Announcement PDF SOUTH AFRICA’S NEXT SUSTAINABLE GOLD PRODUCER Theta Gold Mines Ltd Investor Presentation - June 2026 'Pathway to Gold Production' INVESTOR PRESENTATION | ASX : TGM 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 SouthAfricans (“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 THETA GOLD MINES | ASX: TGM Equity Raising Terms Summary TGM is raising up to US$18.6m, (A$27m) (before costs) by way of a Placement and Exercise of Unlisted Options announced 29 June 2026. Notes: 1.Number of New Shares is calculated after conversion of USD received to AUD at a rate of 0.6894 as quoted by RBA on 26 June 2026 and applying the per share issue price of 18 cents The exact number of shares to be issued will not be known until final funds are received and converted to AUD. 2.The issue price for the Placement Shares of $0.18 (18 cents) represents a 14.3% discount to the last traded price of 0.21 (21 cents) on 24 June 2026 and a 17.3% discount to the 15-day VWAP of $0.2176, (21.76 cents). 3 Capital Raise Overview Approximately US$18.6m, (A$27m) (before costs) equity raising comprising: • Placement of approximately US$15.6, (~A$22.6m) (before costs) after receiving binding commitments from sophisticated and professional investors. The Company will issue approximately 125.7m new fully paid ordinary shares (Placement Shares) within the Company’s existing capacity under ASX 7.1 and 7.1A; at an issue price of A$0.18 (18 cents) per new Share (Issue Price), and • Exercise of Options approximately 21.7m unlisted options (Exercise Options) to raise a further US$3m, (A$4.4m) (before costs). The Company will issue approximately 21.7m new fully paid ordinary shares (Option Shares) at an exercise price of A$0.2002 (20.02 cents). The unlisted options had an exercise price equal to the greater of (a) 92% of the 15-day VWAP and (b) $0.13 per share and an expiry date of 2 October 2026. › New Shares issued under the Placement and Options Exercise will rank equity with existing fully paid ordinary shares and are expected to be issued on 3 July 2026. › Total number of Placement Shares and Exercise Shares to be issued is 147.4m on or before 3 July 2026. › The 15-day VWAP at 24 June 2026 was $0.2176 (21.76 cents) per share. › The Placement was managed by Lead Managers Bell Potter Securities Limited (Bell Potter) and Golden Asian Investment Group (GAIG). Use of Funds The proceeds of the placement, options and bond issue will provide the total financing required to complete plant construction of the TGME Gold Mine Project and first gold production in 2027. TGM is well progressed to satisfy the remaining drawdown conditions of the Bond in the near term. THETA GOLD MINES | ASX: TGM USD 90 million Senior Secured Bond – Summary of Key Terms TRANSACTION OVERVIEW Issuer: Theta Gold Mines Ltd, an Australian public company limited by shares incorporated under the laws of Australia Group: Means the Issuer with all its (direct and indirect) Subsidiaries from time to time, and a "Group Company" means the Issuer or any of its Subsidiaries Guarantors: Each Group Company from time to time, at the Issue Date expected to be Theta Gold SA (Pty) Ltd, (South Africa), Transvaal Gold Mining Estates Limited (South Africa), Sabie Mines (Pty) Ltd (South Africa), and Vanexe Share Block (Pty) Ltd (South Africa), (each a "Guarantor") Issue Amount: USD 90,000,000 Status: Senior Secured Purpose of the Bond Issue: The net proceeds from the Bond Issue to be applied to (i) prefund 12 months of Coupon Rate, (ii) fund the Cost Overrun Account with an amount equal to USD 6 million, (iii) finance the Restart Capex of the TGME Project, and (iv) for payment of transaction cost in connection with the Bond Issue Tenor: 4 years Coupon Rate: 12.75% p.a., quarterly interest payments Issue Price: 95.90% of the Nominal Amount Amortization: The Bonds shall be repaid in 6 quarterly instalments each of USD 7.5 million payable on each Interest Payment Date from and including the Interest Payment Date falling 30 months after the Issue Date (each a "Scheduled Instalment"). The remaining outstanding amount shall be repaid at the Maturity Date. Each Scheduled Instalment and the outstanding amount at the Maturity Date shall be redeemed at a price of 100 per cent of the Nominal Amount Security: To include, inter alia, Pre-Settlement Transaction Security: Escrow Account Pledge; Pre-Disbursement Transaction Security: share pledges in the Guarantors, Australian law security deed, security over Subordinated Loans, security provided by the wholly-owned Guarantors; Post-Disbursement Transaction Security: security provided by not wholly owned Guarantors including assignment of Intercompany Loans, account pledges, general notarial bonds and special notarial bonds, mortgage bonds and mortgage over the mining rights in South Africa (granting of post-disbursement subject to third party consents) Call Option (American): Make-whole the first 24 months, callable thereafter @ 100% of the Nominal Amount + 50%/37.5%/25%/0% of the Coupon Rate after 24/30/36/42 months respectively Financial Covenants: • Liquidity: At least 10% of the Outstanding Bonds at any time • Leverage Ratio: Less than 2.0x. Leverage Ratio shall be tested for the first time 30 months after the Issue Date Permitted Distribution: Means any Distribution (provided that no Event of Default has occurred and is continuing) by the Issuer: (i) in amounts that do not exceed in aggregate 50% of the Group’s consolidated net profit after taxes based on the Annual Financial Statements for the previous Relevant Period; (ii) provided that the Liquidity is at a minimum amount equal to or greater than the Nominal Amount of the Outstanding Bonds immediately after such Distribution is made; and (iii) provided that such Distribution shall not be made prior to the date falling 24 months after the Issue Date. Issuer’s General and Special Undertakings: Customary undertakings including, inter alia, authorizations, mergers and de-mergers restrictions, continuation of business, corporate status, operations, compliance with law, insurances, anti-corruption and sanctions, related party transactions, restrictions on distributions, ownership, restrictions on disposals, investments and activity, mining business, inspection rights, project documents, financial indebtedness and financial support restrictions, negative pledge, hedging, transaction security documents and subsidiaries distribution Put Option: Upon Change of Control Event or Share De-Listing Event, each bondholder has the right to require the Issuer repurchase all or some of the Bonds at a price of 101% Governing law / Trustee: Norwegian for the Bond Terms, applicable law for the security documents / Nordic Trustee Listing: The Issuer shall ensure that the Bonds are listed on Euronext Nordic ABM or an Exchange within 9 months of the Issue Date Sole Manager: Pareto Securities Note: See ASX Release dated 1 June 2026 titled, "TGM Secures US$90 Million Bond Issue – Pathway to Production" 4 INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM Note: 1) Converted at USD:AUD of 0.6894; 2) As of 26 June 2026 5 Capitalization overview Corporate Group Overview Share price (@ 24 June 2026) AUD 0.21 / share Shares on issue (post completion of capital raise) ~1,304,071,183 Options and performance rights (post exercise) 262,009,241 Market capitalization AUD 273m / USD 188m Share price performance as at 26 June 20262 Key shareholders Shareholders – Post Placement & Exercise Shares Issue Weighting Hong Kong Ruihua (Group) 15.56% 2invest AG + Deutsche Balaton 6.77% Chengtun Mining 6.17% Directors and Management ~ 11% INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM History of TGME EXECUTIVE SUMMARY 6.7Moz of gold has already been produced in the Sabie-Pilgrims Rest Goldfields since the 1870s 6 1873 2010 2018 1895 1982 Today First gold discovery in the district 1873: Gold discovered near Sabie, ~5km from Pilgrams Rest; alluvial mining begins across the Sabie-Pilgrims Rest Goldfields TGME Operations 1895: Incorporation of Transvaal Gold Mining Estates Ltd (TGME), becoming South Africa’s first incorporated gold mining company. Frankfort, CDM, and numerous smaller adits were active at this point in time 1895 – 1971: Continuous mining for 76 years. ~5.18Moz Au recovered across Pilgrims Rest and Sabie with average ore grade of ~10.35g/t 1910 – 1945: Rietfontein started operations with a total of ~227kt milled and ~65koz Au recovered 1968: TGME sold assets to Rand Mines Properties Ltd 1971: Mining activity in the area ceased as Rand Mines halted all operations. In addition, Beta is noted as last mined around this point Exploration & Small-Scale Mining 1982 – 1992: Rand Mines reopened selected workings and conducted regional exploration, re-sampling, and drilling across historical mines, with some underground development reactivated 1988 – 1996: TGME dump retrenchment recovered 2.6t of gold (~84,000oz) through reprocessing of historical dumps at Pilgrims Rest 1992 – 1997: TGME / Randgold & Exploration JV for underground development at Morgenzon & Van der Merwe’s Reef 1986 – 2008: Small-scale intermittent underground activity at Beta, Frankfort, and CDM Stonewall to Theta Gold Transition 2010: Stonewall Mining (Pty) Ltd signed an agreement to purchase 100% of TGME 2012: The acquisition of TGME became officially effective and Stonewall Resources became the holding company 2018: Stonewall Resources Ltd renamed to Theta Gold Mines Ltd (TGM) Redevelopment Planning & De-Risking Phase 2018: Start of redevelopment workstream including consolidating historic datasets and plan permitting/studies 2019 – 2020: Historical data digitization and database build progresses. Work includes ~86,500 chip samples and ~910 drill intersections (digitized / complied) 2021: Mineral Resource Estimate (MRE) released, with a total mineral resource of ~6.1Moz Au 2022 – 2024: Ongoing technical studies, optimization, and permitting work to de-risk project execution (engineering, mining plans, approvals, etc.) 2025: Optimal Feasibility Study (OFS) completed, and restart plan anchored around Beta, Rietfontein, CDM, and Frankfort as staged mines Path to Production Feb 2026: Revised Feasibility Study has been released, supporting a staged restart: Beta is planned as the first underground mine (~18 months of pre-development, then ramp to 45ktpm), Rietfontein follows about 18 months after Beta, and CDM + Frankfort are scheduled to enter production in Years 7-8 Today: TGME processing plant is under construction and targeted for commissioning in late 2026. Commercial production is set to occur in Q1’2027 INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM 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 770m and USD 455m respectively; 3) As of 26 June 2026; 4) As of 26 June 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 7 Overview of Theta Gold Theta Gold at a Glance 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 1,253/oz at gold price of USD 4,000/oz2 Theta Gold is in the process of restarting operations at TGME and has commenced early development works spending USD 13m3 on the Project development The Company is listed on the Australian Securities Exchange (“ASX”) with a market capitalization of AUD 242m (~USD 167m)4 EXECUTIVE SUMMARY 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 1,253/oz AISC @ USD 4,000/oz Au2 USD 102m5 Initial development capital USD 1,558m Post-tax FCF @ USD 4,000/oz Au2 USD 770m Post-tax NPV10 @ USD 4,000/oz Au2 South Africa Mpumalanga Frankfort CDM Beta & Central Processing Plant Rietfontein INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM Construction underway with only approx. ~USD 57m remaining development capital required – commissioning targeted for Q4’2026 / first gold Q1’2027 Key Credit Highlights EXECUTIVE SUMMARY 8 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 770m at USD 3,000/oz and 4,000/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 INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM Portfolio Overview EXECUTIVE SUMMARY All four core mines located within 40km of the central processing plant 9 Ore Reserve and Mineral Resources utilised in Life of Mine Plan1,2,3 Mine Grade (g/t) Reef | Stope Au (koz) Mine plan production (koz) Beta 685.2 Probable Reserve 7.63 364 Indicated Resources 21.66 | 6.58 498.5 Inferred Resources 16.51 | 5.43 587.9 Rietfontein 306.0 Probable Reserve 7.99 129 Indicated Resources 14.57 | 8.20 242.2 Inferred 14.06 | 8.52 537.6 Frankfort 70.6 Proved Reserve 4.27 7 Probable Reserve 4.28 40 Measured Resources 7.13 | 5.37 15.7 Indicated Resources 7.86 | 5.13 61.5 Inferred Resources 7.41 | 4.27 81.8 CDM 45.6 Probable Reserve 2.25 28 Indicated Resources 13.19 | 3.80 109.4 Inferred Resources 10.06 | 3.02 175.9 TSF 12.0 Probable Reserve 0.97 37 Indicated Resources 0.87 74.8 Rock Dumps 17.9 Inferred 1.20 34 Total Ore Reserves 4.82 604 Total Mineral Resources 4.17 6,105.2 Frankfort CDM Beta & Central Processing Plant Rietfontein Note: 1) Proved Ore Reserves have been calculated from Measured Resources, Probable Ore Reserves have been calculated from Indicated Resources. The figures for Measured and Indicated Resources and inclusive of Proved and Probable Reserves and are not in addition to Proved and Probable Reserves; 2) The recovered grades in the table above are mined grades and do not take into account processing; 3) Base case LOM production figures include a proportion of Inferred Mineral Resources. INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM 10 South Africa’s “Newest” Gold Field TRANSVAAL GOLD MINING ESTATES A significant geological endowment Simplified regional geology map Commentary The Transvaal Gold System sits geological on the eastern side of Bushveld Complex, the largest layered igneous intrusion on Earth South Africa hosts the 3rd largest gold reserves in the world, mostly within this Witwatersrand gold field region (~6,000t Au) The Sabie-Pilgrims Rest Goldfields has already produced over 6.7Moz Au since the 1870s Theta Gold has generated and delivered one of the largest undeveloped gold resources on the ASX of 6.1Moz, the Project is under construction ready to deliver gold in 2027 INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM Project Life 13.1 years Including 8.8 years of reserve life Underground Ore Mined 4.69Mt @ 4.96g/t Au for 1.06Moz of contained gold, 871koz recovered Payback Period 29 months from start of Project, 18 months from start of mining Post-Tax FCF (First 4 Mines) USD 0.9bn (USD 2,884/oz Au) USD 1.6bn (USD 4,000/oz Au) Post-Tax NPV10 USD 455m (USD 2,884/oz Au) USD 770m (USD 4,000/oz Au) TGME Gold Plant Under construction, first gold Q1’2027 Upside 40+ historical mines, only 6 with JORC Resource Gold Discovery Costs USD 12/oz ESG Community support, environmental offsets Post-Tax IRR 77% (USD 2,884/oz Au) 105% (USD 4,000/oz Au) Key Feasibility Study Takeaways1,2 TRANSVAAL GOLD MINING ESTATES Study confirms TGME as a high-margin, long-life gold operation in one of the world’s premier gold regions Source: 1) Feasibility figures refer to ASX Release in early Feb 2026, titled ”Revised TGME Revised Feasibility Study Confirms A$1.4 Billion Cash Flow from 6M Gold Resource”, and all figures are presented on a 100% basis; 2) Based on Base case LOM production figures which include a proportion of Inferred Mineral Resources. Refer to slide 7 for further details 11 THETA GOLD MINES | ASX: TGM INVESTOR PRESENTATION | ASX : TGM 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 12 Ore mined by source1,2 Mine Plan Overview EXECUTIVE SUMMARY 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 - 100 200 300 400 500 600 700 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 kt Beta CDM Frankfort Rietfontein Rock Dumps TSF Average ore grade (g/t) 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 - 20 40 60 80 100 120 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 koz Beta CDM Frankfort Rietfontein Rock Dumps TSF INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM 13 NPV10 Post-tax sensitivity (USDm)1,2 Robust economics and solid asset backing for the TGME Project EXECUTIVE SUMMARY 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) 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 14 for further details INVESTOR PRESENTATION | ASX : TGM THETA GOLD MINES | ASX: TGM Project Economics at Various Gold Prices Based on Revised Feasibility Study’s Base Case scenario, with amounts expressed in USD1 Note: 1) Base case LOM production figures include a proportion of Inferred Mineral Resources. Refer to slide 3 for further details; 2) 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. All-in Sustaining Costs (AISC) and capex estimates are based on current estimates and include a costs escalation factor to accommodate cost inflation, 3) All-in Sustaining Costs (AISC) of USD 1,181/oz includes C1 Cash Costs plus sustaining capital, renewals and replacements, reclamation, off-mine overheads and royalties 14 Project Economics at USD Gold Price2 Unit Forecast (USD 2,884/oz average) 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 1,1813 1,156 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 Effici