructure: Q1 2027 5.55 g/t gold Peak Production over 120 koz 514 koz @ 4.11 g/t recovered grade (85.2% recovery) 1.14 Moz @ 4.81 g/t recovered grade (86.6% recovery) Plant construction underway Existing surface/underground works, permitting in place Robust Base Case Financials: (Gold price (avg) US$2,710, (A$4,2201)) ❖ ❖ ❖ ❖ ❖ ❖ ❖ ❖ Free Cashflow: Post-tax NPV10%: Revenue: Post-tax IRR: Life of Mine (LOM): All in sustaining cost: Project payback: Peak funding: US$1.2 billion, (A$1.8 billion) (at a 10% discount rate) US$504M, (A$784m) US$3.1 billion, (A$4.8 billion) 71% 14.5 years US$1,101/oz, (A$1,714) 30 months (from Start of Mining) US$79M, (A$123M) Figure 1: Plant design layout simulation by contractors, RM Process 1 Exchange rate USD:AUD applied throughout this document is 0.6423. 1 Table 1: Comparison of Base Case Financial Metrics – Feasibility Studies 2022 vs 2025 Project Economics at Gold Price US$ (Base Case) Life of Mine Revenue Gold Price NPV @ 10% (real) Pre-tax NPV @ 10% (real) Post-tax IRR (%) Pre-tax IRR (%) Post-tax All In Sustaining Cost (AISC) EBITDA (LoM) EBITDA annual average Free Cash Flow (Post-tax) Development Capital – Peak Funding Capital Sustaining Payback post-tax Unit FS - Jul’ 222 FS - Sep’ 25 % or Absolute years USDbn USD/oz USDm USDm % % USD/oz USDm USDm USDm USDm USDm Months 12.9 1.75 1,642 324 219 65% 57% 834 891 69 508 77 37 31 14.5 3.1 2,710 727 504 78% 71% 1,101 1,864 125 1,169 79 54 30 +12% +77% +1,069/oz +124% +130% +13% +14% +32% +109% +81% +46% +2 +17 flat Due to rounding, numbers presented throughout this document may not add precisely to the totals provided and percentages may not precisely reflect the absolute figures. Cost Control/Value Focus: TGM continues to deliver strong project execution and disciplined cost management. The TGME Project’s posttax value has surged to US$504 million—an impressive US$285 million uplift—driven largely by higher gold prices. This pricing strength has unlocked the ability to profitably mine lower-grade ore, resulting in a 13% increase in material movement and a 7% reduction in head grade compared to the previous feasibility study. The TGME Project delivers significant gold price leverage as demonstrated below: Table 2: Project Economics at Various Gold Prices – Base Case (AUD) Project Economics at AU$ Gold Price Unit Forecast USD (USD2,710 / 2,500/oz oz Avg) USD 3,000/oz USD 3,500/oz USD 4,000/oz USD 4,500/oz USD 5,000/oz Gold Price AUD / oz3 AUD/oz 4,220 3,893 4,671 5,450 6,228 7,007 7,785 NPV @ 10% (real) Pre-tax AUDm 1,131 979 1,357 1,736 2,116 2,496 2,876 NPV @ 10% (real) Post-tax AUDm IRR (%) Pre-tax % 784 78% 679 70% 939 87% 1,196 103% 1,454 119% 1,711 133% 1,969 148% IRR (%) Post-tax % 71% 64% 79% 93% 106% 119% 132% AISC AUD/oz 1,714 1,693 1,744 1,792 1,839 1,886 1,933 EBITDA annual average AUDm 194 172 227 282 337 393 448 EBIT annual average AUDm 178 156 211 266 322 377 432 Free Cash Flow (Post-tax) Development Capital – Peak Funding Capital Sustaining AUDm 1,821 1,595 2,159 2,720 3,281 3,843 4,405 AUDm 123 134 119 119 119 119 119 AUDm 84 84 84 84 84 84 84 Payback post-tax Capital Efficiency (Pre-Tax NPV/Dev Capital Capital Efficiency (Post-Tax NPV/Dev Capital Months 30 32 28 26 25 23 23 % 922% 729% 1136% 1453% 1771% 2090% 2408% % 639% 506% 786% 1002% 1217% 1433% 1649% 2 Ref to ASX Release dated 27 July 2022 titled, “Theta Gold’s TGME Project DFS confirms NPV of AUD432 Million”. Key Assumptions: Long term average spot gold price of US$2,710 applied in Base Case scenario over LOM / AISC estimation of US$1,101 /oz at +/- 15% level of accuracy. 2 Importantly, while higher gold prices have led to increased royalties, they’ve also contributed positively to project economics. Around 53% of the AISC increase (US$150/oz of the total US$267/oz) is directly linked to gold price impacts—highlighting the strong leverage to gold and the value being captured for shareholders. This breakdown is illustrated in the following waterfall chart below. Figure 2: FS25 vs FS22 AISC Waterfall Project Summary: The TGME Gold project is located in the Mpumalanga province of South Africa, as shown below. Figure 3: Regional Geological Setting 3 Independent Mining Engineers, Minxcon Pty Ltd (Minxcon) completed an optimised Feasibility Study (FS) to restart the historical TGME Underground Gold Mine Project in South Africa. As the original authors of the 2022 FS, Minxcon bring deep familiarity with the asset. The updated FS reflects a conservative base case gold price of US$2,710/oz — despite spot prices now exceeding US$3,000/oz — and unlocks significantly enhanced economics. Two mine scheduling strategies have been investigated, namely: • Base Case: LOM Plan includes a Production Target of 1.31 Moz targeting Measured, Indicated and Inferred Mineral Resources; and • Ore Reserve Plan: LOM Plan includes a Production Target of 604 koz targeting Measured and Indicated Mineral Resources only. The FS completed only includes the first of four mines out of a historical 43 mines that the company will look to bring online, including: • Beta; • Frankfort; • Clewer-Dukes Hill-Morgenzon (“CDM”); and • Rietfontein. The process plant sits at the heart of Pilgrim’s Rest, a region steeped in gold mining history and home to a skilled local workforce, just 370 km northeast of Johannesburg. Centrally located, the plant is only 2.5 km from Pilgrim’s Rest township, with Beta Mine just 1.3 km to the west, Frankfort and CDM 24 km and 6.3 km north, and Rietfontein 21 km south-southeast—ensuring efficient ore delivery from all key deposits. Key Project Components: • The Mineral Resource 4 in the Base Case LoM Plan of 1,314 koz of gold now includes an additional 41koz (109koz available) of surface ore from historic rock dumps and MR83 tailings storage facility (TFS) which was previously never recognised in the mining plan and provides early cashflow opportunities. • Phase 1 launches with four mines—Beta, Frankfort, CDM, and Rietfontein—leveraging the skilled mining workforce of Pilgrim’s Rest and Sabie, 370 km northeast of Johannesburg. • Over 43 historical mines underpin a long-term growth pipeline, with 3.6 Moz of Inferred Resources available for future development—none included in the current Base Case. • Execution-ready: Front-End Engineering Design (FEED) is complete, supporting modular expansion. The plant build will use modular, plug-and-play equipment, significantly reducing construction risk and enabling faster, more reliable commissioning. • Site works underway: Old plant decommissioned; contracts for earthworks, civils, roads, and water management signed in September 2025. • Multi-phase ramp-up: Production will build to 45 ktpm across underground operations, following the FS Base Case plan (Measured, Indicated, and Inferred Resources). • Beta Mine leads off: Mining starts with 18 months of pre-development at Beta before stoping begins. 4 Including Inferred Resources. 4 • Phase 1 entails the initial 14.5-year Base Case LOM plan at the processing rate of 540 ktpa with key physical parameters including; o Gold ore production ramp up to 45 ktpm, for the first 18 months will be from the initial 109K Oz of surface ore contained in historical rock dumps and tailings to provide early cashflow while underground mine development is completed; o First underground gold within 18 months of development from Beta Mine; o Free-milling stand-alone processing plant, with doré produced on site to produce 90 – 120Koz p.a. @ 4.81 g/t recovered gold – at 87.2% gold recovery rate; o First gold production is scheduled for Q1, 20275; o Gold plant expected to produce over 80koz/pa by the third year of production; o Recommission of existing on-site Tailings Storage Facility (TSF); o Base Case LOM plan outlines a recovery of 1.14 Moz gold from 1.31 Moz mined; o Over 3 Moz of Inferred Mineral Resources available for future development are not included in the Base Case LOM plan. Key Economic Results of FS: Under average gold prices of US$2,710 / oz (A$4,2206 / oz), the Base Case scenario of FS demonstrates strong financial returns7 (based on LOM plan), including: o Undiscounted free cash flows of US$1.2 billion (A$1.8 billion), pre-tax US$1.7 billion (A$2.6 billion); o NPV (at a 10% discount rate) of US$504 million (A$784 million), pre-tax US$727 million (A$1.1 billion); o Capital payback period of 30 months; o Post-tax IRR of 71%; pre-tax IRR of 78% o Combined Underground Projects have an AISC of US$1,101/oz (A$1,714/oz); and o Peak Capital requirement is US$79 million (A$123 million)8, total initial capital US$103 million (A$160 million)9. Figure 4: General Team Discussion Regarding Future Plant Equipment Installations 5 First gold produced timing will be subject to securing funding and obtaining all necessary regulatory permitting approvals . 6 Exchange rate USD:AUD applied throughout this document 0.6423. 7 Financial returns applying the ‘Base Case’ scenario statistics. 8 TGM is currently in discussion with debt financiers and has engaged an experienced debt advisors to assist in the negotiation of term-sheets for funding of the Project. Further equity raises are also planned to fund working capital and part of the project capital if required, which may lead to dilution to existing shareholders. 9 The FS demonstrates that post to Peak Funding, the balance of Total Capital requirement will be self-funded from project cashflow. The board may however, consider external funding solutions such as via equity, debt, gold pre-sales, gold-streaming or a mixture of these methods. 5 Table 3: Key Project Metrics Description Units Base Case Reserve Plan Project Start Date Qtr/Year Q3 2025 Q3 2025 Commercial Production Start Date Qtr/Year Q1 2027 Q1 2027 Life of mine years 14.5 8.8 Underground ore mined (LOM) Mt 7.36 3.89 Mined Grade g/t 5.55 4.82 Recovered Grade g/t 4.81 4.11 Gold Mined (LOM) Moz 1.31 0.604 Production Rate Kt/a 540 540 Production Rate Kt/m 45 45 Gold recovered (average LOM) % 87 85 Gold recovered (LOM) Moz 1.14 0.51 Strong Upside options: • • • • • Phase 2 unlocks scale: 7 mines, 90 ktpm processing, and up to 160 koz/year gold output within five years of number plat production from underground. Growth runway secured: 40 nearby historical mines and defined exploration targets offer substantial resource upside. Low-cost mining advantage: All current reserves and LOM material hosted in shallow orebodies (<400m). Cost discipline embedded: Competitive pricing achieved through active tendering of mine services across South Africa. Built for sustainability: ESG-focused design reduces energy use, broadens workforce diversity, and attracts green-aligned suppliers. Project Execution Strategy and Plan: The project will ramp up in phases, targeting an initial Phase 1 Run-Of-Mine (RoM) output of 45 ktpm from multiple underground mines. This staged approach is underpinned by the FS Base Case, leveraging Measured, Indicated, and Inferred Resources to maximise early production and flexibility. In order to achieve this, mining operations are planned to commence as follows: • • • Beta Mine - Beta Mine will kick off with 18 months of pre-development, followed by stoping from month 19. In the Base Case, the mine is expected to deliver around 30 ktpm of stoping ore for 11.7 years, within a total Life of Mine of 13.2 years. Rietfontein Mine - Rietfontein Mine will start mining in 18 months after Beta, stoping after eight months of pre-development. Stoping begins in month 27, with plans to produce 15 ktpm of ore. Frankfort and CDM Mines - Frankfort and CDM Mines will begin mining in months 104 and 90, with 16 and 19 months of pre-development planned, respectively. Frankfort is set to produce 15 ktpm, feeding a DMS plant that delivers 9.5 ktpm. CDM will also produce 15 ktpm at steady state. 6 Mining of the historic rock dumps and TGM Plant TSF will begin in months 7 and 16, respectively, following the start of operations. The Waste Rock Dump will be mined over 10 months at 45 ktpm, enabling a smooth ramp-up of Beta’s operations. TSF material will feed the plant for 4 months during ramp-up and continue as needed, with a total retreatment life of 49 months. Figure 5: Pre-execution site meeting with selected contractors. Project Funding Update: Debt Funding Components The Company previously announced on 10 June 2025 10 it has received agreed credit approved Loan Facility Agreement (“Facility”) for up to US$35 million, (A$54 million) and indicative funding terms from the Industrial Development Corporation of South Africa (“IDC”) for the joint funding of the TGME Underground Gold Mine Project in South Africa (the “Project”). Finalisation of the Facility with IDC is subject to conditions precedent (which are to be fulfilled to the Lenders’ satisfaction) including finalisation of definitive loan facility documentation. Commercial Debt Syndication Progressing The Company has also appointed, specialist South African firm, Moore Debt Advisory to run the TGME Project debt syndication process. This syndication process is live with initial indications suggesting strong interest from commercial lenders. It is anticipated that interest will be converted to more binding terms upon release of this optimised Project Feasibility Study. The 2025 FS Base Case provides an estimated peak capex funding requirement of US$79 million, A$123 million and the Company has demonstrated its ability to raise funding to meet this funding requirement through a combination of equity and or debt. On 15 September 202511, the Company announced the execution of key contracts to kick start the construction at the TGME Gold Mine including commencement of bulk earthworks, civils and infrastructure items including platforms, roads, water management systems, retaining walls, dams and gold processing plant civil foundation. A Private Placement of US$4 million, (A$6.2 million) along with an Undertaking Agreement provided by long-term institutional investors, ensures the Company has sufficient funding to complete the initial long lead earthworks and civil construction items. 10 11 Refer to ASX Release dated 30 June 2025 titled, “Board Approves TGME Gold Project + US$ 4 Million Private Placement”. Ref to ASX Release dated 15 September 2025 titled, TGME Gold Plant Construction Kicks Off – Key Contracts Locked In”. 7 Figure 6: District view of TGME Processing Plant, Workshops and Tailings Dam prior to de-commissioning Table 4: Project Economics at Various Gold Prices – Base Case (USD) Project Economics at US$ Gold Price NPV @ 10% (real) Pre-tax Forecast USD (USD2,710/ 2,500/oz oz Avg) USDm 726 629 Unit USD 3,000/oz USD 3,500/oz USD 4,000/oz USD 4,500/oz USD 5,000/oz 871 1,114 1,358 1,602 1,847 NPV @ 10% (real) Post-tax USDm 504 436 603 768 933 1,099 1,265 IRR (%) Pre-tax % 78% 70% 87% 103% 119% 133% 148% IRR (%) Post-tax % 71% 64% 79% 93% 106% 119% 132% AISC USD/oz 1,101 1,087 1,120 1,151 1,181 1,211 1,241 EBITDA annual average USDm 125 110 146 181 217 252 288 EBIT annual average USDm 114 100 118 171 206 242 278 Free Cash Flow (Post-tax) Development Capital – Peak Funding Capital Sustaining USDm 1,683 1,471 1,999 2,531 3,063 3,595 4,129 USDm 79 86 77 77 77 77 77 USDm 54 54 54 54 54 54 54 Payback post-tax Months Capital Efficiency (Pre-Tax % NPV/Dev Capital Capital Efficiency (Post-Tax % NPV/Dev Capital 30 32 28 26 25 23 23 922% 729% 1,135% 1,453% 1,771% 2,089% 2,408% 639% 506% 786% 1,001% 1,217% 1,432% 1,649% The diluted Mineral Resources included in the combined LoM plan as a total of the Base Case, only targeting Mineral Resources, are detailed in the following table below. 8 Table 5: Base Case – Diluted Mineral Resource in Mine Plan (JORC 2012) Mineral Resource Classification Beta Measured Indicated Inferred Rietfontein Measured Indicated Inferred Frankfort Measured Indicated Inferred CDM Measured Indicated Inferred TGM Plant TSF Measured Indicated Inferred TGM Rock Dumps Measured Indicated Inferred Combined Measured Indicated Inferred Total Notes: 1. 2. 3. 4. Tonnes kt Grade g/t Au Content kg koz 1,540 1,989 7.60 6.29 11,707 12,512 376 402 500 790 7.99 8.32 3,998 6,578 129 212 58 318 384 4.25 4.27 4.10 245 1,360 1,575 8 44 51 301 380 2.44 2.31 734 878 24 28 656 - 0.97 - 635 - 20 - 443 1.45 643 21 58 3,315 3,986 7,359 4.22 5.56 5.57 5.55 245 18,434 22,186 40,865 8 593 714 1,314 A Mineral Resources inventory cut-off of 170 cm.g/t has been applied for the Beta Mine. A Mineral Resources inventory cut-off of 150 cm.g/t has been applied for the Frankfort Mine. A Mineral Resources inventory cut-off of 121 cm.g/t has been applied for the CDM Mine. A Mineral Resources inventory cut-off of 160 cm.g/t has been applied for the Rietfontein Mine. Theta Gold Mines Limited (“Theta Gold” or “Company”) (ASX: TGM| OTC: TGMGF) is pleased to deliver a FS for the TGME Underground Gold Mine Project, delivering a 7.36 Mt resource @ 5.55 g/t Au for 1.31M oz of contained gold. Theta Gold Chairman, Mr. Bill Guy stated: “The strategy to produce the optimized feasibility study was driven by our belief that the TGME Gold Mine Project is an exceptional gold asset and shows the true potential of the project in line with more recent gold prices. The completion of the optimised FS marks another significant milestone achievement for Theta Gold shareholders and brings with it the rebirth of one of South Africa’s historical mine projects offering significant opportunities for our employees and their families as well as economic prosperity to the local communities within the region. “The optimised FS has confirmed the mining method, technical aspects, and the strong economic viability of the 540 ktpa mining and processing operation. The stand-alone CIL plant is to be constructed in modules using technology that enhances the design efficiency and construction of the metallurgical plant, with the optionality to expand production capacity in the future as additional mines are brought into production. “The definitive FS uses a base gold price of US$2,710 / oz (A$4,220 / oz) with an AISC of US$1,101 /oz (A$1,714/oz), thus displaying the financial robustness of the project which delivers a capital payback of US$79m, (A$123m) in 30 months. 9 “Once up to 7 mines are brought into production, including Vaalhoek, Desire and Glynn’s Mines, an annual production of in excess of 160 koz/pa will make Theta one of South Africa’s most significant, mid-tier listed gold doré producing companies.” [ENDS] This announcement was approved for release by Theta Gold Mines Limited’s Board. For more information, please visit www.thetagoldmines.com or contact: Bill Guy, Chairman Theta Gold Mines Limited T: + 61 2 8046 7584 E: billg@thetagoldmines.com Investor Relations We’re committed to keeping you informed and involved. Download the Engage IR App 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 | OTCQB: TGMGF) is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region. Theta Gold’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 focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future. The Company aims to build a solid production platform to over 160kozpa based primarily around shallow, openpit or adit-entry shallow underground hard rock mining sources. Theta Gold has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded. 10 Theta Gold 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”). 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. Competent Person’s Statements MINERAL RESOURCES Mr. Uwe Engelmann confirms that he is the Competent Person for the TGM Mineral Resources as reported on TGM’s Mineral Resources which is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www.asx.com.au and was prepared in accordance with the guidelines of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012). Mr. Engelmann has read and understood the requirements of the JORC Code (2012). Mr. Engelmann is a Competent Person as defined by the JORC Code, 2012, having more than five years’ experience that is relevant to the style of mineralisation and type of deposit described in this report and to the activity for which he is accepting responsibility. Mr. Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), is a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions. Mr. Engelmann is a full-time employee of Minxcon (Pty) Ltd and has reviewed this report and consents to the inclusion of the matters based on his supporting information in the form and context in which it appears. The information in this announcement that relates to TGM’s Mineral Resources is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www.asx.com.au, and was prepared in accordance with the guidelines of 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 announcement and that all material assumptions and technical parameters underpinning the Mineral Resources estimates in the relevant market announcement continue to apply and have not materially changed. TGM confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. ORE RESERVES The information in this report relating to Ore Reserves is based on, and fairly reflects, the information and supporting documentation compiled by 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). Mr van Heerden has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012). Mr van Heerden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to TGM’s Ore Reserves is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www.asx.com.au, and was prepared in accordance with the guidelines of 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 announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. TGM confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 11 Disclaimers This announcement 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 the Company will be entered into on the basis of this announcement. This announcement may contain forward looking statements. Whilst Theta 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. Forward-Looking and Cautionary Statements This announcement 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 compl