Announcement PDF Theta Gold Mines Limited ACN 131 758 177 Registered Office: Level 35, One International Towers, 100 Barangaroo Avenue Sydney, NSW 2000, Australia 9 February 2026 ASX ANNOUNCEMENT AND MEDIA RELEASE (ASX:TGM) THETA GOLD PRESENTS AT 2026 121 MINING CONFERENCE – SOUTH AFRICA Theta Gold Mines Limited (“Theta Gold” or the “Company”) (ASX: TGM) is pleased to advise that Bill Guy, Chairman of Theta Gold, will be presenting at the 2026 121 Mining Investment Cape Town Conference from 9-12 February 2026 in South Africa. A copy of the Company’s 2026 Indaba presentation is attached to this notice for investors and shareholders which will also be made available via Theta’s Interactive Investor Hub and its web site. Figure 1: Chairman, Bill Guy visited site to witness earthworks and civils progress at TGME Gold Mine Project [ENDS] This announcement was approved for release by Theta Gold Mines Limited’s Board. 2 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 and Social Media Connections 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) 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 and financing of a new gold processing plant within its approved footprint at the TGME 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. 3 DISCLAIMER The attached 2026 Indaba Investor Presentation 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 investor presentation 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. SOUTH AFRICA’S NEXT SUSTAINABLE GOLD PRODUCER Theta Gold Mines Limited (ASX: TGM) • TGME Project – Gold Leverage With Significant Growth Optionality • Equity Funding Raised With Debt Funding Being Finalised • Plant Construction Underway • Plant Commissioning Q4 2026 INDABA 2026 Investor Presentation Disclaimer FORWARD LOOKINGAND 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 the results of the Feasibility Study. 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. NOTE BUSINESS ARRANGEMENT 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.Ing (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 announcement was authorised for release by the Board of Theta Gold Mines Limited. 2 INVESTOR PRESENTATION | ASX : TGM INVESTOR PRESENTATION | ASX : TGM 3 Theta Gold Mines is a Rapidly Emerging South African Gold Miner Location Strong Leverage Low Opex/Capex Model Execution Readiness Growth & Strategic Upside Location: Historical Goldfields – South Africa (Mpumalanga Province) – skilled workforce. Resource Size: 6.1 Moz gold resource. ESG Commitment: Low-carbon design, water recycling, biodiversity programs, strong community engagement. Established Infrastructure: Roads, power lines, and historic mining footprint reduce development costs and accelerate timelines Brownfields Gold Plant: Existing infrastructure – delivers 70–110koz p.a. Shallow Ore Bodies (<400m): Lower mining costs, faster development. Funding Progress: Pre Production Capital – Equity secured (raised US$30m) – US$80m Debt Facility (Nebari Partners LLC) - nonbinding funding agreement executed Early Cashflow: 109 koz from surface rock dumps and tailings in first 18 months. Payback: 29 months from start of mining – rapid return on investment. FEED completed: Front End Engineering Design. Contracts signed: September 2025. Construction in progress: Earthworks & civils underway. Approvals: Existing permits and mining rights secured. Modular Plant Design: Plug-and-play construction reduces risk and accelerates commissioning. Scale Potential: Up to seven mines, 90 ktpm processing. Resource Pipeline: 3.6 Moz Inferred not in current plan – 40 historical mines for future development. Exploration Upside: Significant easy exploration targets to extend mine life beyond 13 years. Phase 2 Expansion: Modular plant design enables rapid scale up to 160 koz/year with minimal additional capital. INVESTOR PRESENTATION | ASX : TGM 4 Investment Highlights Robust Production Profile Targeting 1.06Moz over 13.11 years, producing 90- 100koz p.a. at a 5.0g/t head grade. Delivers a US$455mn NPV 10% (post-tax) at spot US$2,884 /oz High-Grade Resource Base 6.1Moz at 4.17g/t Au2 total Mineral Resources across multiple deposits supports long- term mine life, low cost, and potential to expand to 160koz p.a. Proven, Scalable Processing Established free-milling and refractory pathways deliver strong recoveries, with surface dumps offering near-term upside. Consolidated, Permitted Asset Four core mines within 40km radius of the plant; all key permits secured or near finalisation, including Mining Right 83. Low funding requirement to cashflow US$77m peak Stage 1 funding requirement US$80m loan facility (nonbinding) secured from Nebari Partners LLC3 Exploration & Growth Optionality Over 40+ nearby historic mines offer strong reserve growth potential and blue-sky upside. 1 & 2 Ref to ASX Release dated 3 February 2026, titled “Revised TGME Feasibility Study Confirms A$1.4 Billion Free Cash Flow from 6.1 Moz Gold Resource”. 3 Ref to ASX Release dated 16 December 2025, titled "TGM has entered into Non-Binding Funding Agreement for US$80M (A$120M)" INVESTOR PRESENTATION | ASX : TGM Company Overview 10% Directors and Management 67% Top 10 Shareholding 5 COMPANY SNAPSHOT (February 2026) SHARES ON ISSUE ON ASX 1,091 Million OPTIONS AND PERFORMANCE RIGHTS¹ (FULLY DILUTED POSITION) 226 Million SHARE PRICE A$0.22 CASH ON HAND & EXPECTED SHORTLY² A$37 Million MARKET CAPITALISATION (UNDILUTED)³ A$240 Million TOP SHAREHOLDERS (February 2026) 1 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 20.9% 2 HONG KONG RUIHUA GREEN DEVELOPMENT LIMITED 12.4% 3 CITICORP NOMINEES PTY LIMITED 9.1% 4 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 4.6% 5 ZENITH (HK) HOLDING LIMITED 4.5% 6 2INVEST AG⁴ 4.0% 7 CONG YU COMPANY LIMITED 3.3% 8 TASMAN FUNDS MANAGEMENT PTY LTD⁵ 3.1% 9 GOLDEN ASIA INVESTMENT GROUP LIMITED 3.0% 10 ACUITY CAPITAL INVESTMENT MANAGEMENT PTY LTD 2.3% 1. Fully diluted position if all options and performance rights issued, note 157 million are investor options 13 to 32 cents 2. RBA exchange rate of 0.66 USD:AUD (includes current cash of circa US$12.5m plus US$13 due shortly) 3. Based on the share price of A$0.22 per share on 4 February 2026. 4. Hansjoreg Plaggemars – Non-Executive Director and corporate representative of 2 Invest AG. 5. Brett Tang – Non-Executive Director and corporate representative of Tasman Funds Management Limited TRANSVAAL GOLD MINING ESTATE LTD (TGME) Theta Gold Mines Ltd (ASX:TGM) 74% Local Entrepreneur Trust 5% Local BEE Entities 16% Local Employees Trust 5% TGM SHARE PRICE AND VOLUME (Last twelve months) INVESTOR PRESENTATION | ASX : TGM 6 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 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 10% ownership Terrence 2 Foundations and formwork INVESTOR PRESENTATION | ASX : TGM 7 TGME Gold Project – rapidly moving to production INVESTOR PRESENTATION | ASX : TGM 8 The TGME Project is located in South Africa’s most prolific gold region, backed by existing infrastructure, a skilled workforce, and strong utility access. ➢ 1.06Moz over 13.1 Years: Targeting 90–120koz p.a., with expansion potential to 160koz. ➢ 6.1Moz @ 4.17g/t: High-grade resource with a clear path to production. ➢ Four Mines Within 40 km: Beta, Rietfontein, Frankfort & CDM enable efficient, scalable operations. ➢ Proven Processing Routes: • Free-milling (Beta, Rietfontein, CDM): 88–96% CIL recovery • Refractory (Frankfort): Up to 69% flotation + CIL • Surface dumps: >95% recovery, near-term upside ➢ Permitted & Build-Ready: Key approvals in place, including Mining Right 83. ➢ Exploration Optionality: 40+ historic nearby mines offer growth potential. South Africa’s Eastern Transvaal Goldfields — Historically over 6.7Moz produced and counting… Transvaal Gold Mining Estates (TGME) Project Overview Beta South Gold Plant Beta North TSF DMS Plant Frankfort Mine DMS Plant Rietfontein Mine Dukes Mine Clewer Mine Mine location in relation to Processing Plant Beta North 0.570km Beta South 0.99km CDM Mines 2.7km Frankfort Mine 24km Rietfontein Mine 39km 1) Information shown above is based on the current Feasibility Study at US$2,884 / oz as released to the ASX in early February 2026 titled, “Revised TGME Feasibility Study Confirms A$1.4 Billion Free Cash Flow from 6 Moz Gold Resource" INVESTOR PRESENTATION | ASX : TGM 9 Pathway to Production Q1 2024 Q4 2026 Q1 2027 Q4 2025 Q1 2026 Q2 2025 Q3 2025 Q2 2024 1 Note: First gold produced timing will be subject to securing funding and obtaining all necessary regulatory permitting approvals. Task Completed Permitting – fully approved Project execution plan - completed Debt – cornerstone fundings – IDC commitment in place Gold plant – clearance works finalised and bulk earthworks underway Feasibility Study update Construction period with civils/service underway Water Management and security fencing underway Equipment deliveries – simplified install Rand Refinery Contract Bank debt facility finalised Practical completion – dry commissioning Commission Complete – first gold pour 2 3 4 5 6 7 8 9 10 11 12 Earth works in progress at the Gold plant INVESTOR PRESENTATION | ASX : TGM Robust Economics – significant leverage to gold price – currently at >US$4,900/oz. 10 INVESTOR PRESENTATION | ASX : TGM Project Life 13.1 years Underground ore mined 4.69Mt @ 5.0g/t Au for 1.06Moz of contained gold, 0.87 Moz recovered Upside: 40+ Historical Mines Only 6 with JORC Resource Gold Discovery Costs US$ 12 oz First 4 Mines US$0.9 Billion Free Cash Flow 11 Key Feasibility Study Takeaways1 ESG Community Support Environmental Offsets TGME Gold Plant Under construction. First Gold Q1 2027 Payback Period Start of Project – 29 months Start of mining – 18 months Economics at US$2,884 / oz Gold Price (February 2026 revised FS base case) Post-Tax NPV10 US$ 455 million Post-Tax IRR 77% 1Feasibility figures to refer to ASX Release on 3 February 2026, titled ”Revised TGME Updated Feasibility Study Confirms A$1.4 Billion Cash Flow” INVESTOR PRESENTATION | ASX : TGM 12 Comparison of Base Case Financial Metrics – Feasibility Studies 2022 vs 2026 along with Annual Cash Flow Forecast 1) Current Revised Feasibility Study at Base Case gold price at US$2,884 / oz is based on the ASX released on 3 February 2026 and is a comparison to the Feasibility Study released on 27 July 2022 with a Base Case US$1,642. 2) Converted to AUD from USD using AUD:USD exchange rate of 1.514 Project Economics at Gold Price US$ (Base Case) Unit FS – Jul’ 221 FS – Jan’ 26 % or Absolute Life of Mine Years 12.9 13.1 Flat Revenue USDbn 1.75 2.49 42% Gold Price USD/oz 1,642 2,884 +1,242/oz NVP @ 10% (real) Pre-tax USDm 324 654 102% NVP @ 10% (real) Post-tax USDm 219 455 108% IRR (%) Pre-tax % 65% 84% 29% IRR (%) Post-tax % 57% 77% 35% All In Sustaining Cost (ASIC) USDm 834 1,181 42% EBI TDA (LoM) USDm 891 1,508 69% EBI TDA Annual Average USDm 69 115 67% Free Cash Flow (Post-tax) USDm 508 933 84% Development Capital – Peak Funding USDm 77 77 Flat Capital Sustaining USDm 37 44 7 Payback Post-tax Months 31 29 Flat The mining plan underpins a strong production ramp-up, targeting peak output of approximately 110 koz per year and delivering significant cash generation. Forecast free cash flow is expected to average US$100 – 140 million annually between Years 3 and 10. The gold plant’s processing capacity has been designed to accommodate future growth, enabling Phase 2 expansion to target production of up to 160 koz per year. Importantly, this growth is forecast to be funded organically from operating cash flows. INVESTOR PRESENTATION | ASX : TGM 13 Project Economics at Various Gold Prices – Base Case (USD) 1) Forecast results shown above between gold prices of US$2,500 to US$5,000 / oz have been prepared by mining industry experts, Minxcon Group, a mining engineering and mineral resources consults based in South Africa. All-in Sustaining Costs (AISC) and capex estimates are based on current estimates and include a costs escalation factor to accommodate cost inflation. 2) All-in Sustaining Costs (AISC) estimated above includes C1 cash costs, plus royalties, sustaining capital, general corporate and administration expenses, calculated per ounce of estimated sales 13 Project Economics at US$ Gold Price Unit Forecast (USD2,884/ oz Avg) USD 2,500/oz USD 3,000/oz USD 3,500/oz USD 4,000/oz USD *4,500/oz USD 5,000/oz NPV @ 10% (real) Pre-tax USDm 654 501 707 913 1,120 1,326 1,533 NPV @ 10% (real) Post-tax USDm 455 348 490 630 770 911 1,051 IRR (%) Pre-tax % 84% 69% 86% 102% 117% 131% 146% IRR (%) Post-tax % 77% 63% 78% 92% 105% 118% 130% AISC USD/oz 1,181 1156 1,189 1,221 1,253 1,284 1,315 EBITDA annual average USDm 108 87 116 145 174 203 232 EBIT annual average USDm 98 77 106 135 164 193 222 Free Cash Flow (Post-tax) USDm 933 728 1,007 1,282 1,558 1,833 2,109 Development Capital – Peak Funding USDm 77 86 77 77 77 77 77 Capital Sustaining USDm 43 43 43 43 43 43 43 Payback post-tax Months 29 34 30 27 25 24 23 Capital Efficiency (Pre-Tax NPV/Dev Capital % 855% 580% 924% 1,194% 1,463% 1,734% 2,004% Capital Efficiency (Post-Tax NPV/Dev Capital % 595% 403% 641% 824% 1,007% 1,190% 1,374% *At the time of this presentation, Gold Spot Price was trading above US$4,500/Oz INVESTOR PRESENTATION | ASX : TGM 14 Project Economics at Various Gold Prices – Base Case (AUD) 1) Forecast results shown above between gold prices of US$2,500 to US$5,000 / oz have been prepared by mining industry experts, Minxcon Group, a mining engineering and mineral resources consults based in South Africa. All-in Sustaining Costs (AISC) and capex estimates are based on current estimates and include a costs escalation factor to accommodate cost inflation. 2) All-in Sustaining Costs (AISC) estimated above includes C1 cash costs, plus royalties, sustaining capital, general corporate and administration expenses, calculated per ounce of estimated sales. 3) Converted to AUD from USD using AUD:USD exchange rate of 1.514. 14 Project Economics AUD$ Gold Price Unit Forecast (USD2,884 / oz Avg) USD 2,500/oz USD 3,000/oz USD 3,500/oz USD 4,000/oz USD 4,500/oz USD 5,000/oz Gold Price AUD / oz1 AUD/oz 4,365 3,784 4,541 5,298 6,055 6,812 7,568 NPV @ 10% (real) Pre-Tax AUDm 991 758 1,070 1,382 1,695 2,008 2,321 NPV @ 10% (real) Post-Tax AUDm 689 526 742 954 1,166 1,379 1,591 IRR (%) Pre-Tax % 84% 69% 86% 102% 117% 131% 146% IRR (%) Post-Tax % 77% 63% 78% 92% 105% 118% 130% ASIC AUD/oz 1,787 1,750 1,800 1,848 1,896 1,943 1,990 EBITDA Annual Average AUDm 163 131 175 219 263 307 351 EBIT Annual Average AUDm 148 116 160 204 248 292 336 Free Cash Flow (Post-Tax) AUDm 1,413 1,102 1,525 1,941 2,358 2,775 3,193 Development Capital–Peak Funding AUDm 116 131 116 116 116 116 116 Capital Sustaining AUDm 65 65 65 65 65 65 65 Payback Post-Tax Months 29 34 30 27 25 24 23 Capital Efficiency (Pre-Tax) NPV/Dev Capital % 855% 580% 924% 1,194% 1,463% 1,734% 2,004% Capital Efficiency (Post-Tax) NPV/Dev Capital % 595% 403% 641% 824% 1,007% 1,190% 1,374% INVESTOR PRESENTATION | ASX : TGM 15 Strategy to Build up to >160,000oz/A Au Production Profile Within 5 Years PHASE 1 COMMISSION First Gold US$68m 18 Months • 45 kt/m Metallurgical plant • Recommission existing Tailings Storage Facility (TSF) • Mine surface dumps & Pre-Mined Residues • Production 50-70 koz p.a. • Development Underground – US$23.1m • 4 mining production units • Production from UG (Beta, Frankfort, CDM) • Expand TSF and establish underground tailings deposition • Expand production to Rietfontein • Production 90-120 koz p.a. • Expand to 7 mining production units • Expand Met plant to 90 kt/m • Expand production to Vaalhoek, Glynn’s Lydenburg • Target Production 160 koz p.a. 90-120koz/a >160koz/a 50-70koz/a PHASE 2 COMMISSION PHASE 3 COMMISSION Phase 1 Surface Gold Phase 3 Expansion Phase 2 Underground (Majority Self Funded) Systematically evaluate 40+ historic mines and expand resource potential through targeted exploration, development, and drilling across existing operations and new exploration targets Expansion of plant US$33.9m 12 Months Ramp up of plant US$56.8m 18 Months INVE