Theta Gold Mines said that it secured firm investor commitments to raise a total of US$33.9 million for its TGME gold project in South Africa. The Australian junior miner said the financing combines equity and debt and will support construction works at the site.
The company outlined a US$7.9 million institutional placement scheduled for 14th October 2025, alongside a two-tranche US$15 million share issuance backed by private investors Cong Yu Company Ltd and Moonx Intelligence Ltd. These same investors also agreed to provide a loan of about US$10 million. In addition, non-executive director Brett Tang will support a US$1 million share issue.
Theta noted that some of these transactions, particularly the private placements, remain subject to shareholder approval. Once secured, the funds will finance civil works at the TGME plant and the development of production infrastructure.
The new financing complements a US$35 million credit facility arranged with the state-owned Industrial Development Corporation.
Theta aims to build a mine at TGME capable of producing 1.24 million ounces of gold over 12.9 years. A 2022 feasibility study estimated an initial investment of US$77 million. The company is now updating the study to reflect current gold prices.
Gold traded at more than US$3,900 an ounce on October 7, up 137% from the US$1,642 an ounce price reference used in the 2022 study. Analysts expect the metal to cross the US$4,000 threshold by 2026.
Theta’s TGME project is one of several new mines advancing in South Africa. West Wits Mining is also developing the Qala Shallows project, which targets average annual output of 70,000 ounces. The company announced a US$12.5 million investment in late September to accelerate construction.
