Theta Gold Mines Advances TGME Construction, Targets Q4 2026 Plant Commissioning
Theta Gold Mines has reported significant progress in constructing its TGME Gold Project in South Africa, securing A$60.7 million in funding and maintaining a clear path to first gold production by late 2026.
- Construction advancing on schedule with key infrastructure milestones met
- A$60.7 million secured through equity and debt placements
- Non-binding US$80 million senior secured loan term sheet agreed with Nebari Partners
- Local workforce engagement strong with over 70% sourced from nearby communities
- Cash position of US$12.5 million supports ongoing development activities
Construction Momentum Builds at TGME
The December quarter of 2025 marked a pivotal phase for Theta Gold Mines Limited as it advanced the Transvaal Gold Mining Estates (TGME) Gold Project towards becoming South Africa’s next emerging gold producer. The company reported steady progress in bulk earthworks, civil engineering, and foundational construction for the gold processing plant, all on schedule and within budget. Notably, the commissioning of the plant remains targeted for the fourth quarter of 2026, underscoring a disciplined development timeline.
Engineering inspections and quality assurance tests, including concrete strength assessments, have consistently met project specifications, reflecting a commitment to operational integrity. The strategic procurement of advanced processing equipment, such as the twin Titan GDM3065 Ball Mills being manufactured locally, signals Theta Gold’s focus on integrating world-class technology into its operations.
Robust Funding Secures Project Trajectory
Financially, Theta Gold has fortified its position by securing A$60.7 million (US$39.9 million) through a combination of equity placements and debt commitments. This includes a recent non-binding term sheet for a US$80 million senior secured loan facility with Nebari Partners LLC, which, upon finalisation, will fully fund the construction and commissioning phases of the TGME Gold Plant. The loan facility offers flexible drawdown options and is structured with a five-year term, reflecting confidence from financiers in the project’s viability.
The company’s cash reserves stood at US$12.5 million at the end of the quarter, providing a solid buffer to support ongoing development activities. Additionally, Theta Gold’s capital structure remains robust with over one billion fully paid ordinary shares and a suite of options and performance rights aligned with operational milestones.
Local Impact and Workforce Development
Beyond construction and financing, Theta Gold emphasises its social license to operate by sourcing over 70% of its non-specialist workforce from surrounding communities. The project is expected to generate more than 500 jobs at full production, contributing to local economic uplift. The company is also leveraging AI-driven training programs to enhance workforce capabilities, positioning itself as a responsible and forward-thinking operator in the South African mining sector.
Looking Ahead
As Theta Gold Mines prepares for first gold production, the company’s executive leadership, including Chairman Bill Guy, is set to present at the upcoming 121 Indaba mining conference in Cape Town. This platform will likely provide further insights into the project’s progress and financing strategy. While the path to production appears well-charted, the finalisation of debt facilities and ongoing operational milestones will be critical to watch in the coming months.
Bottom Line?
Theta Gold Mines is on track to transform its South African gold assets into production, but final funding and execution remain key to unlocking value.
Questions in the middle?
- When will the US$80 million loan facility with Nebari Partners be finalised and drawn down?
- How will fluctuations in gold prices and exchange rates impact the project’s economic viability?
- What are the contingency plans if construction or commissioning milestones face delays?
